Concall transcriptAug 2026
Aug 2026 · Transcript
Source: Bse
International Gemmological Institute (India) Limited (IGIL)
Large CapServices stocks · Large cap · NSE
International Gemmological Institute (India) Limited (IGIL) provides diamond, gemstone, and jewelry certification services. It operates in both natural diamond (ND) and lab-grown diamond (LGD) segments, with a significant presence in India and international markets. The company focuses on transparency, traceability, and certification intensity across the diamond value chain.
Data qualityFresh enough for analysisQuote updated 21 Oct, 03:31 pm ISTDetails
Quote21 Oct, 03:31 pm IST
Base fundamentals15 Oct 2026 · screener
Official result overlay30 Sept 2026 · nse-xbrl
Latest result21 Oct, 04:17 pm IST
Score21 Oct, 05:35 pm IST · v4.3-official-result-overlay
Tags02 May 2026
Coverage14/14 · 100%
Valuation2026-07-20 · Rf 6.8% · Services P/E 17.7 (n=143)
Technical timing lens
Trend score and candlestick chart
38BearishSMA20 -2.3% / mo · MACD +
Stock trend: 38
Sector RS: —
Services FPI tailwindNot confirmed
Latest mapped FPI equity flow was not positive. View sector evidence
Technical chart
IGILD candles · FIT view-9.8%Latest close ₹321.10 on 2026-10-21
Bar
-1.8%
RSI
50
MACD hist
1.56
52W pos
34%
2026-10-21O ₹327.00H ₹330.95L ₹316.65C ₹321.10Vol 9.3L sh
Up bar
Down bar
EMA 20
EMA 50
Volume + 20D avg
Result date
RSI(14)
MACD / signal
Market context
Relative performance and chart statistics
Adjusted completed-session prices, rebased to 100
IGILNifty 500
- IGIL
- -7.0%
- Nifty 500
- -6.5%
- Vs Nifty 500
- -0.5 pp
Chart stats
21 Oct 2026- From 52W high
- -17.3%
- 52W range position
- 34%
- ATR (14)
- 3.1%
- Volume vs 20D
- 1.90x
- Avg traded value
- ₹16.6 Cr
- 20D price channel
- ₹304.1 - ₹333.8
₹388.3
₹287 - ₹388.3
₹9.8
Latest completed session
20-session average
26.7% annualized volatility
No exact NSE sector index is mapped for this company. Nifty 500 remains the broad-market comparison.
Research snapshot
What the evidence says now
Investable fundamentals, management evidence is still limited to a financial-only Trust Lite signal, price trend argues for patience, and recent execution is consistent.
Suggested next step
Research, do not rush
The evidence is not strongly aligned. Compare peers and wait for a cleaner setup.
U-Score
Legacy · UNDERVALUED68
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
Latest result
Excellent100
Revenue +30.9% · PAT +43.0% YoY
Technical
Bearish38
Price trend and sector-relative-strength timing.
Valuation
Legacy model+21.5%
Legacy margin-of-safety estimate; the revised evidence label remains in shadow validation.
Trust
Limited evidence84
Financial-only signal; management claim evidence is not sufficient yet.
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Latest result
Quarter ended 30 Sept 2026
Excellent · 100/100Rev +31% YoY · PAT +43% YoY · margin expansion · +7% QoQ · operating leverage
Filed 21 Oct 2026
Open results browser →| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹398 Cr | +30.9% | +7.3% |
| EBITDA | ₹244.5 Cr | +38.9% | +9.3% |
| Operating margin | 61.4% | +343 bps | +108 bps |
| PAT | ₹185.8 Cr | +43.0% | +12.1% |
| PAT margin | 46.7% | +393 bps | +199 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Fundamentals
Valuation
- P/E
- 20.84
- P/B
- 9.19
- EV/EBITDA
- 15.73
- Market Cap
- 13876.66Cr
Profitability
- ROE
- 55.80%
- ROCE
- 69.20%
- ROA
- 32.92%
- Dividend Y
- 0.81%
Growth (CAGR)
- Revenue 5Y
- 29.08%
- EPS 5Y
- 26.00%
- Revenue 3Y
- 48.00%
- EPS 3Y
- 43.00%
Balance Sheet
- Debt/Equity
- 0.10
- Interest Coverage
- 82.70×
- Altman Z
- 9.56
- Book Value
- 34.40
Cash Flow
- FCF Yield
- 2.23%
- FCF Positive Y
- 3/5
- OCF
- 624.00 Cr
- EPS TTM
- 15.40
Shareholding
- Promoter Hold
- 76.55%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 29%
Financial History
Updated 21/10/2026
Revenue
₹ CrLatest: 398+7.3% vs prev
Net Profit
₹ CrLatest: 186+12.1% vs prev
ROE is shown only in the Annual view — quarterly equity data isn't published.
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Daily technical trend read
Mixed signalsSignals are conflicting — long-term trend down. RSI 50. Wait for confirmation.
- Price below SMA200 (long-term downtrend) — short-term bounces likely countertrend.
- SMA20 falling (~2.3% over last month) — short-term momentum negative.
- RSI(14) at 50 — rising, no extreme reading.
- MACD above signal, histogram expanding — bullish momentum building.
- 17% off 52W high · 12% above 52W low.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Nifty 500 leadership
Relative Strength & Trend Stage
54
RS percentile
Stage 1 Base / Transition
1M return
-0.8%
3M return
-7.0%
6M return
-9.7%
1Y return
-5.0%
RS 1D
+3
RS 20D
+19
Sector rank
#3
Industry rank
-
Stage evidence
- Price is within 6.2% of the 30-week proxy.
- The 30-week proxy changed -0.3% over 20 sessions.
- The moving-average structure does not confirm Stage 2 or Stage 4.
50-DMA
price below
200-DMA
price below
Sector
leading
Industry
unranked
Relative-strength line vs Nifty 500 (base 100)
262 observations
21 Oct 2026Value 97.34+0.67%
RS vs Nifty 50097
Valuation & peers
U-Score 68 · legacy U-Score band UNDERVALUED · valuation evidence and comparable companies
Valuation & peers
U-Score 68 · legacy U-Score band UNDERVALUED · valuation evidence and comparable companies
Premium Compounder
Fundamental score breakdown
U band · UNDERVALUEDValuation4/30
Growth23/25
Quality20/20
Balance Sheet11/15
Cash Flow5/10
Piotroski
8/9 (+5)
Penalties
0
Raw sum
68
Why this score?
Top U-Score contributors and drags from the latest stored fundamentals.
68/100 · legacy band UNDERVALUED
Positive drivers
- Piotroski is strong at 8/9.
- Fair-value margin of safety is positive at 21.5%.
- Quality contributes 20/20 to the score.
Main drags
- Valuation is weaker at 4/30; verify the latest quarterly trend.
- Cash flow is weaker at 5/10; verify the latest quarterly trend.
- Balance sheet is weaker at 11/15; verify the latest quarterly trend.
Sector valuation model
Blended valuation: PE, EV/EBITDA, FCF yield, and balance-sheet checks
For this sector, IndiaPulse uses a blended lens rather than relying on a single valuation ratio.
Primary lens
PE, EV/EBITDA, margin of safety, and FCF yield together.
Secondary checks
ROE/ROCE, growth, cash conversion, leverage, promoter risk.
Main risk check
One cheap metric is not enough if quality or cash flow is weak.
PE
20.8
PB
9.2
EV/EBITDA
15.7
ROE
55.8%
ROCE
69.2%
FCF Yield
2.2%
Debt/Equity
0.1
MoS
+21.5%
Score movement
Stored run vs live recompute
This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.
Stored run: 21 Oct 2026
v4.3-official-result-overlay
Final score
68
Previous: 68
Legacy U-Score band
UNDERVALUED
Previous: UNDERVALUED
Margin of safety
+21.5%
Previous: +21.5%
Score history
12 stored score snapshots. Latest stored move: +0 points.
21 Oct 2026
v4.3-official-result-overlay
68
68
68
68
68
68
68
68
68
68
68
68
Factor attribution
No pillar movement versus the latest stored run. Historical score trend will appear after snapshot storage is enabled.
Modelled fair value
Graham Number
₹109.18
-194.1% MoS
Growth-justified P/E
26.6
Growth-justified Value
₹408.87
+21.5% MoS
PEG
0.64
Comparable companies
Peers
Business-comparable peers in Services — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.
Ticker
Name
Why peer
Score
PE
ROE
MoS
Verdict
TSC
SME
TSC India Ltd.
Services
match 43
37
19.8
12.2%
+39%
WATCHLIST
URBANCO
Small
Urban Company Limited
Services
match 30
18
—
-12.0%
—
OVERVALUED
RTNINDIA
Micro
RattanIndia Enterprises Limited
Services
match 30
16
—
-19.6%
—
OVERVALUED
ETERNAL
Large
ETERNAL LIMITED
Services
match 26
25
702.0
0.4%
-1990%
OVERVALUED
SCI
Large
Shipping Corporation Of India Limited
Logistics
match 19
79
8.3
15.0%
+70%
DEEP VALUE
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business and thesis
Where growth can come from, and what can break the case
Thesis intactReviewed 2026-07-24T07:15:27.846Z
Management commentary snapshot
Q1 FY27 Consolidated Certification Revenue up 23% YoY to INR 3,598 Mn, driven by LGD segments and AGL consolidation. Volumes grew 17% YoY, while EBITDA rose 29% YoY to INR 2,238 Mn, with margins expanding to 60.4%.
IGIL's Q1 FY27 results show robust YoY growth in certification revenue and profitability, largely fueled by the LGD segment and the AGL acquisition. While QoQ performance saw some seasonal moderation in volumes and margins, the underlying structural tailwinds in LGD and India's role as a manufacturing hub remain strong, supporting the long-term thesis.
Current business mix
Consolidated Certification Revenue by Segment (Q1 FY27)
Latest issuer-disclosed distribution across 5 reported categories.
LGD58.2%
ND14.0%
ND Jewelry14.3%
LGD Jewelry7.8%
Gemstone & other certification5.7%
Growth engines
LGD Jewelry Segment Growth
Certification revenue growth was primarily driven by 44% YoY growth in LGD Jewelry segment (consolidated) and 38% YoY (standalone).
LGD Loose Stones Segment Growth
Certification revenue growth was primarily driven by 25% YoY growth in the LGD loose stones segment (consolidated) and 30% YoY (standalone).
Gemstone & Other Certification
Gemstone & others revenue grew 203% YoY consequent to the AGL acquisition/consolidation (consolidated) and 135% YoY (standalone).
India as Global Hub for LGD
India is emerging as a global manufacturing hub for Lab Grown Diamonds, driven by scale, technology, and cost efficiencies, positioning IGI at the center of volume-led certification growth.
Capacity and execution
LGD Grower Production Capacity
LGD growers are expected to double their production capacity over the next 3 years starting Q1 CY26. Indian LGD growers have increased capacity consistently with strong line of sight for FY26 investments.
IGI's In-factory Grading Setup
IGI is highly entrenched with key lab growers with in-factory grading set up, allowing IGI LGD volumes to grow with increased capacity.
Tailwinds
Structural Tailwinds in Diamonds
The industry is transitioning toward higher transparency, traceability, and certification intensity across LGD and ND, structurally expanding IGI’s addressable market.
LGD Market Inflection
Rapid scale-up in LGD volumes and retail formalization are driving SKU-level certification, structurally benefiting IGI and creating multi-year visibility.
Market Leadership & Operating Leverage
IGI’s dominant market share across loose stones and studded jewelry enables disproportionate capture of incremental industry volumes with minimal incremental cost.
Revenue Mix Protection
Higher exposure to larger-carat, higher-value certifications insulates revenues from small-carat price volatility and commoditization risk.
Headwinds
Seasonal Volume De-growth QoQ
Total certification volumes for Q1 FY27 de-grew by 2% QoQ, owing to seasonal trends witnessed in the Jan – March quarter.
Increased Expenses QoQ
Total expenses increased QoQ on higher headcount, AGL consolidation, commission payouts, and marketing spends, impacting sequential margins.
Management accountability
What management said, and what results must prove
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
Analyst reading lens
Compare BOTH
YoY comparison is crucial for assessing underlying business growth, especially in a potentially seasonal business like gem certification. QoQ comparison highlights sequential momentum, utilization, and the impact of seasonal trends, which management explicitly noted for Q1 FY27.
Sector KPIs management disclosed
Consolidated Certification Volumes
Total certification volumes for Q1 FY27 stood at 3.56 Mn reports, marking a 17% YoY growth, compared to 3.03 Mn reports in Q1 FY26. QoQ, volumes de-grew by 2% from 3.64 Mn reports in Q4 FY26.
Consolidated Certification Revenue
Certification revenues grew by 23% YoY to INR 3,598 Mn during Q1 FY27. AGL consolidation contributed 3% incremental revenue growth. QoQ, certification revenues remained broadly stable at INR 3,598 Mn.
Consolidated Average Realized Price (ARP) per report
ARP per report increased by 5% YoY to INR 1,010 in Q1 FY27 from INR 963 in Q1 FY26, supported by increases in ND & LGD loose stones and AGL consolidation. QoQ, ARP grew 2% from INR 987 in Q4 FY26.
Consolidated EBITDA & Margin
EBITDA for Q1 FY27 stood at INR 2,238 Mn, registering a 29% YoY growth. EBITDA margin was 60.4% (+270 bps YoY). QoQ, EBITDA de-grew by 5% and margin declined to 60.4% from 64.0% in Q4 FY26.
Management forward view
Multi-year Visibility from LGD Inflection
Management believes the rapid scale-up in LGD volumes and retail formalization are driving SKU-level certification, creating multi-year visibility for the company.
India as a Growth Engine
Management views India as emerging as the global hub for LGD manufacturing and jewelry retail expansion, positioning IGI at the center of volume-led certification growth.
Operating Leverage from Scale
Increased volumes and productivity in grading operations are expected to result in higher operating leverage for IGI.
Thesis monitor
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| Consolidated Certification Volume Growth | 17% YoY (Q1 FY27) | Sustained double-digit YoY growth, especially in LGD segments, and recovery from seasonal QoQ dips. |
| Consolidated Average Realized Price (ARP) | INR 1,010 (+5% YoY, +2% QoQ) | Continued stability or growth in ARP, indicating pricing power and favorable mix shift. |
| Consolidated EBITDA Margin | 60.4% (Q1 FY27) | Maintenance or further expansion of high EBITDA margins, demonstrating operating leverage and cost control. |
| LGD Segment Revenue Contribution | 58.2% (LGD loose stones) and 7.8% (LGD Jewelry) of Q1 FY27 consolidated certification revenue | Increasing share of LGD segments, validating the 'LGD inflection' thesis and its impact on overall revenue mix. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Show extracted source claims
revenue outlookdeliveredquantified
The company has visibility that Q4 (Oct-Dec) performance will be reasonably okay, ensuring the full calendar year 15% revenue guidance is met.
Timeframe: Q4 (Oct-Dec) and full calendar yearDirection: In line with guidanceConfidence: For sure
"Yes, Harit. That is for sure."
Outcome check: Revenue YoY averaged 20.9% across 2 later quarter(s).
revenue outlookdeliveredquantified
The company remains committed to delivering a strong full-year performance for CY25, with over 15% revenue growth and 20% EBITDA growth, as per initial guidance.
Timeframe: Full-year CY25Direction: GrowthConfidence: Committed
"committed to delivering a strong full-year performance in line with the guidance, which was over 15% revenue growth and 20% EBITDA growth"
Outcome check: Revenue YoY averaged 20.9% across 2 later quarter(s).
Trust Score
84Limited evidence · low confidenceTrust Lite
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Limited evidence: Management has 100% delivered/partly-delivered outcomes on 2 checked claims. It ranks around the 97th percentile of the scored universe and 98th percentile within Services. No major sub-score weakness stands out.
This is a financial-behaviour screen, not a claim-tested management reliability verdict.
Computed 21 Oct 2026
management-trust-v1
38 docs text-extracted · 11 concalls text-extracted
Score band
Limited evidence
Financial behaviour is scored, but management claims do not yet have enough outcome checks.
Relative rank
97th percentile
overall median 67 · Services: 98th pctile, median 66 · Large: 90th pctile, median 73
Evidence depth
Financial-only
38 documents have extracted text, but claim history is not strong enough yet.
Claim delivery
100% delivered or partly delivered
2/2 claims checked · No contradicted claim yet
How to read this Trust Score
Limited evidence · low confidenceWhat it measures
Reliability of management and financial delivery, using financial behaviour only.
Confidence
Treat this as an early read until more concalls and outcomes are matched.
Investor use
Can support position sizing if valuation and trend also agree.
Read Trust alongside U-Score, result consistency, and technical trend. A cheap stock with weak Trust needs a larger margin of safety; a high Trust score does not make an expensive stock attractive by itself.
Forensic breakdown
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Promoter
86
strong · holding, pledge, alignment
Cash flow
65
acceptable · profit to cash conversion
Balance sheet
96
strong · leverage and solvency
Discipline
90
strong · capital discipline
Results
87
strong · quarterly consistency
Trust positives
- ▸Promoter holding is 76.6%.
- ▸Promoter pledge is zero.
- ▸FCF yield is positive at 2.2%.
- ▸Debt/equity is 0.10.
Trust risks
- ▸No major Trust Lite risk flags.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Continue researching International Gemmological Institute (India) Limited
Important announcements & filings
Latest exchange and company disclosures found within the past two years.
Open source ↗
Investor presentationAug 2026
Aug 2026 · PPT
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 13 Aug
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 6 Aug
Source: Bse
Investor presentationJul 2026
Jul 2026 · PPT
Source: Bse
AnnouncementJul 2026
Jul 2026 · Announcement under Regulation 30 (LODR)-Change in Management 14 Jul - Mr. Manu Sharma appointed Chief Operating Officer effective July 14, 2026.
Source: Bse
AnnouncementJul 2026
Jul 2026 · Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 2d - Q1 FY27 earnings conference call scheduled for July 23, 2026 at 5:30 PM IST.
Source: Bse
AnnouncementJun 2026
Jun 2026 · Announcement under Regulation 30 (LODR)-Monitoring Agency Report 59m - ICRA reports no deviation in IGIL IPO proceeds utilization for quarter ended June 30, 2026.
Source: Bse
AnnouncementJun 2026
Jun 2026 · Announcement under Regulation 30 (LODR)-Resignation of Company Secretary / Compliance Officer 15 Jun - Hardik Desai resigns as Company Secretary and Compliance Officer, effective June 30, 2026.
Source: Bse
AnnouncementJun 2026
Jun 2026 · Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 26 May - IGIL to meet institutional investors and fund managers in Mumbai on June 1, 2026.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 12 Jun
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 3 Jun
Source: Bse
All information is for study purposes only. For investment decisions, consult your financial advisor. See Playbook for methodology.