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.
One read, four checks
75+ is strong, 60-74 is usable, 45-59 is mixed, and below 45 needs caution. These are research lenses, not buy/sell instructions.
Investable fundamentals, management trust is supportive, price trend argues for patience, and recent execution is consistent.
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
low confidence · 2/2 claims checked
Timing lens: price trend and sector relative strength.
Rolling lens: recent quarterly delivery, not the latest single-result score.
Quarter ended 30 Jun 2026
Excellent · 80/100Rev +23% YoY · PAT +31% YoY · margin expansion · operating leverage
| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹371 Cr | +23.3% | +0.5% |
| EBITDA | ₹224 Cr | +28.7% | -5.1% |
| Operating margin | 60.0% | +200 bps | -400 bps |
| PAT | ₹166 Cr | +30.7% | -7.8% |
| PAT margin | 44.7% | +255 bps | -404 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Business & thesis
Growth engines, tailwinds/headwinds, and risk radar from management commentary
Business & thesis
Growth engines, tailwinds/headwinds, and risk radar from management commentary
Where growth can come from, and what can break the case
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.
Consolidated Certification Revenue by Segment (Q1 FY27)
Latest issuer-disclosed distribution across 5 reported categories.
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.
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.
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.
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
Management accountability
What management said, and what results must prove
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.
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.
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.
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.
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
The company has visibility that Q4 (Oct-Dec) performance will be reasonably okay, ensuring the full calendar year 15% revenue guidance is met.
"Yes, Harit. That is for sure."
Outcome check: Revenue YoY averaged 20.9% across 2 later quarter(s).
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.
"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).
Trend score and candlestick chart
38BearishSMA20 -2.1% / mo · MACD −
Technical chart
IGILdaily · 1Y · AUTO-2.2%Daily technical trend read
Bearish setupTrend is weak — long-term trend down. RSI 34.
- Price below SMA200 (long-term downtrend) — short-term bounces likely countertrend.
- SMA20 falling (~2.1% over last month) — short-term momentum negative.
- RSI(14) at 34 — falling, no extreme reading.
- MACD below signal, histogram expanding negatively — bearish momentum building.
- 17% off 52W high · 13% 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.
Relative Strength & Trend Stage
- Price is within 6.0% of the 30-week proxy.
- The 30-week proxy changed +1.2% over 20 sessions.
- The moving-average structure does not confirm Stage 2 or Stage 4.
Valuation & score drivers
U-Score 68 · UNDERVALUED · pillar breakdown, sector model, fair-value anchor
Valuation & score drivers
U-Score 68 · UNDERVALUED · pillar breakdown, sector model, fair-value anchor
Fundamental score breakdown
UNDERVALUEDWhy this score?
Top U-Score contributors and drags from the latest stored fundamentals.
Positive drivers
- Piotroski is strong at 8/9.
- Fair-value margin of safety is positive at 12.7%.
- 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.
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.
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.
Score history
12 stored score snapshots. Latest stored move: +0 points.
Factor attribution
Modelled fair value
Trust score
Does management behaviour match later outcomes? Claim delivery, forensic breakdown, evidence depth
Trust score
Does management behaviour match later outcomes? Claim delivery, forensic breakdown, evidence depth
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Healthy Trust: Management has 100% delivered/partly-delivered outcomes on 2 checked claims. It ranks around the 97th percentile of the scored universe and 99th percentile within Services. No major sub-score weakness stands out.
High Trust Lite: Promoter holding is 76.6%.
Generally investable credibility. Look for weak sub-scores before increasing position size.
overall median 67 · Services: 99th pctile, median 66 · Large: 90th pctile, median 73
37 documents have extracted text, but claim history is not strong enough yet.
2/2 claims checked · No contradicted claim yet
How to read this Trust Score
Healthy Trust · low confidenceRead 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.
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.
Financials
Full fundamentals table and 10-year revenue / profit / ROE history
Financials
Full fundamentals table and 10-year revenue / profit / ROE history
Fundamentals
Valuation
- P/E
- 22.90
- P/B
- 9.42
- EV/EBITDA
- 16.10
- Market Cap
- 13980.00Cr
Profitability
- ROE
- 55.80%
- ROCE
- 69.20%
- ROA
- 32.92%
- Dividend Y
- 0.79%
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
- 2.17%
- FCF Positive Y
- 3/5
- OCF
- 624.00 Cr
- EPS TTM
- 14.11
Shareholding
- Promoter Hold
- 76.55%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 35%
Financial History
Updated 5/9/2026
Revenue
₹ CrNet Profit
₹ CrReturn on Equity
%Peers
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Peers
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Peers
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