International Ge

IGIL is moving its reporting year from a January-December cycle to an April-March cycle to align with Indian regulatory requirements. Consequently, the company will report a one-time^📎 15-month financial period ending March 2026. This transition comes on the heels of a record-breaking 2025 where the company achieved ₹1,229 crores in revenue.

A surprising highlight was the 45% growth in natural diamond certifications in Q4 2025. Management attributed this to the 'LGD effect,' where the prevalence of lab-grown diamonds has made consumers more anxious to verify the origin of natural stones. This has turned LGDs into a catalyst for natural diamond certification rather than just a competitor.

The LGD segment continues to show robust volume growth, exceeding 21% for the full year. Management noted that wholesale pricing for LGDs has stabilized over the last 18-20 months, which has helped maintain stable certification pricing. The retail landscape for LGD jewelry is expanding rapidly, with over 1,000 showrooms now active across India.

The company demonstrated significant operating leverage, with EBITDA margins reaching 59.9%, a 300 bps improvement over the previous year. This expansion was driven by an 11% increase in report volumes and a 19% improvement in Average Selling Price (ASP) in the India business, as the mix shifted toward higher-value loose stone certifications.

While India remains the primary growth engine (53% growth), management is actively rationalizing costs in the US. They are cutting 'wasteful expenses' to redeploy resources into building a stronger sales organization. A fresh leadership team has been inducted in the US to make it a critical strategic priority for 2026.