International Ge

International Gemological Institute Limited (IGIL) delivered a robust Q4 FY26, with consolidated revenue from operations and EBITDA both growing 21% year-on-year to INR 3,686 million and INR 2,360 million, respectively. The company maintained a strong EBITDA margin of 64%. This performance was significantly bolstered by the lab-grown diamond (LGD) segment, which saw LGD certification revenue increase by 35% YoY and LGD jewelry certification grow by 29% YoY. For the 15-month period ended March 2026, consolidated revenue grew 18% to INR 15,976 million, and EBITDA grew 22% to INR 9,728 million, with EBITDA margins expanding by 230 basis points to 60.9%.

A key strategic milestone for IGIL was the acquisition of American Gemological Laboratories (AGL) in January 2026. This acquisition significantly strengthens the company's positioning in the global color stone certification market, expanding its total addressable market beyond diamonds. AGL brings deep expertise, a strong reputation, and strategic access to the US market, offering meaningful opportunities for cross-selling, geographical expansion, and portfolio diversification. The consolidation of AGL's financials contributed an additional 2% to revenue growth and 3% to EBITDA growth for Q4 FY26.

While other segments performed strongly, the natural diamond (ND) jewelry business experienced a 19% decline in Q4 FY26. This softness was primarily attributed to a slowdown in the Indian market, driven by the steep increase and volatility in gold and silver prices. Despite this, a favorable mix shift towards higher ASP categories, namely LGD and ND loose stones, led to an overall 4% improvement in the average selling price (ASP) for the quarter.

IGIL is actively investing in enhancing its operational efficiencies and market presence. The company initiated focused investments in brand building and consumer awareness through high-impact initiatives, including partnerships with major sporting properties like the ICC Women's World Cup and IPL. Additionally, IGIL is working towards integrating AI and Machine Learning (AI/ML) into its operations to further enhance service quality, improve customer turnaround times, and reduce redundancies, aiming for sustained long-term growth.

For the financial year 2027, IGIL has provided guidance of 15% revenue growth and 20% EBITDA growth, with a commitment to maintaining margins at last year's levels. Management expects the major chunk of this growth to come from increased capacity build-up in the lab-grown diamond segment and continued penetration in natural diamonds. The company's strategy focuses on ensuring all core business segments perform well, supported by strategic investments in brand salience and strengthening its US sales organization.