IGIL

International Gemological Institute share price & financials

Price
₹355.75
Market cap
₹14.2k Cr
Sector
Services
Calls analysed
7
Latest concall · Q1 FY27 · call held 23 Jul 2026

International Gemological Institute Limited Q1 FY27

EBITDA 2,238 million +29%EBITDA Margin 60.4% +3%PAT 1,657 million +31%PAT Margin 44.7% +3%

What went well

  • Consolidated revenue grew 23% YoY to INR 3,708 million, driven by strong volume growth of 17%.
  • Consolidated EBITDA grew 29% YoY to INR 2,238 million, with margins expanding 270 bps to 60.4%.
  • Consolidated PAT increased 31% YoY to INR 1,657 million, with PAT margins improving 260 bps to 44.7%.

What to watch

  • Standalone EBITDA margins (68.8%) were lower than previous year due to commission payouts to other geographies and front-loaded marketing spends.
  • Sequential decline in consolidated EBITDA was largely due to the seasonally strong fourth quarter, not a structural issue.
Read the full call →

What International Gemological Institute Limited does

International Gemological Institute (IGI) grades and certifies natural diamonds, lab-grown diamonds (LGD), diamond-set jewelry, and colored gemstones, issuing detailed grading reports used by manufacturers, retailers, and consumers to authenticate quality and origin. It earns fees per certification report processed through its network of gemological laboratories, and also runs the IGI School of Gemology, offering diploma and workshop-based training programmes to industry professionals. IGI operates advanced in-house testing instruments (spectrometers, D-Check machines) and a proprietary SwiftCert platform to manage submissions and issue certificates globally.

Segments

  • Natural Diamond (ND) Certification
  • Lab-Grown Diamond (LGD) Certification
  • Jewelry Certification (ND & LGD)
  • Colored Stones & Other Certification
  • Education (IGI School of Gemology)
India market position
No.1 gemological grading organisation in India, ~50% market share
Global market position
No.2 largest independent gemstone certification and accreditation laboratory worldwide, ~33% market share
LGD certification market position
Global No.1 in lab-grown diamond certification, ~65% market share
Countries with laboratory/school presence
10
Laboratories
31
Schools of Gemology
18, across 6 countries
Founded 1975Headquarters Mumbai, India Company website

Guidance record · Q1 FY27

what the last two calls moved 14 tracked 4 delivered 2 missed 8 open
  • Consolidated Revenue Growth delivered said Q4 FY25 Promised: 15-20% for CY25 Q1 FY27: Promise relates to CY25 performance, which was confirmed as achieved. No new information.
  • PAT Margin missed said Q4 FY25 Promised: 57-64% for CY25 Q1 FY27: Promise relates to CY25 performance, which was confirmed as missed. No new information.
  • PAT Margin on track said Q2 FY26 Promised: 40-45% Q1 FY27: Delivered a consolidated PAT margin of 44.7% for the quarter, landing within the sustainable target range.

All 14 tracked — every revision, and every one management stopped mentioning.

Open the guidance ledger

Quarterly results

Q1 FY27: revenue up 23.3%, net profit up 30.7% against the same quarter last year.

₹ Cr · quarterly
Line itemQ2 FY25Q3 FY25Q4 FY25Q1 FY26Q2 FY26Q3 FY26Q4 FY26Q1 FY27
Revenue250 265 305 301 304 +22%320 +21%369 +21%371 +23%
EBITDA147 152 196 174 176 +20%191 +26%236 +20%224 +29%
Net profit110 114 141 127 130 +18%135 +18%180 +28%166 +31%
How to read this

₹ crore, as filed. The percentage beside a figure is the change against the same quarter a year earlier — never the quarter before, which would make every seasonal business look like it collapses and booms each year.

Performance −15.9% 1Y

₹300₹320₹340₹360₹380Sept 25Oct 25Dec 25Jan 26Mar 26Apr 26Jun 26Jul 26Sept 26Q2 FY26 — 4 Nov 2025Q3 FY26 — 27 Jan 2026Q4 FY26 — 20 May 2026Q1 FY27 — 23 Jul 2026

1Y: ₹373.55 on 10 Sept 2025 → ₹314.3. High ₹386.3 (17 Sept 2025), low ₹291 (27 Jan 2026).

How the price took the results

close before → close after

Q1 FY27
−0.8%
23 Jul
Q4 FY26
+5.9%
20 May
Q3 FY26
−2.0%
27 Jan
Q2 FY26
+9.7%
5 Nov

The move from the last close before each results date to the first close after it — the market's first read on the quarter, not the quarter itself.

Financials, as filed

Revenue grew 16.8% a year over 1 year, FY24 to FY25. Operating margin widened to 59.9%.

Year endingFY24FY25
Revenue₹1.1k Cr₹1.2k Cr
Operating profit₹599 Cr₹737 Cr
Operating margin56.9%59.9%
Interest₹8 Cr₹9 Cr
Depreciation₹41 Cr₹43 Cr
Net profit₹428 Cr₹533 Cr
Net margin40.6%43.3%
Cash from operations₹393 Cr₹502 Cr
Free cash flow₹355 Cr₹439 Cr
ROCE158.0%—
How to read this

From the company's own filings. Margins are computed from the filed sums; a year with an incomplete quarter is left blank rather than estimated.

Balance sheet

Year endingFY22FY23FY24FY25FY26
Equity capital₹0 Cr₹0 Cr₹86 Cr₹86 Cr₹86 Cr
Reserves₹339 Cr₹-605 Cr₹976 Cr₹1.3k Cr₹1.4k Cr
Borrowings₹27 Cr₹151 Cr₹145 Cr₹143 Cr₹143 Cr
Other liabilities₹43 Cr₹1.5k Cr₹296 Cr₹203 Cr₹223 Cr
Total liabilities₹409 Cr₹1.0k Cr₹1.5k Cr₹1.8k Cr₹1.9k Cr
Fixed assets₹110 Cr₹384 Cr₹384 Cr₹410 Cr₹539 Cr
Capital work in progress₹0 Cr₹20 Cr₹36 Cr₹59 Cr₹62 Cr
Investments₹0 Cr₹0 Cr₹0 Cr₹0 Cr₹0 Cr
Other assets₹299 Cr₹627 Cr₹1.1k Cr₹1.3k Cr₹1.3k Cr
Total assets₹409 Cr₹1.0k Cr₹1.5k Cr₹1.8k Cr₹1.9k Cr
How to read this

As filed each year. A line the company does not report — deposits for a non-lender, for instance — is left out rather than shown as a row of dashes.

Who owns it

As disclosed at Jun 2026

Since Jun 2025, FIIs trimmed −0.69 pp while the public added +0.62 pp. The shareholder count shrank 9% to 1,72,894.

Promoters
76.5%
FIIs
9.5%
DIIs
5.5%
Public
8.4%

Since Jun 2025

  • FIIs −0.69 pp
  • Public +0.62 pp
  • DIIs +0.07 pp

How it drifted, 7 quarters

Dec '24Sep '25Jun '26

Ownership split by quarter, oldest first. Dec '24: Promoters 76.5%, FIIs 9.1%, DIIs 5.9%, Public 8.5%.Mar '25: Promoters 76.5%, FIIs 9.9%, DIIs 5.9%, Public 7.7%.Jun '25: Promoters 76.5%, FIIs 10.2%, DIIs 5.4%, Public 7.8%.Sep '25: Promoters 76.5%, FIIs 10.6%, DIIs 5.2%, Public 7.8%.Dec '25: Promoters 76.5%, FIIs 9.6%, DIIs 5.4%, Public 8.4%.Mar '26: Promoters 76.5%, FIIs 8.6%, DIIs 6.4%, Public 8.5%.Jun '26: Promoters 76.5%, FIIs 9.5%, DIIs 5.5%, Public 8.4%.

Who was buying across the market this quarter →

Who bought this quarter

since Mar 2026

Disclosed holders that added to a position or appeared on the register for the first time, biggest addition first.

The same filing shows 0 holders trimming and 1 off the list — both are in the register beside this.

Who is on the register

Named in the Jun 2026 filing

Every holder of International Gemological Institute Limited above SEBI's 1% disclosure line, and what changed since Mar 2026.

HolderStakeChange
Bcp Asia Ii Topco Pte Ltd 76.55%unchanged
ICICI Prudential Bharat Consumption Fund Mutual fund1.95%newly disclosed
Government Of Singapore - E Sovereign1.32%unchanged
Abu Dhabi Investment Authority - Monsoon Sovereign1.30%unchanged
Igi (Shanghai) Business Consulting Company Limited 0.00%unchanged
Igi (Shanghai) Gemological Training Company Limited 0.00%unchanged
Igi (Shanghai) Gemological Research And Testing Limited 0.00%unchanged
Igi (Shenzhen) Jewelry Testing Co., Ltd. 0.00%unchanged
International Gemological Institute For Jewelry And Precious Stone (Igi) 0.00%unchanged
International Gemological Institute (Hk) Limited 0.00%unchanged
I.G.I International Gemmological Institutes (Israel) Ltd. 0.00%unchanged
International Gemmological Identification (Thailand) Limited 0.00%unchanged

A holder disappearing from this list has fallen below the 1% line — it is not necessarily a sale. Percentages are of total shares, as disclosed in the company's own filing. Who was buying across the market this quarter.

Mutual funds in IGIL

Filings to Aug 2026

0 new, 4 added, 1 trimmed, 0 sold out — net +0.03 L shares (+1.1%).

Held by funds
₹10 Cr
5 schemes
Biggest holder
Nippon India Nifty Smallcap 250 Index Fund
₹6 Cr · 0.2% of that fund
SchemeHoldingLast month
Nippon India Nifty Smallcap 250 Index Fund Nippon India Mutual Fund₹6 Cr+0.02 L
SBI Nifty Smallcap 250 Index Fund SBI Mutual Fund₹3 Cr+0.01 L
Nippon India Nifty 500 Equal Weight Index Fund Nippon India Mutual Fund₹1 Cr+0.00 L
SBI Nifty 500 Index Fund SBI Mutual Fund₹0 Cr−0.00 L
SBI Nifty Small Cap 250 ETF SBI Mutual Fund₹0 Cr+0.00 L

HDFC, Nippon India and SBI schemes, from their monthly disclosures. Changes are counted in shares, so a price move never looks like buying or selling.

Mutual funds Aug 2026

4 added, 1 trimmed — net +2,913 shares (+1.1%)

Funds are sitting on
-5%
vs est. average cost
Held by funds
₹10 Cr
5 schemes · ≈ 0.07% of the company
Biggest holder
Nippon India Nifty Smallcap 250 Index Fund
₹6 Cr · 0.2% of that fund

Shares held by these funds +125%

Mar '25 2.76 L shares Jul '26

What the price assumes

Attractive

To justify its price of ₹314, this stock must grow earnings at 15% every year for 7 years. Our analysis caps realistic growth at ~24%. At that growth it is worth ₹515 — upside of 64%.

Growth the price implies
14.8% a year
for 7 years, fading to 4%
It has actually compounded at
29.1% a year
net profit, FY25–FY26 · EPS 24.4%
The gap
-0.1 pp
64% downside if it only repeats history
Price today ₹314.3 Value at the reference growth ₹515.08

Change the assumptions yourself →

All earnings calls (6)

Read the Q1 FY27 call →

Learn to analyse International Gemological Institute Limited

Guides on how to read this kind of business and the numbers that matter.