IGIL
Large CapInternational Gemmological Institute (India) Limited
Services
International Gemological Institute Limited (IGIL) provides gemmological certification services for natural diamonds (ND), lab-grown diamonds (LGD), and jewelry. The company operates across key diamond markets, leveraging its market leadership in loose stones and studded jewelry.
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 is neutral, 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 31 Mar 2026
Good · 67/100Rev +21% YoY · PAT +28% YoY · +15% QoQ · operating leverage · margin compression
| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹369 Cr | +21.0% | +15.3% |
| EBITDA | ₹236 Cr | +20.4% | +23.6% |
| Operating margin | 64.0% | +0 bps | +400 bps |
| PAT | ₹180 Cr | +27.7% | +33.3% |
| PAT margin | 48.8% | +255 bps | +659 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Where growth can come from, and what can break the case
IGIL reports strong 15M Jan25-Mar26 consolidated performance with 18% YoY revenue growth and 25% YoY PAT growth, driven by robust certification volumes and favorable mix shift towards LGD loose stones. Q4 Jan-Mar 2026 also saw 21% YoY revenue and 28% YoY PAT growth.
IGIL demonstrates strong financial performance with double-digit growth in revenue, volumes, and profitability, supported by a favorable mix shift towards higher-value LGD loose stones. Management highlights structural tailwinds in the diamond industry, particularly the LGD market's growth and India's emergence as a manufacturing hub, which should continue to drive certification demand. The company's market leadership and in-factory grading setup position it well to capture incremental industry volumes.
Consolidated Certification Revenue by Segment (Q Jan-Mar 2026)
Latest issuer-disclosed distribution across 5 reported categories.
LGD Loose Stone Segment
Certification revenue grew 35% YoY in Q Jan-Mar 2026 and 25% YoY in 15M 2026, driven by mix shift.
LGD Jewelry Segment
Certification revenue grew 29% YoY in Q Jan-Mar 2026 and 23% YoY in 15M 2026.
ND Loose Stone Segment
Certification revenue grew 10% YoY in Q Jan-Mar 2026 and 18% YoY in 15M 2026.
India as Global Hub
India is emerging as a global manufacturing hub for Lab Grown Diamonds, driven by scale, technology, and cost efficiencies.
LGD Production Capacity
Growers planning to double their production capacity over next 3 years starting Q1 CY26.
Indian LGD Growers Capacity
Indian LGD growers have increased capacity consistently over the years; strong line of sight for FY26 investments.
Structural Tailwinds Across Diamonds
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.
India as Growth Engine
India is becoming the global hub for LGD manufacturing and jewelry retail expansion, positioning IGI at the center of volume-led certification growth.
Market Leadership
IGI’s dominant market share across loose stones and studded jewelry enables disproportionate capture of incremental industry volumes with minimal incremental cost.
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.
The company transitioned to an April-March reporting period, providing 15-month financials (Jan 2025-Mar 2026 vs Jan 2024-Mar 2025) and quarterly (Jan-Mar 2026 vs Jan-Mar 2025) YoY comparisons. Both are relevant to assess performance given the transition and the seasonal nature of the gem and jewelry business.
Consolidated Certification Volumes (15M)
16.45 Mn reports, marking a 20% YoY growth, compared to 13.70 Mn reports in 15M 2025.
Consolidated Certification Volumes (Q Jan-Mar 2026)
3.64 Mn reports, marking a 16% YoY growth, compared to 3.12 Mn reports in the Jan-Mar 2025 period.
Consolidated Average Realized Price (ARP) per report (15M)
Declined 1% YoY, from INR 952 in 15M 2025 period to INR 940 in 15M 2026 period.
Consolidated Average Realized Price (ARP) per report (Q Jan-Mar 2026)
Increased by 4% YoY to INR 987 in the Jan-Mar 2026 period from INR 950 in Jan-Mar 2025 period.
Focus Shift
Management states focus shifts from growth-at-any-cost to throughput, quality, and certification.
LGD Volume Growth
IGI is highly entrenched with key lab growers with in-factory grading set up – IGI LGD volumes to grow with increase in capacity.
Certification Density for LGD Jewelry
LGD Jewelry volumes require certification at the SKU level, with expected increase in jewelry market and subsequently certification, a key opportunity for IGI.
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| Certification Volumes | 16.45 Mn reports (15M 2026), 3.64 Mn reports (Q Jan-Mar 2026) | Continued double-digit growth, especially in LGD segments, indicating sustained demand and market share capture. |
| Average Realized Price (ARP) | INR 940 (15M 2026), INR 987 (Q Jan-Mar 2026) | Stability or improvement in ARP, driven by favorable mix shift towards higher-value certifications. |
| Consolidated EBITDA Margin | 61% (15M 2026), 64% (Q Jan-Mar 2026) | Maintenance or expansion of margins, indicating operating leverage from increased volumes and efficient operations. |
| FCF to EBITDA Conversion | 60% (12M CY2025) | Sustained strong conversion, reflecting efficient cash generation from operations. |
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
56NeutralSMA20 +10.8% / mo · near 52W high
Technical chart
IGILdaily · 6M+13.5%Technical trend read
Bullish setupTrend is constructive — long-term trend unclear. RSI 59.
- SMA20 roughly flat — short-term momentum stalled.
- RSI(14) at 59 — rising, no extreme reading.
- MACD above signal, histogram expanding — bullish momentum building.
- 4% off 52W high · 30% 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.
Valuation, score drivers, trust methodology, financials, and peers
Use these sections after reviewing the decision summary, latest result, thesis, management accountability, and technical timing above.
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 20.9%.
- Quality contributes 18/20 to the score.
Main drags
- Valuation is weaker at 4/30; verify the latest quarterly trend.
- Cash flow is weaker at 4/10; verify the latest quarterly trend.
- Growth is weaker at 18/25; 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
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 91st percentile of the scored universe and 95th percentile within Services. No major sub-score weakness stands out.
High Trust Lite: Promoter holding is 76.6%. Key concern: ROCE trend is -20.1%.
Generally investable credibility. Look for weak sub-scores before increasing position size.
overall median 67 · Services: 95th pctile, median 66 · Large: 77th pctile, median 74
40 documents indexed, 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 1.2%.
- ▸Debt/equity is 0.10.
Trust risks
- ▸ROCE trend is -20.1%.
- ▸OPM spread across recent quarters is 15%.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Intrinsic value
Fundamentals
Valuation
- P/E
- 27.60
- P/B
- 10.61
- EV/EBITDA
- 19.31
- Market Cap
- 15753.00Cr
Profitability
- ROE
- 43.00%
- ROCE
- 53.60%
- ROA
- 32.48%
- Dividend Y
- 0.68%
Growth (CAGR)
- Revenue 5Y
- 27.39%
- EPS 5Y
- 23.88%
- Revenue 3Y
- 36.00%
- EPS 3Y
- 30.00%
Balance Sheet
- Debt/Equity
- 0.10
- Interest Coverage
- 77.70×
- Altman Z
- 9.54
- Book Value
- 34.40
Cash Flow
- FCF Yield
- 1.24%
- FCF Positive Y
- 3/5
- OCF
- 502.00 Cr
- EPS TTM
- 13.20
Shareholding
- Promoter Hold
- 76.55%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 50%
Financial History
Updated 9/6/2026
Revenue
₹ CrNet Profit
₹ CrReturn on Equity
%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.