International Gemmological Institute (India) (IGIL) Q1 25/26 earnings summary

Executive summary

• Maintained strong growth momentum in Q1 CY2025, with robust performance across all business segments and report volumes up 27% YoY and 13% QoQ.

• Largest independent accreditation and certification provider in India with over 50% market share; global presence in 10 countries with 31 labs and 18 gemology schools.

• PAT grew 12% YoY and 24% QoQ, with margins improving to 46.2%.

• EBITDA increased 13% YoY and 29% QoQ, with margins rising to 64.2%.

• Financials reflect the first full quarter post-IPO listing on BSE and NSE on December 20, 2024.

Financial highlights

• Consolidated revenue from operations for Q1 CY2025 was INR 305 crores (Rs 3,047.83 million), up 15% sequentially and 10% year-over-year.

• Certification income reached INR 297 crores (INR 2,967 Mn), up 20% sequentially and 11% year-over-year.

• EBITDA stood at INR 196 crores (INR 1,957 Mn), up 29% sequentially and 13% year-over-year; EBITDA margin improved to 64.2%.

• PAT was INR 141 crores (INR 1,407 Mn), up 24% sequentially and 12% year-over-year; PAT margin expanded to 46.2%.

• Basic EPS (consolidated) for Q1 2025 was Rs 3.26, up from Rs 2.86 in Q4 2024.

Outlook and guidance

• Expect consolidated revenue growth of 15–20% for CY2025, with India performance mirroring group results.

• PAT margin guidance for CY2025 is 57–64%, expected to improve over last year.

• Volume growth and revenue growth expected to align from Q3 onwards as pricing corrections cycle out.

• Continued investment in technology, brand salience, educational platforms, people, and infrastructure to support growth and maintain leadership.

• Prices for lab-grown diamond certifications have stabilized after April 2024 adjustments.