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 significant growth in report volumes and revenues both sequentially and year-over-year.

• Largest independent accreditation and certification provider in India with over 50% market share and a global presence in 10 countries, holding a 65% global market share in lab-grown diamond certification.

• Expanded presence in natural diamond, jewelry, and colored stones, serving 9 of the top 10 jewelry chains in India.

• Unaudited standalone and consolidated financial results for the quarter ended March 31, 2025, were approved by the Board on April 21, 2025, reflecting the first full quarter post-IPO listing.

• Strategic focus on expanding global presence, digital transformation, and ramping up infrastructure and talent to support volume growth.

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%.

• Delivered 3.12 million reports, up 13% sequentially and 27% year-over-year.

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.

• Continued investment in technology, global lab network, educational platforms, and people to drive growth and maintain leadership.

• Brand campaign initiated in India, with plans to scale globally during the year.

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