International Gemmological Institute (India) (IGIL) Q1 26/27 earnings summary

Executive summary

• Q1 FY27 saw revenue growth of 23% and EBITDA growth of 29% year-over-year, reflecting strong execution and broad-based momentum across lab-grown diamonds (LGD), LGD jewelry, colored stones, and other certifications.

• The acquisition and consolidation of American Gemological Laboratories (AGL) expanded the colored stone segment and contributed to incremental revenue and EBITDA growth.

• Strategic focus remains on both natural and lab-grown diamonds, with efforts to gain market share globally, especially in natural diamond loose stones.

• Investments continue in brand building, AI/ML integration, and leadership, including the appointment of a new COO.

• Unaudited standalone and consolidated financial results for the quarter ended 30 June 2026 were approved by the Board and reviewed by statutory auditors, with an unmodified conclusion issued for both.

Financial highlights

• Consolidated certification revenue for Q1 was INR 3,598 million, up 23% year-over-year, with total revenue from operations at INR 3,708 million, also up 23%.

• Volume growth was 17% year-over-year, with 3.56 million reports issued.

• ASP for the quarter was INR 1,010, a 5% improvement, driven by AGL consolidation and base business growth.

• EBITDA reached INR 2,238 million, up 29% year-over-year, with margins at 60.4%, a 270 bps improvement.

• PAT was INR 1,657 million, up 31% year-over-year, with PAT margins at 44.7%, a 260 bps improvement.

Outlook and guidance

• Management reaffirmed guidance of 15% revenue growth and 20% EBITDA growth for FY27, with potential upside from strong Q1 performance and AGL acquisition.

• EBITDA margins are expected to stabilize around 70% for India and improve by at least 100 bps at the group level by year-end.

• The LGD market is expected to see robust growth, with significant capacity expansion planned for 2026.

• IGI is positioned to benefit from increasing certification intensity and SKU-level certification in both LGD and natural diamond (ND) segments.

• India is emerging as a global hub for LGD manufacturing and jewelry retail, supporting future volume-led growth.