IGI Q1FY27 net profit rises 31% to ₹1,657 Mn on certification growth
IGI's Q1FY27 consolidated net profit rose 31% to ₹1,657 Mn, with revenue up 23% to ₹3,708 Mn. EBITDA margin expanded to 60.35%, supported by a 17% increase in certification volumes and higher average realized prices.
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International Gemological Institute reported a 31% year-on-year rise in consolidated net profit to ₹1,657 Mn for Q1FY27, driven by strong growth momentum across loose stones, jewelry, and colored gemstone certification. Consolidated revenue from operations increased 23% to ₹3,708 Mn from ₹3,009 Mn in the corresponding quarter of the previous year, while EBITDA grew 29% to ₹2,238 Mn. The EBITDA margin expanded to 60.35% from 57.63% in Q1FY26, and PAT margins stood at 45%, an increase of 260 basis points.
The Board of Directors approved the unaudited financial results at its meeting held on July 23, 2026. The statutory auditors, M S K A & Associates LLP, performed a limited review and expressed an unmodified conclusion on the standalone results. The company operates in a single operating segment involving the certification of diamonds, gemstones, and jewellery, along with related education.
Consolidated Financial Performance
The company's profit before tax on a consolidated basis rose to ₹2,228 Mn from ₹1,750 Mn in the year-ago period. The results include the financial performance of 16 direct and indirect subsidiaries, including entities in Turkey, the Netherlands, Israel, and the United States. The auditors noted that the interim financial information of ten subsidiaries, totalling ₹160.83 million in revenue, were not reviewed by their respective auditors but were certified by the management. These figures were considered not material to the group.
Total certification volumes for Q1 FY27 stood at 3.56 Mn reports, marking a 17% YoY growth compared to 3.03 Mn reports in Q1 FY26. Certification revenues grew by 23% YoY to ₹3,598 Mn during Q1 FY27, with AGL consolidation contributing 3% incremental revenue growth. Average realized price (ARP) per report increased by 5% YoY to ₹1,010 in Q1 FY27 from ₹963 in Q1 FY26.
| Particulars | Q1 FY27 (₹ Mn) | Q1 FY26 (₹ Mn) | YoY Growth % |
|---|---|---|---|
| Revenue | 3,708 | 3,009 | 23% |
| EBITDA | 2,238 | 1,735 | 29% |
| PBT | 2,228 | 1,750 | 27% |
| PAT | 1,657 | 1,265 | 31% |
| EBITDA Margin | 60.35% | 57.63% | — |
Strategic Outlook
Commenting on the results, Tehmasp Printer, Managing Director and CEO of IGI, highlighted broad-based momentum across Lab Grown Diamond (LGD) loose stones, LGD jewelry, and coloured gemstones. He noted that investments in the US business are gaining traction, and operations have commenced in Italy. The company continues to invest in artificial intelligence and automation to enhance service quality and turnaround times. The financial year has been transitioned to a 12-month period ending March 31, following a 15-month transitional year ending March 31, 2026.
Historical Stock Returns for International Gemological Institute
| 1 Day | 5 Days | 1 Month | 6 Months | 1 Year | 5 Years |
|---|---|---|---|---|---|
| +0.54% | -5.15% | -0.29% | +4.78% | +3.25% | -26.75% |
How might the recent expansion into Italy and continued US investments impact IGI's global market share against competitors like GIA and HRD in the coming quarters?
To what extent will the integration of AI and automation technologies affect IGI's operational costs and certification turnaround times in FY27?
Given the strong growth in Lab Grown Diamond (LGD) certification, how vulnerable is IGI's revenue stream to potential shifts in consumer preference back towards natural diamonds?
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