IGI Reports Strong Q3 Performance: Revenue Up 21%, EBITDA Grows 20%
International Gemmological Institute (India) Limited (IGI) announced robust Q3 financial results. Revenue increased by 21% to INR 3,037 million, EBITDA grew 20% to INR 1,763 million, and PAT rose 18% to INR 1,298 million. The company processed 3.45 million certification reports, a 26% volume growth. Natural diamond loose stones segment grew by 29%, while lab-grown diamond jewelry increased by 26%. Nine-month performance showed continued strength with revenue up 15% to INR 9,094 million. EBITDA margins improved from 57% to 60%, and PAT margins increased from 40% to 44%.

*this image is generated using AI for illustrative purposes only.
International Gemmological Institute (India) Limited (IGI), a leading independent grading and accreditation services provider, has announced robust financial results for the third quarter, demonstrating significant growth across key metrics.
Financial Highlights
IGI reported impressive year-on-year growth for Q3:
| Metric | Q3 (INR Million) | YoY Growth |
|---|---|---|
| Revenue | 3,037.00 | 21% |
| EBITDA | 1,763.00 | 20% |
| PAT | 1,298.00 | 18% |
The company processed 3.45 million certification reports during the quarter, marking a substantial 26% volume growth compared to the same period in the previous year.
Segment Performance
IGI's growth was driven by strong performance across all business categories:
- Natural diamond loose stones segment grew by 29%
- Lab-grown diamond jewelry segment increased by 26%
Nine-Month Performance
For the nine months ended September, IGI continued its strong trajectory:
| Metric | 9M (INR Million) | YoY Growth |
|---|---|---|
| Revenue | 9,094.00 | 15% |
| EBITDA | 5,454.00 | 22% |
| PAT | 3,971.00 | 27% |
EBITDA margins improved from 57% to 60%, while PAT margins increased from 40% to 44% compared to the same period in the previous year.
Management Commentary
Tehmasp Printer, Managing Director and CEO of IGI, commented on the results: "I am happy to report that the Company has delivered 26% growth in report volume this quarter, enabling a 21% growth in revenues. Despite many macro-economic challenges, the Company has continued to deliver strong revenue growths driven by the festive demand in this quarter, across all categories."
Market Trends and Outlook
The global diamond and jewelry industry is experiencing a transformation driven by evolving consumer preferences and technological advancements. Key trends include:
- Rising demand for certified diamonds, gemstones, and jewelry
- Rapid adoption of Lab-Grown Diamonds (LGDs) due to affordability and sustainability
- Expanding market beyond traditional regions
IGI's multiple service delivery formats, including IGI Labs, In-factory Labs, and Mobile Labs, position the company to capitalize on these emerging opportunities.
Conclusion
IGI's strong Q3 performance, coupled with its strategic positioning in the evolving diamond and jewelry certification market, indicates a positive outlook for the company. The management remains confident in delivering strong Revenue and EBITDA growth for the year, in line with their initial guidance.
Investors and industry observers will be watching closely to see if IGI can maintain this momentum in the face of ongoing macro-economic challenges and evolving market dynamics.
Historical Stock Returns for International Gemmological Institute
| 1 Day | 5 Days | 1 Month | 6 Months | 1 Year | 5 Years |
|---|---|---|---|---|---|
| +9.61% | +8.17% | +4.52% | +11.52% | -22.03% | -22.03% |






































