International Gemological Institute Reports Strong Q1 Financial Results as Revenue Climbs 23% YoY

International Gemological Institute Reports Strong Q1 Financial Results as Revenue Climbs 23% YoY​

International Gemological Institute Limited (IGI) reported robust consolidated results for the first quarter of Fiscal Year 2027 (Q1 FY27), showcasing a significant increase in certification revenues and profitability against the same period in the previous fiscal year. The company saw its certification revenue grow by 23%, driven primarily by strong performance in the Lab Grown Diamond (LGD) segments.

In Q1 FY27, IGI recorded total certification volumes of 3.56 million reports, representing a 17% Year-over-Year (YoY) increase from the 3.03 million reports reported in Q1 FY26. Certification revenues reached INR 3,598 million during this period, up from INR 2,921 million in Q1 FY26. The Average Realized Price (ARP) per report improved by 5% YoY, reaching INR 1,010 from INR 963 in the prior year.

The growth in certification revenue was notably fueled by the LGD Jewelry segment, which saw a 44% YoY increase, and the LGD loose stones segment, which grew by 25%. Furthermore, the Gemstone & other certification category demonstrated massive expansion, posting a 203% YoY jump consequent to the AGL acquisition and consolidation.

Financial highlights for Q1 FY27 included an EBITDA of INR 2,238 million, marking a 29% YoY growth. The Profit After Tax (PAT) stood at INR 1,657 million, reflecting a substantial increase of 31% YoY.

The consolidated financial performance across the periods is detailed below:


QoQ Analysis and Segment Performance

Reviewing the quarter-on-quarter (QoQ) trends, certification revenues remained stable in Q1 FY27, reaching INR 3,598 million compared to INR 3,587 million in Q4 FY26. The Average Realized Price (ARP) showed a modest growth of 2% QoQ, reaching INR 1,010 from INR 987.

The underlying segments reflected mixed trends QoQ. ND segment reports saw a slight dip of 6%, while LGD saw a decrease of 3%. Conversely, the Gemstones & other certification category recorded a significant surge of 59% in Q1 FY27 compared to Q4 FY26. PAT for the quarter stood at INR 1,657 million, which represented an 8% QoQ de-growth from Q4 FY26. EBITDA also saw a minor decrease of 5% QoQ.


Market Outlook and Strategic Positioning

IGI remains strategically positioned to capture growth across both the natural and lab grown diamond value pools. The company’s exposure to rising affluence and resilient demand in engagement and bridal occasions is evident globally.

The LGD market segment presents particular opportunities, with IGI being uniquely situated as a duopoly provider for certification. Growth is further accelerated by India emerging as a global hub for LGD manufacturing, underpinned by significant planned capacity scale-up in the industry through 2026.

IGI's strong presence and entrenched relationships with key lab growers facilitate the growth of LGD loose stones and jewelry. The company’s operations benefit from operating leverage due to increased volumes and productivity in grading, translating into consistent margin expansion and strong financial translation despite commodity price volatility.

IGIL Stock Price Movement​

Shares of International Gemological Institute Limited slipped today by 0.34% to settle at ₹345.60 after post-market trading concluded. The stock had traded within a day range, pulling back from its high of ₹352.30 and finding support near the session low of ₹342.65.