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International Gemmological Ins India Ltd
NSE: IGIL BSE: 544311 INE0Q9301021 Services Commercial Services & Supplies 🔎 Screen
NIFTY 500 Smallcap 250
₹15,664 Cr
Market Cap
24.8
P/E
0.80
PEG
30.7%
ROCE
23.2%
ROE
D/E
72.5%
OPM
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📈 Price History
Ratio Health
Excellent
Good
Average
Poor
By Category
Shareholding
About

International Gemological Institute Ltd is world's largest independent certification and acccreditation services provider in the fields of diamond, gemstone and jewellery

✓ Strengths 3
  • Company is almost debt free.
  • Company has delivered good profit growth of 67.8% CAGR over last 5 years
  • Company has a good return on equity (ROE) track record: 3 Years ROE 31.8%
! Concerns

No concerns data yet.

Key Ratios Snapshot
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📈 Growth Pattern
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Strong beat: certification revenue +21% YoY, PAT +28% YoY, driven by LGD loose stones (+35%) and jewelry (+29%) volume growth. quarter Investor Presentation One-Pager? Mar 2026
Revenue
₹368.6 Cr
+21% YoY (certification rev ₹358.7 Cr)
EBITDA Margin
64.0%
flat vs 64.2% in Q Jan-Mar 2025
PAT
₹179.6 Cr
+28% YoY, margin 48.7% vs 46.2%
Key Metric
16% volume growth
3.64 Mn reports; ARP ₹987, +4%
What Went Right
  • Certification revenue grew 21% YoY to ₹3,587 Mn, led by LGD loose stones (+35%) and LGD jewelry (+29%).
  • Volumes rose 16% YoY to 3.64 Mn reports, driven by strong LGD and natural diamond loose stone demand.
  • ARP improved 4% YoY to ₹987, supported by favorable mix shift towards higher-value ND and LGD loose stones.
  • PAT surged 28% YoY to ₹1,796 Mn, with margins expanding 250 bps to 48.7%.
  • EBITDA grew 21% YoY to ₹2,360 Mn, with margin stable at 64% despite cost inflation.
What to Watch
  • ND jewelry certification revenue plunged 19% YoY to ₹517 Mn, signaling weakness in the natural diamond jewelry segment.
  • 15M ARP declined 1% YoY to ₹940, indicating ongoing mix pressure from lower-value LGD products over the longer period.
  • Other expenses + purchase & stock-in-trade jumped 30% YoY to ₹588 Mn, outpacing revenue growth and pressuring margins slightly.
  • Consolidated cash & equivalents stood at only ₹816 Mn at quarter end, a sharp drop from ₹1,395 Mn at Dec 2024, despite reported cash of ₹8,005 Mn (likely includes other liquid assets).
Investor Lens
IGIL delivered another strong quarterly beat, with LGD certification volumes remaining the primary growth engine. The 35% jump in LGD loose stone revenue reflects continued capacity expansion by Indian growers and IGI's entrenched market position. However, the 19% decline in ND jewelry revenue is a notable headwind, suggesting softness in the natural diamond jewelry retail channel. ARP improvement in the quarter ( +4%) is encouraging, but the 15M trend (-1%) hints at structural mix dilution from growing LGD share. The company's cash position appears weaker than the headline INR 8,005 Mn suggests — actual cash equivalents are only ₹816 Mn — and other current financial assets of ₹3,603 Mn may not be as liquid. Next quarter, watch for recovery in ND jewelry certification and incremental cost control, as operating leverage will be key to maintaining EBITDA margins above 60%.
From investor presentation · AI-generated analysis · Not investment advice
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📈 STRONG IGIL delivers strong quarter: Revenue up 26.5%, PAT up 25.2% YoY
Revenue
Revenue grew 26.5% YoY to ₹296 Cr, with sequential growth of 19.8% QoQ, indicating strong demand momentum.
Profitability
PAT rose 25.2% YoY to ₹174 Cr, with EPS increasing to ₹4.03 from ₹3.22. Profit growth outpaced revenue growth due to stable other income and low interest costs.
Margins
Operating margin at 74% declined from 78% YoY but improved from 70% QoQ. The YoY dip reflects cost pressures, but margins remain high, signaling pricing power.
Cash Flow
No cash flow data provided.
Balance Sheet
Debt-to-equity ratio is minimal at 0.01, indicating a virtually debt-free balance sheet and strong financial stability.
Key Risks
OPM contraction YoY suggests rising costs; small market cap of ₹15 Cr implies higher stock volatility; concentration risk in gemmological services.
Outlook
Robust revenue and profit growth trend bodes well. However, margin sustainability and low market cap remain key areas to monitor.
Generated by AI · Mar 2026 results · Not investment advice
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