International Gemological Institute Limited – Investor Presentation Summary

Key Operational Highlights

  • Total certification volumes for Q2 FY27 stood at 4.35 Mn reports, marking 26% YoY growth from 3.45 Mn reports in Q2 FY26
  • Total certification volumes for H1 FY27 stood at 7.91 Mn reports, marking 22% YoY growth from 6.48 Mn reports in H1 FY26
  • Average realized price (ARP) per report increased by 4% YoY to ₹891 in Q2 FY27 from ₹854 in Q2 FY26
  • Average realized price (ARP) per report increased by 4% YoY to ₹945 in H1 FY27 from ₹905 in H1 FY26
  • Key drivers: 47% YoY growth in LGD Jewelry segment, 37% in LGD loose stone segment, 8% in ND loose stone segment, and consolidation of AGL acquisition

Segment-wise Performance

Q2 FY27 Segment Mix:
  • ND Loose Stones: ₹529 Mn (14% of total), 8% YoY growth
  • LGD Loose Stones: ₹2,111 Mn (54% of total), 37% YoY growth
  • ND Jewelry: ₹635 Mn (16% of total), 3% YoY growth
  • LGD Jewelry: ₹356 Mn (9% of total), 47% YoY growth
  • Gemstones & other certification: ₹244 Mn (6% of total), 331% YoY growth
H1 FY27 Segment Mix:
  • ND Loose Stones: ₹1,033 Mn (14% of total), 7% YoY growth
  • LGD Loose Stones: ₹4,206 Mn (56% of total), 31% YoY growth
  • ND Jewelry: ₹1,149 Mn (15% of total), 3% YoY growth
  • LGD Jewelry: ₹637 Mn (9% of total), 46% YoY growth
  • Gemstones & other certification: ₹448 Mn (6% of total), 261% YoY growth

Financial Highlights

Q2 FY27 Consolidated:
  • Revenue from Operations: ₹3,980 Mn, 31% YoY growth
  • Certification Revenue: ₹3,875 Mn, 32% YoY growth
  • EBITDA: ₹2,445 Mn, 39% YoY growth
  • EBITDA Margin: 61.4% vs 58.0% (+340 bps)
  • PAT: ₹1,858 Mn, 43% YoY growth
  • PAT Margin: 46.7% vs 42.7% (+400 bps)
  • PBT: ₹2,456 Mn, 40% YoY growth
  • PBT Margin: 61.7% vs 57.8%
H1 FY27 Consolidated:
  • Revenue from Operations: ₹7,688 Mn, 27% YoY growth
  • Certification Revenue: ₹7,474 Mn, 27% YoY growth
  • EBITDA: ₹4,683 Mn, 34% YoY growth
  • EBITDA Margin: 60.9% vs 57.8% (+310 bps)
  • PAT: ₹3,516 Mn, 37% YoY growth
  • PAT Margin: 45.7% vs 42.4% (+330 bps)
  • PBT: ₹4,684 Mn, 34% YoY growth
  • PBT Margin: 60.9% vs 57.9%

Standalone Performance

Q2 FY27 Standalone:
  • Certification volumes: 3.68 Mn reports, 19% YoY growth
  • Certification Revenue: ₹3,040 Mn, 28% YoY growth
  • ARP: ₹827, 7% YoY growth
  • PAT: ₹1,697 Mn, 22% YoY growth
  • PAT Margin: 55.5% vs 57.8%
  • EBITDA: ₹2,123 Mn, 21% YoY growth
  • EBITDA Margin: 69.5% vs 72.8%
H1 FY27 Standalone:
  • Certification volumes: 6.89 Mn reports, 20% YoY growth
  • Certification Revenue: ₹5,833 Mn, 25% YoY growth
  • ARP: ₹847, 4% YoY growth
  • PAT: ₹3,243 Mn, 17% YoY growth
  • PAT Margin: 54.8% vs 58.2%
  • EBITDA: ₹4,093 Mn, 18% YoY growth
  • EBITDA Margin: 69.2% vs 72.9%

Balance Sheet Snapshot

Consolidated (Sept 2026 vs March 2026):
  • Total Equity: ₹17,510 Mn vs ₹14,880 Mn
  • Total Assets: ₹21,651 Mn vs ₹18,578 Mn
  • Cash and Cash Equivalents: ₹1,303 Mn vs ₹816 Mn
  • Bank balances other than above: ₹4,301 Mn vs ₹1,911 Mn
  • Trade Receivable: ₹2,402 Mn vs ₹2,885 Mn
  • Property, plant and equipment: ₹1,797 Mn vs ₹1,767 Mn
  • Goodwill: ₹1,578 Mn vs ₹1,531 Mn
Standalone (Sept 2026 vs March 2026):
  • Total Equity: ₹28,064 Mn vs ₹25,908 Mn
  • Total Assets: ₹29,887 Mn vs ₹27,238 Mn
  • Cash and Cash Equivalents: ₹55 Mn vs ₹26 Mn
  • Bank balances other than above: ₹4,143 Mn vs ₹1,585 Mn
  • Trade Receivable: ₹2,143 Mn vs ₹2,585 Mn
  • Investment in subsidiaries: ₹14,309 Mn (unchanged)

Capex & Cash Flow Health

Consolidated H1 FY27:
  • Cash Generated from Operations: ₹5,402 Mn
  • Net Cash from Operating Activities: ₹4,157 Mn
  • Cash Flow from Investing Activities: -₹2,574 Mn
  • Cash Flow from Financing Activities: -₹1,297 Mn
  • Net increase in Cash & Cash equivalent: ₹286 Mn
Standalone H1 FY27:
  • Cash Generated from Operations: ₹5,085 Mn
  • Net Cash from Operating Activities: ₹3,826 Mn
  • Cash Flow from Investing Activities: -₹2,599 Mn
  • Cash Flow from Financing Activities: -₹1,199 Mn
  • Net increase in Cash & Cash equivalent: ₹29 Mn

Industry Trends & Business Environment

  • Global retail diamond market expected to grow at 4-6% CAGR to $135-145 Bn by CY2030E
  • Number of certifications issued expected to grow at 17-19% CAGR to 75-80 Mn by CY2030E
  • Certification penetration expected to increase from 70-75% in CY2025 to 80-85% by CY2030E
  • Jewelry consumption estimated at $105-115 Bn by volume of 33-38 Mn
  • Key drivers: Increasing consumer adoption of LGDs, entry of brands & retailers into new categories, evolving trends & preferences, greater accessibility to affordable options
  • Indian LGD brands raised over $90M in last 12 months
  • Polished LGD exports in June 2026 up ~50% YoY to ~$100M

Management Commentary & Growth Outlook

  • The company highlighted that "every certificate - natural, lab-grown or colored - is one fee to IGI"
  • Emphasized that "the growth is the whole stone market, not one category of it"
  • Noted that "as per-capita income nears the discretionary-spend threshold, a fast-widening affluent base turns into diamond buyers - and lab-grown widens the on-ramp"
  • Stated that "the fee (2-3% of retail price) is a minimal cost on the transaction. The certificate is the reason the transaction happens"
  • Highlighted that "every rupee of new investment and every new outlet needs a trusted grade to sell on - and that grade is IGI's"

Shareholding Pattern (30th September 2026)

  • Promoter (Blackstone): 76.55%
  • Top DIIs (Banks, MFs, AIFs and Insurance): 5.47%
  • ICICI Prudential Bharat Consumption Fund: 1.67%
  • Top FPIs / FIIs: 8.79%
  • Government of Singapore: 1.32%
  • Abu Dhabi Investment Authority - Monsoon: 1.11%