Date: October 21, 2026

Financial Performance Summary

Q2 FY27 Consolidated Results (YoY Growth):

  • Revenue from operations: ₹3,980 Mn (up 31% from ₹3,037 Mn in Q2 FY26)
  • EBITDA: ₹2,445 Mn (up 39% from ₹1,763 Mn)
  • PBT: ₹2,456 Mn (up 40% from ₹1,755 Mn)
  • PAT: ₹1,858 Mn (up 43% from ₹1,298 Mn)
  • EBITDA Margin: 61.4% (expanded 340 bps from 58.0%)
  • PAT Margin: 46.7%
  • Reports processed: 4.35 million (up 26% YoY)

H1 FY27 Consolidated Results (YoY Growth):

  • Revenue from operations: ₹7,688 Mn (up 27% from ₹6,046 Mn in H1 FY26)
  • EBITDA: ₹4,683 Mn (up 34% from ₹3,497 Mn)
  • PBT: ₹4,684 Mn (up 34% from ₹3,504 Mn)
  • PAT: ₹3,516 Mn (up 37% from ₹2,563 Mn)
  • EBITDA Margin: 60.9% (expanded 310 bps from 57.8%)
  • PAT Margin: 45.7%
  • Reports processed: 7.91 million (up 22% YoY)

Segment-wise Performance (Q2 FY27 YoY Growth):

  • LGD loose stones: up 37%
  • LGD jewelry: up 47%
  • Natural diamond loose stones: up 8%
  • Natural diamond jewelry: up 3%
  • Colored gemstones (including AGL): up 7x

Management Commentary

Mr. Tehmasp Printer, Managing Director and CEO, stated that Q2 FY27 was marked by healthy demand trends and strong operational execution. He emphasized IGI's category-neutral approach, certifying natural diamonds, lab-grown diamonds, jewelry and colored gemstones to provide independent, consistent assurance to buyers and sellers.

He noted that lab-grown diamonds have started to witness higher adoption, while natural diamonds and gemstones remain key growth levers. As the industry enters its peak festive season in India and the US holiday ordering cycle ramps up, retailers and manufacturers are positioning for higher demand, with encouraging trends across all business segments.

Industry Trends and Strategic Outlook

The global gems and jewelry industry is witnessing a gradual broadening of growth drivers, with value creation shifting beyond traditional diamond categories. Manufacturers, retailers and brands are expanding offerings across lab-grown diamonds, colored gemstones and customized jewelry.

India continues to strengthen its position as a strategic hub for the global jewelry industry, supported by manufacturing capabilities, skilled workforce and growing domestic consumption. Technology adoption (AI, automation, digital workflows) is improving efficiency, consistency and turnaround times across the jewelry value chain.

IGI remains focused on strengthening its global platform through investments in technology, laboratory capabilities and market development initiatives. The company's diversified exposure across natural diamonds, lab-grown diamonds, jewelry and colored gemstones provides multiple growth avenues.

Company Background

IGI is India's largest independent accreditation and certification services provider with 50% market share. The Blackstone-backed company operates 37 laboratories and 21 Schools of Gemology in 10 countries. For 50 years, IGI has provided natural and laboratory-grown diamond reports, colored stone grading and origin reports, as well as jewelry identification and appraisal reports.