• The document is a transcript of the Q4 & 15 months 2026 Earnings Conference Call held on May 20, 2026, following the company's intimation letter dated May 14, 2026.
  • The call was hosted by MUFG Intime India Private Limited with management participants including Mr. Tehmasp Printer (MD and CEO), Mr. Eashwar Iyer (CFO), and Ms. Natasha Kedia (Head, Investor Relations and Public Relations).
  • The purpose was to discuss financial results and business performance for the quarter and year ended March 31, 2026, with an Q&A session following management presentations.
  • The company transitioned its financial reporting from calendar year to financial year, making the current period 15 months (ended March 31, 2026) vs previous 12 months (ended December 2025).
  • Management indicated that investor presentation and financial filings were available on the company's website (www.igi.org) and stock exchanges.

Financial Performance Highlights

Q4 FY26 Consolidated Performance:

  • Certification income: INR 3,587 million (21% YoY growth)
  • Total revenue: INR 3,686 million (21% YoY growth)
  • Report volumes: 3.64 million reports (16% YoY growth)
  • EBITDA: INR 2,360 million (21% YoY growth)
  • EBITDA margin: 64% (stable YoY)
  • PAT: INR 1,796 million (28% YoY growth)
  • PAT margin: 48.7%

Segment-wise Q4 Growth:

  • Lab-grown diamonds: 35% YoY growth
  • Lab-grown jewelry: 29% YoY growth
  • Natural diamonds: 10% YoY growth
  • Natural diamond jewelry: 19% decline due to high gold/silver prices

15-Month FY26 Consolidated Performance:

  • Report volumes: 16.45 million reports (20% YoY growth)
  • Certification income: INR 15,465 million (19% YoY growth)
  • Total revenue: INR 15,976 million (18% YoY growth)
  • EBITDA: INR 9,728 million (22% YoY growth)
  • EBITDA margin: 60.9% (230 bps improvement)
  • PAT: INR 7,112 million (25% YoY growth)
  • PAT margin: 44.5% (270 bps improvement)

India Standalone Q4 Performance:

  • Revenue: INR 3,124 million (28% YoY growth)
  • EBITDA: INR 2,198 million (21% YoY growth)
  • EBITDA margin: 74.2% (slight reduction due to higher commission payouts and one-time expenses)
  • PAT: INR 1,742 million (25% YoY growth)
  • PAT margin: 58.8%

Strategic Developments

  • Acquired American Gemological Laboratories (AGL) on January 30, 2026, strengthening position in color stone certification market
  • AGL revenue contributed 2% growth to revenue and 3% to EBITDA in Q4 (2 months consolidation)
  • Focused investments in brand building including partnerships with ICC Women's World Cup and Gujarat Titans IPL team
  • Campaign "Heera Ki Asli Pehchan" to build consumer awareness about certification importance
  • AI and ML integration initiatives to enhance service quality and operational efficiency
  • Building sales organization capability in US market for greater penetration

Guidance and Outlook

  • FY27 guidance: 15% revenue growth and 20% EBITDA growth
  • Expect major growth from increased LGD capacity build-up and natural diamond penetration
  • Focus on maintaining margins while making strategic investments in brand and capabilities
  • Confidence in long-term industry trends favoring independent certification

Additional Notes

  • The transcript includes detailed Q&A session with analysts from Kotak Securities, Investec, RSPN Ventures, Morgan Stanley, Banyan Tree Advisors, MC Research, and ithought PMS
  • Questions covered margin outlook, subsidiary performance, pricing stability, natural diamond jewelry softness, capacity additions, market share, and certification trends
  • Company emphasized structural increase in certification intensity across diamond categories