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International Gemological Institute Limited

IGIL

NSE

₹321.95-1.45%19 Oct 2026

Reports

Lab Grown Diamonds

International Gemological Institute Limited

IGIL

NSE

₹321.95

-1.45%

19 Oct 2026

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Lab Grown Diamonds

Indices

Business Overview: What the company does, in plain English.Growth Catalysts: The forward growth drivers and triggers.Guidance Report: Management guidance vs outcomes.Forensic Report: Accounting quality and red flags.Deep Dive Report: In-depth business analysis.

International Gemological Institute is the world’s largest certifier of lab-grown diamonds and the second-largest independent diamond certifier overall - the trust layer that sits between a manufacturer and a buyer, verifying what a stone is, how good it is, and whether it is natural or lab-grown. Founded in Antwerp in 1975 and now headquartered in Mumbai, the company was the first global certification body to grade a lab-grown diamond, in 2005, and that early move positioned it to ride the LGD wave to a roughly 65% share of global LGD certifications by 2023. The recurring approach is simple: IGI earns a fee every time it issues a grading report, and it grows by putting its laboratories as close as possible to where the stones are made - including inside the factories of the biggest growers - so that rising production volumes feed directly into rising certification volumes.

Business segments

A single engine - diamond, gemstone and jewelry certification - supported by an in-house school system that trains gemologists and feeds the talent pipeline, plus a newly acquired colored-gemstone specialist that extends the same certification model into a premium niche.

1. Diamond and jewelry certification: the trust layer between factory and counter

IGI earns a fee on every grading report it issues, and its volumes rise in lockstep with the production of the lab-grown diamond growers whose factories house IGI’s in-factory labs.

Paid per report, not per carat - revenue comes from the number of grading reports issued, with the average price per report shifting upward when the mix tilts toward larger stones or loose diamonds rather than smaller, lower-value jewelry. In the 15 months to March 2026, the India business alone certified 14.6 million stones and pieces.
In-factory labs lock in volume - IGI operates 12 grading setups inside the production sites of major lab-grown diamond growers, so stones are graded on the spot as they come off the production line, cutting turnaround time and tying IGI’s volume growth directly to the growers’ capacity expansion.
The LGD duopoly is structural - the lab-grown diamond certification market is effectively a two-player market, and IGI holds roughly 65% of global LGD certifications by volume, with the top five or six growers themselves controlling 65-70% of production, which reduces the risk of a price war among the very customers who feed IGI’s volumes.
India is both factory and home market - India cuts and polishes 95% of the world’s diamonds and supplies ~75% of the world’s cut and polished lab-grown diamonds, and IGI holds a 50% market share in the country, which contributes roughly three-quarters of group revenue.
Certification penetration still has room to run - only 65-70% of diamonds are currently certified, and the industry expects that to reach 80-85% by 2028, which means the addressable market expands even if underlying diamond production stays flat.

2. Colored gemstone certification (AGL): the premium-science extension

The 2026 acquisition of American Gemological Laboratories adds a laboratory with a 50-year pedigree in colored-stone origin reports, serving luxury brands and auction houses that demand scientific rigor.

First-mover in origin reports - AGL was the first US gemological laboratory to issue country-of-origin reports and the first in the world to quantify colored stone quality, giving it a brand that matters to high-end buyers.
Bought for its expertise, kept independent - IGI acquired AGL for USD 9 million upfront in February 2026, and the founder continues as President and Chief Gemologist while the lab operates under its own name from New York, preserving the specialist reputation that luxury clients pay for.
IGI’s global footprint is the growth lever - the plan is to give AGL access to IGI’s 31 laboratories across 10 countries so it can offer colored-gemstone certification beyond the US market for the first time, using IGI’s infrastructure to scale a business that was generating under USD 4 million in revenue before the deal.

IGI School of Gemology

Eighteen schools across six countries train the gemologists the industry needs - and in doing so, they build brand awareness and create a pipeline of future customers for IGI’s certification services.

A talent factory for the trade - the schools offer programs ranging from Graduate Gemologist to Jewelry Design CAD, serving wholesalers, manufacturers, retailers and individuals who need skilled staff, which in turn deepens IGI’s relationships across the supply chain.
More schools than any global peer - IGI operates the largest combined network of laboratories and schools among its competitors, which means it touches the industry at both the grading bench and the classroom desk.
Revenue is secondary to reach - course fees are recognized over the duration of the program, but the strategic value lies in driving brand awareness and acquiring new certification customers, not in the fee income itself.

Group structure and partners

Blackstone owns three-quarters of the listed Indian parent, which acquired the legacy Belgian and Dutch entities at the time of the 2024 IPO to bring the global network under one consolidated group.

Promoter control with public float - Blackstone holds 76.55% through BCP Asia II TopCo, with foreign institutional investors at 8.6%, domestic institutions at 6.4%, and the public at 8.45%.
The IPO proceeds bought the global network - the company used Rs. 13 billion of IPO funds to acquire 100% of International Gemmological Institute BV (covering Belgium and the US) and IGI Netherlands B.V. (covering Dubai, Israel, Thailand, Hong Kong, China and Egypt), turning what had been separate promoter entities into consolidated subsidiaries.
Still expanding geographically - since the IPO, the group has incorporated a new subsidiary in Dubai and received board approval from a step-down subsidiary for a subsidiary in Saudi Arabia, both aimed at extending certification and education services into new markets.

Quick Ratios

Quarterly Results

Profit & Loss

Balance Sheet

Cash Flow

Ratios

Peer Comparison

Quick Ratios

Quarterly Results

Profit & Loss

Balance Sheet

Cash Flow

Ratios

Peer Comparison

Price

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Documents

Edit Ratios

Mkt Cap

Market Capitalization

₹13,855Cr

Close Price

₹320.60

Industry

Lab Grown Diamonds

Price To Earnings

22.72

Price To Sales

10.17

Revenue

₹1,363Cr

Rev Gr TTM

Revenue Growth TTM

21.59%

PAT Gr TTM

PAT Growth TTM

24.26%

Upcoming Results on

21 Oct 2026

Consolidated

Standalone

Numbers

Percentage

Quarter	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Revenue RevenueCr	250	278	260	250	265	305	301	304	320	369	371
Growth YoY Revenue Growth YoY%					6.0	9.6	15.7	21.4	20.6	20.9	23.2
Expenses ExpensesCr	121	105	133	103	113	109	127	128	128	133	147
Operating Profit Operating ProfitCr	128	173	127	147	152	196	174	176	191	236	224
OPM OPM%	51.4	62.4	48.8	58.9	57.4	64.2	57.7	58.0	59.9	64.0	60.4
Other Income Other IncomeCr	9	12	3	9	12	8	14	12	11	18	16
Interest Expense Interest ExpenseCr	4	3	2	2	1	3	2	2	2	3	3
Depreciation DepreciationCr	13	12	13	6	10	10	10	11	12	13	14
PBT PBTCr	121	171	114	147	153	191	175	175	188	239	223
Tax TaxCr	42	45	36	38	39	51	48	46	54	59	57
PAT PATCr	78	126	78	110	114	141	127	130	135	180	166
Growth YoY PAT Growth YoY%					45.1	11.6	62.5	18.4	18.3	27.6	31.0
NPM NPM%	31.4	45.4	29.9	43.8	42.9	46.2	42.0	42.7	42.1	48.7	44.7
EPS EPS₹	1,710.0	3.2	2.0	2.8	2.9	3.3	2.9	3.0	3.1	4.2	3.8

Quarter	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Revenue RevenueCr	250	278	260	250	265	305	301	304	320	369	371
Growth YoY Revenue Growth YoY%					6.0	9.6	15.7	21.4	20.6	20.9	23.2
Expenses ExpensesCr	121	105	133	103	113	109	127	128	128	133	147
Operating Profit Operating ProfitCr	128	173	127	147	152	196	174	176	191	236	224
OPM OPM%	51.4	62.4	48.8	58.9	57.4	64.2	57.7	58.0	59.9	64.0	60.4
Other Income Other IncomeCr	9	12	3	9	12	8	14	12	11	18	16
Interest Expense Interest ExpenseCr	4	3	2	2	1	3	2	2	2	3	3
Depreciation DepreciationCr	13	12	13	6	10	10	10	11	12	13	14
PBT PBTCr	121	171	114	147	153	191	175	175	188	239	223
Tax TaxCr	42	45	36	38	39	51	48	46	54	59	57
PAT PATCr	78	126	78	110	114	141	127	130	135	180	166
Growth YoY PAT Growth YoY%					45.1	11.6	62.5	18.4	18.3	27.6	31.0
NPM NPM%	31.4	45.4	29.9	43.8	42.9	46.2	42.0	42.7	42.1	48.7	44.7
EPS EPS₹	1,710.0	3.2	2.0	2.8	2.9	3.3	2.9	3.0	3.1	4.2	3.8

Consolidated

Standalone

Numbers

Percentage

Financial Year	Dec 2022	Dec 2023	Dec 2024	Dec 2025	Mar 2026	TTM
Revenue RevenueCr	491	898	1,053	1,229	1,598	1,363
Growth Revenue Growth%		82.9	17.3	16.7		21.6
Expenses ExpensesCr	156	402	453	492	625	536
Operating Profit Operating ProfitCr	335	496	600	737	973	827
OPM OPM%	68.3	55.2	56.9	59.9	60.9	60.7
Other Income Other IncomeCr	8	12	35	46	64	58
Interest Expense Interest ExpenseCr	3	10	8	10	12	10
Depreciation DepreciationCr	12	42	41	43	56	50
PBT PBTCr	329	455	585	730	969	825
Tax TaxCr	88	125	158	199	258	215
PAT PATCr	242	331	427	532	711	610
Growth PAT Growth%		36.9	29.1	24.4		24.3
NPM NPM%	49.2	36.8	40.6	43.3	44.5	44.7
EPS EPS₹	6.1	8.3	10.7	12.3	16.5	14.1

Financial Year	Dec 2022	Dec 2023	Dec 2024	Dec 2025	Mar 2026	TTM
Revenue RevenueCr	491	898	1,053	1,229	1,598	1,363
Growth Revenue Growth%		82.9	17.3	16.7		21.6
Expenses ExpensesCr	156	402	453	492	625	536
Operating Profit Operating ProfitCr	335	496	600	737	973	827
OPM OPM%	68.3	55.2	56.9	59.9	60.9	60.7
Other Income Other IncomeCr	8	12	35	46	64	58
Interest Expense Interest ExpenseCr	3	10	8	10	12	10
Depreciation DepreciationCr	12	42	41	43	56	50
PBT PBTCr	329	455	585	730	969	825
Tax TaxCr	88	125	158	199	258	215
PAT PATCr	242	331	427	532	711	610
Growth PAT Growth%		36.9	29.1	24.4		24.3
NPM NPM%	49.2	36.8	40.6	43.3	44.5	44.7
EPS EPS₹	6.1	8.3	10.7	12.3	16.5	14.1

Consolidated

Standalone

Numbers

Percentage

Financial Year	Dec 2022	Dec 2023	Dec 2024	Dec 2025	Mar 2026
Equity Capital Equity CapitalCr	0	0	86	86	86
Reserves ReservesCr	339	-605	976	1,323	1,402
Current Liabilities Current LiabilitiesCr	39	1,491	304	209	190
Non Current Liabilities Non Current LiabilitiesCr	31	144	137	136	180
Total Liabilities Total LiabilitiesCr	409	1,031	1,504	1,755	1,858
Current Assets Current AssetsCr	276	493	1,019	1,080	958
Non Current Assets Non Current AssetsCr	133	538	485	675	900
Total Assets Total AssetsCr	409	1,031	1,504	1,755	1,858

Financial Year	Dec 2022	Dec 2023	Dec 2024	Dec 2025	Mar 2026
Equity Capital Equity CapitalCr	0	0	86	86	86
Reserves ReservesCr	339	-605	976	1,323	1,402
Current Liabilities Current LiabilitiesCr	39	1,491	304	209	190
Non Current Liabilities Non Current LiabilitiesCr	31	144	137	136	180
Total Liabilities Total LiabilitiesCr	409	1,031	1,504	1,755	1,858
Current Assets Current AssetsCr	276	493	1,019	1,080	958
Non Current Assets Non Current AssetsCr	133	538	485	675	900
Total Assets Total AssetsCr	409	1,031	1,504	1,755	1,858

Consolidated

Standalone

Financial Year	Dec 2022	Dec 2023	Dec 2024	Dec 2025
Operating Cash Flow Operating Cash FlowCr	194	303	393	502
Investing Cash Flow Investing Cash FlowCr	-43	-85	-1,641	-307
Financing Cash Flow Financing Cash FlowCr	-154	-162	1,188	-248
Net Cash Flow Net Cash FlowCr	-3	55	-60	-53
Free Cash Flow Free Cash FlowCr	184	250	358
CFO To PAT CFO To PAT%	80.3	91.5	92.1	94.4
CFO To EBITDA CFO To EBITDA%	57.9	61.0	65.6	68.1

Financial Year	Dec 2022	Dec 2023	Dec 2024	Dec 2025
Operating Cash Flow Operating Cash FlowCr	194	303	393	502
Investing Cash Flow Investing Cash FlowCr	-43	-85	-1,641	-307
Financing Cash Flow Financing Cash FlowCr	-154	-162	1,188	-248
Net Cash Flow Net Cash FlowCr	-3	55	-60	-53
Free Cash Flow Free Cash FlowCr	184	250	358
CFO To PAT CFO To PAT%	80.3	91.5	92.1	94.4
CFO To EBITDA CFO To EBITDA%	57.9	61.0	65.6	68.1

Consolidated

Standalone

Financial Year	Dec 2022	Dec 2023	Dec 2024	Dec 2025	Mar 2026	Current
Valuation Ratios Valuation Ratios
Market Cap Market CapitalizationCr			23,918	14,477	13,743	13,855
Price To Earnings Price To Earnings			56.0	27.2	24.1	22.7
Price To Sales Price To Sales			22.7	11.8	8.6	10.2
Price To Book Price To Book			22.5	10.3	9.2	9.3
EV To EBITDA EV To EBITDA			39.5	19.0	14.0	16.9
Profitability Ratios Profitability Ratios
GPM GPM%	99.1	99.4	99.6		99.7	99.7
OPM OPM%	68.3	55.2	56.9	59.9	60.9	60.7
NPM NPM%	49.2	36.8	40.6	43.3	44.5	44.7
ROCE ROCE%	90.8	-102.7	49.1	52.5	60.2	60.2
ROE ROE%	71.3	-54.7	40.2	37.7	47.8	47.8
ROA ROA%	59.1	32.1	28.4	30.3	38.3	38.3
Operational Ratios Operational Ratios
Solvency Ratios Solvency Ratios
Liquidity Ratios Liquidity Ratios

Financial Year	Dec 2022	Dec 2023	Dec 2024	Dec 2025	Mar 2026	Current
Valuation Ratios Valuation Ratios
Market Cap Market CapitalizationCr			23,918	14,477	13,743	13,855
Price To Earnings Price To Earnings			56.0	27.2	24.1	22.7
Price To Sales Price To Sales			22.7	11.8	8.6	10.2
Price To Book Price To Book			22.5	10.3	9.2	9.3
EV To EBITDA EV To EBITDA			39.5	19.0	14.0	16.9
Profitability Ratios Profitability Ratios
GPM GPM%	99.1	99.4	99.6		99.7	99.7
OPM OPM%	68.3	55.2	56.9	59.9	60.9	60.7
NPM NPM%	49.2	36.8	40.6	43.3	44.5	44.7
ROCE ROCE%	90.8	-102.7	49.1	52.5	60.2	60.2
ROE ROE%	71.3	-54.7	40.2	37.7	47.8	47.8
ROA ROA%	59.1	32.1	28.4	30.3	38.3	38.3
Operational Ratios Operational Ratios
Solvency Ratios Solvency Ratios
Liquidity Ratios Liquidity Ratios

	IGIL	GOLDIAM	RGL
Market CapitalizationMkt CapCr	13,855	4,773	1,768
Close PriceClose₹	320.60	317.00	164.60
IndustryIndustry	Lab Grown Diamonds	Lab Grown Diamonds	Lab Grown Diamonds
Price To EarningsPE	22.72	22.82	16.18
Price To SalesPS	10.17	4.45	0.58
RevenueRevenueCr	1,363	1,073	3,063
Revenue Growth TTMRev Gr TTM%	21.6%	27.0%	41.4%
PAT Growth TTMPAT Gr TTM%	24.3%	63.9%	68.5%

	IGIL	GOLDIAM	RGL
Market CapitalizationMkt CapCr	13,855	4,773	1,768
Close PriceClose₹	320.60	317.00	164.60
IndustryIndustry	Lab Grown Diamonds	Lab Grown Diamonds	Lab Grown Diamonds
Price To EarningsPE	22.72	22.82	16.18
Price To SalesPS	10.17	4.45	0.58
RevenueRevenueCr	1,363	1,073	3,063
Revenue Growth TTMRev Gr TTM%	21.6%	27.0%	41.4%
PAT Growth TTMPAT Gr TTM%	24.3%	63.9%	68.5%