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International Gemological Institute Q2 FY27 Share Price & Earnings Call Analysis

Part of: Nifty Smallcap 250 · Nifty MidSmallcap 400 · Nifty 500 · Nifty Total Market

₹407.40+0.11% today
Market cap
₹17,590 Cr
P/E
28.85
ROE
55.81%
PEG
0.67
Price to sales
12.90
Debt to equity
0.10
52W high / low
₹408 / ₹291
EBITDA margin
60.70%
Net profit margin
44.55%
Promoter holding
76.55%
Sales (last year)
₹1,363 Cr

International Gemological Institute Ltd is world's largest independent certification and acccreditation services provider in the fields of diamond, gemstone and jewellery[1]

Guidance scorecard · Q2 FY27 call

What International Gemological Institute Limited's management guided
and where it ranks in Commercial Services & Supplies

#5of 36 in
Commercial Services & Supplies
Revenue20–40%MarginsUp 2%+CapexPlannedFundraisingWhat management saidOrder bookWhat management said

RevenueQ2 FY27 call

20–40%
  • The company reported strong revenue growth of 27% in H1 FY27, led by 22% volume growth and strong LGD and gemstone segments.
  • EBITDA growth outpaced revenue growth due to operating leverage, with H1 EBITDA up 34%.
  • The leadership expects H2 to outperform in line with H1, driven by robust industry tailwinds and strong execution.
  • Revenue growth guidance has been revised upward from an initial 15% to a level similar to H1's 27%.
  • Capacity additions, particularly in the lab-grown diamond sector, support continued volume growth.
  • Expansion into new geographies like Italy, Saudi Arabia, and Botswana is underway to capture broader market demand.

2 more points from International Gemological Institute Limited's call on revenue

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Full Q2 FY27 analysis

MarginsQ2 FY27 call

Up 2%+

See what International Gemological Institute Limited said on margins — free account, 30 seconds.

Full Q2 FY27 analysis

CapexQ2 FY27 call

Planned
  • IGI prioritizes investing for growth, including capacity expansion, new geographies, and technology.
  • Recent expansions include starting operations in Italy and preparations for Saudi Arabia.
  • In September, IGI set up a company in Botswana, indicating geographic expansion plans.
  • The company is also working on scaling up colored gemstone capabilities through integration with AGL.
  • The investment focus follows this sequence: growth initiatives first, followed by mergers and acquisitions (M&A), and then dividend payouts.
  • Marketing initiatives and AI/machine learning technologies are also areas of ongoing investment to enhance operating effectiveness.

2 more points from International Gemological Institute Limited's call on capex

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Full Q2 FY27 analysis

FundraisingQ2 FY27 call

See what International Gemological Institute Limited said on fundraising — free account, 30 seconds.

Full Q2 FY27 analysis

Order bookQ2 FY27 call

  • Strong revenue growth of 31% in the quarter reflects robust demand and business momentum.
  • Significant capacity additions by lab-grown diamond (LGD) manufacturers indicate growing certification demand.
  • Expansion into new geographies such as Italy, Saudi Arabia, and Botswana suggests anticipation of increased order flow.

2 more points from International Gemological Institute Limited's call on the order book

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Full Q2 FY27 analysis
Full Commercial Services & Supplies ranking

Ranges are what management guided for revenue growth and margins on the latest earnings call. Not investment advice, and not a forecast of returns.

Potential multibaggers · Q2 FY27

Potential multibaggers in Commercial Services & Supplies
on management's own guidance

  1. Strong growth
    2
  2. Strong growth
    1
  3. Strong growth
    3
See all potential multibaggersWhere does International Gemological Institute Limited rank?

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Ranks describe management commentary on revenue and margin from the latest earnings call. Not investment advice.

Peers

Commercial Services & Supplies companies ranked on guidance

#CompanyRevenue guidedMargin guidedMarket capP/E
140%+Up 2%+₹2,211 Cr145.7
240%+Up 2%+₹39 Cr6.2
340%+Flat₹500 Cr36.0
440%+Flat₹102 Cr10.4
5International Gemological Institute LimitedThis stock20–40%Up 2%+₹17,571 Cr28.8
620–40%Up 2%+₹3,079 Cr36.3

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Financials of International Gemological Institute Limited

Quarterly Results, Profit & Loss, Balance Sheet, Cash Flows, and Ratios are shown below as separate sections.

Shareholder Pattern

International Gemological Institute Limited

Shareholding breakup across reporting periods.

Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026Sep 2026
Promoters +76.55%76.55%76.55%76.55%76.55%76.55%76.55%76.55%
FIIs +9.10%9.87%10.18%10.55%9.61%8.60%9.49%8.79%
DIIs +5.87%5.88%5.44%5.15%5.44%6.38%5.51%5.47%
Public +8.47%7.69%7.82%7.75%8.39%8.46%8.44%9.17%
No. of Shareholders1,87,3561,86,4021,90,2861,87,0281,83,9501,87,3431,72,8941,68,818

Financials of International Gemological Institute Limited

Quarterly Results

Quarter-by-quarter operating performance

Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026Sep 2026
Sales +250278260250265305301304320369371398
YoY Sales growth+6%+10%+16%+21%+21%+21%+23%+31%
Expenses +121105133103113109127128128133147154
Operating Profit128173127147152196174176191236224245
OPM %51%62%49%59%57%64%58%58%60%64%60%61%
Other Income +91239128141211181619
Interest432213222332
Depreciation13121361010101112131416
Profit before tax121171114147153191175175188239223246
Tax %35%26%32%26%26%26%28%26%29%25%26%24%
Net Profit +7812678110114141127130135180166186
EPS in Rs1.962.762.633.262.933.003.114.163.844.30

Financials of International Gemological Institute Limited

Profit & Loss

Annual income statement trend

Dec 2022Dec 2023Dec 2024Mar 2026 15mTTM
Sales +4918981,0531,5981,457
Sales growth+83%+17%+52%+24%
Expenses +156401453623561
Operating Profit335497600974896
OPM %68%55%57%61%61%
Other Income +811356364
Interest31191310
Depreciation1242415655
Profit before tax329455585969895
Tax %27%27%27%27%
Net Profit +242331427711666
EPS in Rs9.8916.4615.41
Dividend Payout %0%0%25%15%

Financials of International Gemological Institute Limited

Balance Sheet

Capital structure and asset base

Dec 2022Dec 2023Dec 2024Mar 2026Sep 2026
Equity Capital0.400.40868686
Reserves339-6059761,4021,665
Borrowings +27151145143150
Other Liabilities +431,484296223264
Total Liabilities4091,0311,5041,8532,165
Fixed Assets +110384384539552
CWIP020366273
Investments00000
Other Assets +2996271,0841,2531,540
Total Assets4091,0311,5041,8532,165

Financials of International Gemological Institute Limited

Cash Flows

Operating, investing and financing cash movement

Dec 2022Dec 2023Dec 2024Mar 2026
Cash from Operating Activity +194303393624
Cash from Investing Activity +-43-85-1,634-320
Cash from Financing Activity +-154-1621,188-362
Net Cash Flow-255-52-58
Free Cash Flow183248355543
CFO/EBITDA Share of operating profit converting into cash: CFO (before tax) / Operating Profit87%90%91%94%

Financials of International Gemological Institute Limited

Ratios

Working capital efficiency and return ratios

Dec 2022Dec 2023Dec 2024Mar 2026
Debtor Days47515766
Inventory Days
Days Payable
Cash Conversion Cycle47515766
Working Capital Days28-536113113
ROCE %158%69%

Guidance history

How International Gemological Institute Limited's guidance has moved, call by call

CallRevenueMarginsCapexFundraisingOrder book
Q2 FY27 call →20–40%Up 2%+Planned——
Q1 FY27 call →10–20%Up 0–2%Planned—Rising
Q4 FY26 call →10–20%FlatPlanned——
Q3 FY26 call →20–40%FlatPlanned——

What management guided on each call, newest first. Not investment advice, and not a forecast of returns.

36out of 100

Momentum score · price trend

36 out of 100 — Cooling

Over the past year its share price has done worse than most of the stocks we track.

PeriodShare price changeBetter than … of 1,920 stocks
Last 12 months+10.8%66%
Last 6 months+15.0%73%
Last 3 months+14.5%85%

The price is 33.8% below its all-time high of ₹615.2 (3 Jan 2025). Stocks more than 20% below their peak have their score halved, so 72 became 36.

How we calculate it

“Better than 30%” means that over that period the share price did better than 30 out of every 100 stocks we track (1,920 Indian companies worth ₹500 Cr or more, with at least a year of prices).

The score weighs the longer periods more: 40% × 12-month + 40% × 6-month + 20% × 3-month. For International Gemological Institute Limited: 0.4 × 66 + 0.4 × 73 + 0.2 × 85 = 72, halved to 36 because the price is more than 20% below its all-time high.

Strengthening is 70 and above, Steady 40 to 70, Cooling below 40. Scores are recalculated every night after the market closes.

Full methodology →

This describes only how the share price has moved up to 6 Nov 2026, compared with other stocks. It says nothing about the business, and it is not a prediction, a price target or a recommendation to buy or sell.

Continue your research

What International Gemological Institute Limited's management said in earlier quarters

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