International Gemmological Institute (India) (IGIL) Q2 24/25 earnings summary

Executive summary

• Maintained strong growth momentum in Q2 and H1 CY25, with consolidated certification volumes up 21% YoY in Q2 and 24% in H1, and revenues up 18% and 14% respectively.

• EBITDA margin improved significantly YoY, driven by operating leverage and lower employee benefit expenses.

• PAT margin saw strong expansion, with Q2 CY25 up 1,210 bps YoY and H1 CY25 up 620 bps YoY.

• Holds over 50% market share in India and 65% global share in lab-grown diamond certification.

• The company operates in a single segment: certification of diamonds, gemstones, jewellery, and related education.

Financial highlights

• Q2 CY25 consolidated certification revenue: INR 2,921 Mn (+18% YoY); H1 CY25: INR 5,888 Mn (+14% YoY).

• Q2 CY25 EBITDA: INR 1,735 Mn (+37% YoY, margin 57.7%); H1 CY25 EBITDA: INR 3,692 Mn (+23% YoY, margin 61.0%).

• Q2 CY25 PAT: INR 1,265 Mn (+63% YoY, margin 42.0%); H1 CY25 PAT: INR 2,673 Mn (+31% YoY, margin 44.1%).

• Standalone revenue from operations for Q2 2025 was Rs 2,341.30 million, with net profit at Rs 1,374.80 million; for six months, revenue was Rs 4,683.31 million and net profit Rs 2,766.23 million.

• Cash and cash equivalents at June 30, 2025, stood at Rs 126.82 million (standalone) and Rs 632.92 million (consolidated).

Outlook and guidance

• Confident in delivering 15%-20% revenue growth for CY25, in line with historical performance.

• EBITDA margin guidance maintained at 57%-64% for the year.

• IPO proceeds are being utilized as planned, with Rs 13,000 million used for acquisition of IGI Belgium and Netherlands groups and Rs 257.3 million for general corporate purposes; Rs 250 million remains in fixed deposits.

• Expect continued demand growth in both natural and lab-grown diamond segments, with jewelry certification as a key driver.

• No significant changes in effective tax rate expected; to remain around 28%.