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

Executive summary

• Achieved strong growth in Q2 and H1 CY25, with consolidated certification volumes up 21% YoY in Q2 and 24% YoY in H1, and revenue and EBITDA growth driven by both natural and lab-grown diamond certification.

• Maintained leadership in India with over 50% market share and 65%-70% global share in lab-grown diamond certification.

• Expanded to 10 countries with 31 labs and 18 gemology schools, and incorporated a new Dubai subsidiary.

• Digital transformation and AI investments underway to enhance service delivery and efficiency.

• Unaudited standalone and consolidated financial results for Q2 and H1 2025 were approved and reviewed without qualification by auditors.

Financial highlights

• Q2 CY25 consolidated certification revenue: INR 2,921 Mn (+18% YoY); H1 CY25: INR 5,888 Mn (+14% YoY); Q2 EBITDA: INR 1,735 Mn (+37% YoY, margin 57.7%); H1 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 for Q2 2025: Rs 2,341.30 million; net profit: Rs 1,374.80 million; for six months, revenue: Rs 4,683.31 million, net profit: Rs 2,766.23 million.

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

• Volume growth: Q2 CY25 at 3.03 million reports (+21% YoY); H1 CY25 at 6.16 million reports (+24% YoY).

Outlook and guidance

• Confident in maintaining 15%-20% revenue growth for CY25, with EBITDA margin guidance of 57%-64%.

• 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.

• Expect continued demand for both natural and lab-grown diamond certification, with jewelry segment driving future growth.

• No significant changes in demand trends observed in early Q3; business remains stable.

• Forward-looking statements highlight risks from market conditions, competition, and execution of strategy.