International Gemmological Institute (India) (IGIL) Q4 24/25 earnings summary

Executive summary

• Delivered strong growth in Q4 and full year 2025, exceeding initial guidance despite macroeconomic headwinds, with board approval for unaudited results and a proposed company name change pending regulatory approval.

• Transitioning reporting year to April–March, with a 15-month period ending March 2026.

• Achieved 21% YoY growth in certification volumes and 18% YoY growth in certification revenue for 12M 2025, driven by strong performance in natural and lab-grown diamond segments.

• Maintained leadership in third-party diamond certification, focusing on both natural and lab-grown segments.

Financial highlights

• Q4 2025 revenue from operations grew 21% YoY to INR 320 crore; certification income up 23%; Q4 EBITDA rose 26% to INR 191 crore, with EBITDA margin at 59.9%.

• Full year 2025 revenue from operations increased 17% to INR 1,229 crore; certification income up 18%; EBITDA grew 23% to INR 737 crore; PAT was INR 532 crore, up 24% YoY; PAT margin at 43.3%.

• 12.81 million reports issued in 2025, up 21% from 10.57 million in 2024.

• Standalone India: 12M 2025 revenue INR 9,401 Mn (+23% YoY), EBITDA INR 6,999 Mn (+22% YoY), PAT INR 5,472 Mn (+25% YoY).

• Consolidated revenue for 12M 2025 was Rs 12,290.98 million, with profit after tax at Rs 5,316.01 million.

Outlook and guidance

• Management expects to repeat volume and revenue performance in FY 2026, citing strong industry tailwinds and rapid retail expansion in lab-grown jewelry.

• Robust growth outlook for lab-grown diamond market with significant capacity scale-up planned for FY26.

• Transitioning financial year to align with April–March cycle, with current year extended to 15 months.