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

Executive summary

• Achieved strong growth across all business segments, including natural and lab-grown diamonds, jewelry, and colored stones for Q4 and the 12-month period ending December 2025.

• Board approved unaudited standalone and consolidated financial results for the quarter and twelve months ended December 31, 2025, and a proposal to change the company name, subject to regulatory approval.

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

• Exceeded revenue and EBITDA guidance for 2025, driven by robust demand and market share gains.

• Group EBITDA grew 23% YoY to INR 7,367 Mn with margin expansion to 59.9%, and PAT increased 24% YoY to INR 5,316 Mn with PAT margin at 43.3%.

Financial highlights

• Q4 2025 revenue from operations grew 21% year-over-year to INR 320 crore; EBITDA up 26% to INR 191 crore; PAT up 18% to INR 135 crore; EBITDA margin at 59.9%.

• For the 12 months, consolidated revenue was INR 12,290.98 million, up from INR 10,531.60 million YoY; PAT was INR 5,316.01 million, up from INR 4,272.90 million YoY.

• Certification income for the year reached INR 11,878 Mn, up 18% YoY; certification volumes 12.81 million (+21% YoY).

• Standalone India: 12M 2025 revenue INR 9,561.44 million, PAT INR 5,472.47 million.

• EBITDA to FCF conversion improved to 60% for consolidated and 61% for standalone.

Outlook and guidance

• Management expects to repeat volume and revenue performance in FY 2026, citing strong industry tailwinds and capacity additions in lab-grown diamonds.

• LGD industry pricing stability and rapid retail expansion in LGD jewelry expected to continue supporting growth.

• IGI's dominant market share and exposure to both ND and LGD segments position it to benefit from industry tailwinds.

• No structural changes anticipated in pricing or realization per certificate in the near term.