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 cycle 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.

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

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%.

• Full-year 2025 consolidated revenue from operations increased to INR 12,290.98 million, up from INR 10,531.60 million year-over-year; EBITDA rose 23% to INR 7,367 million; PAT up 24% to INR 5,316.01 million; PAT margin at 43.3%.

• Standalone India: 12M 2025 revenue INR 9,561.44 million (+23% YoY), EBITDA INR 6,999 million (+22% YoY), PAT INR 5,472.47 million (+25% YoY).

• Certification income for the year at INR 1,188 crore, up 18% year-over-year; delivered 12.81 million reports in 2025, up 21% from 10.57 million in 2024.

• 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.

• Robust growth outlook for LGD market with significant capacity scale-up planned for FY26.

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

• The company is transitioning its financial year to align with the April–March cycle, with the current year extended to 15 months.