International Gemmological Institute (India) (IGIL) Q4 25/26 earnings summary

Executive summary

• Delivered strong growth and consistent results over the 15 months ended March 2026, driven by structural shifts in the diamond and jewelry ecosystem, increased certification intensity, and robust demand across core segments.

• Expanded addressable market through the acquisition of American Gemological Laboratories (AGL), strengthening presence in colored gemstone certification and the U.S. market.

• Certification volumes grew 20% year-on-year to 16.45 million reports, reflecting strong operational momentum.

• Group EBITDA rose 22% year-on-year to INR 9,728 million (61% margin), and PAT increased 25% to INR 7,112 million (45% margin).

• Cash and cash equivalents at period-end were INR 8,005 million, up 28% over 15 months.

Financial highlights

• Consolidated revenue for Jan–Mar 2026 quarter grew 21% year-on-year to INR 3,686 million; EBITDA up 21% to INR 2,360 million; PAT up 28% to INR 1,796 million.

• For the 15-month period ended March 2026, consolidated revenue was INR 15,976.60 million, EBITDA up 22%, and PAT up 25% to INR 7,111.97 million.

• Report volumes increased 16% for the quarter and 20% for the 15-month period, reaching 16.45 million reports.

• India standalone revenue for the quarter grew 27% to INR 2,963 million; EBITDA margin at 74.2%.

• Standalone India results for 15 months: revenue up 24% year-on-year, EBITDA up 22%, and PAT up 25%.

Outlook and guidance

• Guidance for FY 2026–27: 15% revenue growth and 20% EBITDA growth, with margin stability expected.

• Growth to be driven by capacity expansion in lab-grown diamonds, increased penetration in natural diamonds, and continued investments in brand and technology.

• Industry tailwinds in both natural and lab-grown diamonds are expected to drive multi-year growth, with India emerging as a global hub for LGD manufacturing.

• The company transitioned to a new financial year structure, now ending March 31, with the current period covering 15 months as a one-time adjustment.