International Gemological Institute (IGIL) Q2 26/27 earnings summary

Executive summary

• Record Q2: 4.35 million reports issued, up 26% YoY; certification revenue rose 32% to INR 3,875 million, EBITDA 39% to INR 2,445 million and PAT 43% to INR 1,858.44 million.

• H1 revenue from operations grew 27% to INR 7,688 million, EBITDA 34% to INR 4,683 million and PAT 37% to INR 3,515.80 million.

• FY27 growth guidance was raised, with full-year growth expected to track H1 performance.

Financial highlights

• Q2 consolidated revenue from operations was INR 3,980.24 million, up 31% YoY; total income was INR 4,168.33 million.

• Q2 consolidated PBT was INR 2,456.17 million, up 40% YoY; H1 PBT was INR 4,684.23 million, up 34%.

• H1 certification revenue was INR 7,474 million, up 27%; consolidated total revenue was INR 8,034 million, up 27%.

• Standalone Q2 certification revenue grew 28% to INR 3,040 million; EBITDA rose 21% to INR 2,123 million and PAT 22% to INR 1,697 million.

Outlook and guidance

• Management expects lab-grown diamond momentum to continue in coming quarters and natural diamond growth momentum into Q3 and Q4.

• October festive trading was strong; capacity additions and execution were cited as outlook drivers.

• Plans include scaling Dubai and Turkey, evaluating Saudi Arabia and other markets, and further development in Italy.