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International Gemmological Institute
NSE: IGILBasic MaterialsOther Precious Metals & Mining
- Last close
- ₹397.75
- Day change
- −₹9.05 (−2.22%)vs
- Market cap
- ₹15,264 crIndian rupees
- Research updated
- 3 reports
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About International Gemmological Institute
International Gemmological Institute, commonly known as IGIL, is a leading organization specializing in the certification and grading of diamonds and other precious gemstones. Established in 1975, the institute provides comprehensive gem quality analyses and reports which are highly sought after in both the retail and wholesale sectors of the jewelry industry. IGIL's primary function is to ensure transparency and authenticity in the gemstone market by offering unbiased assessments based on scientific criteria. The institute utilizes advanced technologies and a rigorous testing protocol to evaluate cut, color, clarity, and carat weight, pivotal components in determining a gem's value. By maintaining a global presence with multiple branches worldwide, IGIL plays a critical role in facilitating international trade in gemstones, enhancing consumer confidence through its reliable certification services. Its impact is profound across luxury goods markets where consumer trust and gem authenticity significantly influence purchasing decisions, thereby underpinning the entire ecosystem of jewelers, collectors, and investors.
- Sector
- Basic Materials
- Industry
- Other Precious Metals & Mining
- Listing
- NSE: IGIL
- Chief executive
- Mr. Tehmasp Nariman Printer
- Employees
- 1,306
- Headquarters
- Mumbai, India
- ISIN
- INE0Q9301021
- Website
- igi.org
Public research · Report of
Business model & financial foundation
IGI (NSE: IGIL), Testing, inspection and certification -- diamond, gemstone and jewellery grading: revenue of ₹1,293 crore in FY26 (+19.7% on FY25), an EBITDA margin of 60.1%, net profit of ₹570.5 crore and net cash of ₹800.5 crore.
- Revenue, FY26 (₹ crore)
- 1,293
- consolidated
- Revenue growth, FY26
- +19.7%
- on FY25
- EBITDA margin, FY26
- 60.1%
- EBITDA excl. other income (company definition) / revenue
- Net profit, FY26 (₹ crore)
- 570.5
- to owners
- Return on equity, FY26
- 38.3%
- on average equity
- Net debt, FY26 (₹ crore)
- -800.5
- Net debt (negative = net cash; excl. leases)
- Market capitalisation (₹ crore)
- 13,877
- at the close of 23 Oct 2026
Company profile
IGI is one of the world's largest independent graders of diamonds, coloured gemstones and jewellery, issuing 16.45 mn reports in the 15 months to Mar 2026 from 36 labs and 21 schools in 10 countries. About 58% of certification revenue comes from lab-grown diamond (LGD) loose stones, where IGI is the dominant grader; natural diamonds, natural and LGD jewellery and coloured stones (AGL) make up the rest. It is asset-light (EBITDA margin about 60%), debt-free and 76.55% owned by Blackstone.
| Item | Value |
|---|---|
| Legal name | International Gemological Institute Limited (formerly International Gemmological Institute (India) Limited, International Gemmological Institute (India) Private Limited) |
| Exchange and ticker | NSE: IGIL; BSE: 544311 |
| ISIN | INE0Q9301021 |
| CIN | L46591MH1999PLC118476 |
| Sector | Commercial Services |
| Industry | Testing, inspection and certification — diamond, gemstone and jewellery grading |
| Headquarters | Mumbai, India |
| Fiscal year end | March |
| Reporting basis and unit | consolidated, in ₹ crore |
| Auditor | M S K A & Associates LLP, Chartered Accountants (partner Ankush Agrawal) |
| Market capitalisation | ₹13,877 crore (23 Oct 2026) |
| Shares outstanding | 43.22 crore shares (FY26) |
| Price | ₹353.2 (close, 23 Oct 2026) |
| 52-week range | ₹287.0 - ₹388.3 (to 23 Oct 2026) |
| Website | https://www.igi.org |
Corporate structure and shareholding
Parent: BCP Asia II TopCo Pte. Ltd. (Blackstone), promoter holding 76.55%.
| Entity | Holding | Business |
|---|---|---|
| International Gemmological Institute BV (Belgium) | 100% | Antwerp grading lab and IGI brand owner group, acquired from promoter Dec 2024 |
| IGI Netherlands B.V. | 100% | Holding for US, HK, China, Thailand, Israel, UAE labs; acquired from promoter Dec 2024 |
| International Gemmological Institute, Inc. (USA) | 100% | New York lab and US retailer sales arm |
| International Gemological Institute (HK) Limited | 100% | Hong Kong grading lab |
| International Gemmological Institute FZCO (Dubai) | 100% | Dubai lab; parent of IGI Botswana (100% from 7 Sep 2026) |
| International Gemmological Institute Turkey | 100% | Istanbul grading lab |
| AGL HoldCo Inc. / American Gemological Laboratories, LLC | 100% | New York coloured-gemstone origin lab; acquired Jan-Feb 2026, subsidiary from 10 Feb 2026 |
| IGI (Shanghai) and IGI (Shenzhen) entities | 100% | China testing, consulting and training |
16 subsidiaries in the Q1 FY27 consolidation (S2). Ten subsidiaries unreviewed in Q1 FY27: revenue INR 16.1 cr, loss INR 1.8 cr.
| Shareholding (% of shares) | Q3FY26 | Q4FY26 | Q1FY27 | Q2FY27 |
|---|---|---|---|---|
| Promoter | 76.55% | 76.55% | 76.55% | 76.55% |
| Promoter holding pledged | 0.00% | 0.00% | ||
| Foreign institutions | 9.61% | 8.60% | 9.49% | 8.79% |
| Domestic institutions | 5.44% | 6.38% | 5.51% | 5.47% |
| of which mutual funds | 5.23% | 4.21% | ||
| Retail | 6.37% | 6.26% | ||
| Other | 8.39% | 2.09% | 2.19% | 9.17% |
The promoter holding pledged is a share of the promoter's own holding.
Business model
IGI earns fees for independent diamond, gemstone and jewellery certification rather than for diamond ownership. Certification reports and average realised price (ARP) are the primary revenue drivers; employee capacity, marketing and lab footprint drive cost. Q2 FY27 consolidated reports were 4.35mn (+26% YoY), ARP INR891 (+4% YoY), revenue INR398.0cr and EBITDA INR244.5cr (61.4%).
| Peer | Why the dossier compares them |
|---|---|
| Titan Company (TITAN) | Largest Indian jewellery retailer; studded/LGD jewellery demand and certification customer |
| Kalyan Jewellers India (KALYANKJIL) | Indian jewellery retail demand proxy; gold price sensitivity of studded jewellery |
| Senco Gold (SENCO) | Jewellery retailer with growing LGD/studded mix |
| Indegene (INDGN) | |
| Nesco (NESCO) | High-margin Indian commercial services peer of similar size |
| Just Dial (JUSTDIAL) |
Financial databook
| Profit and loss (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue from operations | 1,080 | 1,293 | |||
| Other income | 31.4 | 55.8 | |||
| Employee benefits expense | 270.6 | 289.4 | |||
| Other expenses incl. purchases and change in stock-in-trade | 187.4 | 226.5 | |||
| EBITDA excl. other income (company definition) | 622.0 | 777.0 | |||
| Depreciation and amortisation | 39.3 | 45.8 | |||
| Finance costs | 8.43 | 9.73 | |||
| Profit before tax | 605.7 | 777.2 | |||
| Total tax expense | 163.8 | 206.8 | |||
| Profit after tax | 441.9 | 570.5 | |||
| Non-controlling interest | 0.00 | 0.00 | |||
| Profit attributable to owners | 441.9 | 570.5 | |||
| Diluted EPS (INR) | n.d. | n.d. | |||
| Stock-in-trade purchases plus inventory change | n.r. | 1.09 | |||
| Other expenses excluding purchases and inventory change | n.r. | 225.4 | |||
| Cost of revenue (vendor classification) * | 14.2 | 13.6 | 45.2 | 45.2 | 45.2 |
| Other operating costs (vendor classification) * | 47.4 | 64.7 | 163.7 | 267.6 | 184.6 |
| EBITDA (vendor classification) * | 251.2 | 343.5 | 479.0 | 635.0 | 636.4 |
| EBIT * | 237.8 | 332.0 | 465.9 | 593.6 | 593.6 |
| Basic EPS (₹) | 16.46 |
| Balance sheet (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Trade receivables | 288.5 | ||||
| Total equity | 1,488 | ||||
| Borrowings | 16.3 | 26.7 | 150.6 | 145.1 | 0.00 |
| Cash, bank balances and FDs (company) | 800.5 | ||||
| Net debt (negative = net cash; excl. leases) | -800.5 | ||||
| Cash and cash equivalents | 81.6 | ||||
| Inventories | 1.25 | ||||
| Trade payables (current) | 52.4 | ||||
| Property, plant and equipment | 306.2 | ||||
| Capital work in progress | 61.9 | ||||
| Total assets | 1,858 |
| Cash flow (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Cash from operations (post tax) | n.d. | ||||
| Capex | -2.99 | -10.3 | -37.5 | -35.4 | n.d. |
| Free cash flow (vendor definition) * | 188.5 | 183.0 | 258.4 | 353.9 | 438.7 |
| Dividends paid (an outflow is negative) | -321.5 |
| Other reported lines (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Shares outstanding (crore), FV INR 2 | 43.22 |
| Quarterly profit and loss (₹ crore) | Q3FY25 | Q4FY25 | Q1FY26 | Q2FY26 | Q3FY26 | Q4FY26 | Q1FY27 | Q2FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue from operations | 265.0 | 304.8 | 300.9 | 303.7 | 319.7 | 368.6 | 370.8 | 398.0 |
| Other income | 11.9 | 8.43 | 13.7 | 12.5 | 11.4 | 18.2 | 15.8 | 18.8 |
| Employee benefit expense | 66.5 | 63.9 | 71.4 | 71.2 | 73.1 | 73.8 | 82.7 | 87.1 |
| Other operating expenses incl. stock-in-trade | 46.3 | 45.2 | 56.0 | 56.4 | 55.3 | 58.9 | 64.3 | 66.5 |
| EBITDA excluding other income | 152.2 | 195.7 | 173.5 | 176.2 | 191.4 | 235.9 | 223.8 | 244.5 |
| Depreciation and amortisation | 10.3 | 10.0 | 9.79 | 11.0 | 12.0 | 13.0 | 13.9 | 15.6 |
| Finance cost | 1.02 | 2.66 | 2.45 | 2.15 | 2.49 | 2.64 | 2.88 | 2.11 |
| Profit before tax | 152.8 | 191.5 | 175.0 | 175.5 | 188.2 | 238.5 | 222.8 | 245.6 |
| Tax expense | 39.0 | 50.8 | 48.4 | 45.7 | 53.7 | 58.9 | 57.1 | 59.8 |
| Profit after tax | 113.8 | 140.7 | 126.5 | 129.8 | 134.6 | 179.6 | 165.7 | 185.8 |
| Non-controlling interest | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | |
| PAT attributable to owners | 113.8 | 140.7 | 126.5 | 129.8 | 134.6 | 179.6 | 165.7 | 185.8 |
| Diluted EPS (₹) | 2.74 | n.r. | 2.81 | 2.91 | 3.00 | 4.02 | 3.71 | 4.16 |
| COGS | 1.16 | 0.47 | -1.07 | 1.98 | -3.16 | 3.34 | -0.02 | 3.60 |
| Other expenses excluding purchases and inventory change | 45.1 | 44.8 | 57.0 | 54.4 | 58.4 | 55.6 | 62.2 | |
| Cost of revenue (vendor classification) * | 11.5 | 10.5 | 13.0 | 10.5 | 16.3 | 16.0 | ||
| Other operating costs (vendor classification) * | -60.5 | 44.8 | 54.4 | 44.8 | 55.6 | 62.2 | ||
| EBITDA (vendor classification) * | 182.3 | 194.1 | 177.6 | 194.1 | 241.2 | 225.7 | ||
| EBIT * | 151.7 | 194.1 | 177.6 | 194.1 | 241.2 | 225.7 | ||
| Basic EPS (₹) | 3.11 | 4.16 | 3.84 | 4.30 |
Consolidated, restated. Lines marked * are the market-data provider's figures; the rest are extracted from the company's filings or derived from them. n.d. not disclosed, n.r. not retrieved, n.a. not applicable.
Metrics dashboard
| Metric | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue growth | 19.7% | ||||
| EBITDA margin | 57.6% | 60.1% | |||
| Net margin | 40.9% | 44.1% | |||
| Return on equity | 38.3% | ||||
| Return on capital employed | 39.9% | ||||
| Return on assets | 30.7% | ||||
| Net debt (₹ crore) | -800.5 | ||||
| Net debt / EBITDA | -1.03x | ||||
| Interest cover | 70.4x | 61.0x | |||
| Asset turnover | 0.70x | ||||
| Receivable days | 81 | ||||
| Inventory days (on revenue) | 0 | ||||
| Payable days (on revenue) | 15 | ||||
| Capex intensity | 3.3% | ||||
| Dividend payout | 56.4% | ||||
| Book value per share (₹) | 34.43 |
Computed from the statements above:
- Revenue growth: revenue over the previous year's, less one.
- EBITDA margin: EBITDA excl. other income (company definition) / revenue.
- Net margin: net profit to owners / revenue.
- Return on equity: net profit to owners / average equity.
- Return on capital employed: EBIT / average equity plus borrowings.
- Return on assets: net profit to owners / average total assets.
- Net debt (₹ crore): Net debt (negative = net cash; excl. leases).
- Net debt / EBITDA: net debt / EBITDA excl. other income (company definition).
- Interest cover: EBIT / finance cost.
- Asset turnover: revenue / average total assets.
- Receivable days: receivables / revenue x 365.
- Inventory days (on revenue): inventory / revenue x 365.
- Payable days (on revenue): payables / revenue x 365.
- Capex intensity: capital expenditure / revenue.
- Dividend payout: dividends paid / net profit to owners.
- Book value per share (₹): equity / shares outstanding.
Source: the company's filings and disclosures as extracted into Mool's company dossier (version 3, information to 23 Oct 2026); market data at the close of 23 Oct 2026. Every figure is read from the dossier's files or computed from them; the account of the business model is the analyst's, from the dossier's workings.
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What the full research on International Gemmological Institute includes
Every piece of Mool’s research is built the same way: a researched evidence base, analyses that build on each other, a research model and a report with the call. This page shows the first analysis.
The report and Mool’s call
- The 12-month rating and target
- The 3-month view
- Mool's estimates beside the street's
- The claims the view rests on, and what would change it
The analyses, among them
- Business model & financial foundationOn this pageWhat the company does and how it makes money, its structure, five years of financials and the metrics that matter for it.
- Future earnings & financial modelForecasts built from the drivers that move the business, by scenario, beside the street's.
- Fundamental valuation & 12-month thesisWhat the business is worth on several methods, what the market already prices in and the 12-month thesis that follows.
The research model
The model behind the report: the company’s history, the drivers that move it, its forecasts by scenario and the valuation the 12-month target comes from.
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Report history
Reports on International Gemmological Institute
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