International Gemological Institute Limited
IGIL NSE
International Gemological Institute Limited
Commercial ServicesNSE: IGIL BSE: 544311 Diversified Services
Key Fundamentals
SmallcapDiversified ServicesCommercial ServicesMarket Cap
₹15,186 Cr
Volatility
Moderate
P/E Ratio
24.9
EBITDA
₹1,037 Cr
Return on Equity
47.8%
Debt to Equity
0.1
Book Value
₹34.43
52W High
₹392
52W Low
₹287
Insights
BetaAI-extracted from concalls & annual reports · figures as reported, with sources
Log in to view International Gemological Institute Limited insights
40 extracted metrics + investor summaries across FY19–FY26.
Tapetide Score
Data-driven rating, 0–100. How it works →
Technical Indicators
Key Insights
Weaknesses
2- Stock is trading at 10.3 times its book value
- Working capital days have increased from -103 days to 113 days
Growth Rate
Revenue Growth
52.68% ↗
Net Income Growth
66.44% ↗
Cash Flow Change
58.65% ↗
ROE
18.88% ↗
ROCE
18.94% ↗
EBITDA Margin (Avg.)
6.94% ↗
AI Analysis — Bull vs Bear
anthropic claude-opus-4.6 5d agoAI opinion · based on fundamentals
Risk medium
International Gemological Institute Limited (IGIL) is a ₹15,039 Cr market cap gemological certification company trading at a PE of 24.4x with CY2024 revenue of ₹1,053 Cr (up 17% YoY) and PAT of ₹427 Cr (up 29% YoY). The company commands a dominant 65% market share in lab-grown diamond certification globally and operates with EBITDA margins of ~57%, though its valuation at ~10x book value and working capital deterioration warrant scrutiny.
Bull Case 8
- Dominant 65% global market share in lab-grown diamond (LGD) certification, an oligopolistic industry with high barriers to entry
- CY2024 PAT grew 29% YoY to ₹427 Cr, with Q4 CY2024 PAT surging 45% YoY to ₹114 Cr, demonstrating accelerating profitability
- Exceptional EBITDA margin of 57% in CY2024, reflecting an asset-light certification business model with strong operating leverage
- 3-year compounded sales CAGR of 48% and profit CAGR of 43%, indicating sustained high growth trajectory
- Last reported ROE of 56%, indicating highly efficient capital deployment relative to shareholders' equity
- LGD certification volumes grew 27% in CY2024 with lab-grown stones contributing 60% of business, riding structural tailwinds as LGD production has grown 5-6x in 3-4 years
- Management targets 15-20% revenue CAGR over the next five years, supported by expansion into finished jewellery certification and global consolidation of IGI Belgium and Netherlands operations
- Debt-free balance sheet with IPO proceeds deployed for strategic acquisitions to consolidate global operations under one entity
Bear Case 8
- Stock trades at 9.97x book value, a steep premium that leaves limited margin of safety if growth slows
- Working capital days have deteriorated sharply from -103 days to +113 days, a 216-day swing indicating potential cash conversion issues post-acquisition
- PE of 24.4x has compressed from ~82x at IPO, but still prices in significant growth with limited listed history (listed December 2024) to validate consistency
- Heavy revenue concentration risk — 60% of business from LGD certification means any structural shift in LGD pricing or demand directly impacts volumes
- TTM revenue growth of 22% already decelerating from the 3-year CAGR of 48%, suggesting the high-growth phase may be normalizing
- LGD prices have stabilized after significant declines, but further price compression could reduce per-stone certification value and customer willingness to certify lower-value stones
- Dividend yield of just 0.73% offers minimal income support at current valuations, leaving returns entirely dependent on capital appreciation
- Stock has delivered only 2% return since listing (~6 months), underperforming broader indices despite strong fundamentals, suggesting the market may have already priced in near-term growth
This is AI-generated analysis, not financial advice. Do your own due diligence.
AI News Digest
anthropic claude-opus-4.6 17h ago Positives 2
- Q1FY27 net profit up 12% YoY Jul 25
Standalone net profit rose 12% YoY to ₹1,546.02 million for Q1FY27, driven by a 21.5% surge in operational income to ₹2,861.55 million.
- ESOP grant signals talent retention Jul 24
NRC approved 629,814 stock options under IGI ESOP Plan 2024 on July 23, 2026, aimed at retaining eligible employees.
Neutral 4
- AGM approves FY26 financials, director Aug 17
28th AGM held on August 14 approved FY26 financials and reappointed Tejas Naphade as director. Minor institutional dissent of 6.56% on director reappointment.
- Multiple investor conference participations Aug 13
IGI scheduled meetings at Motilal Oswal Global Investor Conference (Aug 19, Mumbai), Nuvama India Conference (Aug 11, Singapore), and Investor Day 2026 (Aug 3, Mumbai).
- FY26 BRSR filed with assurance Jul 23
Submitted Business Responsibility and Sustainability Report for the 15-month transitional period ending March 31, 2026, reporting turnover of ₹15,976 million, assured by TUV SUD.
- Q1FY27 earnings call held Jul 23
Earnings call for the quarter ended June 30, 2026, was held on July 23 and audio recording made available on the company website.
TL;DR: IGI delivered solid Q1FY27 results with 12% profit growth and 21.5% revenue expansion, reflecting healthy demand for gemological certification services. No material headwinds emerged in the period. Active investor engagement across multiple conferences signals management confidence. The growth trajectory looks positive, though sustaining 20%+ revenue growth will be the key watch item in coming quarters.
Quarterly Results
| Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 250 | 278 | 260 | 250 | 265 | 305 | 301 | 304 | 320 | 369 | 371 |
| Expenses | 121 | 105 | 133 | 103 | 113 | 109 | 127 | 128 | 128 | 133 | 147 |
| Operating Profit | 128 | 173 | 127 | 147 | 152 | 196 | 174 | 176 | 191 | 236 | 224 |
| OPM % | 51% | 62% | 49% | 59% | 57% | 64% | 58% | 58% | 60% | 64% | 60% |
| Other Income | 9 | 12 | 3 | 9 | 12 | 8 | 14 | 12 | 11 | 18 | 16 |
| Interest | 4 | 3 | 2 | 2 | 1 | 3 | 2 | 2 | 2 | 3 | 3 |
| Depreciation | 13 | 12 | 13 | 6 | 10 | 10 | 10 | 11 | 12 | 13 | 14 |
| PBT | 121 | 171 | 114 | 147 | 153 | 191 | 175 | 175 | 188 | 239 | 223 |
| Tax % | 35% | 26% | 32% | 26% | 26% | 26% | 28% | 26% | 29% | 25% | 26% |
| Net Profit | 78 | 126 | 78 | 110 | 114 | 141 | 127 | 130 | 135 | 180 | 166 |
| EPS in Rs | — | — | 1.96 | 2.76 | 2.63 | 3.26 | 2.93 | 3 | 3.11 | 4.16 | 3.84 |
Profit & Loss
| Dec 2022 | Dec 2023 | Dec 2024 | Mar 2026 15m | TTM | |
|---|---|---|---|---|---|
| Sales | 491 | 898 | 1,053 | 1,598 | 1,363 |
| Expenses | 156 | 401 | 453 | 623 | 536 |
| Operating Profit | 335 | 497 | 600 | 974 | 827 |
| OPM % | 68% | 55% | 57% | 61% | 61% |
| Other Income | 8 | 11 | 35 | 63 | 58 |
| Interest | 3 | 11 | 9 | 13 | 10 |
| Depreciation | 12 | 42 | 41 | 56 | 50 |
| PBT | 329 | 455 | 585 | 969 | 825 |
| Tax % | 27% | 27% | 27% | 27% | — |
| Net Profit | 242 | 331 | 427 | 711 | 610 |
| EPS in Rs | — | — | 9.89 | 16.46 | 14.11 |
| Div. Payout % | 0% | 0% | 25% | 15% | — |
Balance Sheet
| Dec 2022 | Dec 2023 | Dec 2024 | Mar 2026 | |
|---|---|---|---|---|
| Equity Capital | 0.4 | 0.4 | 86 | 86 |
| Reserves | 339 | -605 | 976 | 1,402 |
| Borrowings | 27 | 151 | 145 | 143 |
| Other Liabilities | 43 | 1,484 | 296 | 223 |
| Total Liabilities | 409 | 1,031 | 1,504 | 1,853 |
| Fixed Assets | 110 | 384 | 384 | 539 |
| CWIP | 0 | 20 | 36 | 62 |
| Investments | 0 | 0 | 0 | 0 |
| Other Assets | 299 | 627 | 1,084 | 1,253 |
| Total Assets | 409 | 1,031 | 1,504 | 1,853 |
Cash Flow
| Dec 2022 | Dec 2023 | Dec 2024 | Mar 2026 | |
|---|---|---|---|---|
| Operating | 194 | 303 | 393 | 624 |
| Investing | -43 | -85 | -1,634 | -320 |
| Financing | -154 | -162 | 1,188 | -362 |
| Net Cash Flow | -2 | 55 | -52 | -58 |
| Free Cash Flow | 183 | 248 | 355 | 543 |
| CFO/OP | 87 | 90 | 91 | 94 |
Ratios
| Dec 2022 | Dec 2023 | Dec 2024 | Mar 2026 | |
|---|---|---|---|---|
| Debtor Days | 47 | 51 | 57 | 66 |
| Cash Conversion Cycle | 47 | 51 | 57 | 66 |
| Working Capital Days | 28 | -536 | 113 | 113 |
| ROCE % | — | — | 158% | 69% |
Documents
1
Format of the Initial Disclosure to be made by an entity identified as a Large Corporate : Annexure A
28 Apr - Company confirms it is not a Large Corporate under SEBI debt securities framework. 28 Apr - Company confirms it is not a Large Corporate under SEBI debt securities framework.
2
Format of the Initial Disclosure to be made by an entity identified as a Large Corporate : Annexure A
28 Apr - Company confirms it is not a Large Corporate under SEBI debt securities framework. 28 Apr - Company confirms it is not a Large Corporate under SEBI debt securities framework.
3
Compliances-Certificate under Reg. 74 (5) of SEBI (DP) Regulations, 2018
8 Apr - Certificate under regulation 74(5) of SEBI (Depositories and Participants) Regulations, 2018 8 Apr - Certificate under regulation 74(5) of SEBI (Depositories and Participants) Regulations, 2018
4
Announcement under Regulation 30 (LODR)-Change of Company Name
7 Apr - ROC approved company name change to International Gemological Institute Limited effective April 7, 2026. 7 Apr - ROC approved company name change to International Gemological Institute Limited effective April 7, 2026.
Frequently Asked Questions about International Gemological Institute Limited
What does International Gemological Institute Limited do?
International Gemological Institute Ltd is
world's largest independent certification and acccreditation services provider in the fields
of diamond, gemstone and jewellery[1]
Where is International Gemological Institute Limited (IGIL) listed?
International Gemological Institute Limited is listed on the Indian stock exchanges. It is listed on NSE: IGIL and BSE: 544311. You can view its live share price, financials, and ratios on Tapetide.
Which sector does International Gemological Institute Limited belong to?
International Gemological Institute Limited operates in the Commercial Services sector within the Diversified Services industry. Sector classification helps investors compare companies affected by similar economic conditions and regulatory changes.
What is the market capitalisation of International Gemological Institute Limited?
International Gemological Institute Limited has a market capitalisation of approximately ₹15186.09 Cr. Based on this, it is classified as a Mid Cap stock.
What is the PE ratio of International Gemological Institute Limited?
The Price-to-Earnings (PE) ratio of International Gemological Institute Limited is 24.90. The PE ratio compares a company's share price to its earnings per share and is commonly used to assess whether a stock is overvalued or undervalued relative to its peers.
What is the 52-week high and low of International Gemological Institute Limited?
Over the past 52 weeks, International Gemological Institute Limited has traded between a low of ₹287 and a high of ₹392. This range helps investors understand the stock's price volatility and recent trading levels.
Does International Gemological Institute Limited pay dividends?
Yes, International Gemological Institute Limited has a dividend yield of 0.70%. Dividend yield indicates the annual dividend income relative to the share price. A consistent dividend history can signal financial stability.
What is the Return on Equity (ROE) of International Gemological Institute Limited?
International Gemological Institute Limited has a Return on Equity (ROE) of 47.80%. ROE measures how effectively a company uses shareholders' equity to generate profits. A higher ROE generally indicates better capital efficiency.
How can I research International Gemological Institute Limited on Tapetide?
On Tapetide, you can view International Gemological Institute Limited's live share price, quarterly results, profit & loss statements, balance sheet, cash flow, key ratios, shareholding pattern, technical indicators, analyst ratings, and forecasts — all on a single page without needing to sign up.
Company Information
International Gemological Institute Ltd is world's largest independent certification and acccreditation services provider in the fields of diamond, gemstone and jewellery[1]
Website igi.org
CEO Mr. Tehmasp Nariman Printer
Listed 2024-12-20
Face Value ₹ 2
Issued Size 43,21,59,696