International Gemological Institute Limited
IGIL NSE
International Gemological Institute Limited
ServicesNSE: IGIL BSE: 544311 Commercial Services & Supplies
International Gemological Institute Ltd is world's largest independent certification and acccreditation services provider in the fields of diamond, gemstone and jewellery[1]
AI Verdict: BUY Confidence: 7%
IGI Limited is a high-growth, debt-free services company with 68% profit CAGR over 5 years and strong ROE of 32% over 3 years. At a PE of 27x, the valuation is reasonable for the growth profile, though the premium P/B of 10.33x warrants monitoring. All 4 analysts covering the stock have a Buy rating.
Key Fundamentals
SmallcapDiversified ServicesCommercial ServicesMarket Cap
₹15,180 Cr
Volatility
Moderate
P/E Ratio
26.7
EBITDA
₹635 Cr
Debt to Equity
0.11
Book Value
₹34.43
52W High
₹442
52W Low
₹287
Technical Indicators
Key Insights
Strengths
3- Company is almost debt free.
- Company has delivered good profit growth of 67.8% CAGR over last 5 years
- Company has a good return on equity (ROE) track record: 3 Years ROE 31.8%
Growth Rate
Revenue Growth
19.65% ↗
Net Income Growth
29.17% ↘
Cash Flow Change
30.02% ↗
ROE
-173.46% ↘
ROCE
-148.88% ↘
EBITDA Margin (Avg.)
4.53% ↘
AI Analysis — Bull vs Bear
anthropic claude-opus-4.6 3d agoBUY
Risk medium
IGI Limited is a high-growth, debt-free services company with 68% profit CAGR over 5 years and strong ROE of 32% over 3 years. At a PE of 27x, the valuation is reasonable for the growth profile, though the premium P/B of 10.33x warrants monitoring. All 4 analysts covering the stock have a Buy rating.
Bull Case 8
- Exceptional 5-year compounded profit growth of 68% CAGR demonstrates strong earnings momentum and scalability of the certification business
- Debt-free balance sheet provides financial flexibility and eliminates interest rate risk entirely, with debt-to-equity near zero
- 3-year ROE of 32% significantly exceeds cost of equity, indicating efficient capital allocation and a high-quality franchise
- TTM sales growth of 26% shows continued strong demand for gemological certification services even on a larger revenue base
- 100% analyst consensus on Buy with all 4 covering analysts recommending the stock, indicating strong institutional conviction
- PE of 27x is reasonable relative to 28% TTM profit growth, implying a PEG ratio close to 1.0x which suggests fair-to-attractive pricing
- 5-year compounded sales CAGR of 49% reflects secular tailwinds in lab-grown diamond certification and expanding global luxury market
- Dividend yield of 0.7% provides a modest income floor, unusual for a high-growth company and signaling management confidence in cash flow sustainability
Bear Case 8
- Price-to-book ratio of 10.33x is elevated, suggesting the market is pricing in significant intangible value that could compress in a de-rating scenario
- Last year ROE declined to 23% from a 3-year average of 32%, indicating potential margin pressure or dilution from the recent IPO
- Stock has delivered only 3% return over 1 year despite strong earnings growth, suggesting the market may already be pricing in future growth
- Market cap of Rs 15,273 crore for a niche certification business may limit further re-rating potential given the addressable market size
- No reported cons and limited historical data beyond 5 years make it difficult to assess how the business performs through full economic cycles
- 52-week high and low data unavailable (reported as 0), limiting technical analysis and understanding of recent price volatility
- Only 4 analysts cover the stock, indicating limited institutional research depth which could lead to higher volatility on earnings surprises
- TTM profit growth of 28% is decelerating from the 5-year CAGR of 68%, suggesting the hyper-growth phase may be normalizing
This is AI-generated analysis, not financial advice. Do your own due diligence.
AI News Digest
anthropic claude-opus-4.6 14h ago Neutral 5
- Trading window closed from Jul 1 Jun 23
IGI closed its trading window for designated persons from July 1, 2026, until Q1FY26 results are declared, a routine pre-results compliance measure.
- New Company Secretary appointed Jun 23
Nitika Dalmia appointed as Company Secretary and Compliance Officer effective July 1, 2026, replacing Hardik Desai who resigned effective June 30 to pursue external opportunities.
- KMPs authorized for materiality calls Jun 23
IGI authorized its Key Managerial Personnel to determine event materiality effective July 1, 2026, a governance housekeeping update.
- US investor roadshows hosted Jun 12
IGI held non-deal roadshows in Chicago and New York on June 17-18, 2026, signaling active engagement with international institutional investors.
- Axis Capital conference participation May 26
IGI participated in the Axis Capital Rising Star's Conference 2026 in Mumbai on June 1, meeting institutional investors and fund managers.
TL;DR: A quiet period for IGI with no material business developments — all recent news relates to routine corporate governance actions and investor engagement. The company is actively courting institutional investors through US roadshows and domestic conferences, which reflects management's intent to build market visibility. No operational headwinds or growth catalysts are visible in the news flow. The upcoming Q1FY26 results will be the next meaningful data point for direction.
Quarterly Results
| Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 184 | 209 | 197 | 189 | 190 | 234 | 234 | 241 | 247 | 296 |
| Expenses | 55 | 43 | 72 | 48 | 48 | 52 | 63 | 65 | 75 | 77 |
| Operating Profit | 129 | 166 | 125 | 141 | 142 | 182 | 171 | 175 | 172 | 220 |
| OPM % | 70% | 79% | 63% | 75% | 75% | 78% | 73% | 73% | 70% | 74% |
| Other Income | 5 | 7 | 12 | 5 | 8 | 10 | 15 | 12 | 15 | 16 |
| Interest | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 0 | 1 | 0 |
| Depreciation | 3 | 4 | 5 | 2 | 3 | 4 | 4 | 4 | 5 | 5 |
| PBT | 131 | 168 | 131 | 143 | 146 | 188 | 181 | 182 | 181 | 230 |
| Tax % | 33% | 25% | 27% | 25% | 23% | 26% | 24% | 24% | 27% | 24% |
| Net Profit | 88 | 126 | 96 | 108 | 112 | 139 | 137 | 139 | 132 | 174 |
| EPS in Rs | — | — | 2.42 | 2.72 | 2.58 | 3.22 | 3.18 | 3.22 | 3.04 | 4.03 |
Profit & Loss
| Mar 2019 | Mar 2020 | Dec 2020 9m | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 | TTM | |
|---|---|---|---|---|---|---|---|---|---|
| Sales | 205 | 210 | 130 | 365 | 491 | 636 | 785 | 956 | 1,018 |
| Expenses | 101 | 91 | 66 | 124 | 154 | 183 | 213 | 256 | 280 |
| Operating Profit | 104 | 119 | 64 | 241 | 337 | 453 | 572 | 700 | 738 |
| OPM % | 51% | 57% | 49% | 66% | 69% | 71% | 73% | 73% | 72% |
| Other Income | 6 | 3 | 3 | 10 | 9 | 11 | 31 | 51 | 57 |
| Interest | 2 | 1 | 1 | 2 | 2 | 2 | 2 | 2 | 2 |
| Depreciation | 6 | 12 | 9 | 12 | 11 | 13 | 14 | 17 | 18 |
| PBT | 101 | 110 | 57 | 236 | 332 | 449 | 587 | 732 | 775 |
| Tax % | 30% | 28% | 28% | 25% | 26% | 27% | 25% | 25% | — |
| Net Profit | 71 | 79 | 41 | 177 | 244 | 330 | 439 | 547 | 582 |
| EPS in Rs | — | — | — | — | — | — | 10.16 | 12.66 | 13.47 |
| Div. Payout % | 108% | 0% | 0% | 0% | 0% | 0% | 24% | 0% | — |
Balance Sheet
| Mar 2019 | Mar 2020 | Dec 2020 | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 | |
|---|---|---|---|---|---|---|---|---|
| Equity Capital | 0.39 | 0.39 | 0.39 | 0.39 | 0.4 | 0.4 | 86 | 86 |
| Reserves | 126 | 175 | 218 | 248 | 341 | 516 | 2,101 | 2,439 |
| Borrowings | 0 | 0 | 0 | 0 | 0 | 31 | 31 | 36 |
| Other Liabilities | 15 | 26 | 47 | 78 | 70 | 63 | 235 | 126 |
| Total Liabilities | 142 | 202 | 266 | 326 | 412 | 610 | 2,453 | 2,687 |
| Fixed Assets | 69 | 73 | 73 | 76 | 108 | 115 | 119 | 136 |
| CWIP | 0 | 0 | 0 | 10 | 0 | 20 | 36 | 59 |
| Investments | 0 | 0 | 0 | 0 | 0 | 3 | 1,349 | 1,349 |
| Other Assets | 73 | 129 | 193 | 240 | 303 | 471 | 949 | 1,143 |
| Total Assets | 142 | 202 | 266 | 326 | 412 | 610 | 2,453 | 2,687 |
Cash Flow
| Mar 2019 | Mar 2020 | Dec 2020 | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 | |
|---|---|---|---|---|---|---|---|---|
| Operating | 108 | 101 | 77 | 194 | 199 | 299 | 378 | 471 |
| Investing | -52 | -11 | -6 | -21 | -48 | -68 | -1,634 | -306 |
| Financing | -75 | -37 | -8 | -146 | -154 | -149 | 1,210 | -226 |
| Net Cash Flow | -19 | 53 | 63 | 27 | -3 | 81 | -46 | -61 |
| Free Cash Flow | 51 | 85 | 68 | 167 | 189 | 261 | 352 | 423 |
| CFO/OP | 139 | 109 | 138 | 101 | 88 | 95 | 91 | 101 |
Ratios
| Mar 2019 | Mar 2020 | Dec 2020 | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 | |
|---|---|---|---|---|---|---|---|---|
| Debtor Days | 33 | 40 | 77 | 34 | 47 | 62 | 67 | 80 |
| Cash Conversion Cycle | 33 | 40 | 77 | 34 | 47 | 62 | 67 | 80 |
| Working Capital Days | 25 | 18 | -9 | -16 | 26 | 34 | 171 | 173 |
| ROCE % | — | 73% | 33% | 102% | 113% | 102% | 43% | 31% |
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.
1
Board Meeting Outcome for Outcome Of The Meeting Of Board Of Directors Of The Company Held On June 23 2026 23 Jun 2026
Outcome
5
Announcement under Regulation 30 (LODR)-Resignation of Company Secretary / Compliance Officer 15 Jun 2026
General_Announcements
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 Services sector within the Commercial Services & Supplies 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 ₹15179.61 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 26.70. 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 ₹442. 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 0.71%. Dividend yield indicates the annual dividend income relative to the share price. A consistent dividend history can signal financial stability.
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