International Gemmological Institute (India) (IGIL) Q1 25/26 earnings summary

Executive summary

• Maintained strong growth momentum in Q1 CY2025, with robust performance across all business segments and significant growth in report volumes and revenues both sequentially and year-over-year.

• Largest independent accreditation and certification provider in India with over 50% market share and global leader in lab-grown diamond certification, holding a 65% global market share.

• Expanded infrastructure and workforce, recruiting over 130 gemologists in India to support volume growth and serving 9 of the top 10 jewelry chains in India.

• Embarked on digital transformation to enhance service quality and reduce turnaround times.

• Unaudited standalone and consolidated financial results for the quarter ended March 31, 2025, were approved by the Board on April 21, 2025, reflecting the first full quarter post-IPO listing.

Financial highlights

• Certification income for Q1 CY2025 was INR 2,967 million, up 20% sequentially and 11% year-over-year; total revenue from operations reached INR 3,047.83 million, up from INR 2,650.01 million in Q4 2024.

• PAT stood at INR 1,407.26 million, up 24% sequentially and 12% year-over-year; PAT margin expanded to 46.2%.

• EBITDA was INR 1,957 million, up 29% sequentially and 13% year-over-year; EBITDA margin improved to 64.2%.

• Delivered 3.12 million reports, up 13% sequentially and 27% year-over-year.

• Basic EPS (consolidated) for Q1 2025 was INR 3.26, up from INR 2.86 in Q4 2024.

Outlook and guidance

• Revenue expected to grow 15–20% for CY2025 at the consolidated level, with India performance mirroring group results.

• PAT margin guidance for CY2025 is 57–64%, improving over last year.

• Continued investment in technology, global lab network, educational platforms, people, and infrastructure to support growth and maintain leadership.

• Brand campaign initiated in India, with plans to scale globally during the year.