International Gemological Institute Limited reported a 28% year-on-year increase in consolidated net profit for the quarter ended March 31, 2026, with PAT rising to ₹179.59 crore from ₹140.72 crore in Q4 of the prior comparable period. Consolidated revenue from operations grew 21% to ₹368.56 crore from ₹304.78 crore, driven by strong demand for diamond, gemstone, and jewellery certification services across India and international markets.
Q4 FY26 key numbers
EBITDA for the quarter came in at approximately ₹235 crore against ₹196 crore in the year-ago quarter, with EBITDA margin holding nearly flat at 64% versus 64.19% — a remarkably stable margin profile for a business scaling at double-digit revenue growth rates. Employee benefits expense rose to ₹73.75 crore from ₹63.85 crore year-on-year, consistent with the global workforce expansion accompanying the company’s international growth. Finance costs remained contained at ₹2.63 crore. Depreciation and amortisation was ₹12.97 crore.
Total income for the quarter including other income stood at ₹386.79 crore against ₹313.21 crore in the comparable period.
The 15-month financial year context
A critical disclosure for interpreting IGI’s results: the Board of Directors approved a change of financial year on November 5, 2025, moving the company to an April-to-March financial year. As a transitional arrangement, the current reporting period covers 15 months — January 1, 2025 to March 31, 2026 — compared to the prior year’s 12 months ending December 31, 2024. Full-year comparisons are therefore not on a like-for-like basis and should be read with that caveat.
For the 15-month financial year ended March 31, 2026, consolidated revenue from operations was ₹1,597.66 crore against ₹1,053.16 crore for the 12 months ended December 2024. Consolidated net profit for the 15-month period was ₹711.19 crore versus ₹427.29 crore for the prior 12-month year. Both figures reflect the extended reporting period rather than purely organic growth acceleration.
Geographic revenue breakdown
India remains the dominant revenue contributor — domestic revenue for the 15-month period was ₹1,209.37 crore against international revenue of ₹388.28 crore. In Q4 specifically, India contributed ₹237.81 crore and international operations ₹130.75 crore, reflecting the increasing weight of IGI’s global certification network across Belgium, USA, UAE, Israel, China, Thailand, Hong Kong, and Turkey through its 16-entity subsidiary structure.
AGL acquisition and global expansion
During the 15-month period, IGI completed a significant strategic acquisition. The board approved an infusion of ₹81.37 crore into IGI Belgium, which was channelled into IGI USA to acquire 100% of AGL Holdco Inc. — the parent of American Gemological Laboratories — for USD 13.2 million. AGL is a respected US-based gemological laboratory, and the acquisition extends IGI’s footprint in the high-value North American certification market. AGL has now become a wholly-owned subsidiary within the IGI group structure.
IPO proceeds fully deployed
The entire ₹1,409.74 crore raised through IGI’s IPO has been fully utilised as of March 31, 2026. Of this, ₹1,300 crore went toward the acquisition of the IGI Belgium Group and IGI Netherlands Group from the company’s promoter, with the remaining ₹109.74 crore deployed for general corporate purposes. No unutilised IPO proceeds remain on the balance sheet.
Balance sheet strength
Total equity as at March 31, 2026 stood at ₹1,487.99 crore on the consolidated balance sheet, up from ₹1,062.74 crore at December 31, 2024. Total assets were ₹1,857.83 crore. The company carries minimal debt — total liabilities of ₹369.84 crore are primarily lease obligations and trade payables, with no significant interest-bearing financial debt, reflecting the asset-light nature of the certification business model.
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