International Gemological Institute logo

International Gemological Institute

IGIL NSE

Key Fundamentals

MicrocapDiversified ServicesCommercial Services
Market Cap
₹13,416 Cr
Volatility
Low Risk
P/E Ratio
22.27
EBITDA
₹1,037 Cr
Return on Equity
47.8%
Debt to Equity
0.1
Book Value
₹34.43
52W High
₹392
52W Low
₹287

Tapetide Score

Data-driven rating, 0–100. How it works →

Key Insights

Weaknesses

2
  • Stock is trading at 9.13 times its book value
  • Working capital days have increased from -103 days to 113 days

Growth Rate

Revenue Growth
52.68% higher than 3Y
Net Income Growth
66.44% higher than 3Y
Cash Flow Change
58.65% lower than 3Y
ROE
18.88% higher than 3Y
ROCE
18.94% higher than 3Y
EBITDA Margin (Avg.)
6.94% lower than 3Y

AI Analysis — Bull vs Bear

Anthropic anthropic claude-opus-4.6 9d ago
AI opinion · based on fundamentals
Risk medium

International Gemological Institute Limited (IGIL) is a ₹14,142 Cr market-cap company trading at a PE of 23.1x and 9.45x book value. The company has delivered strong TTM sales growth of 22% and profit growth of 24%, with a 3-year compounded sales CAGR of 48% and profit CAGR of 43%. However, working capital days have deteriorated sharply from -103 days to 113 days, and the stock has delivered a negative 1-year return of -5%.

Bull Case 7
  • Dominant 65% market share in lab-grown diamond (LGD) certification globally, creating an oligopolistic moat with high barriers to entry
  • Robust TTM revenue growth of 22% YoY, with Q3 FY25 consolidated revenue up 21% YoY to ₹3,037 Mn and EBITDA up 20% YoY to ₹1,763 Mn
  • Exceptional 3-year compounded sales CAGR of 48% and profit CAGR of 43%, indicating sustained high-growth trajectory
  • TTM profit growth of 24% alongside high EBITDA margins, with ROE at 56% in the last reported year reflecting strong capital efficiency
  • Lab-grown diamond certification volumes grew 27% with LGD now contributing 60% of business, and management targets 15-20% revenue CAGR over the next five years
  • Asset-light certification business model with ~33% global market share in overall diamond and jewellery certification and ~50% domestic market share in India
  • Dividend yield of 0.78% with a payout ratio of ~30%, showing willingness to return cash to shareholders even in a growth phase
Bear Case 8
  • Stock trades at 9.45x book value, a steep premium that leaves little margin of safety if growth decelerates
  • Working capital days have deteriorated sharply from -103 days to 113 days, a swing of over 200 days indicating potential cash conversion issues
  • Stock has delivered a negative 1-year return of -5%, underperforming broader Indian market indices over the same period
  • Heavy revenue concentration in lab-grown diamonds at 60% of business exposes the company to LGD pricing declines — LGD prices have fallen significantly as manufacturing scales up globally
  • PE of 23.1x prices in significant future growth, and any miss on the 15-20% CAGR guidance could lead to a de-rating
  • Limited financial history as a listed entity makes it difficult to assess long-term consistency — 3-year and 5-year CAGR data for stock returns and ROE are unavailable
  • Certification is a volume-driven business and increasing competition from GIA and other global labs could pressure pricing power and margins over time
  • Global macroeconomic and tariff headwinds flagged by management could dampen international demand for diamond certification services

This is AI-generated analysis, not financial advice. Do your own due diligence.

AI News Digest

Anthropic anthropic claude-opus-4.6 7d ago
Positives 2
  • Botswana lab full acquisition Aug 31

    IGI approved acquisition of 100% control over its Botswana subsidiary, IGI Botswana, to expand diamond grading operations in the region.

  • Interim dividend of ₹2.55/share Aug 18

    Board approved first interim dividend of ₹2.55 per equity share for FY27. Record date is August 24, 2026, with payment by September 17.

Neutral 2
  • Naphade reappointed at 28th AGM Aug 17

    Shareholders approved FY26 financials and reappointment of director Tejas Naphade at the 28th AGM held on August 14, 2026.

  • Analyst meet at Motilal conference Aug 13

    IGI will hold meetings with institutional investors in Mumbai on August 19, 2026, as part of the Motilal Oswal Global Investor Conference.

TL;DR: IGI is consolidating its global footprint by taking full control of its Botswana diamond grading lab, signaling confidence in its African operations. Shareholder returns remain a focus with a ₹2.55 interim dividend declared for FY27. No material headwinds are visible in the current news cycle. The trend appears stable with modest expansion moves, though investors should watch for details from the August 19 analyst meet for forward guidance.

Quarterly Results

Particulars Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 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
Figures in ₹ Crores

Profit & Loss

Particulars Dec 2022Dec 2023Dec 2024Mar 2026 15mTTM
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%
—
Figures in ₹ Crores

Balance Sheet

Particulars Dec 2022Dec 2023Dec 2024Mar 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
Figures in ₹ Crores

Cash Flow

Particulars Dec 2022Dec 2023Dec 2024Mar 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
Figures in ₹ Crores

Ratios

Particulars Dec 2022Dec 2023Dec 2024Mar 2026
Debtor Days
47
51
57
66
Cash Conversion Cycle
47
51
57
66
Working Capital Days
28
-536
113
113
ROCE %
—
—
158%
69%

Insights

Beta

AI-extracted from concalls & annual reports · figures as reported, with sources

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Shareholding Pattern

Others1.97%Promot.76.55%DIIs5.51%Public6.48%FIIs9.49%As ofJun 2026

Documents

Frequently Asked Questions about International Gemological Institute

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 trades as IGIL on the NSE and under code 544311 on the BSE.
Which sector does International Gemological Institute Limited belong to?
International Gemological Institute Limited is classified under the Commercial Services sector, in the Diversified Services industry.
What is the market capitalisation of International Gemological Institute Limited?
International Gemological Institute Limited has a market capitalisation of ₹13,416 Cr, which places it in the Mid Cap band.
What is the PE ratio of International Gemological Institute Limited?
International Gemological Institute Limited trades at a PE ratio of 22.27, against a book value of ₹34.43 per share.
What is the 52-week high and low of International Gemological Institute Limited?
Over the last 52 weeks International Gemological Institute Limited has traded between ₹287 and ₹392.
Does International Gemological Institute Limited pay dividends?
International Gemological Institute Limited has a dividend yield of 0.82%.
What is the Return on Equity (ROE) of International Gemological Institute Limited?
International Gemological Institute Limited reported a return on equity of 47.80%. Its debt-to-equity ratio is 0.10.

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

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