International Gemological Institute (IGIL) is India's largest independent gem accreditation and certification provider, verifying diamonds, gemstones and jewellery across 37 laboratories in 10 countries. This quarter's print will speak to whether volume growth closes the gap to the +20% target after Q1's +17%, and whether India standalone EBITDA margin stabilises toward the ~70% guide after dipping to 68.8% on commission payouts and brand spends.
| Results date | October 21, 2026 |
|---|---|
| Quarter | Q2 FY 2026-2027 |
| Previous quarter revenue | Rs. 3,708 Mn |
| Previous quarter PAT | Rs. 1,657 Mn |
| Previous quarter EBITDA margin | 60.4% |
| Market cap | Rs. 13,883.12 Cr |
| CMP | Rs. 321.25 |
The board of International Gemological Institute Limited meets on October 21, 2026, to approve the Q2 & H1 FY27 unaudited financial results with Limited Review. The trading window is shut from October 1 until 48 hours after the results are released.
An earnings call for Q2/H1 FY27 is scheduled for October 21, 2026 at 5:00 PM IST, with MD & CEO Tehmasp Printer and CFO Eashwar Iyer participating.
The Q2 FY27 print is the first real test of management's 'still early in the year' stance, with Q1 FY27 revenue and EBITDA growth of 23% and 29% running well ahead of the reiterated FY27 guidance of 15% revenue and 20% EBITDA growth. Volume delivery is the key operating question: Q1 volume growth of 17% trailed the +20% volume target, while ARP held at Rs. 1,010 (+5%, of which management attributed 2-3 points to AGL mix) with pricing stable since the April-May 2024 correction. Demand proxies point constructively — India's polished lab-grown diamond exports rose 17.08% YoY to US$685.10 million in September 2026 with steady prices, LGD retail showrooms in India now exceed 1,000, and the GIA/HRD Antwerp withdrawal from loose-LGD 4Cs grading leaves IGI, with a stated 65-75% LGD market share, as the leading active loose-LGD grader. The offset is natural-diamond jewellery, which grew just 2% in Q1 after a 19% decline in Q4 FY26, with gold's July-August spike to about Rs. 1.63 lakh/10g followed by a roughly 6% September correction keeping the festive-quarter recovery question open. On margins, watch the India standalone EBITDA margin against the ~70% stabilisation guide (Q1: 68.8%, down from 73.0% YoY on inter-geography commission payouts and IPL/brand spends), alongside the 40-45% PAT margin band (Q1: 44.7%). The AGL gemstones ramp (6% of Q1 mix, +203% YoY) and the Botswana consolidation announced August 31, 2026 add inorganic support within the quarter.
FY27 guidance tracking: Management reiterated full-year guidance at the July 23, 2026 call despite Q1 running ahead.
Volume and ARP trajectory
India standalone EBITDA margin vs ~70% stabilisation
AGL integration and gemstones ramp
Botswana completion and ND jewellery recovery
Management reiterated 15% revenue growth and 20% EBITDA growth guidance for FY27 even though Q1 revenue grew 23-24%, saying it is 'still early in the year'. CFO Eashwar Iyer attributed the faster EBITDA growth to operating leverage inherent in the business model, with growth driven by five segments including the newly added gemstones segment post-AGL.
India standalone EBITDA margin fell to 68.8% from 73.0% YoY, impacted by inter-geography commission payouts and discretionary brand spends like IPL sponsorship. Management expects the margin to stabilise around 70% as discretionary spends moderate.
American Gemological Laboratories was acquired on January 30, 2026 for USD 13.2 million, and gemstones & other certification revenue grew 203% YoY in Q1 FY27, lifted by AGL consolidation. Management plans to extend AGL capabilities globally, starting with mobile laboratories in Jaipur, and expects ~2% additional revenue growth contribution from AGL in FY27.
Management's stated focus is 20% volume growth with 15-16% revenue growth, viewing ASP as 'a derivative metric'. Q1 FY27 volume growth was 17% with ARP up 5%, so the volume target remains open-ended and gets tested in Q2.
GIA has moved to a 'Premium/Standard' classification rather than full 4Cs grading for lab-grown diamonds, and HRD Antwerp has ceased issuing quality certificates for loose lab-grown diamonds. IGI has publicly committed to keep grading lab-grown and natural diamonds on the 4Cs, and derives 66% of revenue from LGD per IDEX (July 29, 2026).