International Gemological Institute Ltd — Q4 FY26 earnings call
Summary generated by AI from the official transcript International Gemological Institute Ltd filed with BSE on 27 May 2026. Every statement cites a verbatim quote from that document — open any citation to read it. This is a record of what management said, not a recommendation. How we check these summaries
The short read
IGI reported consolidated revenue and EBITDA growth of 21% year-on-year for the January to March 2026 quarter, with report volumes up 16% to 3.64 million reports. For the 15-month period ended March 2026, revenue grew 18%, EBITDA grew 22%, and PAT grew 25%. Management attributed growth to lab-grown diamond certification, natural diamond demand, and the January 2026 acquisition of American Gemological Laboratories, while noting softness in natural diamond jewelry due to gold and silver price volatility.
1 statement from this call is not shown because its supporting quote could not be reproduced within our quoting limits. Nothing shown here is affected: every statement on this page carries its verified quote.
Numbers mentioned
Certification income: INR 3,587 million (Q4 (Jan-Mar 2026))
p. 6
“in terms of consolidated revenue, certification income for the quarter stood at INR 3,587 million, which is grown at 21%, supported by strong volume growth of 16%.”
Eashwar Iyer, page 6 of the filed PDF · View the filing
Total revenue: INR 3,686 million (Q4 (Jan-Mar 2026))
p. 6
“Total revenues for the quarter stood at INR 3,686 million and registering a growth of 21%.”
Eashwar Iyer, page 6 of the filed PDF · View the filing
Report volumes: 3.64 million reports (Q4 (Jan-Mar 2026))
p. 6
“Reported volumes stood at 3.64 million reports compared to 3.12 million reports for Jan to March 2025 period, registering a growth of 16%.”
Eashwar Iyer, page 6 of the filed PDF · View the filing
EBITDA: INR 2,360 million (Q4 (Jan-Mar 2026))
p. 6
“EBITDA reported at INR 2,360 million, reflecting a growth of 21% compared to the previous year.”
Eashwar Iyer, page 6 of the filed PDF · View the filing
EBITDA margin: 64% (Q4 (Jan-Mar 2026))
p. 6
“EBITDA margins stood at 64%, which is more or less the same levels as the previous year.”
Eashwar Iyer, page 6 of the filed PDF · View the filing
PAT: INR 1,796 million (Q4 (Jan-Mar 2026))
p. 6
“PAT reported at INR 1,796 million, growing 28%.”
Eashwar Iyer, page 6 of the filed PDF · View the filing
PAT margin: 48.7% (Q4 (Jan-Mar 2026))
p. 6
“PAT margins at 48.7% for the quarter.”
Eashwar Iyer, page 6 of the filed PDF · View the filing
Lab-grown diamond certification revenue growth: 35% (Q4 (Jan-Mar 2026))
p. 4
“For Jan to March 2026 quarter, lab-grown diamond certification revenue grew by 35% year-on-year, while lab-grown jewelry certification grew by 29%.”
Tehmasp Printer, page 4 of the filed PDF · View the filing
Natural diamond certification growth: 18% (15-month), 10% (quarterly) (15-month period / Q4)
p. 4
“For the 15-month period, our natural diamond certification business grew 18%, while quarterly growth remained a healthy 10% year-on-year.”
Tehmasp Printer, page 4 of the filed PDF · View the filing
Report volumes: 16.45 million reports (15-month period ended March 2026)
p. 6
“For the 15-month ended March 2026, we delivered 16.45 million reports compared to 13.7 million reports in the same period last year, marking a robust year-on-year growth of 20%.”
Eashwar Iyer, page 6 of the filed PDF · View the filing
Certification income: INR 15,465 million (15-month period ended March 2026)
p. 6
“In terms of consolidated revenue, certification income stood at INR 15,465 million, growing at 19%.”
Eashwar Iyer, page 6 of the filed PDF · View the filing
Total revenue from operations: INR 15,976 million (15-month period ended March 2026)
p. 6
“Total revenue from operations for the 15-month was at INR 15,976 million, growing at 18%.”
Eashwar Iyer, page 6 of the filed PDF · View the filing
EBITDA: INR 9,728 million (15-month period ended March 2026)
p. 6
“EBITDA reported at INR 9,728 million, a 22% growth.”
Eashwar Iyer, page 6 of the filed PDF · View the filing
PAT: INR 7,112 million (15-month period ended March 2026)
p. 7
“The company delivered a PAT of INR 7,112 million, growing 25%.”
Eashwar Iyer, page 7 of the filed PDF · View the filing
India standalone revenue from operations: INR 2,963 million (Q4 (Jan-Mar 2026))
p. 7
“For that period, the revenue from operations in India stood at INR 2,963 million, growing at 27%, supported by a strong volume growth of 18%.”
Eashwar Iyer, page 7 of the filed PDF · View the filing
India EBITDA margin: 74.2% (Q4 (Jan-Mar 2026))
p. 7
“EBITDA reported at INR 2,198 million, reflecting a growth of 21% compared to the previous year. EBITDA margins at 74.2%.”
Eashwar Iyer, page 7 of the filed PDF · View the filing
India PAT: INR 1,742 million (Q4 (Jan-Mar 2026))
p. 7
“PAT reported at INR 1,742 million, growing 25% compared to the previous period.”
Eashwar Iyer, page 7 of the filed PDF · View the filing
Employee benefit expense: INR 74 crores (Q1 CY26)
p. 10
“INR 71 crores was the employee benefit in Q3 of CY25, which then became INR 73 crores in Q4 CY25, and this is Q1 CY26 is around another INR 74 crores.”
Eashwar Iyer, page 10 of the filed PDF · View the filing
What management said it would do
A record of statements made on the call, in the words management used. Parakho does not forecast, endorse or assess them, and their presence here is not a view on whether they will happen.
Revenue growth — 15% · FY2026-27
stated firmly by Eashwar Iyer
p. 7
“We remain confident to deliver the 15% revenue growth and 20% EBITDA growth for the financial year 2026-27.”
Eashwar Iyer, page 7 of the filed PDF · View the filing
EBITDA growth — 20% · FY2026-27
stated firmly by Eashwar Iyer
p. 7
“We remain confident to deliver the 15% revenue growth and 20% EBITDA growth for the financial year 2026-27.”
Eashwar Iyer, page 7 of the filed PDF · View the filing
EBITDA margin — same levels as last year · FY2026-27
stated firmly by Eashwar Iyer
p. 8
“we will ensure our guidance for the year should be to maintain margins at the same levels as what we have seen in the last year.”
Eashwar Iyer, page 8 of the filed PDF · View the filing
Lab-grown diamond industry capacity — double · next three years
stated as an aspiration by Eashwar Iyer
p. 9
“we alluded to this last time as well, Harit, in terms of the expectation that the industry is having, is probably, to double from wherever they are today over the next three years.”
Eashwar Iyer, page 9 of the filed PDF · View the filing
AGL expansion to other markets
stated as an aspiration by Tehmasp Printer
p. 5
“we plan to expand AGL to other markets for color stones to enhance brand presence and garner higher market share.”
Tehmasp Printer, page 5 of the filed PDF · View the filing
Q&A highlights
Management's answers to analyst questions, in Parakho's words rather than a transcript. Each row names who answered and carries the verbatim quote it was drawn from.
Management said they expect the 15% revenue and 20% EBITDA growth trend to continue, driven by LGD capacity build-up and natural diamond penetration, with margins to be maintained at prior year levels.
Answered by Eashwar Iyer
Asked by Umang Mehta: What is the segment-wise outlook for FY27 growth and margins, and are there tailwinds from INR depreciation?
p. 7
“We don't expect any erosion of the margins, so we will ensure our guidance for the year should be to maintain margins at the same levels as what we have seen in the last year.”
Eashwar Iyer, page 7 of the filed PDF · View the filing
Management said the subsidiary business delivered around 14% revenue growth and over 25% EBITDA growth for the quarter, with margins up 100 bps.
Answered by Eashwar Iyer
Asked by Umang Mehta: How have the subsidiaries performed for the full period?
p. 8
“The subsidiary business delivered around 14% revenue growth for this quarter and EBITDA growth of over 25%.”
Eashwar Iyer, page 8 of the filed PDF · View the filing
Management confirmed no structural pricing changes and that mix is a derivative of underlying segment performance.
Answered by Eashwar Iyer
Asked by Harit Kapoor: Has pricing per segment remained stable, and is mix simply an outcome of segment growth?
p. 8
“we haven't had any structural changes to the pricing during this quarter, Harit, that continues to stay okay.”
Eashwar Iyer, page 8 of the filed PDF · View the filing
Management attributed the decline to gold and silver price volatility affecting domestic demand and said building the US sales organization is a work in progress.
Answered by Eashwar Iyer
Asked by Harit Kapoor: What is driving the decline in natural diamond jewelry and how is the US leadership initiative progressing?
p. 9
“thanks to the increased prices of gold coupled with the volatility, I think that is what is causing a little bit of distress is what we understand from the market.”
Eashwar Iyer, page 9 of the filed PDF · View the filing
Management said employee expenses are up 16% quarter-on-quarter and are gradually building up from investments in people.
Answered by Eashwar Iyer
Asked by Smit Gala: Why haven't employee expenses reflected the hiring push, including post-AGL acquisition?
p. 10
“if you look at it from a quarter-to-quarter standpoint, the employee expense is up 16%.”
Eashwar Iyer, page 10 of the filed PDF · View the filing
Management explained that export value data doesn't capture the shift to lower-priced lab-grown stones, and volumes (carats) should be the relevant measure.
Answered by Eashwar Iyer
Asked by Smit Gala: How is the company delivering volume growth when India export data for gems and jewelry is declining?
p. 10
“there is an increasing mix shift towards lab-grown stones which is getting exported, and while the carats have probably doubled”
Eashwar Iyer, page 10 of the filed PDF · View the filing
Management clarified IGI is the second largest global player, estimating over 50% share in India and 20-25% globally.
Answered by Eashwar Iyer
Asked by Umang Shah: What is IGI's actual global versus India market share in natural diamonds?
p. 14
“we think that our market share in India probably is in surplus of 50%. Globally, I think we must be around the 20% to 25% range.”
Eashwar Iyer, page 14 of the filed PDF · View the filing
Management attributed this to operating leverage in the business model, where incremental revenue flows through to the bottom line.
Answered by Eashwar Iyer
Asked by Bharat: What are the levers behind guiding EBITDA growth faster than revenue growth?
p. 16
“this is more of operating leverage. Our business model is pretty straightforward. Some of these incremental revenues actually flow into the bottom line”
Eashwar Iyer, page 16 of the filed PDF · View the filing
Management said IGI remains committed to the traditional 4Cs and that retailers prefer this consistency.
Answered by Tehmasp Printer
Asked by Shwetha: Are there any pressures to change the 4Cs certification format?
p. 16
“we are committed to keep our certification on lab-grown as well as on natural diamond according to the 4Cs that has been there for nearly a century.”
Tehmasp Printer, page 16 of the filed PDF · View the filing
Risks flagged
Natural diamond jewelry demand softness due to gold and silver price volatility
p. 4
“Natural diamond jewelry has witnessed some softness in this quarter, driven by high volatile pricing in gold and silver.”
Tehmasp Printer, page 4 of the filed PDF · View the filing
Slowdown in India natural diamond jewelry business due to rising gold and silver prices
p. 6
“ND jewelry saw a 19% decline due to a slowdown in the India ND jewelry business caused by steep increase in prices of gold and silver.”
Eashwar Iyer, page 6 of the filed PDF · View the filing
Slight reduction in India EBITDA margin due to higher commission payouts and one-time expenses
p. 7
“There is a slight reduction in the EBITDA margin is attributable to a higher commission payout to our subsidiaries in US and Dubai on account of new customer acquisition there for which services are rendered in India.”
Eashwar Iyer, page 7 of the filed PDF · View the filing
One-time consulting and professional expense related to AGL acquisition
p. 7
“we had a one-time consulting and professional expense of around INR 25 million.”
Eashwar Iyer, page 7 of the filed PDF · View the filing
Generated by claude-sonnet-5. Source: the transcript as filed with BSE. We link to the exchange's copy; we do not host transcripts. Parakho is a data and screening tool, not an investment adviser — nothing here is a recommendation to buy, sell or hold.