International Gemmological Institute Ltd Company Analysis

International Gemmological Institute (India), or IGI, provides independent certification, grading and authentication services for diamonds, gemstones and jewellery. Its reports help establish the quality and characteristics of natural diamonds and lab-grown diamonds (LGDs), supporting transparency and trust across the jewellery supply chain. The company also provides jewellery certification and accreditation services through its global network. Its growth is supported by increasing demand for certified gemstones, expanding organised jewellery retail and the rising adoption of laboratory-grown diamonds. IGI has also broadened its reach through international operations and acquisitions, including American Gemological Laboratories. In Q2 FY27, consolidated revenue from operations grew 31% year-on-year to approximately ₹398 crore, while EBITDA increased 39% to ₹244.5 crore. Net profit rose 43.2% to ₹185.8 crore, with EBITDA margin expanding to 61.4% from 58% a year earlier. IGI issued approximately 4.35 million grading reports during the quarter, up 26% YoY. For H1 FY27, revenue from operations increased 27% and EBITDA rose 34%, indicating strong operating momentum. Growth across lab-grown diamond grading, jewellery certification and coloured gemstones is helping diversify the business, although demand and pricing in the lab-grown diamond segment can fluctuate. Groww's latest displayed fundamentals show a market capitalisation of approximately ₹14,045 crore, P/E of 23.03x, P/B of 9.44x, ROE of 38.34% and debt-to-equity of 0.10x. High profitability, a capital-light business model and low leverage are key strengths. Growth opportunities include greater certification penetration, international expansion and increasing demand for trusted grading services. Overall, IGI combines strong margins, healthy earnings growth and an asset-light model, but sustaining report volumes and protecting its competitive position will be important to maintaining profitability.