IGI shares hit 10% upper circuit as Q2 profit jumps 43%, revenue rises 31% YoY
International Gemological Institute Ltd., one of the world’s largest independent grading and accreditation services providers, reported robust growth across its business segments for the quarter and half-year ended September 30, 2026. IGI’s consolidated revenue from operations increased 31% year on year to Rs 398 crore in Q2 FY27, up from Rs 303.7 crore in the corresponding quarter last year.
EBITDA rose 39% YoY to Rs 244.5 crore from Rs 176.3 crore a year earlier. The EBITDA margin expanded 340 basis points to 61.4%, compared with 58% in Q2 FY26.
Profit after tax jumped 43% year on year to Rs 185.8 crore from Rs 129.8 crore, with the PAT margin standing at 46.7%.
IGI recorded broad-based growth across its business segments during the quarter. Revenue growth was supported by increased demand for grading and certification services across lab-grown diamonds, natural diamonds, jewellery and coloured gemstones.
Lab-grown diamond (LGD) loose stones grew 37% year on year, while LGD jewellery recorded 47% growth. Natural diamond loose stones increased 8%, and natural diamond jewellery rose 3%. Coloured gemstones recorded a sevenfold increase, including contributions from AGL.
The company issued 43.5 lakh reports during the quarter, marking a 26% year-on-year increase.
IGI’s H1 FY27 performance
For the first half of FY27, IGI’s revenue from operations increased 27% year-on-year to Rs 768.8 crore, while EBITDA rose 34% to Rs 468.3 crore.
The EBITDA margin improved to 60.9% in H1 FY27 from 57.8% in the year-ago period. PAT increased 37% to Rs 351.6 crore, with the PAT margin at 45.7%.
Report volumes grew 22% year on year to 79.1 lakh during the first half.
Commenting on the results, Tehmasp Printer, Managing Director and CEO of IGI, said the September quarter was marked by healthy demand trends and strong operational execution, with consolidated revenue rising 31% and PAT increasing 43% year on year.
He highlighted the company’s category-neutral approach to certifying natural diamonds, lab-grown diamonds, jewellery and coloured gemstones, providing independent assurance to buyers and sellers. Printer added that lab-grown diamonds were seeing greater adoption, while natural diamonds and gemstones continued to offer growth opportunities. With the festive season approaching in India and the US holiday ordering cycle gathering pace, retailers and manufacturers were preparing for stronger demand.
He said IGI’s global presence, diversified certification portfolio and continued investments in technology, brand and customer engagement positioned the company to capitalise on emerging opportunities and support sustainable long-term growth.
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