International Gemmological Institute (India) Ltd.IGI India: record quarter, H1 EBITDA +34%, guide raised

International Gemological Institute's Q2 FY27 call, held on 21 October 2026, described the best quarter in its history: 4.35 million reports, up 26%, revenue from operations of ₹3,980 million, up 31%, EBITDA of ₹2,445 million, up 39% at a 61.4% margin, and profit after tax of ₹1,858 million, up 43%.

For the first half, revenue grew 27%, EBITDA 34% and profit after tax 37%. Lab-grown loose certification grew 37% and lab-grown jewelry 47%, while natural jewelry certification grew only 3% as high gold prices slowed buyers. India standalone EBITDA margin fell 340 bps to 69.5% on investments in leadership, marketing and commissions. Management said it will keep outperforming for the full year at about the first-half growth rate, above its May guide of 15% revenue and 20% EBITDA growth, but gave no numeric target.

Operating cash flow was ₹4,157 million for the half and cash and bank balances were ₹10,749 million. Priorities are natural diamond share gains, lab-grown leadership, colored stones through AGL, brand investment and AI in grading. Analysts asked about competition from GIA and grading consistency.