# International Gemological Institute (IGIL) — Stock analysis

> Faxioms all-in-one stock review. Canonical page: https://faxioms.com/stocks/igil

## Current market snapshot

- Exchange: NSE
- Country: India
- Price: ₹407
- Change: +0.01%
- As of: 2026-11-06
- 1D return: +0.01%
- 5D return: +2.33%
- 1M return: +32.55%
- Latest complete quarter: fy27_q2

## Faxioms Analysis

_As of 2026-11-06_

### Technical Outlook

IGIL is trading at ₹407.00, positioned near the upper end of its 20-day (+88.3%) and 252-day (+89.8%) ranges. The daily technical structure is bullish, with price holding above all key moving averages (20, 50, 200) and the Supertrend indicator. Daily trend strength is strong (ADX 49.59), supported by a wide positive/negative DI spread (+DI 34.75 vs -DI 4.62). However, this daily momentum conflicts with the monthly horizon, where the Supertrend remains bearish despite strong ADX (51.54), suggesting a potential mean-reversion risk or consolidation phase after significant recent gains (+27.3% in one month).

Participation metrics show mixed signals: while a high-severity volume spike accompanied a downward move on 2026-10-30, recent daily candles include Doji and Harami formations, indicating indecision. Immediate resistance lies at ₹408.08 (pivot) and ₹413.37 (high), while support rests at ₹401.67 and ₹396.38. The stock carries high annualized volatility (+41.3%) and is currently off its maximum drawdown of -53.1%. A break below ₹401.67 could invalidate the short-term bullish posture, while a sustained close above ₹413.37 would confirm continuation of the daily uptrend.

- Trend Divergence: Daily trend is strongly bullish (ADX 49.59, price above all MAs/Supertrend), but monthly Supertrend remains bearish, creating a conflicting signal across timeframes.
- Price Positioning: Trading at ₹407.00, near the top of both 20-day (+88.3%) and yearly (+89.8%) ranges, with immediate resistance at ₹408.08 and ₹413.37.
- Momentum & Volatility: High volatility (+41.3% annualized) and recent volume-backed downward anomalies suggest caution; recent candlestick patterns (Doji, Harami) indicate indecision.
- Risk Levels: Key support at ₹401.67 (-1.31%) and ₹396.38 (-2.61%); a break below ₹401.67 would weaken the daily bullish setup.

- Harami
- Inside Bar
- Doji

### News Context

International Gemological Institute (IGIL) reported record financial performance for the quarter and half-year ended September 30, 2026, with consolidated revenue from operations growing 31% to ₹3,980 million and profit after tax (PAT) increasing 43% to ₹1,858 million in Q2 FY27. The growth was driven by a 26% year-on-year increase in certification volumes to 4.35 million reports, fueled by robust expansion in lab-grown diamond (LGD) jewelry certification (+47%) and loose stone certification (+37%). Management attributed additional incremental revenue and EBITDA growth to the acquisition of AGL, completed in January 2026. Due to H1 results significantly outperforming prior guidance, management indicated expectations to outperform for the full year in line with H1 delivery rates. The Board declared a first interim dividend of ₹2.55 per share. As of November 6, 2026, IGIL shares traded at ₹407.00 on the NSE, reflecting a YTD return of +22.2% and a one-month return of +27.3%, though the stock remains under significant long-term pressure with a current drawdown of -34.4% and a maximum drawdown of -53.1%. Technical indicators show a bullish daily supertrend but a bearish monthly supertrend, highlighting mixed momentum across timeframes.

- Record Q2 FY27 Performance: Consolidated revenue grew 31% YoY to ₹3,980 million and PAT rose 43% to ₹1,858 million, driven by 26% volume growth to 4.35 million reports.
- Segment Growth Drivers: LGD jewelry certification surged 47% and loose stone certification grew 37% YoY; AGL acquisition contributed incremental revenue and EBITDA since January 2026.
- Management Outlook & Dividend: Board approved unaudited H1 FY27 results showing ₹7,688 million revenue and ₹3,515.80 million PAT; declared first interim dividend of ₹2.55 per share and expects full-year outperformance.
- Market Context: Stock closed at ₹407.00 on Nov 6, 2026, with strong short-term returns (+27.3% in 1 month) but significant historical volatility (-34.4% current drawdown); daily technicals are bullish while monthly trend remains bearish.

- International Gemological Institute Limited has informed the Exchange about Transcript |SUBJECT: Analysts/Institutional Investor Meet/Con. Call Updates
- International Gemological Institute Limited has informed the Exchange about Transcripts - earnings or quarterly calls |SUBJECT: Analyst/Investor Meet Para A-XBRL
- International Gemological Institute Limited has informed the Exchange about Copy of Newspaper Publication. |SUBJECT: Copy of Newspaper Publication
- International Gemological Institute Limited has submitted to the Exchange, the financial results for the period ended September 30, 2026. |SUBJECT: Outcome of Board Meeting
- International Gemological Institute Limited has informed the Exchange about Investor Presentation |SUBJECT: Investor Presentation

### Official Filings

International Gemological Institute Limited (IGIL) reported record financial performance for the quarter and half-year ended September 30, 2026, significantly outperforming prior guidance. Consolidated revenue from operations grew 31% year-on-year to ₹3,980 million in Q2 FY27, with profit after tax (PAT) rising 43% to ₹1,858 million. This growth was driven by a 26% increase in certification volumes to 4.35 million reports, fueled by robust demand in lab-grown diamond (LGD) jewelry (+47%) and loose stone (+37%) segments, alongside contributions from the AGL acquisition completed in January 2026. For the first half of FY27, consolidated revenue reached ₹7,688 million and PAT stood at ₹3,516 million. Management indicated expectations to outperform full-year guidance based on H1 delivery rates. Additionally, the Board approved a first interim dividend of ₹2.55 per share. An ICRA monitoring report confirmed that IPO proceeds utilization remained aligned with stated objects, with only ₹0.721 crore unutilized due to pending expense processing.

- Q2 FY27 consolidated revenue grew 31% YoY to ₹3,980 million and PAT increased 43% to ₹1,858 million, driven by 26% volume growth to 4.35 million reports.
- H1 FY27 consolidated revenue reached ₹7,688 million and PAT was ₹3,516 million; management expects full-year results to outperform prior guidance.
- Growth drivers include LGD jewelry certification (+47% YoY), LGD loose stone certification (+37% YoY), and consolidation of AGL.
- Board declared a first interim dividend of ₹2.55 per share; ICRA confirmed IPO proceeds utilization is in line with objects.

- [International Gemological Institute Limited has informed the Exchange about Transcript |SUBJECT: Analysts/Institutional Investor Meet/Con. Call Updates](https://nsearchives.nseindia.com/corporate/IGIINDIA_28102026193119_SE_Transcript1.pdf)
- [International Gemological Institute Limited has informed the Exchange about Transcripts - earnings or quarterly calls |SUBJECT: Analyst/Investor Meet Para A-XBRL](https://nsearchives.nseindia.com/corporate/xbrl/SAIIM_24320_WebXMLFile_20261028_193730499.xml)
- [International Gemological Institute Limited has informed the Exchange about Copy of Newspaper Publication. |SUBJECT: Copy of Newspaper Publication](https://nsearchives.nseindia.com/corporate/IGIINDIA_22102026130805_Newspaper_Adv_SE.pdf)
- [International Gemological Institute Limited has submitted to the Exchange, the financial results for the period ended September 30, 2026. |SUBJECT: Outcome of Board Meeting](https://nsearchives.nseindia.com/corporate/IGIINDIA_21102026161650_Outcome_of_the_BM.pdf)
- [International Gemological Institute Limited has informed the Exchange about Investor Presentation |SUBJECT: Investor Presentation](https://nsearchives.nseindia.com/corporate/IGIINDIA_21102026163244_SE_IP.pdf)
- [International Gemological Institute Limited has informed the Exchange regarding a press release dated October 21, 2026, titled "Press Release". |SUBJECT: Press Release](https://nsearchives.nseindia.com/corporate/IGIINDIA_21102026163436_SE_PR.pdf)
- [Pursuant to Regulation 32(6) of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, we are enclosing herewith the Monitoring Agency Report issued by ICRA Limited for the quarter ended September 30, 2026. |SUBJECT: Monitoring Agency Report](https://nsearchives.nseindia.com/corporate/IGIINDIA_21102026165011_Upload.pdf)
- [Integrated Filing- Financials|Original|](https://nsearchives.nseindia.com/corporate/xbrl/INTEGRATED_FILING_INDAS_1743094_21102026045626_WEB.xml)
- [Integrated Filing- Financials|Original|](https://nsearchives.nseindia.com/corporate/xbrl/INTEGRATED_FILING_INDAS_1743098_21102026045810_WEB.xml)
- [International Gemological Institute Limited has informed the Exchange about Link of Recording |SUBJECT: Analysts/Institutional Investor Meet/Con. Call Updates](https://nsearchives.nseindia.com/corporate/IGIINDIA_21102026194131_Audio_recording_-_Earnings_call.pdf)

### Fundamentals

International Gemological Institute (IGIL) demonstrates a robust operational trajectory with accelerating growth and strong earnings quality. For Q2 FY2026-27, revenue from operations rose sequentially to ₹398 crore, while net profit increased to ₹186 crore, driven by operating profit of ₹245 crore. The company’s TTM sales stand at ₹1,457 crore with a 24% compounded sales growth over three years, and TTM net profit is ₹666 crore. Earnings conversion remains high, with Cash Flow from Operations reaching ₹624 crore in Mar 2026 against an Operating Profit of similar magnitude, indicating that profits are effectively translating into cash.

Financial health shows manageable leverage; borrowings have remained stable around ₹143–150 crore since Dec 2024, despite significant capital expenditure reflected in Fixed Assets growing from ₹384 crore (Dec 2024) to ₹552 crore (Sep 2026). Working capital days stabilized at 113 days in Mar 2026 after a sharp normalization from negative levels in Dec 2023. Promoter holding remains steady at 76.55%, providing ownership continuity. However, the Cash Conversion Cycle has lengthened to 66 days as of Mar 2026, up from 51 days in Dec 2023, warranting attention to working capital efficiency as expansion continues.

- Q2 FY2026-27 Revenue: ₹398 crore (+sequential); Net Profit: ₹186 crore; EPS: ₹4.3 per share.
- TTM Sales: ₹1,457 crore (24% 3-year CAGR); TTM Net Profit: ₹666 crore (43% 3-year CAGR).
- Borrowings stable at ~₹150 crore (Sep 2026) while Fixed Assets grew to ₹552 crore, signaling funded expansion.
- Cash Conversion Cycle extended to 66 days (Mar 2026) from 51 days (Dec 2023); monitor working capital trends.

### Bull Case

International Gemological Institute (IGIL) presents a conditional upside case driven by strong short-term momentum and technical resilience, despite broader bearish monthly trends. As of November 6, 2026, the stock is trading at ₹407.00, supported by a bullish daily Supertrend signal and robust directional movement indicators (ADX 14 at 49.59). The +DI (34.75) significantly outweighs the -DI (4.62), suggesting active buying pressure in the near term. This constructive setup is reinforced by substantial recent gains: the stock has risen +27.3% over the past month and +32.6% over the last 20 days, with year-to-date returns standing at +22.2%. While the company faces a significant maximum drawdown of -53.1% and an annualized volatility of +41.3%, the current price action indicates a potential reversal or consolidation phase where short-term buyers are in control. Investors should monitor whether the stock can sustainably hold above the immediate support level of ₹401.67 and break through the nearest resistance pivot at ₹408.08 to confirm this bullish bias.

- Short-term momentum is strongly positive, with +27.3% return over the last month and +32.6% over the last 20 days as of November 6, 2026.
- Daily technical structure is bullish, featuring a Supertrend buy signal, high ADX (49.59) indicating trend strength, and +DI (34.75) far exceeding -DI (4.62).
- Immediate market context shows the stock trading at ₹407.00 with a market cap of ₹175,867 million, facing minimal resistance at the first pivot level of ₹408.08 (0.27% away).
- Risk factors include high annualized volatility (+41.3%) and a deep historical maximum drawdown (-53.1%), requiring caution despite current upward price action.

- [International Gemological Institute Limited has informed the Exchange about Transcript |SUBJECT: Analysts/Institutional Investor Meet/Con. Call Updates](https://nsearchives.nseindia.com/corporate/IGIINDIA_28102026193119_SE_Transcript1.pdf)
- [International Gemological Institute Limited has informed the Exchange about Transcripts - earnings or quarterly calls |SUBJECT: Analyst/Investor Meet Para A-XBRL](https://nsearchives.nseindia.com/corporate/xbrl/SAIIM_24320_WebXMLFile_20261028_193730499.xml)
- [International Gemological Institute Limited has informed the Exchange about Copy of Newspaper Publication. |SUBJECT: Copy of Newspaper Publication](https://nsearchives.nseindia.com/corporate/IGIINDIA_22102026130805_Newspaper_Adv_SE.pdf)
- [International Gemological Institute Limited has submitted to the Exchange, the financial results for the period ended September 30, 2026. |SUBJECT: Outcome of Board Meeting](https://nsearchives.nseindia.com/corporate/IGIINDIA_21102026161650_Outcome_of_the_BM.pdf)
- [International Gemological Institute Limited has informed the Exchange about Investor Presentation |SUBJECT: Investor Presentation](https://nsearchives.nseindia.com/corporate/IGIINDIA_21102026163244_SE_IP.pdf)
- [International Gemological Institute Limited has informed the Exchange regarding a press release dated October 21, 2026, titled "Press Release". |SUBJECT: Press Release](https://nsearchives.nseindia.com/corporate/IGIINDIA_21102026163436_SE_PR.pdf)
- [Pursuant to Regulation 32(6) of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, we are enclosing herewith the Monitoring Agency Report issued by ICRA Limited for the quarter ended September 30, 2026. |SUBJECT: Monitoring Agency Report](https://nsearchives.nseindia.com/corporate/IGIINDIA_21102026165011_Upload.pdf)
- [Integrated Filing- Financials|Original|](https://nsearchives.nseindia.com/corporate/xbrl/INTEGRATED_FILING_INDAS_1743094_21102026045626_WEB.xml)
- [Integrated Filing- Financials|Original|](https://nsearchives.nseindia.com/corporate/xbrl/INTEGRATED_FILING_INDAS_1743098_21102026045810_WEB.xml)
- [International Gemological Institute Limited has informed the Exchange about Link of Recording |SUBJECT: Analysts/Institutional Investor Meet/Con. Call Updates](https://nsearchives.nseindia.com/corporate/IGIINDIA_21102026194131_Audio_recording_-_Earnings_call.pdf)

### Bear Case

IGIL faces significant downside risk as evidenced by its technical structure and historical volatility. While the daily trend is currently bullish with the price at ₹407.00, the monthly timeframe shows a bearish supertrend direction, indicating a longer-term downtrend that contradicts short-term momentum. The stock has experienced a maximum drawdown of -53.1% and remains in a current drawdown of -34.4%, suggesting persistent weakness relative to recent peaks. High annualized volatility of +41.3% and an ATR of 3.94% highlight substantial price fluctuation risk. Although resistance levels are nearby (₹408.08 pivot), the broader monthly context and deep historical drawdowns warrant caution for investors assessing entry or holding positions.

- Monthly trend is bearish despite daily bullish signals, creating conflicting time-frame dynamics.
- Current drawdown stands at -34.4% against a maximum historical drawdown of -53.1%.
- High annualized volatility (+41.3%) and ATR (3.94%) indicate elevated price instability.
- Immediate resistance at ₹408.08 (pivot) is only 0.27% above the current close of ₹407.00.

- [International Gemological Institute Limited has informed the Exchange about Transcript |SUBJECT: Analysts/Institutional Investor Meet/Con. Call Updates](https://nsearchives.nseindia.com/corporate/IGIINDIA_28102026193119_SE_Transcript1.pdf)
- [International Gemological Institute Limited has informed the Exchange about Transcripts - earnings or quarterly calls |SUBJECT: Analyst/Investor Meet Para A-XBRL](https://nsearchives.nseindia.com/corporate/xbrl/SAIIM_24320_WebXMLFile_20261028_193730499.xml)
- [International Gemological Institute Limited has informed the Exchange about Copy of Newspaper Publication. |SUBJECT: Copy of Newspaper Publication](https://nsearchives.nseindia.com/corporate/IGIINDIA_22102026130805_Newspaper_Adv_SE.pdf)
- [International Gemological Institute Limited has submitted to the Exchange, the financial results for the period ended September 30, 2026. |SUBJECT: Outcome of Board Meeting](https://nsearchives.nseindia.com/corporate/IGIINDIA_21102026161650_Outcome_of_the_BM.pdf)
- [International Gemological Institute Limited has informed the Exchange about Investor Presentation |SUBJECT: Investor Presentation](https://nsearchives.nseindia.com/corporate/IGIINDIA_21102026163244_SE_IP.pdf)
- [International Gemological Institute Limited has informed the Exchange regarding a press release dated October 21, 2026, titled "Press Release". |SUBJECT: Press Release](https://nsearchives.nseindia.com/corporate/IGIINDIA_21102026163436_SE_PR.pdf)
- [Pursuant to Regulation 32(6) of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, we are enclosing herewith the Monitoring Agency Report issued by ICRA Limited for the quarter ended September 30, 2026. |SUBJECT: Monitoring Agency Report](https://nsearchives.nseindia.com/corporate/IGIINDIA_21102026165011_Upload.pdf)
- [Integrated Filing- Financials|Original|](https://nsearchives.nseindia.com/corporate/xbrl/INTEGRATED_FILING_INDAS_1743094_21102026045626_WEB.xml)
- [Integrated Filing- Financials|Original|](https://nsearchives.nseindia.com/corporate/xbrl/INTEGRATED_FILING_INDAS_1743098_21102026045810_WEB.xml)
- [International Gemological Institute Limited has informed the Exchange about Link of Recording |SUBJECT: Analysts/Institutional Investor Meet/Con. Call Updates](https://nsearchives.nseindia.com/corporate/IGIINDIA_21102026194131_Audio_recording_-_Earnings_call.pdf)

### FAQs

**How did IGIL perform in Q2 and H1 FY27, and what drove the growth?**

For the quarter ended September 30, 2026, IGIL reported consolidated revenue of INR 3,980 million (up 31% YoY) and PAT of INR 1,858 million (up 43% YoY). Growth was driven by a 26% increase in certification volumes to 4.35 million reports, with lab-grown diamond jewelry (+47%) and loose stone (+37%) segments leading. The acquisition of AGL, completed in January 2026, also contributed incremental revenue and EBITDA.

**What is the company's outlook for the full year based on recent results?**

Management stated expectations to outperform for the full year, citing that H1 results significantly exceeded prior guidance of 15% revenue and 20% EBITDA growth. For H1 FY27, consolidated revenue reached INR 7,688 million and PAT was INR 3,515.80 million. The Board declared a first interim dividend of INR 2.55 per share following the approval of these unaudited results on October 21, 2026.

**What are the current technical levels and price performance trends for IGIL?**

As of November 6, 2026, IGIL closed at INR 407.00, with immediate resistance at INR 408.08 and support at INR 401.67. The stock has gained +27.3% over the last month but remains down -31.6% since its start date, with a maximum drawdown of -53.1%. Daily technical indicators show a bullish Supertrend direction, while monthly indicators remain bearish.

- [International Gemological Institute Limited has informed the Exchange about Transcript |SUBJECT: Analysts/Institutional Investor Meet/Con. Call Updates](https://nsearchives.nseindia.com/corporate/IGIINDIA_28102026193119_SE_Transcript1.pdf)
- [International Gemological Institute Limited has informed the Exchange about Transcripts - earnings or quarterly calls |SUBJECT: Analyst/Investor Meet Para A-XBRL](https://nsearchives.nseindia.com/corporate/xbrl/SAIIM_24320_WebXMLFile_20261028_193730499.xml)
- [International Gemological Institute Limited has informed the Exchange about Copy of Newspaper Publication. |SUBJECT: Copy of Newspaper Publication](https://nsearchives.nseindia.com/corporate/IGIINDIA_22102026130805_Newspaper_Adv_SE.pdf)
- [International Gemological Institute Limited has submitted to the Exchange, the financial results for the period ended September 30, 2026. |SUBJECT: Outcome of Board Meeting](https://nsearchives.nseindia.com/corporate/IGIINDIA_21102026161650_Outcome_of_the_BM.pdf)
- [International Gemological Institute Limited has informed the Exchange about Investor Presentation |SUBJECT: Investor Presentation](https://nsearchives.nseindia.com/corporate/IGIINDIA_21102026163244_SE_IP.pdf)
- [International Gemological Institute Limited has informed the Exchange regarding a press release dated October 21, 2026, titled "Press Release". |SUBJECT: Press Release](https://nsearchives.nseindia.com/corporate/IGIINDIA_21102026163436_SE_PR.pdf)
- [Pursuant to Regulation 32(6) of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, we are enclosing herewith the Monitoring Agency Report issued by ICRA Limited for the quarter ended September 30, 2026. |SUBJECT: Monitoring Agency Report](https://nsearchives.nseindia.com/corporate/IGIINDIA_21102026165011_Upload.pdf)
- [Integrated Filing- Financials|Original|](https://nsearchives.nseindia.com/corporate/xbrl/INTEGRATED_FILING_INDAS_1743094_21102026045626_WEB.xml)
- [Integrated Filing- Financials|Original|](https://nsearchives.nseindia.com/corporate/xbrl/INTEGRATED_FILING_INDAS_1743098_21102026045810_WEB.xml)
- [International Gemological Institute Limited has informed the Exchange about Link of Recording |SUBJECT: Analysts/Institutional Investor Meet/Con. Call Updates](https://nsearchives.nseindia.com/corporate/IGIINDIA_21102026194131_Audio_recording_-_Earnings_call.pdf)
## Technical analytics

- As of: 2026-11-06
- Daily trend: Moderate Uptrend
- Weekly trend: Weak Uptrend
- Pivot point: ₹408.08
- Risk regime: Higher Price Risk

### Support levels
- 361.18984375
- 353.3
- 350.215625

### Resistance levels
- 421.3625
- 442
- 455.55

### Return and range metrics

| Metric | Value |
| --- | --- |
| return_1 | +0.01% |
| return_10 | +6.78% |
| return_1m | +27.35% |
| return_1y | +10.69% |
| return_20 | +32.55% |
| return_3m | +12.95% |
| return_5 | +2.33% |
| return_6m | +12.43% |
| return_since_start | -31.59% |
| return_ytd | +22.22% |

### Risk and volatility metrics

| Metric | Value |
| --- | --- |
| state | high_risk |
| label | Higher price risk |
| summary | Recent drawdown or price variability is materially high and may lead to larger short-term outcomes. |
| maximum_drawdown | -53.09% |
| annualized_volatility | +41.29% |

## Quarterly financials

- Latest complete quarter: fy27_q2

# International Gemological Institute Limited Q2 FY2026-27: Revenue rises 31% year on year

International Gemological Institute Limited reported consolidated revenue from operations of ₹398 crore for the quarter ended 30 September 2026, up 7.3% from Q1 FY2026-27 and 31.0% from Q2 FY2025-26. Profit for the period rose 12.1% sequentially to ₹186 crore and 43.2% year on year; basic earnings per share was ₹4.30, versus ₹3.84 in the previous quarter.

## Revenue and income

Revenue from operations increased from ₹371 crore in Q1 FY2026-27 to ₹398 crore in Q2. It was ₹304 crore in Q2 FY2025-26. Revenue has risen in each of the past three quarters, from ₹320 crore in Q3 FY2025-26 to ₹369 crore in Q4 FY2025-26 and ₹371 crore in Q1 FY2026-27.

Total income was ₹417 crore, up 7.8% from ₹387 crore in Q1 FY2026-27 and 31.8% from ₹316 crore in Q2 FY2025-26. Other income was ₹18.8 crore in Q2.

## Expenses and finance costs

Total expenses increased 4.5% sequentially to ₹171 crore, compared with 7.3% growth in revenue from operations. Employee benefit expense was ₹87.1 crore, depreciation and amortisation was ₹15.6 crore, and other expenses were ₹62.9 crore. Other expenses rose 1.1% from Q1 FY2026-27.

Finance costs declined 26.7% to ₹2.1 crore from ₹2.9 crore in Q1 FY2026-27. The slower sequential increase in expenses and lower finance costs coincided with higher pre-tax profit.

## Profitability and earnings

Profit before tax was ₹246 crore, up 10.2% from Q1 FY2026-27 and 40.0% from Q2 FY2025-26. Profit for the period increased to ₹186 crore from ₹166 crore in the previous quarter and ₹130 crore a year earlier. Tax expense was ₹59.8 crore, up 4.7% sequentially.

Basic earnings per share from continuing operations was ₹4.30, compared with ₹3.84 in Q1 FY2026-27 and ₹3.00 in Q2 FY2025-26. Diluted earnings per share was ₹4.16, up from ₹3.71 in the previous quarter.

## Other comprehensive income

Other comprehensive income was ₹12.1 crore, compared with ₹4.2 crore in Q1 FY2026-27 and ₹7.7 crore in Q2 FY2025-26. Total comprehensive income reached ₹198 crore, up from ₹170 crore in the previous quarter.

Items that will be reclassified to profit and loss amounted to ₹11.6 crore, versus ₹3.9 crore in Q1 FY2026-27 and ₹8.0 crore in Q2 FY2025-26.

## Balance sheet and liquidity

At 30 September 2026, cash and cash equivalents were ₹130 crore, compared with ₹81.6 crore at 31 March 2026. Bank balances other than cash and cash equivalents stood at ₹430 crore. Trade receivables were ₹240 crore, down from ₹289 crore at 31 March 2026, while inventories were ₹1.04 crore.

Equity attributable to owners of the parent was ₹1,751 crore at 30 September 2026, compared with ₹1,488 crore at 31 March 2026.

## Key Takeaway

IGI grew revenue and profit both year on year and sequentially in Q2 FY2026-27. Expenses rose more slowly than revenue and finance costs declined quarter on quarter; closing cash, other bank balances and equity were higher than at 31 March 2026.

### Ratios

## Shareholding pattern

- Quarter: FY2027-Q1
- As of: 2026-06-30
- Promoter holding: +76.55%
- FII holding: +9.49%
- DII holding: +5.51%
- Mutual fund holding: +4.21%
- Retail holding: +6.26%
- Promoter pledged: +0.00%

### Major reported shareholders

- BCP ASIA II TOPCO PTE LTD — +76.55%
- ICICI PRUDENTIAL BHARAT CONSUMPTION FUND — +1.95%
- GOVERNMENT OF SINGAPORE — +1.32%
- ABU DHABI INVESTMENT AUTHORITY - MONSOON — +1.30%

## Official filings

- 2026-10-28 — Generic Announcement: International Gemological Institute Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/IGIINDIA_28102026193119_SE_Transcript1.pdf)
- 2026-10-28 — Generic Announcement: International Gemological Institute Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/xbrl/SAIIM_24320_WebXMLFile_20261028_193730499.xml)
- 2026-10-22 — Generic Announcement: International Gemological Institute Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/IGIINDIA_22102026130805_Newspaper_Adv_SE.pdf)
- 2026-10-21 — Generic Announcement: International Gemological Institute Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/IGIINDIA_21102026161650_Outcome_of_the_BM.pdf)
- 2026-10-21 — Earnings Presentation: International Gemological Institute Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/IGIINDIA_21102026163244_SE_IP.pdf)
- 2026-10-21 — Press Release: International Gemological Institute Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/IGIINDIA_21102026163436_SE_PR.pdf)
- 2026-10-21 — Generic Announcement: International Gemological Institute Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/IGIINDIA_21102026165011_Upload.pdf)
- 2026-10-21 — Financial Results Filing: International Gemological Institute Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/xbrl/INTEGRATED_FILING_INDAS_1743094_21102026045626_WEB.xml)
- 2026-10-21 — Financial Results Filing: International Gemological Institute Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/xbrl/INTEGRATED_FILING_INDAS_1743098_21102026045810_WEB.xml)
- 2026-10-21 — Generic Announcement: International Gemological Institute Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/IGIINDIA_21102026194131_Audio_recording_-_Earnings_call.pdf)
- 2026-10-21 — Generic Announcement: International Gemological Institute Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/xbrl/SAIIM_24320_WebXMLFile_20261021_194806058.xml)
- 2026-10-16 — Generic Announcement: International Gemological Institute Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/IGIINDIA_16102026145750_SE_intimation.pdf)
- 2026-10-15 — Generic Announcement: International Gemological Institute Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/IGIINDIA_15102026130344_SE.pdf)
- 2026-10-15 — Generic Announcement: International Gemological Institute Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/xbrl/SAIIM_24320_WebXMLFile_20261015_130609216.xml)
- 2026-10-12 — Generic Announcement: International Gemological Institute Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/xbrl/PRIOR_INTIMATION_24320_WebXMLFile_20261012_123736438.xml)
- 2026-10-12 — Board Meeting Notice: International Gemological Institute Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/IGIINDIA_12102026123224_upload.pdf)
- 2026-10-12 — Board Meeting Notice: International Gemological Institute Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/xbrl/PRIOR_INTIMATION_24320_WebXMLFile_20261012_123736438.xml)
- 2026-10-05 — Generic Announcement: International Gemological Institute Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/IGIINDIA_05102026161320_SE_-_Upload.pdf)
- 2026-09-24 — Generic Announcement: International Gemological Institute Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/xbrl/CLOSURE_TRADING_WINDOW_24320_WebXMLFile_20260924_123638155.xml)
- 2026-09-24 — Generic Announcement: International Gemological Institute Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/IGIINDIA_24092026123533_Closure_of_Trading_Window_SE_Intimation.pdf)
- 2026-09-08 — Generic Announcement: International Gemological Institute Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/IGIINDIA_08092026092514_SE_intimation_-_Botswana_acquisition.pdf)
- 2026-08-31 — Generic Announcement: International Gemological Institute Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/xbrl/REG30_Restructuring_24320_WebXMLFile_20260831_174356618.xml)
- 2026-08-31 — Generic Announcement: International Gemological Institute Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/IGIINDIA_31082026174629_SE_intimation_-_IGI_Dubai__approval.pdf)
- 2026-08-18 — Generic Announcement: International Gemological Institute Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/IGIINDIA_18082026145411_Outcome_of_the_BM.pdf)
- 2026-08-18 — Generic Announcement: International Gemological Institute Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/IGIINDIA_18082026145518_Outcome_of_the_BM.pdf)

## News and market events

- 2026-10-23 — Mint: **International Gemological Institute shares rally 16% in 2 days: Stock just 3.5% below 52-week high — What lies ahead?** — IGI shares rose 6% on Friday after gaining 10% in the previous session, lifting their two-day advance to 16.5%. The rally followed strong September-quarter results: profit increased 43% year-on-year to ₹185.8 crore, while revenue grew 31% to ₹398 crore. — [Source](https://www.livemint.com/market/stock-market-news/international-gemological-institute-shares-rally-16-in-2-days-stock-just-3-5-below-52-week-high-what-lies-ahead-11792738614673.html)
- 2026-10-22 — CNBC-TV18: **IGI raises growth guidance as natural diamond demand improves, festive sales pick up** — IGI expects business momentum to remain strong through the festive season, supported by stable lab-grown diamond pricing, gemstone expansion and recovering natural diamond demand. The company also expects stronger October trends to support performance beyond its upgraded guidance. — [Source](https://www.cnbctv18.com/market/earnings/international-gemological-institute-igi-q2-earnings-revenue-guidance-upgrade-natural-lab-grown-diamond-results-boardroom-festive-season-diwali-alpha-article-20016739.htm)
- 2026-10-22 — Mint: **International Gemological Institute shares hit 10% upper circuit- What's fuelling IGI stock rally? Q2 results highlights** — International Gemological Institute shares hit their 10% upper circuit at ₹353.20 after Q2FY27 profit rose 43% year on year to ₹185.8 crore and revenue increased 31% to ₹398 crore. The company cited healthy demand and strong execution. — [Source](https://www.livemint.com/market/stock-market-news/international-gemological-institute-shares-hit-10-upper-circuit-whats-fuelling-igi-stock-rally-q2-results-highlights-11792646510468.html)

## Business profile

**Strategic vision:** Gemstone and diamond grading, certification, and educational services.

### Business segments
- **Grading & Certification Services:** IGI issues standardized laboratory grading reports for diamonds, assessing the 4Cs, and certifies laboratory-grown diamonds. They also issue reports for colored gemstones and finished jewelry pieces.
- **Educational Services:** The company provides educational services related to gemstones and diamonds.

### Competitive strengths
- Global network of gemological laboratories
- Standardized grading and certification processes for diamonds and gemstones

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## Freshness and sources

- Data as of: 2026-11-06
- Source: Faxioms public stock analysis API

Canonical: https://faxioms.com/stocks/igil
Markdown representation: https://faxioms.com/stocks/igil?render=md