Mumbai : International Gemological Institute Limited (IGI), one of the world’s largest independent grading and accreditation services providers, reported strong performance for the quarter ended March 2026.
The company has reported 21% growth in revenues and 21% growth in EBITDA for the quarter, driven by strong growth momentum across all its key business segments, viz, natural diamonds, lab-grown diamonds and LGD jewelry.
Consolidated revenue from operations for the quarter (Jan – Mar 2026) reported at INR 3,686 Mn and EBITDA at INR 2,360 Mn. PAT for the period was reported at INR 1,796 Mn, a growth of 28% on a year-on-year basis.
The Company transitioned its financial reporting structure from a calendar year to a financial year ending March. Accordingly, the current reporting period comprises 15 months ended March 31, 2026.
For the fifteen-month period Jan’25-Mar’26, the Company has reported 18% growth in revenues from operations and 22% growth in EBITDA when compared to the period Jan’24-Mar’25. EBITDA margins stood at 60.9% in 15M Mar’26. The consolidated PAT for 15M Mar’26 stood at INR 7,112 Mn registering a 25% increase over 15M Mar’25, with PAT margins up from 41.8% to 44.5% in this period.
Key Financial Highlights – IGI Consolidated (INR Mn):
| Quarter | Jan-Mar’25 | Jan-Mar’26 | YoY Growth % |
| Revenue | 3,048 | 3,686 | 21% |
| EBITDA | 1,958 | 2,360 | 21% |
| PBT | 1,914 | 2,386 | 25% |
| PAT | 1,407 | 1,796 | 28% |
| 15M | Jan’24-Mar’25 | Jan’25-Mar’26 | YoY Growth % |
| Revenue | 13,580 | 15,976 | 18% |
| EBITDA | 7,955 | 9,728 | 22% |
| PBT | 7,769 | 9,688 | 25% |
| PAT | 5,680 | 7,112 | 25% |
Tehmasp Printer, Managing Director and CEO of IGI said,
“During the quarter, we completed the acquisition of AGL, marking an important strategic milestone in IGI’s growth journey. The acquisition strengthens our global footprint, enhances our capabilities within the high-potential colored stone certification segment, and further diversifies our service portfolio beyond diamonds. We see strong synergistic potential through operational integration, complementary client relationships, cross-selling opportunities, and deeper engagement across the value chain. Over time, we believe this acquisition will further strengthen IGI’s ability to scale globally, expand into adjacent growth segments, and reinforce its positioning as a leading diversified certification platform.”
“In parallel, we continue to integrate technology and operational excellence across the organization. Our ongoing efforts around the integration of AI and machine learning are focused on enhancing service quality, improving turnaround times, driving operational efficiencies, and creating a more scalable and streamlined operating model. We believe these investments will further strengthen our customer experience and support sustainable long-term growth.”
Industry Trends and Strategic Outlook
The global diamond and jewelry industry is undergoing a transformation driven by evolving consumer preferences, technological advancements, and increasing demand for certification. Rising disposable incomes in India, an expanding middle-class, and the growing appeal of diamonds as a luxury investment continue to fuel market expansion.
A significant trend shaping the global industry is the rapid adoption of Lab-Grown Diamonds (LGDs), which are gaining worldwide acceptance due to their affordability and sustainability. As independent certification becomes increasingly essential in ensuring authenticity and quality, IGI’s leadership in this space positions it at the forefront of this evolving landscape.
Furthermore, the demand for certified diamonds, gemstones, and jewelry is expanding beyond traditional markets, reinforcing the need for transparency and trust in the industry. IGI’s multiple service delivery formats—including IGI Labs, In-factory Labs, and Mobile Labs—enhance customer relationships and provide a distinct advantage in this evolving market. By continuing to embrace innovation and expanding its global footprint, IGI is well-positioned to capitalize on emerging opportunities and reinforce its position as the preferred certification partner for the jewelry industry.