International Gemological Institute Ltd · NSE:IGIL
International Gemological Institute — 15M ended March 2026 Earnings Presentation
41 slides from International Gemological Institute's earnings presentation, May 20, 2026
Slide 1: Cover letter to stock exchanges
May 20, 2026 To, BSE Limited National Stock Exchange of India Limited Phiroze Jeejeebhoy Towers, Exchange Plaza, C-1, Block G Dalal Street, Fort, Bandra Kurla Complex Mumbai - 400 001 Bandra (East), Mumbai - 400 051 BSE Scrip Code: 544311 NSE Symbol: IGIL Subject: Investor Presentation Dear Sir/Mada
Slide 2: A Legacy of Trust. A Future of Innovation.
A Legacy of Trust. A Future of Innovation. International Gemological Institute Limited Investor Presentation | 15 months period ending March 2026
Slide 3: Safe Harbor
Safe Harbor This presentation and the accompanying slides (the “Presentation”), which have been prepared by International Gemological Institute Limited (the “Company”), have been prepared solely for information purposes and do not constitute any offer, recommendation or invitation to purchase or sub
Slide 4: Context
Context 1. The company has transitioned to an April-March reporting period. 2. Consequently, results for the year April 2025-March 2026 are being placed along with 15 months financials for the period Jan 2025 to March 2026 3. Additionally, for ease of comparison, this presentation also captures fina
Slide 5: IGI's performance for the 15M period ended 31st March 2026
IGI’s performance for the 15M period ended 31st March 2026 Consolidated revenue from operations for the 15M period stood at INR 15,976 Mn, registering a growth of 18% 1 YoY, supported by steady demand momentum across the company’s core business segments 2 Certification volumes for the 15M period sto
Slide 6: Consolidated Results
CONSOLIDATED RESULTS
Slide 7: For the quarter – Certification revenue grew 21%, EBITDA growth at 21%
For the quarter – Certification revenue grew 21%, EBITDA growth at 21% Q - Jan-Mar 2026 v Jan-Mar 2025 (YoY) 15M 2026 v 15M 2025 (YoY) • Total certification volumes for Jan-Mar 2026 period stood at 3.64 Mn • Total certification volumes for the 15M 2026 period stood at 16.45 Mn reports, marking a 16%
Slide 8: Consolidated Income Statement for the Q – Jan-Mar 2026 v Jan-Mar 2025
Consolidated Income Statement for the Q – Jan-Mar 2026 v Jan-Mar 2025 Particulars (in INR Mn) Jan-Mar 2025 Jan-Mar 2026 YoY Jan-Mar 2025 Jan-Mar 2026 # Reports (Mn) 3.12 3.64 16% Segment Mix Certification Revenue 2,967 3,587 21% ND 485 534 10% 16% 15% Total certification volumes for the Jan-Mar 2026
Slide 9: Certification revenue up 21%, EBITDA growth at 21% - Quarter Jan-Mar 2026
Certification revenue up 21%, EBITDA growth at 21% - Quarter Jan-Mar 2026 Number of Reports (in Mn) Certification Revenue +16% +21% 3.64 3,587 3.12 2,967 Jan-Mar 2025 Jan-Mar 2026 Jan-Mar 2025 Jan-Mar 2026 EBITDA(1) & EBITDA Margin (%) PAT & PAT Margin (%) 64.2% 64.0% 46.2% 48.7% +21% +28% 2,360 1,7
Slide 10: Certification revenue growth led by mix shift – Strong growth in ND, LGD loose stones
Certification revenue growth led by mix shift – Strong growth in ND, LGD loose stones and LGD jewelry A favorable mix shift towards ND & LGD loose stones drove revenue growth and an improvement in ASP Revenue mix for Q Jan-Mar 2025 vs Jan-Mar 2026 Consequent ASP improvement (in INR) +21% +4% 2,967 3
Slide 11: Consolidated Income Statement – 15M Jan25-Mar26 v 15M Jan24-Mar25
Consolidated Income Statement – 15M Jan25-Mar26 v 15M Jan24-Mar25 Particulars (in INR Mn) 15M 2025 15M 2026 YoY 15M 2025 15M 2026 # Reports (Mn) 13.70 16.45 20% Segment Mix Certification Revenue 13,041 15,465 19% ND 2,117 2,497 18% 16% 16% Total certification volumes for the 15M 2026 stood at LGD 6,
Slide 12: 15M 2026: Certification revenue up 19%, EBITDA growth at 22%
15M 2026: Certification revenue up 19%, EBITDA growth at 22% Number of Reports (in Mn) Certification Revenue +20% +19% 16.4 15,465 13.7 13,041 15M 2025 15M 2026 15M 2025 15M 2026 EBITDA(1) & EBITDA Margin (%) PAT & PAT Margin (%) 58.6% 60.9% 41.8% 44.5% +22% +25% 9,728 7,112 7,955 5,680 15M 2025 15M
Slide 13: Certification revenue growth led by mix shift – Strong growth in ND & LGD loose stones
Certification revenue growth led by mix shift – Strong growth in ND & LGD loose stones A favorable mix shift towards ND & LGD loose stones drove revenue growth and an improvement in ASP Revenue mix 15M 2025 vs 15M 2026 ASP down 1% +19% -1% 13,041 15,465 952 940 16.2% 16.1% 52.5% 55.3% 21.7% 18.6% 7.
Slide 14: Certification revenue: Strong performance across ND, LGD loose stones and LGD Jewelry
Certification revenue: Strong performance across ND, LGD loose stones and LGD Jewelry in last 15M period Q - Jan-Mar 2025 v Jan-Mar 2026 YoY 15M 2025 v 15M 2026 YoY Growth Growth +21% +19% 2,967 3,587 13,041 15,465 16.4% 14.9% 10% 16.2% 16.1% 18% 53.8% 35% 52.5% 55.3% 60.1% 25% -19% 2% 21.4% 21.7% 1
Slide 15: EBITDA to FCF conversion improves, EPS up by 14.5% YoY
EBITDA to FCF conversion improves, EPS up by 14.5% YoY FCF to EBITDA conversion trend EPS Trends for last 3 years 59% 60% 50% +21% 7,367 CAGR 12.30 10.74 5,997 4,960 8.34 4,405 3,539 2,475 12M CY2023 12M CY2024 12M CY2025 12M CY2023 12M CY2024 12M CY2025 EBITDA FCF FCF/EBITDA % All figures in INR Mn
Slide 16: Consolidated Balance Sheet
Consolidated Balance Sheet Assets (in INR Mn) 12M CY2024 15M 2026 Equity & Liabilities (in INR Mn) 12M CY2024 15M 2026 Non-current Assets Equity Property, plant and equipment 1,457 1,767 Equity Share Capital 864 864 Right-of-use Assets 1,304 1,295 Other Equity 9,763 14,016 Total Equity 10,627 14,880
Slide 17: Consolidated Cash Flow Statement
Consolidated Cash Flow Statement Particulars (in INR Mn) 12M CY2024 15M 2026 Cash Flow from Operating Activities Profit before Tax 5,853 9,687 Adjustment for Non-Operating Items 153 66 Operating Profit before Working Capital Changes 6,006 9,753 Changes in Working Capital -526 -577 Cash Generated fro
Slide 18: Standalone Results
& IGI j STANDALONE RESULTS
Slide 19: For the quarter Certification revenue grew 26%, EBITDA growth at 21%
For the quarter Certification revenue grew 26%, EBITDA growth at 21% Q - Jan-Mar 2025 v Jan-Mar 2026 (YoY) 15M 2025 v 15M 2026 (YoY) • Total certification volumes for Jan-Mar 2026 period stood at 3.29 Mn • Total certification volumes for the 15M 2026 period stood at 14.61 Mn reports, marking a 18% Y
Slide 20: IGI India Standalone Income Statement – Q Jan-Mar 2025 v Jan-Mar 2026
IGI India Standalone Income Statement – for the Q Jan-Mar 2025 v Jan-Mar 2026 Particulars (in INR Mn) Jan-Mar 2025 Jan-Mar 2026 YoY Jan-Mar 2025 Jan-Mar 2026 # Reports (Mn) 2.78 3.29 18% Segment Mix Certification Revenue 2,330 2,939 26% ND 404 439 9% 17% 15% Total certification volumes for the Jan-M
Slide 21: Certification revenue up 26%, EBITDA growth at 21% for the Q Jan-Mar 2026 period
Certification revenue up 26%, EBITDA growth at 21% for the Q Jan-Mar 2026 period Number of Reports (in Mn) Certification Revenue +18% +26% 3.3 2,939 2.8 2,330 Jan-Mar 2025 Jan-Mar 2026 Jan-Mar 2025 Jan-Mar 2026 EBITDA(1) & EBITDA Margin (%) PAT & PAT Margin (%) 77.6% 74.2% 59.4% 58.8% +21% +25% 2,19
Slide 22: Certification revenue growth led by mix shift – Strong growth in ND & LGD loose stones
Certification revenue growth led by mix shift – Strong growth in ND & LGD loose stones A favorable mix shift towards ND & LGD loose stones drove revenue growth and an improvement in ASP Revenue mix for Q Jan-Mar 2025 vs Jan-Mar 2026 Consequent ASP improvement (in INR) +26% +7% 2,330 2,939 895 839 17
Slide 23: IGI India Standalone Income Statement – 15M Jan25-Mar26 v 15M Jan24-Mar25
IGI India Standalone Income Statement – 15M Jan25-Mar26 v 15M Jan24-Mar25 Particulars (in INR Mn) 15M 2025 15M 2026 YoY 15M 2025 15M 2026 # Reports (Mn) 12.12 14.61 21% Segment Mix Certification Revenue 9,969 12,339 24% ND 1,703 2,045 20% 17% 17% Total certification volumes for the 15M 2026 stood at
Slide 24: 15M 2026: Certification revenue up 24%, EBITDA growth at 22%
15M 2026: Certification revenue up 24%, EBITDA growth at 22% Number of Reports (in Mn) Certification Revenue +21% +24% 14.6 12,339 12.1 9,969 15M 2025 15M 2026 15M 2025 15M 2026 EBITDA(1) & EBITDA Margin (%) PAT & PAT Margin (%) 73.9% 73.4% 56.7% 57.6% +22% +25% 9,198 7,215 7,540 5,785 15M 2025 15M
Slide 25: Certification revenue growth led by strong growth in ND and LGD loose stones
Certification revenue growth led by – Strong growth in ND and LGD loose stones & LGD jewelry A favorable mix shift towards ND & LGD loose stones drove revenue growth and an improvement in ASP Revenue mix 15M 2025 vs 15M 2026 Consequent ASP improvement (in INR) +24% +3% 9,969 12,339 844 822 17.1% 16.
Slide 26: Certification revenue: Strong performance in ND & LGD loose stone and LGD jewelry
Certification revenue: Strong performance in ND & LGD loose stone and LGD jewelry in last 15M period Q - Jan-Mar 2025 v Jan-Mar 2026 YoY 15M 2025 v 15M 2026 YoY Growth Growth +26% +24% 2,330 2,939 9,969 12,339 17.4% 15.0% 9% 16.6% 20% 17.1% 56.6% 46% 56.6% 30% 65.7% 59.2% -14% 8% 20.1% 19% 20.4% 17.
Slide 27: EBITDA to FCF conversion remains strong, EPS up 14.7% YoY
EBITDA to FCF conversion remains strong, EPS up 14.7% YoY FCF to EBITDA conversion trend EPS Trends for last 3 years 61% 60% 58% +23% 6,999 CAGR 12.66 11.04 5,721 4,527 8.31 4,218 3,513 2,605 12M CY2023 12M CY2024 12M CY2025 12M CY2023 12M CY2024 12M CY2025 EBITDA FCF FCF/EBITDA % All figures in INR
Slide 28: India Standalone Balance Sheet Statement
India Standalone Balance Sheet Statement Assets (in INR Mn) 12M CY2024 15M 2026 Equity & Liabilities (in INR Mn) 12M CY2024 15M 2026 Non-current Assets Equity Property, plant and equipment 756 932 Equity Share Capital 864 864 Right-of-use Assets 384 445 Other Equity 21,011 25,044 Capital Work‐in‐Pro
Slide 29: India Standalone Cash Flow Statement
India Standalone Cash Flow Statement Particulars (in INR Mn) 12M CY2024 15M 2026 Cash Flow from Operating Activities Profit before Tax 5,868 9,622 Adjustment for Non-Operating Items -103 -353 Operating Profit before Working Capital Changes 5,765 9,269 Changes in Working Capital -573 -673 Cash Genera
Slide 30: Industry and Company Overview
INDUSTRY AND COMPANY OVERVIEW
Slide 31: Strong demand and supply trends in both natural, lab grown diamond value pools
Strong demand and supply trends in both natural, lab grown diamond value pools - IGI well positioned to unlock growth in both segments IGI’s presence Natural diamond (ND) Lab grown diamond (LGD) across key diamond markets provides Rising affluence and spends driving higher ticket sizes exposure to t
Slide 32: Strong growth outlook in LGD market with significant investment in reactors
Strong growth outlook in LGD market with significant investment in reactors in the last 2 years, with significant planned capacity scale up in 2026 Indian LGD growers have increased capacity consistently over the ~4x growth in LGD production in the last 3-4 yrs years; strong line of sight for FY26 i
Slide 33: LGD industry enters a volume-scale phase, creating structural upside for IGI
LGD industry enters a volume-scale phase, creating structural upside for IGI Lab grown diamond market is expected to grow in coming years. Scale, and efficiency are structurally increasing the need for certification Export volumes of polished LGDs from Share held by top 5-6 players in LGD Lab Grown
Slide 34: In Conclusion
In Conclusion Structural tailwinds across diamonds: Industry is transitioning toward higher transparency, traceability, and 1 certification intensity across LGD and ND, structurally expanding IGI’s addressable market 2 LGD inflection creates multi-year visibility: Rapid scale-up in LGD volumes and r
Slide 35: Historical Financial Performance
HISTORICAL FINANCIAL PERFORMANCE
Slide 36: 12M CY2025 consolidated financial performance
12M CY2025 consolidated financial performance(1) Number of Reports (in Mn) Revenue from Operations EBITDA & EBITDA Margin (%) 56.9% 59.9% +21% +17% 12.8 12,291 +23% 10.6 10,532 7,367 5,998 12M 2024 12M 2025 12M 2024 12M 2025 12M 2024 12M 2025 PAT & PAT Margin (%) Return on Capital Employed(2,3) (%)
Slide 37: 12M CY2025 standalone financial performance
12M CY2025 standalone financial performance Number of Reports (in Mn) Revenue from Operations EBITDA & EBITDA Margin (%) 68.6% 71.2% 72.8% 73.2% +24.3% CAGR 11.3 +24.9% +27.6% 9.4 CAGR CAGR 7.2 9,561 6,999 5.9 7,854 5,721 6,362 4,527 4,909 3,365 12M 2022 12M 2023 12M 2024 12M 2025 12M 2022 12M 2023
Slide 38: Annexures
ANNEXURES
Slide 39: Pedigreed and independently-led board of directors
Pedigreed and independently-led board of directors ANOOP MEHTA BIMAL TANNA TEHMASP NARIMAN PRINTER SANGEETA TANWANI Chairman and Independent Director Independent Director Managing Director & Chief Executive Officer Independent Director 30+ years in Diamond Industry Ex-Partner, PwC (20+ years of expe
Slide 40: Shareholding pattern
Shareholding pattern Shareholding Pattern (31st March, 2026) Key Institutional Investors 8.45% Investor % Holding 6.38% Promoter (Blackstone) 76.55% 8.60% Top DIIs (Banks, MFs, AIFs and Insurance) 6.38% ICICI Prudential Asset Mgmt 2.89% Top FPIs / FIIs 8.60% 76.55% Abu Dhabi Investment Authority - M
Slide 41: Thank You
Thank You COMPANY : International Gemological Institute Limited CIN : L46591MH1999PLC118476 Ms. Natasha Kedia – Head, Investor Relations & Public Relations E-mail: investor.relations@igi.org www.igi.org INVESTOR RELATIONS ADVISORS : MUFG Intime India Private Limited A part of MUFG Corporate Markets,
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