International Gemological Institute Ltd · NSE:IGIL
International Gemological Institute — Q2 FY27 Earnings Presentation
39 slides from International Gemological Institute's earnings presentation, Oct 21, 2026
Slide 1: Investor Presentation filing letter to exchanges
October 21, 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/
Slide 2: A Legacy of Trust. A Future of Innovation.
A Legacy of Trust. A Future of Innovation. International Gemological Institute Limited Investor Presentation | Q2 & H1 FY27
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: Consolidated Results
IGI CONSOLIDATED RESULTS
Slide 5: For the quarter - Certification revenue grew 32%, EBITDA growth at 39%
For the quarter - Certification revenue grew 32%, EBITDA growth at 39% Q2 FY27 v Q2 FY26 (YoY) H1 FY2027 v H1 FY2026 (YoY) • Total certification volumes for Q2 FY27 stood at 4.35 Mn reports, marking a • Total certification volumes for H1 FY27 stood at 7.91 Mn reports, marking a 26% YoY growth, compa
Slide 6: Consolidated Income Statement – Q2 FY27 v Q2 FY26 (YoY)
Consolidated Income Statement – Q2 FY27 v Q2 FY26 (YoY) Particulars (in INR Mn) Q2 FY26 Q2 FY27 YoY Q2 FY26 Q2 FY27 # Reports (Mn) 3.45 4.35 26% Segment Mix Certification Revenue 2,941 3,875 32% Total certification volumes for Q2 FY27 stood at 4.35 Mn ND 490 529 8% 17% 14% 01 reports vs 3.45 Mn repo
Slide 7: Certification revenue up 32%, volume growth at 26% - Q2 FY27 v Q2 FY26
Certification revenue up 32%, volume growth at 26% - Q2 FY27 v Q2 FY26 (YoY) Number of Reports (in Mn) Certification Revenue +26% +32% 4.35 3,875 3.45 2,941 Q2 FY26 Q2 FY27 Q2 FY26 Q2 FY27 EBITDA(1) & EBITDA Margin (%) PAT & PAT Margin (%) 58.0% 61.4% 42.7% 46.7% +39% +43% 2,445 1,858 1,763 1,298 Q2
Slide 8: Certification revenue growth led by mix shift
Certification revenue growth led by mix shift – Strong growth in LGD loose stones, ND loose stones and LGD jewelry Revenue growth driven by LGD loose stones, ND loose stones and LGD Jewelry; Improvement in ARP driven by increased LGD Mix and consolidation of AGL Revenue mix – Q2 FY27 v Q2 FY26 Conse
Slide 9: Consolidated Income Statement – H1 FY27 v H1 FY26
Consolidated Income Statement – H1 FY27 v H1 FY26 Particulars (in INR Mn) H1 FY26 H1 FY27 YoY H1 FY26 H1 FY27 # Reports (Mn) 6.48 7.91 22% Segment Mix Certification Revenue 5,862 7,474 27% ND 964 1,033 7% 16% 14% 01 Total certification volumes for H1 FY27 stood at 7.91 Mn reports LGD 3,218 4,206 31%
Slide 10: Certification revenue up 27%, volume growth at 22% - H1 FY27 v H1 FY26
Certification revenue up 27%, volume growth at 22% - H1 FY27 v H1 FY26 Number of Reports (in Mn) Certification Revenue +22% +27% 7.91 7,474 6.48 5,862 H1 FY26 H1 FY27 H1 FY26 H1 FY27 EBITDA(1) & EBITDA Margin (%) PAT & PAT Margin (%) 57.8% 60.9% 42.4% 45.7% +34% +37% 4,683 3,516 3,497 2,563 H1 FY26
Slide 11: Certification revenue growth led by mix shift - H1
Certification revenue growth led by mix shift – Strong growth in LGD loose stones and LGD jewelry Revenue growth driven by LGD loose stones, ND loose stones & LGD Jewelry; Improvement in ARP driven by increased LGD loose stones Mix and consolidation of AGL Revenue mix – H1 FY26 v H1 FY27 Consequent
Slide 12: Consolidated Balance Sheet
Consolidated Balance Sheet Equity & Liabilities (in INR Mn) March 2026 Sept 2026 Assets (in INR Mn) March 2026 Sept 2026 Equity Non-current Assets Equity Share Capital 864 864 Property, plant and equipment 1,767 1,797 Other Equity 14,016 16,646 Right-of-use Assets 1,295 1,360 Total Equity 14,880 17,
Slide 13: Consolidated Cashflow Statement
Consolidated Cashflow Statement Particulars (in INR Mn) 6M 2026 6M 2027 Cash Flow from Operating Activities Profit before Tax 3,505 4,685 Adjustment for Non-Operating Items 48 55 Operating Profit before Working Capital Changes 3,553 4,740 Changes in Working Capital 704 662 Cash Generated from Operat
Slide 14: Consolidated Income Statement – Q2 FY27 v Q1 FY27 (QoQ)
Consolidated Income Statement – Q2 FY27 v Q1 FY27 (QoQ) Particulars (in INR Mn) Q1 FY27 Q2 FY27 QoQ Q1 FY27 Q2 FY27 # Reports (Mn) 3.56 4.35 22% Segment Mix Certification Revenue 3,598 3,875 8% 01 Total certification volumes for Q2 FY27 stood at 4.35 Mn reports ND 504 529 5% 14% 14% vs 3.56 Mn repor
Slide 15: Standalone Results
IGI STANDALONE RESULTS
Slide 16: For the quarter - Certification revenue grew 28%, EBITDA growth at 21%
For the quarter - Certification revenue grew 28%, EBITDA growth at 21% Q2 FY27 v Q2 FY26 (YoY) H1 FY2027 v H1 FY2026 (YoY) • Total certification volumes for Q2 FY27 stood at 3.68 Mn reports, marking a • Total certification volumes for H1 FY27 stood at 6.89 Mn reports, marking a 19% YoY growth, compa
Slide 17: IGI India Standalone Income Statement - Q2 FY27 v Q2 FY26 (YoY)
IGI India Standalone Income Statement - Q2 FY27 v Q2 FY26 (YoY) Particulars (INR Mn) Q2 FY26 Q2 FY27 YoY Q2 FY26 Q2 FY27 # Reports (Mn) 3.08 3.68 19% Segment Mix Certification Revenue 2,381 3,040 28% Total certification volumes for Q2 FY27 at 3.68 Mn reports vs 01 ND 408 444 9% 17% 15% 3.08 Mn repor
Slide 18: Certification revenue up 28%, EBITDA growth at 21%
Certification revenue up 28%, EBITDA growth at 21% - Q2 FY27 v Q2 FY26 (YoY) Number of Reports (in Mn) Certification Revenue +19% +28% 3.68 3,040 3.08 2,381 Q2 FY26 Q2 FY27 Q2 FY26 Q2 FY27 EBITDA(1) & EBITDA Margin (%) PAT & PAT Margin (%) 72.8% 69.5% 57.8% 55.5% +21% +22% 2,123 1,697 1,754 1,391 Q2
Slide 19: Certification revenue growth led by mix shift - Standalone Q2
Certification revenue growth led by mix shift – Strong growth in LGD loose stones & LGD Jewelry Revenue growth driven by LGD loose stones and LGD Jewelry Revenue mix for Q2 FY26 v Q2 FY27 ARP up 7% on higher LGD Mix (in INR) +28% +7% 2,381 3,040 827 773 17.1% 14.6% 55.1% 60.5% 20.6% 16.8% 6.9% 6.9%
Slide 20: IGI India Standalone Income Statement - H1 FY27 v H1 FY26
IGI India Standalone Income Statement - H1 FY27 v H1 FY26 Particulars (INR Mn) H1 FY26 H1 FY27 YoY H1 FY26 H1 FY27 # Reports (Mn) 5.74 6.89 20% Segment Mix Certification Revenue 4,674 5,833 25% Total certification volumes for H1 FY27 stood at 6.89 Mn ND 791 846 7% 17% 14% 01 reports vs 5.74 Mn repor
Slide 21: Certification revenue up 25%, volume growth at 20% - H1
Certification revenue up 25%, volume growth at 20% - H1 FY26 v H1 FY27 Number of Reports (in Mn) Certification Revenue +20% +25% 6.89 5,833 5.74 4,674 H1 FY26 H1 FY27 H1 FY26 H1 FY27 EBITDA(1) & EBITDA Margin (%) PAT & PAT Margin (%) 72.9% 69.2% 58.2% 54.8% +18% +17% 4,093 3,243 3,463 2,766 H1 FY26
Slide 22: Certification revenue growth led by mix shift - Standalone H1
Certification revenue growth led by mix shift – Strong growth in LGD loose stones and LGD jewelry Revenue growth driven by LGD loose stones and LGD Jewelry; Improvement in ARP driven by increased LGD loose stone Mix Revenue mix – H1 FY26 v H1 FY27 Consequent ARP improvement (in INR) +25% +4% 4,674 5
Slide 23: Standalone Balance Sheet
Standalone Balance Sheet Equity & Liabilities (in INR Mn) March 2026 Sept 2026 Assets (in INR Mn) March 2026 Sept 2026 Equity Non-current Assets Equity Share Capital 864 864 Property, plant and equipment 932 956 Other Equity 25,044 27,199 Right-of-use Assets 445 529 Total Equity 25,908 28,064 Capita
Slide 24: Standalone Cashflow Statement
Standalone Cashflow Statement Particulars (in INR Mn) 6M 2026 6M 2027 Cash Flow from Operating Activities Profit before Tax 3,632 4,338 Adjustment for Non-Operating Items -144 -158 Operating Profit before Working Capital Changes 3,488 4,180 Changes in Working Capital 168 905 Cash Generated from Oper
Slide 25: IGI India Standalone Income Statement - Q1 FY27 v Q2 FY27 (QoQ)
IGI India Standalone Income Statement - Q1 FY27 v Q2 FY27 (QoQ) Particulars (in INR Mn) Q1 FY27 Q2 FY27 QoQ Q1 FY27 Q2 FY27 # Reports (Mn) 3.21 3.68 15% Segment Mix Certification Revenue 2,792 3,040 9% 01 Total certification volumes for Q2 FY27 stood at 3.68 Mn reports ND 402 444 10% 14% 15% vs 3.21
Slide 26: Industry Overview
NGI INDUSTRY OVERVIEW
Slide 27: Growing jewelry consumption fuels certification demand
Growing jewelry consumption fuels certification demand Global Jewelry Market Size Overall Global Retail Diamond Number of Certifications Issued Certification Penetration Jewelry Consumption – by Volume CY2025 CY2025 CY2025 CY2025 $340-350 Bn $ 105-115 Bn 33-38 Mn 70-75% 3-5% 4-6% 17-19% CAGR CAGR CA
Slide 28: Global presence is our competitive strength
Global presence is our competitive strength India United States Middle East & Europe Where we lead – and grow next The prize we are chasing Expansion 65-75% 50–55% LGD loose certification Global retail market $80–100M pool $50–70B market 55–65% ~30% Studded jewelry India’s gem & jewelry exports $50–
Slide 29: India is crossing the income line where diamond demand takes off
India is crossing the income line where diamond demand takes off As per-capita income nears the discretionary-spend threshold, a fast-widening affluent base turns into diamond buyers - and lab-grown widens the on-ramp. The Engine · Rising per-capita income The Base · Addressable diamond-buying house
Slide 30: The prices have stabilized – and volume growth continues
The prices have stabilized – and volume growth continues LGD wholesale prices have stabilized since 2025 5-6x growth in LGD production in the last 3-4 yrs Average LGD wholesale prices for 1 ct SI-VVS clarity, Gemstone LGD production capacity (Mn carats) D-F color, round shaped diamond Production cap
Slide 31: The need for certification is driven by retail
The need for certification is driven by retail Retail and Consumer Demand Drives Certification WHOLESALE 4X - 6X RETAIL MARKET ~$80-$120 Value proposition for the emerging $300-$700 consumer is significant – need for certification The fee (2-3% of retail price) is a minimal cost on the transaction.
Slide 32: India's lab-grown retail market is being built out - Fast
India’s lab-grown retail market is being built out - Fast Capital, brands and outlets are scaling the category on top of India's cutting-and-export base THE MONEY AND FOOTPRINT GOING IN Capital is funding Legacy jewellers the build-out entering LG Indian LGD brands raised Launched dedicated LGD over
Slide 33: Historical Financial Performance
HISTORICAL FINANCIAL PERFORMANCE
Slide 34: 15M 2026 consolidated financial performance
15M 2026 consolidated financial performance(1) Number of Reports (in Mn) Revenue from Operations EBITDA & EBITDA Margin (%) 55.2% 56.9% 59.9% 60.9% +24.2% +17.0% 16.5 15,976 CAGR CAGR +21.9% 12.8 12,291 CAGR 9,728 10.6 10,532 8,980 7,367 8.3 5,998 4,960 12M 2023 12M 2024 12M 2025 15M 2026 12M 2023 1
Slide 35: 15M 2026 standalone financial performance
15M 2026 standalone financial performance Number of Reports (in Mn) Revenue from Operations EBITDA & EBITDA Margin (%) 68.6% 71.2% 72.8% 73.2% 73.4% +24.3% 14.6 +24.9% 12,524 CAGR CAGR 11.3 9,561 +27.6% 9.3 7,854 CAGR 9,198 7.2 6,362 6,999 5.9 4,909 5,721 4,527 3,365 12M 2022 12M 2023 12M 2024 12M 2
Slide 36: Annexures
ale] ANNEXURES
Slide 37: Pedigreed and independently-led board of directors
Pedigreed and independently-led board of directors ANOOP MEHTA BIMAL TANNA TEHMASP NARIMAN PRINTER SANGEETA TANWANI Managing Director & Chief Executive Chairman and Independent Director Independent Director Independent Director Officer 30+ years in Diamond Industry Ex-Partner, PwC (20+ years of expe
Slide 38: Shareholding pattern
Shareholding pattern Shareholding Pattern (30th September 2026) Key Institutional Investors 9.17% Investor % Holding 5.47% Promoter (Blackstone) 76.55% 8.79% Top DIIs (Banks, MFs, AIFs and Insurance) 5.47% ICICI Prudential Bharat Consumption Fund 1.67% Top FPIs / FIIs 8.79% 76.55% Government of Sing
Slide 39: Thank You
Diamonds are COMPANY : Forever… And for Everyone… 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 p
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