1.At a Glance

If bling had a balance sheet, it would look exactly likeInternational Gemmological Institute (India) Ltd(IGIL). With amarket cap of ₹14,484 crore, this newly listed diamond certification giant has become the gold standard (well, diamond standard) for authenticity in bothnaturalandlab-grownjewels. The stock trades at₹335, down from its 52-week high of ₹642 — apparently, even gems need polishing in the market.

InQ3FY26, the company dazzled with₹3,037 million in revenue,₹1,763 million EBITDA, and₹1,298 million PAT, showing a21% YoY revenue surgeand maintaining its“our margins shine brighter than your ex’s engagement ring”consistency. At a jaw-droppingROE of 54.4%andROCE of 68%, IGIL seems to have cracked the formula for turning carats into crores.

But wait — this isn’t your usual jewellery maker story. IGIL doesn’t make diamonds; itjudgesthem. Yes, it’s that classy auditor everyone fears — the one who tells a billionaire’s fiancée her diamond’s worth less than her handbag.

2.Introduction – The Jewel Inspector General

Welcome to the world where sparkle meets science, and emotions get certified by microscope-toting gemologists. International Gemmological Institute (India) Ltd, or IGIL for the serious ones, is theworld’s largest independent certification authorityfor diamonds, gemstones, and jewellery.

Born in Belgium and now headquartered in India’s sparkle capital (Surat and Mumbai), IGIL is that global teacher who grades every diamond’s report card —cut, color, clarity, and carat. If your stone doesn’t pass IGI’s test, it’s just glorified glass.

After its blockbuster₹4,225 crore IPO in December 2024, the company became the most fashionable nerd in the market — a blend of data, grading, and glamour. Withoperations across 10 countries, 31 labs, and 18 gemology schools, IGIL practically runs the Harvard of diamond science.

And the numbers? Even better than its polishing skills. FY24 saw revenue of₹1,174 croreand net profit of₹511 crore, translating to a whopping59% operating margin. In an era where most companies brag aboutsingle-digit OPM, IGIL operates like a monopoly in sparkle validation.

3.Business Model – WTF Do They Even Do?

Let’s decode this glittery business. IGIL doesn’t sell jewellery. It sellstrust. And that trust costs crores.

The company providescertification and accreditationfor diamonds — both natural and lab-grown — along with coloured stones and jewellery pieces. It’s like theCA firmof the gem world, but instead of auditing accounts, it audits brilliance.

Its major services include:

• Diamond grading: Determining the 4Cs (cut, color, clarity, carat) for both mined and lab-grown diamonds.
• Gemstone verification: Evaluating rubies, sapphires, emeralds, and more for authenticity and quality.
• Jewellery assessment: Checking craftsmanship, symmetry, and stone mounting quality — basically, rating jewellery like food critics rate biryani.
• Education: Through 18 IGI Schools of Gemology in six countries, the company trains the next generation of sparkle detectives.

And the fun fact? IGIL earns~59% of its revenue from lab-grown diamonds,19% from natural diamonds, and20% from jewellery and colored stones. Education and events make up the rest — because why not add a seminar onhow to spot fakes at parties?

Their upcoming214,000 sq ft Surat facilitypromises to make even Reliance’s diamond building look underdressed.

4.Financials Overview

Let’s break down the numbers that make the sparkle measurable:

Annualised EPS = 3.00