1. Opening Hook
While the world debated whether lab-grown diamonds are “real” or just glorified science projects, IGI quietly certified 12.8 million reports and minted 60% EBITDA margins. Not bad for a business that literally monetizes trust.
As tariffs rattled exporters and luxury demand played musical chairs, IGI decided to sit in the middle and charge both sides. Natural or lab-grown? Doesn’t matter. You want proof. They print it.
Revenue crossed ₹1,229 crore. EBITDA hit ₹737 crore. PAT margins nudged 43%. And they’re shifting to a 15-month reporting year next. Because why not complicate spreadsheets when you’re growing this fast?
If you thought certification was a dull back-office business, read on. It gets shinier.
2. At a Glance
- Revenue ₹1,229 Cr (+17%) – Diamonds may fluctuate; certification bills don’t.
- EBITDA ₹737 Cr (+23%) – Operating leverage sparkling brighter than the stones.
- EBITDA Margin ~59.9% – SaaS-level margins, gemstone edition.
- PAT ₹532 Cr (+24%) – Profit margins sitting comfortably at 43%.
- Volumes 12.81 Mn reports (+21%) – More rocks, more reports, more revenue.
- Q4 Revenue ₹320 Cr (+21%) – Year-end sprint, no Diwali excuse needed.
- Natural Diamond Growth 45% (Q4) – Old school luxury found new urgency.
- Lab-Grown Growth 35% (Q4) – Millennials approved.
3. Management’s Key Commentary
“The company has had an excellent 12-month Jan to December 2025.”
(When 60% EBITDA margins are your baseline, “excellent” feels understated.) 😏
“Our volumes grew by an impressive 21% with a robust performance across all business segments.”
(Translation: No weak verticals. Even jewellery and colour stones showed up to work.)
“Lab-grown loose stones volume growth is in excess of 21%.”
(The ‘science experiment’ is now a full-blown industry with factories doubling capacity.)
“We firmly believe that our certification makes lab-grown diamonds a diamond.”
(Without IGI’s stamp, it’s just carbon with ambition.)
“Certification of natural diamonds becomes imperative because you want to be sure that it is not a lab-grown.”
(Lab-grown growth is ironically boosting natural certification demand. Irony with margins.)
“EBITDA margin stood at 59.9%, up 300 basis points year-on-year.”
(Operating leverage doing heavy lifting while graders do precision work.) 📈
“We recruited close to 200 people and another large recruitment round is happening.”
(Growth so strong they’re hiring graders like tech firms hire coders.)
“We are evaluating M&A options while maintaining dividends.”
(Cash pile of ₹860 crore. War chest loaded.) 💰
4. Numbers Decoded
Metric CY2024 CY2025 Change
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Revenue (₹ Cr) 1,053 1,229 +17%
EBITDA (₹ Cr) 600 737 +23%
EBITDA Margin 57% 59.9% +300 bps
PAT (₹ Cr) NA 532 +24%
PAT Margin ~40%+ 43.3% +270 bps
Reports (Mn) 10.57 12.81 +21%
Q4 Revenue (₹ Cr) ~264 320 +21%
Q4 EBITDA
