1. Opening Hook
While gold bugs were busy drooling over record highs, IGI quietly turned certification into a profit machine. The diamond business might be cyclical, but these guys made “clarity” look like a growth strategy. As tariffs spark panic in global gem corridors, IGI’s management shrugged it off like a mild rash and flashed 21% revenue growth.Keep reading — because when EBITDA margins hit 60%, you know someone’s grading brilliance, not just diamonds.
2. At a Glance
- Revenue up 21%:CFO insists it’s not luck, it’s sparkle economics.
- EBITDA grew 20%:Margin math is shinier than most jewelry.
- PAT up 18%:Profits polished to near-perfection, just shy of a flawless cut.
- Volume up 26%:3.45 million reports — someone’s printer is melting.
- EBITDA margin 58%:Because who needs inflation when your diamonds do the heavy lifting?
- Stock sentiment:Investors dazzled — no one reads tariff footnotes when the bling glows.
3. Management’s Key Commentary
Tehmasp Printer (MD & CEO):“We saw 21% revenue growth and 20% EBITDA increase with 3.5 million reports this quarter.”(Translation: We’re minting money faster than gem cutters can blink.) 😏
“Despite policy disruptions and rising gold prices, growth remains robust.”(Translation: Tariffs who? We’re still sparkling like Diwali lights.)
“Our Women’s World Cup sponsorship boosted brand connect — and India’s women won!”(Translation: ROI meets IPL-style marketing genius.)
Eashwar Iyer (CFO):“PAT stood at ₹130 crore, up 18%, with 43% PAT margin.”(Translation: Move over SaaS, certification just became the new high-margin business.)
“LGD segment grew 24%, natural diamonds 29%, and jewelry 26%.”(Translation: Even fake diamonds are delivering real profits.)
“Tariffs had no significant impact; domestic demand offset everything.”(Translation: US policy tantrums ≠ IGI slowdown.)
“Our cash pile is ~₹400 crore; dividends and acquisitions on radar.”(Translation: Flexing balance sheet like a peacock at a gem fair.) 💰
4. Numbers Decoded
| Metric | Q3 CY25 | YoY Growth | Punchline |
|---|---|---|---|
| Revenue from Operations | ₹304 Cr | +21% | Glittering topline despite tariff turbulence |
| Certification Income | ₹294 Cr | +20% | Turns “paperwork” into profit work |
| EBITDA | ₹176 Cr | +20% | Margins polished at 58% |
| PAT | ₹130 Cr | +18% | Diamonds = 43% profit margin magic |
| Reports Issued | 3.45 Mn | +26% | Every carat counts |
| 9M Revenue | ₹909 Cr | +15% | Slowdown? Not in this mine |
| 9M EBITDA | ₹545 Cr | +22% | Still running 60% EBITDA margin |
| 9M PAT | ₹397 Cr | +27% | Shareholders shining too |
Margins so stable, they’d make even FMCG blush.
5. Analyst Questions
Investec:“Why realization down 5%?”CFO:“Smaller carat sizes, not pricing cuts.”(Translation: More volume, smaller stones, same shine.)
Axis Capital:“Tariffs impact international biz?”CFO:“Negligible. Europe & US soft, but China & Dubai booming.”(Translation: East saves the West — again.)
RSPN Ventures:“ASP drop means bleeding geographies?”CFO:“Just mix effect. India ASP actually rose 2%.”(Translation: Don’t panic, our sparkle math checks out.)
Morgan Stanley:“You’re outgrowing industry?”CFO:“Yes, probably stealing market share.”(Translation: Other labs are now peer-reviewed fossils.)
6. Guidance & Outlook
Management stuck to full-year guidance:
- Revenue growth:15%
- EBITDA growth:20%(Assumes no global meltdown, and yes, diamonds stay fashionable.)
They expect Q4 to stay strong despite tariffs. Sponsorship expenses won’t dull profits — apparently, brand-building is now a margin-accretive hobby. The team hinted at
