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Certifies and grades diamonds, gemstones and jewelry for authenticity and quality, mainly for Indian and global trade.
Certifies and grades diamonds, gemstones and jewelry for authenticity and quality, mainly for Indian and global trade.
Charges a fee for each stone or jewellery piece it grades and certifies, with the report acting as a document that buyer and seller both trust, so income follows the volume of gems passing through the trade, including fast-growing lab-grown diamonds.
In one line: India's GIA.
Moat: narrow (brand, scale). Globally recognized grading brand trusted by jewelers; switching certifiers risks buyer confidence.
Headquarters: Mumbai, India · Employees: 1,345
Size International Gemological Institute (IGIL.NS) is an India Industrials company (Miscellaneous Commercial Services) with a market value of $1.86B, the 386th largest of 1,058 India companies the cockpit tracks. Shares closed at ₹407.40 on 6 Nov 2026.
Performance Over six months the shares gained 11.9%, against -6.6% for the median peer and 0.0% for the India market (cap-weighted) — 4th highest of 21 in its peer set.
Growth Revenue grew 21.4% over the last twelve months (peer median +10.2%); the operating margin is 57.7% (peer median 13.0%).
Valuation It trades at 24.4× forward earnings against a peer median of 20.3× (6th most expensive of 17).
Price implies For today's price to make sense, revenue must grow about 15% a year for seven years (Req g). Recent delivered growth is +38%, so the hurdle is -23 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 34.9 points above its cost of capital (12.0% WACC).
Next results Next results expected around 3 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | ₹14.6B | ₹12.8B | ₹10.5B | ₹8.98B | ₹4.91B |
| Revenue growth | — | +21% | +17% | +83% | — |
| Gross profit | ₹10.8B | ₹8.99B | ₹7.42B | ₹6.16B | ₹3.88B |
| EBITDA | ₹8.96B | ₹7.88B | ₹6.17B | ₹5.04B | ₹3.38B |
| Net income | ₹6.66B | ₹5.69B | ₹4.27B | ₹3.31B | ₹2.42B |
| Free cash flow | n/a | ₹5.99B | ₹3.61B | ₹2.51B | ₹1.87B |
| Capital expenditure | n/a | ₹821M | ₹395M | ₹550M | ₹111M |
| Total debt | ₹1.50B | ₹1.43B | ₹1.45B | ₹1.51B | ₹267M |
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| Measure | IGIL.NS | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +28.5% | +3.5% | highest of 21 |
| 6-month return | +11.9% | -6.6% | 4th highest of 21 |
| Distance from 52-week high | -3.1% | -34.0% | highest of 21 |
| Revenue growth (TTM) | +21.4% | +10.2% | 6th highest of 19 |
| Operating margin | 57.7% | 13.0% | 2nd highest of 20 |
| Forward P/E | 24.4× | 20.3× | 6th most expensive of 17 |
| Growth the price implies (Req g, 7 yrs) | 14.6% | 3.6% | 5th most demanding of 13 |
| Growth delivered (Del g) | +37.6% | +10.2% | highest of 13 |
| Hurdle (Req g minus delivered) | -23.0 pp | -8.3 pp | 2nd least demanding of 13 |
| ROIC minus cost of capital | +34.9 pp | +1.0 pp | highest of 18 |
| EV / EBITDA | 19.2× | 11.1× | 2nd most expensive of 9 |
| Net debt / EBITDA | -0.5× | 0.8× | 3rd least indebted of 10 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| International Gemological Institute IGIL.NS | India | $1.86B | +12% | +21% | 58% | 24.4× | 14.6% | +37.6% |
| Focus Technology 002315.SZ | China | $1.86B | -1% | +14% | 24% | 22.1× | 3.2% | +10.6% |
| Teemsun Technology 301571.SZ | China | $1.86B | 0% | +61% | 22% | n/a | n/a | n/a |
| Insperity NSP | United States | $1.90B | +53% | +2% | 0% | 19.9× | 19.5% | +9.7% |
| Jiangsu Guotai International 002091.SZ | China | $1.91B | -11% | +7% | 6% | 10.0× | -20.9% | +5.5% |
| Beijing Orient EcoEnergy 002310.SZ | China | $1.81B | -24% | +35% | 12% | n/a | 36.4% | -47.6% |
| Xi'an Taijin New Energy & Materials Sci-Tech 688813.SS | China | $1.93B | -13% | n/a | n/a | n/a | n/a | n/a |
| Hoist Finance HOFI.ST | Sweden | $1.79B | +29% | +16% | 30% | 11.9× | n/a | n/a |
| China Conch Venture 0586.HK | Hong Kong | $1.79B | -36% | +21% | 18% | 5.5× | n/a | n/a |
| Prosegur Compania de Seguridad PSG.MC | Spain | $1.79B | +9% | +1% | 6% | 11.8× | -5.3% | +6.7% |
| Heron Neutron Medical 7799.TW | Taiwan | $1.94B | +15% | n/a | -5,071% | 380.6× | n/a | n/a |
| Syngene International SYNGENE.NS | India | $1.78B | -11% | -6% | 13% | 67.8× | 35.3% | +11.4% |
| Anhui XDLK Microsystem 688582.SS | China | $1.95B | -36% | -38% | 21% | 37.3× | 55.7% | +37.0% |
| Choice International CHOICEIN.NS | India | $1.76B | +8% | +34% | 27% | 49.8× | n/a | n/a |
| Ipsos IPS.PA | France | $1.74B | -3% | +3% | 12% | 7.0× | -10.8% | +6.6% |
| GRG Metrology & Test 002967.SZ | China | $1.72B | -16% | +13% | 13% | 22.7× | 3.9% | +14.4% |
| Visual China 000681.SZ | China | $1.71B | -25% | -9% | 4% | 44.0× | n/a | n/a |
| Guangdong Feinan Resources Recycling 301500.SZ | China | $1.68B | -31% | +42% | 7% | n/a | n/a | n/a |
| Kruk KRU.WA | Poland | $1.65B | -22% | +8% | 77% | 6.9× | -2.1% | +16.8% |
| Healthcare Services HCSG | United States | $1.64B | +5% | +4% | 6% | 20.6× | 3.4% | +0.9% |
| Sagility SAGILITY.NS | India | $2.15B | +2% | +28% | 18% | 16.4× | 10.3% | +19.5% |