International Gemological Instit Q2 FY27 Results (NSE: IGIL)
Signal: Margin expansion
The read
Q2FY27 marks a further acceleration from Q1FY27’s 23% revenue growth to 31%, while EBITDA margin expanded 340bps YoY to 61.4% after 60.4% in Q1FY27; the key trajectory is broad-based category growth, led by LGD jewelry at 47%, with H1 revenue up 27% and EBITDA up 34%.
| Metric | Value | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹398 Cr | 31% | N/A |
| Net profit | ₹185.8 Cr | 43% | |
| EBIT margin | 61.4% |
P&L walk
Consolidated revenue grew 31% to ₹3,980 Mn, EBITDA grew faster at 39% to ₹2,445 Mn and margin expanded 340bps to 61.4%; PAT rose 43% to ₹1,858 Mn, with growth broad-based across certification categories.
Segments
Growth was broad-based rather than dependent on one disclosed segment: LGD jewelry grew 47%, LGD loose stones 37%, natural diamond loose stones 8%, natural diamond jewelry 3% and colored gemstones 7x including AGL.
Key positives
- Revenue increased 31% YoY to ₹3,980 Mn, accelerating from 23% growth in Q1FY27 and 21% in Q4FY26.
- EBITDA grew 39% to ₹2,445 Mn, 8 percentage points faster than revenue, while EBITDA margin expanded 340bps YoY to 61.4%.
- Report volumes rose 26% to 4.35 Mn, while revenue grew 31%, indicating higher revenue per report, although the filing does not attribute the gap to pricing or mix.
- LGD jewelry grew 47% and LGD loose stones grew 37%, providing the strongest disclosed category momentum.
- H1FY27 revenue rose 27% to ₹7,688 Mn and EBITDA increased 34% to ₹4,683 Mn, with H1 EBITDA margin at 60.9% versus 57.8% in H1FY26.
Key concerns
- Natural diamond jewelry growth was only 3% YoY and natural diamond loose-stone growth was 8%, materially below LGD jewelry growth of 47% and LGD loose-stone growth of 37%; category mix remains an important trajectory variable.
- EPS and detailed standalone P&L figures were not disclosed in the press release, limiting per-share and parent-versus-group earnings-quality checks.
Research and educational content only. Not investment advice.