Mumbai-based International Gemological Institute (IGI) expects around 15% revenue growth and 20% earnings before interest, taxes, depreciation, and amortisation (EBITDA) growth in FY27, driven by higher certification volumes and a stronger presence across key segments

Eashwar Iyer, Global Chief Financial Officer of IGI, said the company continues to sharpen its focus on natural diamonds, a segment where it sees meaningful room for expansion despite weak industry demand in recent quarters.

In the January-March quarter (Q4FY26), International Gemological Institute reported revenue of ₹368.5 crore, margin of 64% and profit after tax of ₹179.5 crore.

The company expects natural diamond certifications to remain an important driver of margins and market share gains.

The stock was trading at ₹371.00 at 10:39 am on the NSE and has remained flat for the past year.

Natural diamonds currently account for nearly 18% of the company’s business during the reporting period, up from about 10% earlier. Even as the broader natural diamond market faces macroeconomic pressure, IGI believes increasing customer additions and gaining higher wallet share from existing clients will help sustain growth.

IGI has been trying to grow its market share in natural diamonds for a while now. Globally, Iyer estimates the company's share sits somewhere in "the high teens, 20–25% types" — but there's real room to grow because established players have dominated this space for years.

At the same time, lab-grown diamonds continue to emerge as a strong growth engine. According to IGI, certification demand for lab-grown loose stones has remained strong, supported by increasing retail adoption and rising production capacity in India. The company reported around 35–40% growth in the lab-grown segment during the quarter, benefiting from a higher mix of premium loose stone certifications.

Industry capacity for lab-grown diamonds could double over the next three years, according to market discussions cited by the company, offering a larger opportunity for certification players like IGI. The segment has gained traction among consumers looking for affordable alternatives amid elevated gold prices and volatility in precious metals.

Beyond diamonds, IGI is also looking to strengthen its presence in gemstones after acquiring American Gemological Laboratories (AGL). The company sees an opportunity to scale AGL’s expertise beyond its current market through IGI’s wider international network, adding another growth lever over the medium term.

On jewellery demand, IGI said volatility in gold and silver prices has weighed on natural diamond jewellery purchases, while lab-grown jewellery has seen relatively stronger interest as consumers seek more budget-friendly options.

International Gemological Institute’s current market capitalisation is ₹16,033.12 crore.

Courtesy : CNBC TV 18