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A source-linked quarter view: reported numbers, management language, guidance, and the risks that should carry forward.
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Revenue
₹1,229 Cr
verification pending
Revenue YoY
17%
reported change
EBITDA
₹737 Cr
latest reported figure
Source
bse pending
record provenance
Actual signal trajectory
Where this quarter sits.
Quarter read
What the record says.
IGI delivered a strong FY2025 (Jan-Dec) with revenue of ₹1,229 crore (+17% YoY) and EBITDA of ₹737 crore (+23% YoY), exceeding initial guidance. Q4 revenue grew 21% YoY to ₹320 crore, driven by 45% growth in natural diamonds and 35% in lab-grown diamonds. EBITDA margin expanded 300bps to 59.9%, reflecting operating leverage. Management highlighted stable LGD pricing, capacity additions by manufacturers, and growing retail penetration of lab-grown jewelry as key tailwinds. Guidance for FY2026 is positive but qualitative, with expectations to repeat FY2025 performance. A risk is the potential shift by large retailers toward self-certification, which could pressure IGI's market share in the long term.
Colored figures show movement against the previous available record.
Guidance to track
- Management expects to replicate the strong volume and revenue growth achieved in FY2025, citing strong industry tailwinds.
- Large lab-grown diamond manufacturers are adding capacity, expected to double caratage in the next three years, supporting certification demand.
- IGI plans to increase brand building over the next 12-18 months, including co-sponsoring the Women's World Cup.
Risks flagged
- A major organized retailer launched its own LGD brand with self-certification, potentially reducing demand for third-party certification if replicated.
- US tariffs on diamond imports could affect manufacturer demand, though management noted limited impact due to domestic market focus and market adaptation.
- If lab-grown diamond prices fall significantly, consumers might question the need for certification, though management sees stable pricing and high retail margins as buffers.
Key quotes
- Our certification makes lab-grown diamonds a diamond. That is what the aspiration of a customer is.
- The most important factor here is trust and trust is not something that you can acquire in a small brief time.
- We will endeavor to repeat what we've done in 25. At least the tailwinds are pretty strong as we speak.
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