International Gemmological Institute (India) Ltd
International Gemological Institute Ltd is 
 world's largest independent certification and acccreditation services provider in the fields 
 of diamond, gemstone and jewellery[1]
- Market Cap ₹ 14,737 Cr.
 - Current Price ₹ 341
 - High / Low ₹ 642 / 282
 - Stock P/E 29.7
 - Book Value ₹ 54.6
 - Dividend Yield 0.74 %
 - ROCE 42.6 %
 - ROE 32.5 %
 - Face Value ₹ 2.00
 
Pros
- Company is almost debt free.
 - Company has delivered good profit growth of 44.0% CAGR over last 5 years
 - Company has a good return on equity (ROE) track record: 3 Years ROE 48.8%
 
Cons
- Working capital days have increased from 77.2 days to 171 days
 
* The pros and cons are machine generated. Pros / cons are based on a checklist to highlight important points. Please exercise caution and do your own analysis.
Quarterly Results
Standalone Figures in Rs. Crores / View Consolidated
Profit & Loss
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2019 | Mar 2020 | Dec 2020 9m | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | TTM | |
|---|---|---|---|---|---|---|---|---|
| 205 | 210 | 130 | 365 | 491 | 636 | 785 | 848 | |
| 101 | 91 | 66 | 124 | 154 | 183 | 213 | 212 | |
| Operating Profit | 104 | 119 | 64 | 241 | 337 | 453 | 572 | 636 | 
| OPM % | 51% | 57% | 49% | 66% | 69% | 71% | 73% | 75% | 
| 6 | 3 | 3 | 10 | 9 | 11 | 31 | 37 | |
| Interest | 2 | 1 | 1 | 2 | 2 | 2 | 2 | 2 | 
| Depreciation | 6 | 12 | 9 | 12 | 11 | 13 | 14 | 14 | 
| Profit before tax | 101 | 110 | 57 | 236 | 332 | 449 | 587 | 657 | 
| Tax % | 30% | 28% | 28% | 25% | 26% | 27% | 25% | |
| 71 | 79 | 41 | 177 | 244 | 330 | 439 | 496 | |
| EPS in Rs | 10.16 | 11.70 | ||||||
| Dividend Payout % | 108% | 0% | 0% | 0% | 0% | 0% | 24% | 
| Compounded Sales Growth | |
|---|---|
| 10 Years: | % | 
| 5 Years: | 31% | 
| 3 Years: | 29% | 
| TTM: | 23% | 
| Compounded Profit Growth | |
|---|---|
| 10 Years: | % | 
| 5 Years: | 44% | 
| 3 Years: | 35% | 
| TTM: | 33% | 
| Stock Price CAGR | |
|---|---|
| 10 Years: | % | 
| 5 Years: | % | 
| 3 Years: | % | 
| 1 Year: | % | 
| Return on Equity | |
|---|---|
| 10 Years: | % | 
| 5 Years: | 50% | 
| 3 Years: | 49% | 
| Last Year: | 32% | 
Balance Sheet
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2019 | Mar 2020 | Dec 2020 | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Jun 2025 | |
|---|---|---|---|---|---|---|---|---|
| Equity Capital | 0.39 | 0.39 | 0.39 | 0.39 | 0.40 | 0.40 | 86 | 86 | 
| Reserves | 126 | 175 | 218 | 248 | 341 | 516 | 2,101 | 2,273 | 
| 0 | 0 | 0 | 0 | 0 | 31 | 31 | 26 | |
| 15 | 26 | 47 | 78 | 70 | 63 | 235 | 121 | |
| Total Liabilities | 142 | 202 | 266 | 326 | 412 | 610 | 2,453 | 2,505 | 
| 69 | 73 | 73 | 76 | 108 | 115 | 119 | 122 | |
| CWIP | 0 | 0 | 0 | 10 | 0 | 20 | 36 | 45 | 
| Investments | 0 | 0 | 0 | 0 | 0 | 3 | 1,349 | 1,349 | 
| 73 | 129 | 193 | 240 | 303 | 471 | 949 | 989 | |
| Total Assets | 142 | 202 | 266 | 326 | 412 | 610 | 2,453 | 2,505 | 
Cash Flows
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2019 | Mar 2020 | Dec 2020 | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | |
|---|---|---|---|---|---|---|---|
| 108 | 101 | 77 | 194 | 199 | 299 | 378 | |
| -52 | -11 | -6 | -21 | -48 | -68 | -1,634 | |
| -75 | -37 | -8 | -146 | -154 | -149 | 1,210 | |
| Net Cash Flow | -19 | 53 | 63 | 27 | -3 | 81 | -46 | 
Ratios
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2019 | Mar 2020 | Dec 2020 | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | |
|---|---|---|---|---|---|---|---|
| Debtor Days | 33 | 40 | 77 | 34 | 47 | 62 | 67 | 
| Inventory Days | |||||||
| Days Payable | |||||||
| Cash Conversion Cycle | 33 | 40 | 77 | 34 | 47 | 62 | 67 | 
| Working Capital Days | 25 | 18 | -9 | -16 | 26 | 34 | 171 | 
| ROCE % | 73% | 33% | 102% | 113% | 102% | 43% | 
Documents
Announcements
- 
        
          Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation
          
            30 Oct - Of Earnings Conference Call for the quarter and nine months ended September 30, 2025 of the Company
 - 
        
          Board Meeting Intimation for Considering And Approving The Unaudited Financial Results (Standalone And Consolidated) Of The Company For The Quarter And Nine Months Ended September 30, 2025
          
            30 Oct - Board meeting Nov 5, 2025 to approve unaudited Q/9M results; trading window Oct 1–Nov 7, 2025.
 - 
        
          Compliances-Certificate under Reg. 74 (5) of SEBI (DP) Regulations, 2018
          
            14 Oct - Certificate under Regulation 74(5) of SEBI (Depositories and Participants) Regulations, 2018
 - 
        
          Closure of Trading Window
          
            25 Sep - Trading window closed for Designated Persons Oct 1, 2025 until 48 hours after Q3/9M results announcement.
 - 
        
          Clarification On Movement In The Volume Of Security Across Exchanges In The Recent Past
          
            11 Sep - International Gemmological Institute (India) clarifies share volume movement to BSE; no undisclosed price-sensitive information.
 
Concalls
- 
      Aug 2025Transcript PPT REC
 - 
      Apr 2025Transcript PPT REC
 - 
      Mar 2025Transcript PPT
 - 
      Feb 2025TranscriptNotesPPT REC
 
Business Overview:[1][2]
IGII provides certification and accreditation of natural diamonds, laboratory-grown diamonds, studded jewelry and colored stones. It also offers educational programs. It started its operations in Belgium and currently has a global network of 31 branches equipped with IGI labs across 10 countries and 18 schools of gemology across 6 countries.