Blackstone-Backed IGI Reports Strong Growth in Q4 Earnings on Robust Revenue, Margin Expansion
Shares of International Gemmological Institute (IGI) India Ltd surged on April 21, 2025, hitting the 5% upper circuit at ₹370.85 on the National Stock Exchange (NSE) following the announcement of a strong fourth-quarter performance. The Blackstone-backed company posted a 12% year-on-year (YoY) increase in consolidated net profit to ₹141 crore for the quarter ended March 31, 2025, driven by robust revenue growth and improved operating margins. In the corresponding quarter of the previous fiscal, IGI had reported a net profit of ₹126 crore.
The stellar results marked the company’s second quarterly report since its listing on both BSE and NSE in December 2024. IGI continues to cement its leadership in India’s certification and gemological services sector, commanding a dominant 50% market share.
Highlights:
Q4 FY25 net profit rises 12% YoY to ₹141 crore
Shares locked in 5% upper circuit at ₹370.85 on NSE
IGI was listed in December 2024 on BSE and NSE
Market share stands at 50% in gem certification services in India
Revenue and EBITDA Surge as Demand for Accreditation Services Expands
IGI posted a total consolidated revenue of ₹305 crore, marking a 10% increase over ₹278 crore in Q4 FY24. Total income also grew by 8% year-on-year, reaching ₹313 crore compared to ₹290 crore in the March quarter of the previous fiscal. The strong revenue expansion was attributed to heightened demand for gemological certification services both in India and in international markets.
EBITDA for the quarter stood at ₹195.5 crore, up 12.6% from ₹173.7 crore in the corresponding period last year. The company achieved a robust EBITDA margin of 64%, an improvement over the 62.5% margin recorded in Q4 FY24. The margin expansion was driven by operational efficiencies and a higher-value service mix within IGI’s core certification services.
Highlights:
Revenue up 10% YoY to ₹305 crore in Q4 FY25
EBITDA rises 12.6% YoY to ₹195.5 crore
EBITDA margin improves to 64% from 62.5% YoY
Total income grows to ₹313 crore vs ₹290 crore YoY
Cost Structure Remains Stable as Expenses See Marginal Uptick
Total expenses for the March quarter were reported at ₹122 crore, a modest increase from ₹119 crore in the same quarter last year. The steady expense management contributed to enhanced profitability and higher earnings per share, reinforcing IGI’s operational resilience and disciplined cost approach.
This cost efficiency aligns with the company’s post-IPO strategy of boosting bottom-line growth while preserving capital expenditure discipline amid expanding business scale.
Highlights:
Q4 total expenses at ₹122 crore, up slightly from ₹119 crore
Stable cost base supports margin and net profit expansion
IGI continues to benefit from lean cost model post-listing
Market Response: Upper Circuit Breach Reflects Investor Confidence in Earnings Visibility
Following the announcement, IGI shares were locked in the 5% upper circuit limit at ₹370.85, reflecting bullish investor sentiment and heightened buying interest. The stock has been under consistent institutional watch since its listing, given its dominant market position and strong growth outlook in India’s burgeoning gem certification sector.
The robust earnings performance reaffirms the company’s revenue visibility and profitability trajectory for the upcoming fiscal. Analysts anticipate further upside potential for IGI as demand for standardised certification in the retail and export-oriented jewellery market expands.
Highlights:
Shares hit 5% upper circuit post earnings release
Investor interest supported by strong margin and net profit growth
Analysts expect continued earnings momentum in FY26
