Slides
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International Gemological Institute Limited Investor Presentation | Q2 & H1 FY27 A Legacy of Trust. A Future of Innovation.
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Safe Harbor This presentation and the accompanying slides (the “Presentation”), which have been prepared by International Gemological Institute Limited (the “Company”), have been prepared solely for information purposes and do not constitute any offer, recommendation or invitation to purchase or subscribe for any securities, and shall not form the basis or be relied on in connection with any contract or binding commitment what so ever. No offering of securities of the Company will be made except by means of a statutory offering document containing detailed information about the Company. This Presentation has been prepared by the Company based on information and data which the Company considers reliable, but the Company makes no representation or warranty, express or implied, whatsoever, and no reliance shall be placed on, the truth, accuracy, completeness, fairness and reasonableness of the contents of this Presentation. This Presentation may not be all inclusive and may not contain all of the information that you may consider material. Any liability in respect of the contents of, or any omission from, this Presentation is expressly excluded. Certain matters discussed in this Presentation may contain statements regarding the Company’s market opportunity and business prospects that are individually and collectively forward-looking statements. Such forward-looking statements are not guarantees of future performance and are subject to known and unknown risks, uncertainties and assumptions that are difficult to predict. These risks and uncertainties include, but are not limited to, the performance of the Indian economy and of the economies of various international markets, the performance of the industry in India and world-wide, competition, the company’s ability to successfully implement its strategy, the Company’s future levels of growth and expansion, technological implementation, changes and advancements, changes in revenue, income or cash flows, the Company’s market preferences and its exposure to market risks, as well as other risks. The Company’s actual results, levels of activity, performance or achievements could differ materially and adversely from results expressed in or implied by this Presentation. The Company assumes no obligation to update any forward-looking information contained in this Presentation. Any forward-looking statements and projections made by third parties included in this Presentation are not adopted by the Company and the Company is not responsible for such third party statements and projections 2
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CONSOLIDATED RESULTS
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For the quarter - Certification revenue grew 32%, EBITDA growth at 39% Q2 FY27 v Q2 FY26 (YoY) • Total certification volumes for Q2 FY27 stood at 4.35 Mn reports, marking a 26% YoY growth, compared to 3.45 Mn reports in Q2 FY26 • Certification revenues grew by 32% YoY to INR 3,875 Mn during Q2 FY27 • Certification revenue growth was primarily driven by 47% YoY growth in LGD Jewelry segment, 37% in the LGD loose stone segment and 8% in ND loose stone segment • Average realized price (ARP) per report increased by 4% YoY to INR 891 in Q2 FY27 from INR 854 in Q2 FY26 supported by higher LGD Mix – up 2%, led by a 37% growth in this segment • EBITDA for the quarter stood at INR 2,445 Mn, registering a 39% YoY growth • PAT for Q2 FY27 stood at INR 1,858 Mn, registering a 43% YoY growth • Total certification volumes for H1 FY27 stood at 7.91 Mn reports, marking a 22% YoY growth, compared to 6.48 Mn reports in H1 FY26 • Certification revenues grew by 27% YoY to INR 7,474 Mn during H1 FY27, up from INR 5,862 Mn in H1 FY26 • Certification revenue growth was primarily driven by 46% YoY growth in LGD jewelry segment, 31% in the LGD loose stone segment and 7% in ND loose stone segment • Average realized price (ARP) per report increased by 4% YoY to INR 945 in H1 FY27 from INR 905 in H1 FY26 supported by increased LGD Mix & gemstones contribution to overall revenue mix, following the AGL acquisition • EBITDA for H1 FY27 stood at INR 4,683 Mn, registering a 34% YoY growth • PAT for H1 FY27 stood at INR 3,516 Mn, registering a 37% YoY growth H1 FY2027 v H1 FY2026 (YoY) 4
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Consolidated Income Statement – Q2 FY27 v Q2 FY26 (YoY) Particulars (in INR Mn) Q2 FY26 Q2 FY27 YoY Q2 FY26 Q2 FY27 # Reports (Mn) 3.45 4.35 26% Segment Mix Certification Revenue 2,941 3,875 32% ND 490 529 8% 17% 14% LGD 1,538 2,111 37% 52% 54% ND Jewelry 615 635 3% 21% 16% LGD Jewelry 243 356 47% 8% 9% Gemstones & other certification 57 244 331% 2% 6% Other operating income 96 105 9% Revenue from Operations 3,037 3,980 31% Other Income 125 188 51% Total Revenues 3,162 4,168 32% Average Realized Price 854 891 4% Employee Benefit Expenses 711 871 22% Finance Costs 21 21 -1% D&A Expenses 111 156 41% Other Expenses+ Purchase & Stock in trade 564 665 18% Total Expenses 1,407 1,712 22% PBT 1,755 2,456 40% PBT Margin 57.8% 61.7% PAT 1,298 1,858 43% PAT Margin 42.7% 46.7% EBITDA(1) 1,763 2,445 39% EBITDA Margin 58.0% 61.4% 01 Total certification volumes for Q2 FY27 stood at 4.35 Mn reports vs 3.45 Mn reports in Q2 FY26, registering a growth of 26% YoY 02 Certification revenues stood at INR 3,875 Mn in Q2 FY27 vs INR 2,941 Mn in Q2 FY26 – registering a growth of 32% YoY 03 Average realized price (ARP) was at INR 891 in Q2 FY27 vs INR 854 in Q2 FY26, a growth of 4% YoY 04 05 PAT stood at INR 1,858 Mn, growing 43% YoY – Margins at 46.7% vs 42.7% (+400 bps) EBITDA stood at INR 2,445 Mn, growing 39% YoY - Margins at 61.4% vs 58.0% (+340 bps) Note: (1) EBITDA excluding other income 5
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Certification revenue up 32%, volume growth at 26% - Q2 FY27 v Q2 FY26 (YoY) Number of Reports (in Mn) 3.45 4.35 Q2 FY26 Q2 FY27 +26% Certification Revenue EBITDA(1) & EBITDA Margin (%) PAT & PAT Margin (%) 61.4% Note: (1) EBITDA excluding other income ; All figures in INR Mn 58.0% 46.7%42.7% 1,763 2,445 Q2 FY26 Q2 FY27 +39% 1,298 1,858 Q2 FY26 Q2 FY27 +43% 2,941 3,875 Q2 FY26 Q2 FY27 +32% 6
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Certification revenue growth led by mix shift – Strong growth in LGD loose stones, ND loose stones and LGD jewelry All figures in INR Mn 16.7% 52.3% 20.9% 8.2% 1.9% Q2 FY26 13.7% 54.4% 16.4% 9.2% 6.3% Q2 FY27 2,941 3,875 +32% ND LGD ND Jewelry LGD Jewelry Gemstone & others 854 891 Q2 FY26 Q2 FY27 +4% Revenue growth driven by LGD loose stones, ND loose stones and LGD Jewelry; Improvement in ARP driven by increased LGD Mix and consolidation of AGL Revenue mix – Q2 FY27 v Q2 FY26 Consequent ARP improvement (in INR) 7
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Consolidated Income Statement – H1 FY27 v H1 FY26 8 Particulars (in INR Mn) H1 FY26 H1 FY27 YoY H1 FY26 H1 FY27 # Reports (Mn) 6.48 7.91 22% Segment Mix Certification Revenue 5,862 7,474 27% ND 964 1,033 7% 16% 14% LGD 3,218 4,206 31% 55% 56% ND Jewelry 1,118 1,149 3% 19% 15% LGD Jewelry 438 637 46% 8% 9% Gemstones & other certification 124 448 261% 2% 6% Other operating income 184 215 17% Revenue from Operations 6,046 7,688 27% Other Income 261 346 33% Total Revenues 6,308 8,034 27% Average Realized Price 905 945 4% Employee Benefit Expenses 1,426 1,697 19% Finance Costs 46 50 12% D&A Expenses 208 295 41% Other Expenses+ Purchase & Stock in trade 1,124 1,308 17% Total Expenses 2,804 3,350 20% PBT 3,504 4,684 34% PBT Margin 57.9% 60.9% PAT 2,563 3,516 37% PAT Margin 42.4% 45.7% EBITDA(1) 3,497 4,683 34% EBITDA Margin 57.8% 60.9% 01 Total certification volumes for H1 FY27 stood at 7.91 Mn reports vs 6.48 Mn reports in H1 FY26, registering a growth of 22% YoY 02 Certification revenues stood at INR 7,474 Mn in H1 FY27 vs INR 5,862 Mn in H1 FY26 – registering a growth of 27% YoY 03 Average realized price (ARP) was at INR 945 in H1 FY27 vs INR 905 in H1 FY26, a growth of 4% YoY 04 05 PAT stood at INR 3,516 Mn, growing 37% YoY - Margins at 45.7% vs 42.4% (+330 bps) EBITDA stood at INR 4,683 Mn, growing 34% YoY - Margins at 60.9% vs 57.8% (+310 bps) Note: (1) EBITDA excluding other income
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Certification revenue up 27%, volume growth at 22% - H1 FY27 v H1 FY26 All figures in INR Mn Number of Reports (in Mn) 6.48 7.91 H1 FY26 H1 FY27 +22% Certification Revenue EBITDA(1) & EBITDA Margin (%) PAT & PAT Margin (%) 60.9% Note: (1) EBITDA excluding other income ; All figures in INR Mn 57.8% 45.7%42.4% 3,497 4,683 H1 FY26 H1 FY27 +34% 2,563 3,516 H1 FY26 H1 FY27 +37% 5,862 7,474 H1 FY26 H1 FY27 +27% 9
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Certification revenue growth led by mix shift – Strong growth in LGD loose stones and LGD jewelry 10 All figures in INR Mn 16.4% 54.9% 19.1% 7.5% 2.1% H1 FY26 13.8% 56.3% 15.4% 8.5% 6.0% H1 FY27 5,862 7,474 +27% ND LGD ND Jewelry LGD Jewelry Gemstone & others 905 945 H1 FY26 H1 FY27 +4% Revenue growth driven by LGD loose stones, ND loose stones & LGD Jewelry; Improvement in ARP driven by increased LGD loose stones Mix and consolidation of AGL Revenue mix – H1 FY26 v H1 FY27 Consequent ARP improvement (in INR)
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Consolidated Balance Sheet 11 Equity & Liabilities (in INR Mn) March 2026 Sept 2026 Equity Equity Share Capital 864 864 Other Equity 14,016 16,646 Total Equity 14,880 17,510 Non-current Liabilities Financial liabilities (i) Lease Liabilities 1,204 1,281 Other financial Liabilities 367 377 Provisions 182 209 Deferred Tax Liabilities (Net) 45 107 Total Non‐Current Liabilities 1,798 1,973 Current Liabilities Financial Liabilities Borrowings - (i) Lease Liabilities 223 217 (ii) Trade Payables Total outstanding dues of micro enterprises and small enterprises 28 7 Total outstanding dues of creditors other than micro enterprises and small enterprises 496 475 (iii) Other Financial Liabilities 452 454 Other Current Liabilities 613 875 Provisions 51 40 Income Tax Liabilities (net) 37 100 Total Current Liabilities 1,900 2,167 Total Liabilities 3,698 4,141 Total Equity & Liabilities 18,578 21,651 Assets (in INR Mn) March 2026 Sept 2026 Non-current Assets Property, plant and equipment 1,767 1,797 Right-of-use Assets 1,295 1,360 Capital Work‐in‐Progress 619 728 Investment property 18 18 Goodwill 1,531 1,578 Other Intangible assets 776 771 Financial Assets Other non-current financial assets 2,139 644 Income tax assets (net) 551 714 Deferred tax asset (net) 78 111 Other non current assets 224 375 Total Non‐Current Assets 8,998 8,097 Current Assets Inventories 13 10 Financial Assets (i) Trade Receivable 2,885 2,402 (ii) Cash and Cash Equivalents 816 1,303 (iii) Bank balances other than above 1,911 4,301 (iv) Other financial assets 3,603 5,103 Current tax asset (net) 28 13 Other Current Assets 324 422 Total Current Assets 9,580 13,553 Total Assets 18,578 21,651
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Consolidated Cashflow Statement 12 Particulars (in INR Mn) 6M 2026 6M 2027 Cash Flow from Operating Activities Profit before Tax 3,505 4,685 Adjustment for Non-Operating Items 48 55 Operating Profit before Working Capital Changes 3,553 4,740 Changes in Working Capital 704 662 Cash Generated from Operations 4,257 5,402 Less: Income Tax paid -1,365 -1,245 Net Cash from Operating Activities 2,892 4,157 Cash Flow from Investing Activities -1,501 -2,574 Cash Flow from Financing Activities -1,251 -1,297 Net increase/ (decrease) in Cash & Cash equivalent 140 286 Add: Cash and cash equivalents at the beginning of the period 1,032 816 Add: Foreign currency translation difference on foreign operations 30 201 Cash and cash equivalents at the end of the period 1,202 1,303
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Consolidated Income Statement – Q2 FY27 v Q1 FY27 (QoQ) 13 Particulars (in INR Mn) Q1 FY27 Q2 FY27 QoQ Q1 FY27 Q2 FY27 # Reports (Mn) 3.56 4.35 22% Segment Mix Certification Revenue 3,598 3,875 8% ND 504 529 5% 14% 14% LGD 2,095 2,111 1% 58% 54% ND Jewelry 514 635 24% 14% 16% LGD Jewelry 281 356 27% 8% 9% Gemstones & other certification 204 244 20% 6% 6% Other operating income 110 105 -4% Revenue from Operations 3,708 3,980 7% Other Income 158 188 19% Total Revenues 3,866 4,168 8% Average Realized Price 1,010 891 -12% Employee Benefit Expenses 827 871 5% Finance Costs 29 21 -27% D&A Expenses 139 156 12% Other Expenses+ Purchase & Stock in trade 643 665 3% Total Expenses 1,638 1,712 5% PBT 2,228 2,456 10% PBT Margin 60.1% 61.7% PAT 1,657 1,858 12% PAT Margin 44.7% 46.7% EBITDA(1) 2,238 2,445 9% EBITDA Margin 60.4% 61.4% 01 Total certification volumes for Q2 FY27 stood at 4.35 Mn reports vs 3.56 Mn reports in Q1 FY27, registering a growth of 22% QoQ 02 Certification revenues stood at INR 3,875 Mn in Q2 FY27 vs INR 3,598 Mn in Q1 FY27, a growth of 8% QoQ 03 Average realized price (ARP) was at INR 891 in Q2 FY27 vs INR 1,010 in Q1 FY27, decline of 12% driven by a 4% lower LGD mix in Q2 vs Q1 04 05 PAT stood at INR 1,858 Mn, grew by 12% QoQ- Margins at 46.7% vs 44.7% (+200 bps) EBITDA stood at INR 2,445 Mn, grew by 9% QoQ - Margins at 61.4% vs 60.4% (+100 bps) Note: (1) EBITDA excluding other income
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STANDALONE RESULTS
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For the quarter - Certification revenue grew 28%, EBITDA growth at 21% Q2 FY27 v Q2 FY26 (YoY) • Total certification volumes for Q2 FY27 stood at 3.68 Mn reports, marking a 19% YoY growth, compared to 3.08 Mn reports in Q2 FY26 • Certification revenues grew by 28% YoY to INR 3,040 Mn during Q2 FY27 • Certification revenue growth was primarily driven by 40% YoY growth in LGD loose stone segment, 29% in the LGD Jewelry segment and 9% in ND loose stone segment • Average realized price (ARP) per report increased by 7% YoY to INR 827 in Q2 FY27 from INR 773 in Q2 FY26 supported by an increased mix of LGD loose stones • EBITDA for the quarter stood at INR 2,123 Mn, registering a 21% YoY growth • PAT for Q2 FY27 stood at INR 1,697 Mn, registering a 22% YoY growth • Total certification volumes for H1 FY27 stood at 6.89 Mn reports, marking a 20% YoY growth, compared to 5.74 Mn reports in H1 FY26 • Certification revenues grew by 25% YoY to INR 5,833 Mn during H1 FY27, up from INR 4,674 Mn in H1 FY26 • Certification revenue growth was primarily driven by 35% YoY growth in LGD loose stone segment, 32% in the LGD Jewelry segment and 7% in ND loose stone segment • Average realized price (ARP) per report increased by 4% YoY to INR 847 in H1 FY27 from INR 814 in H1 FY26 supported by an increased mix of LGD loose stones • EBITDA for H1 FY27 stood at INR 4,093 Mn, registering a 18% YoY growth • PAT for H1 FY27 stood at INR 3,243 Mn, registering a 17% YoY growth H1 FY2027 v H1 FY2026 (YoY) 15
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IGI India Standalone Income Statement - Q2 FY27 v Q2 FY26 (YoY) Particulars (INR Mn) Q2 FY26 Q2 FY27 YoY Q2 FY26 Q2 FY27 # Reports (Mn) 3.08 3.68 19% Segment Mix Certification Revenue 2,381 3,040 28% ND 408 444 9% 17% 15% LGD 1,311 1,840 40% 55% 61% ND Jewelry 490 510 4% 21% 17% LGD Jewelry 164 211 29% 7% 7% Gemstones & other certification 8 36 343% 0% 1% Other operating income 27 16 -41% Revenue from Operations 2,408 3,056 27% Other Income 116 221 91% Total Revenues 2,523 3,277 30% Average Realized Price 773 827 7% Employee Benefit Expenses 304 392 29% Finance Costs 5 8 81% D&A Expenses 40 60 49% Other Expenses+ Purchase & Stock in trade 350 541 55% Total Expenses 699 1,002 43% PBT 1,824 2,275 25% PBT Margin 75.8% 74.4% PAT 1,391 1,697 22% PAT Margin 57.8% 55.5% EBITDA(1) 1,754 2,123 21% EBITDA Margin 72.8% 69.5% 01 Total certification volumes for Q2 FY27 at 3.68 Mn reports vs 3.08 Mn reports for Q2 FY26, registering a growth of 19% YoY 02 Certification revenues stood at INR 3,040 Mn in Q2 FY27 vs INR 2,381 Mn for Q2 FY26 – registering a growth of 28% YoY 03 Average realized price (ARP) was at INR 827 in Q2 FY27 vs INR 773 in Q2 FY26, increasing by 7% YoY 04 05 06 Total expenses increased on higher headcount, commission payouts and marketing spends PAT stood at INR 1,697 Mn, growing 22% YoY – Margins at 55.5% vs 57.8% EBITDA stood at INR 2,123 Mn, growing 21% YoY - Margins at 69.5% vs 72.8% 16Note: (1) EBITDA excluding other income
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Certification revenue up 28%, EBITDA growth at 21% - Q2 FY27 v Q2 FY26 (YoY) 17 Number of Reports (in Mn) 3.08 3.68 Q2 FY26 Q2 FY27 +19% Certification Revenue EBITDA(1) & EBITDA Margin (%) PAT & PAT Margin (%) 55.5%57.8% 1,391 1,697 Q2 FY26 Q2 FY27 +22% 2,381 3,040 Q2 FY26 Q2 FY27 +28% 69.5%72.8% 1,754 2,123 Q2 FY26 Q2 FY27 +21% Note: (1) EBITDA excluding other income ; All figures in INR Mn
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Certification revenue growth led by mix shift – Strong growth in LGD loose stones & LGD Jewelry 18All figures in INR Mn 17.1% 55.1% 20.6% 6.9% 0.3% Q2 FY26 14.6% 60.5% 16.8% 6.9% 1.2% Q2 FY27 2,381 3,040 +28% ND LGD ND Jewelry LGD Jewelry Gemstone & others 773 827 Q2 FY26 Q2 FY27 +7% Revenue growth driven by LGD loose stones and LGD Jewelry Revenue mix for Q2 FY26 v Q2 FY27 ARP up 7% on higher LGD Mix (in INR)
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IGI India Standalone Income Statement - H1 FY27 v H1 FY26 19 Particulars (INR Mn) H1 FY26 H1 FY27 YoY H1 FY26 H1 FY27 # Reports (Mn) 5.74 6.89 20% Segment Mix Certification Revenue 4,674 5,833 25% ND 791 846 7% 17% 14% LGD 2,717 3,665 35% 58% 63% ND Jewelry 870 897 3% 19% 15% LGD Jewelry 280 371 32% 6% 6% Gemstones & other certification 16 54 245% 0% 1% Other operating income 75 85 12% Revenue from Operations 4,749 5,918 25% Other Income 261 381 46% Total Revenues 5,010 6,299 26% Average Realized Price 814 847 4% Employee Benefit Expenses 610 750 23% Finance Costs 10 17 72% D&A Expenses 82 119 46% Other Expenses+ Purchase & Stock in trade 676 1,074 59% Total Expenses 1,378 1,961 42% PBT 3,632 4,338 19% PBT Margin 76.5% 73.3% PAT 2,766 3,243 17% PAT Margin 58.2% 54.8% EBITDA(1) 3,463 4,093 18% EBITDA Margin 72.9% 69.2% Note: (1) EBITDA excluding other income 01 Total certification volumes for H1 FY27 stood at 6.89 Mn reports vs 5.74 Mn reports in H1 FY26, registering a growth of 20% YoY 02 Certification revenues stood at INR 5,833 Mn in H1 FY27 vs INR 4,674 Mn in H1 FY26 – registering a growth of 25% YoY 03 Average realized price (ARP) was at INR 847 in H1 FY27 vs INR 814 in H1 FY26, a growth of 4% YoY 04 05 PAT stood at INR 3,243 Mn, growing 17% YoY - Margins at 54.8% vs 58.2% EBITDA stood at INR 4,093 Mn, growing 18% YoY - Margins at 69.2% vs 72.9%
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Certification revenue up 25%, volume growth at 20% - H1 FY26 v H1 FY27 20 Number of Reports (in Mn) 5.74 6.89 H1 FY26 H1 FY27 +20% Certification Revenue EBITDA(1) & EBITDA Margin (%) PAT & PAT Margin (%) 69.2% Note: (1) EBITDA excluding other income ; All figures in INR Mn 72.9% 54.8%58.2% 3,463 4,093 H1 FY26 H1 FY27 +18% 2,766 3,243 H1 FY26 H1 FY27 +17% 4,674 5,833 H1 FY26 H1 FY27 +25%
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Certification revenue growth led by mix shift – Strong growth in LGD loose stones and LGD jewelry 21All figures in INR Mn 16.9% 58.2% 18.6% 6.0%0.3% H1 FY26 14.5% 62.8% 15.4% 6.4% 0.9% H1 FY27 4,674 5,833 +25% ND LGD ND Jewelry LGD Jewelry Gemstone & others 814 847 H1 FY26 H1 FY27 +4% Revenue growth driven by LGD loose stones and LGD Jewelry; Improvement in ARP driven by increased LGD loose stone Mix Revenue mix – H1 FY26 v H1 FY27 Consequent ARP improvement (in INR)
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Standalone Balance Sheet 22 Equity & Liabilities (in INR Mn) March 2026 Sept 2026 Equity Equity Share Capital 864 864 Other Equity 25,044 27,199 Total Equity 25,908 28,064 Non-current Liabilities Financial liabilities (i) Lease Liabilities 239 296 Other financial Liabilities Provisions 121 137 Deferred Tax Liabilities (Net) Total Non‐Current Liabilities 359 433 Current Liabilities Financial Liabilities Borrowings (i) Lease Liabilities 113 132 (ii) Trade Payables Total outstanding dues of micro enterprises and small enterprises 29 7 Total outstanding dues of creditors other than micro enterprises and small enterprises 163 196 (iii) Other Financial Liabilities 179 266 Other Current Liabilities 452 753 Provisions 35 36 Income Tax Liabilities (net) Total Current Liabilities 970 1,390 Total Liabilities 1,329 1,823 Total Equity & Liabilities 27,238 29,887 Assets (in INR Mn) March 2026 Sept 2026 Non-current Assets Property, plant and equipment 932 956 Right-of-use Assets 445 529 Capital Work‐in‐Progress 619 729 Investment in subsidiaries 14,309 14,309 Other Intangible assets 29 27 Financial Assets Other non-current financial assets 2,066 558 Income tax assets (net) 536 710 Deferred tax asset (net) 76 48 Other non current assets 225 375 Total Non‐Current Assets 19,235 18,241 Current Assets Inventories 13 10 Financial Assets (i) Trade Receivable 2,585 2,143 (ii) Cash and Cash Equivalents 26 55 (iii) Bank balances other than above 1,585 4,143 (iv) Loans 85 84 (v) Other financial assets 3,571 5,088 Other Current Assets 138 123 Total Current Assets 8,002 11,646 Total Assets 27,238 29,887
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Standalone Cashflow Statement 23 Particulars (in INR Mn) 6M 2026 6M 2027 Cash Flow from Operating Activities Profit before Tax 3,632 4,338 Adjustment for Non-Operating Items -144 -158 Operating Profit before Working Capital Changes 3,488 4,180 Changes in Working Capital 168 905 Cash Generated from Operations 3,656 5,085 Less: Income Tax paid -1,261 -1,259 Net Cash from Operating Activities 2,395 3,826 Cash Flow from Investing Activities -1,429 -2,599 Cash Flow from Financing Activities -1,145 -1,199 Net increase/ (decrease) in Cash & Cash equivalent -179 29 Add: Cash and cash equivalents at the beginning of the period 275 26 Cash and cash equivalents at the end of the period 95 55
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IGI India Standalone Income Statement - Q1 FY27 v Q2 FY27 (QoQ) 24 Particulars (in INR Mn) Q1 FY27 Q2 FY27 QoQ Q1 FY27 Q2 FY27 # Reports (Mn) 3.21 3.68 15% Segment Mix Certification Revenue 2,792 3,040 9% ND 402 444 10% 14% 15% LGD 1,825 1,840 1% 65% 61% ND Jewelry 387 510 32% 14% 17% LGD Jewelry 160 211 31% 6% 7% Gemstones & other certification 18 36 106% 1% 1% Other operating income 69 16 -77% Revenue from Operations 2,862 3,056 7% Other Income 160 221 38% Total Revenues 3,022 3,277 8% Average Realized Price 870 827 -5% Employee Benefit Expenses 358 392 9% Finance Costs 9 8 -2% D&A Expenses 59 60 2% Other Expenses+ Purchase & Stock in trade 533 541 2% Total Expenses 959 1,002 4% PBT 2,063 2,275 10% PBT Margin 72.1% 74.4% PAT 1,546 1,697 10% PAT Margin 54.0% 55.5% EBITDA(1) 1,970 2,123 8% EBITDA Margin 68.8% 69.5% 01 Total certification volumes for Q2 FY27 stood at 3.68 Mn reports vs 3.21 Mn reports in Q1 FY27, registering a growth of 15% QoQ 02 Certification revenues stood at INR 3,040 Mn in Q2 FY27 vs INR 2,792 Mn in Q1 FY27, a growth of 9% QoQ 03 Average realized price (ARP) was at INR 827 in Q2 FY27 vs INR 870 in Q1 FY27, a de-growth of 5% QoQ 04 05 Note: (1) EBITDA excluding other income PAT stood at INR 1,697 Mn, a growth of 10% QoQ. Margins at 55.5% vs 54.0% EBITDA stood at INR 2,123 Mn, grew by 8% QoQ - Margins at 69.5% v 68.8%
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INDUSTRY OVERVIEW
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Growing jewelry consumption fuels certification demand Every certificate in this Chapter - natural, lab-grown or colored - is one fee to IGI. The growth is the whole stone market, not one category of it. Key Growth Drivers Increasing Consumer Adoption of LGDs Driven by increasingly aspirational purchase choices and higher jewelry wallet share Greater Accessibility to Affordable Options Affordable daily-wear jewelry driving larger and varied stone purchases, with increased frequency Evolving Trends & Preferences Greater acceptance of colored stones, new styles and sustainable jewelry options Entry of Brands & Retailers Into New Categories Increasing certification penetration establishing trust in new jewelry categories Global Jewelry Market Size CY2025 $340-350 Bn By CY2030E $ 410 - 430 Bn 3-5% CAGR Overall Global Retail Diamond Jewelry Consumption CY2025 $ 105-115 Bn By CY2030E $ 135-145 Bn 4-6% CAGR Number of Certifications Issued – by Volume CY2025 33-38 Mn By CY2030E 75-80 Mn 17-19% CAGR Certification Penetration CY2025 70-75% By CY2030E 80-85% Note: Independently commissioned market research report, secondary analysis 26
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Global presence is our competitive strength Note: Market sizes as of CY25, shares and revenue estimates per commissioned industry analysis, MCA filings, and expert interviews IGI leads the growth segment, which along with capability buildout is catalyzing our growth mandate across segments. India 70–80% of U.S. loose diamonds are certified in India 65-75% $80–100M pool LGD loose certification 55–65% $50–70M pool Studded jewelry $130-150M Natural loose certification market United States 50–55% $50–70B market Global retail market ~30% $9-10B market India’s gem & jewelry exports • Scaling up Dubai & Turkey, with planned expansion into Saudi Arabia & other countries • In Europe, we have moved into Italy, a large jewelry hub, with further evaluations underway • Next big market for emerging LGD ~9M Engagement rings & wedding bands sold per year Middle East & Europe Where we lead – and grow next The prize we are chasing Expansion 27
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India is crossing the income line where diamond demand takes off As per-capita income nears the discretionary-spend threshold, a fast-widening affluent base turns into diamond buyers - and lab-grown widens the on-ramp. ~$3,500 the threshold economies like China crossed - where discretionary spending has historically jumped 2–4×. India crosses it this decade. Note: GDP per capita ~$2,600 today (IMF/Statista 2025); $5,000 by 2030 is the Government of India target; ~$3,500 discretionary inflection is a directional consumption pattern. Source: CLSA, De Beers India Diamond Acquisition Study 2025, GJEPC Rising incomes convert an expanding affluent base into diamond buyers - lab-grown brings them on years earlier, and IGI certifies every rung. $2,600 → $5,000 GDP per capita, today → 2030 (government target) The Engine · Rising per-capita income Lab-grown opens the bottom rung ENTER on lab-grown an affordable first diamond TRADE UP with income more pieces, bigger stones UPGRADE to natural scarcity, heritage, occasions IGI certifies every rung. The Base · Addressable diamond-buying households Urban Wealthy + Affluent + Emerging, as incomes cross the threshold 17M (Urban Wealthy + Affluent) 94M ~6x →→ 28
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The prices have stabilized – and volume growth continues Note: LGD production capacity ~200 carat/month/reactor Source: GJEPC; Paul Zimnisky; Rapaport; Edahn Golan; UBS; Jefferies; BCG analysis; Expert interviews; LGD wholesale prices have stabilized since 2025 Average LGD wholesale prices for 1 ct SI-VVS clarity, D-F color, round shaped diamond $1,502 $851 $768 $100 $100 2019 2021 2023 2025 2026 • Mid range of 65-70% capacity utilization globally • Healthy utilization of capacity with large players expanding growing capacity basis demand estimation 5-6x growth in LGD production in the last 3-4 yrs Gemstone LGD production capacity (Mn carats) 2008 2013 2018 2020 2023, 2024 Production capacity <0.2 0.5-1 6-8 35-45 +70% CAGR <1 29
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The need for certification is driven by retail 30 $300-$700 RETAIL MARKET ~$80-$120 WHOLESALE 4X - 6X Value proposition for the emerging consumer is significant – need for certification Retail and Consumer Demand Drives Certification Note: Secondary research The fee (2-3% of retail price) is a minimal cost on the transaction. The certificate is the reason the transaction happens.
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India’s lab-grown retail market is being built out - Fast 31 Capital, brands and outlets are scaling the category on top of India's cutting-and-export base THE MONEY AND FOOTPRINT GOING IN Legacy jewellers entering LG Launched dedicated LGD brands in last ~12 months Capital is funding the build-out Indian LGD brands raised over $90M in last 12 months Surat now feeds the world Polished LGD exports in June 2026 up ~50% YoY to ~$100M Specialist chains scaling fast Retailer 1: 50 → 200 by 2027; Retailer 2: 280 → 800–1,000 planned Note: Redseer via Indian Retailer; World Economic Magazine, Business Standard (2025 –26); Every rupee of new investment and every new outlet needs a trusted grade to sell on - and that grade is IGI's.
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HISTORICAL FINANCIAL PERFORMANCE
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15M 2026 consolidated financial performance(1) 33 Revenue from Operations All figures in INR Mn EBITDA & EBITDA Margin (%) PAT & PAT Margin (%) 8,980 10,532 12,291 15,976 12M 2023 12M 2024 12M 2025 15M 2026 +17.0% CAGR 4,960 5,998 7,367 9,728 12M 2023 12M 2024 12M 2025 15M 2026 +21.9% CAGR 56.9% 60.9% 3,308 4,273 5,316 7,112 12M 2023 12M 2024 12M 2025 15M 2026 +26.8% CAGR 40.6% 44.5% Number of Reports (in Mn) Return on Capital Employed(2,3) (%) Return on Equity(2,4) (%) 8.3 10.6 12.8 16.5 12M 2023 12M 2024 12M 2025 15M 2026 +24.2% CAGR 12M 2023 12M 2024 12M 2025 15M 2026 52% 48% 45% 59% 12M 2023 12M 2024 12M 2025 15M 2026 51% 47% 43% 56% Adjusted for fresh equity issuance in December 2024 Note: 1. Consolidation refers to the combined operations of India, Belgium, Netherlands and Turkey 2. Removed capital reserve on account of common control acquisition of subsidiaries 3. Return on capital employed (RoCE)(%) is calculated as EBITDA less depreciation and amortization / capital employe d. Capital employed is calculated as total equity plus total borrowings plus total lease liabilities and deferred tax liabili ties(net) minus deferred tax assets (net) 4. Return on equity refers to restated profit after tax divided by average total equity for the year/period. Restated profit after tax means restated profit / (loss) for the period/year as appearing in the Restated Financial Information. Avera ge total equity is the sum of opening and closing total equity divided by two 36.8% 55.2% 59.9% 43.3%
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15M 2026 standalone financial performance 34 Revenue from Operations All figures in INR Mn PAT & PAT Margin (%) Number of Reports (in Mn) Return on Capital Employed(1) (%) 4,909 6,362 7,854 9,561 12,524 12M 2022 12M 2023 12M 2024 12M 2025 15M 2026 +24.9% CAGR 3,365 4,527 5,721 6,999 9,198 12M 2022 12M 2023 12M 2024 12M 2025 15M 2026 +27.6% CAGR 68.6% 71.2% 72.8% 73.2% 2,443 3,297 4,392 5,472 7,215 12M 2022 12M 2023 12M 2024 12M 2025 15M 2026 +30.8% CAGR 49.8% 51.8% 57.6% 12M 2022 12M 2023 12M 2024 12M 2025 15M 2026 87% 81% 70% 61% 75% 12M 2022 12M 2023 12M 2024 12M 2025 15M 2026 83% 77% 68% 58% 74% 5.9 7.2 9.3 11.3 14.6 12M 2022 12M 2023 12M 2024 12M 2025 15M 2026 +24.3% CAGR Adjusted for fresh equity issuance in December 2024 Note: 1. Return on capital employed (RoCE)(%) is calculated as EBITDA less depreciation and amortization / capital employed. Capital employed is calculated as total equity plus total borrowings plus total lease liabilities and deferred tax liabilities(n et) minus deferred tax assets (net) 2. Return on equity refers to restated profit after tax divided by average total equity for the year. Profit after tax means profit for the year as appearing in the Financial statement. Average total equity is the sum of opening and closing total equity divided by two 73.4% 57.2%55.9% EBITDA & EBITDA Margin (%) Return on Equity(2) (%)
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ANNEXURES
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Pedigreed and independently-led board of directors 36 TEHMASP NARIMAN PRINTER Managing Director & Chief Executive Officer 25+ years with IGI PRATEEK ROONGTA Non-Executive (Nominee) Director Managing Director, Blackstone(1) MUKESH MEHTA Non-Executive (Nominee) Director Senior Managing Director, Blackstone (1) TEJAS NAPHADE Non-Executive (Nominee) Director Managing Director, Blackstone(1) Note: (1) Refers to Blackstone Advisors India Private Limited BIMAL TANNA Independent Director Ex-Partner, PwC (20+ years of experience) SANGEETA TANWANI Independent Director CEO, Pantaloons and Former MD, Kellogg India ANOOP MEHTA Chairman and Independent Director 30+ years in Diamond Industry
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Shareholding pattern 37 76.55% 8.79% 5.47% 9.17% Promoter FIIs DIIs Public Shareholding Pattern (30th September 2026) Investor % Holding Promoter (Blackstone) 76.55% Top DIIs (Banks, MFs, AIFs and Insurance) 5.47% ICICI Prudential Bharat Consumption Fund 1.67% Top FPIs / FIIs 8.79% Government of Singapore 1.32% Abu Dhabi Investment Authority - Monsoon 1.11% Key Institutional Investors
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And for Everyone… COMPANY : International Gemological Institute Limited CIN : L46591MH1999PLC118476 Ms. Natasha Kedia – Head, Investor Relations & Public Relations E-mail: investor.relations@igi.org www.igi.org Mr. Sumeet Khaitan +91 7021320701 sumeet.khaitan@in.mpms.mufg.com INVESTOR RELATIONS ADVISORS : MUFG Intime India Private Limited A part of MUFG Corporate Markets, a division of MUFG Pension & Market Services Mr. Nikunj Seth +91 9773397958 nikunj.seth@in.mpms.mufg.com THANK YOU Diamonds are Forever… Link Meeting Request LinkLink Link