IGI opens FY27 strong: consolidated PAT up 31% YoY to ₹166 Cr, EBITDA margin at 60%
PAT +31% YoY · revenue +23.2% · margins expanding · beat vs street
₹370.78 Cr
+23.2% YoY
₹165.74 Cr
+31% YoY
42.87%
+2.6pp YoY
₹3.84
IGI began FY27 from a position of strength. Consolidated revenue from operations rose 23.2% YoY to ₹370.78 Cr (Q1 FY26: ₹300.91 Cr) and consolidated PAT climbed 31.0% to ₹165.74 Cr (₹126.53 Cr), lifting basic EPS to ₹3.84 from ₹2.92. Management attributed the print to broad-based momentum across lab-grown diamond (LGD) loose stones, LGD jewellery and coloured gemstones. Sequentially the quarter softened — revenue was near-flat (+0.6% over Q4's ₹368.56 Cr) and PAT fell 7.7% from Q4's ₹179.60 Cr — but the March quarter is a balancing figure within the company's transitional 15-month prior year, so YoY is the meaningful lens and it reads clearly strong.
Q1 FY-2027 vs prior quarters
The margin story confirms operating leverage in this asset-light, single-segment certification model: EBITDA grew ~29% YoY to roughly ₹239.6 Cr and EBITDA margin expanded ~270bps to ~60%. Net margin on total income widened to 42.9% from 40.2% a year ago, though it sits below Q4's 46.4%. There are no exceptional items on either side, so reported and underlying growth are the same — the 31% is clean. Consolidated PAT is effectively all owners' as non-controlling interest is negligible and the ten management-certified subsidiaries carried only a ₹1.82 Cr aggregate loss.
The stock went into the print at ₹338.15, down 4% over the past month of trading.
For context: this is the second-highest quarterly PAT of the last 6 quarters; revenue is at a 6-quarter high.
Management projects continued strong performance, guiding for 15% revenue growth and 20% EBITDA growth in FY27, with a focus on maintaining current margin levels. Key growth drivers include increased capacity in lab-grown diamonds and deeper penetration in natural diamonds, supported by strategic investments in brand b
— This quarter: beat
The quarter runs ahead of management's own FY27 guidance from the Q4 concall (15% revenue / 20% EBITDA growth, ~60% margin maintenance) and matches management's press-release framing verbatim — the 23% revenue / 29% EBITDA / 31% PAT claims tie out to the filing. The consolidated-vs-standalone gap is material and worth flagging: standalone (India) revenue rose 22.2% to ₹286.16 Cr but standalone PAT grew only 12.5% to ₹154.60 Cr, versus the +31% consolidated print — the difference is the international engine, with outside-India revenue up ~30% YoY to ₹95.01 Cr as the US business gains traction, Italy operations commence and the AGL colour-stone acquisition widens the addressable market. Pre-print street consensus is thin for this recently-listed name, but available broker data implied an EPS beat (est ~₹2.9 vs ₹3.84 actual). Alongside results the board scheduled the 28th AGM for Aug 14, 2026, granted 629,814 stock options under the 2024 plan, and filed its FY26 BRSR.
W1
Whether the 23% revenue / 29% EBITDA pace holds against management's 15%/20% FY27 guidance and ~60% EBITDA-margin maintenance
W2
Outside-India revenue trajectory (₹95.01 Cr, +30% YoY) as US traction builds and Italy operations ramp
W3
AGL colour-stone acquisition integration and its contribution to the coloured-gemstone certification TAM
Statement in Rs million (÷10 for ₹Cr); figures reconcile exactly to our records. No exceptional/one-off items. Prior FY is a transitional 15-month period and the 31-Mar-2026 (Q4) column is a balancing figure per note 5. Non-controlling interest negligible; ten management-certified subsidiaries posted ₹1.82 Cr aggregate after-tax loss. Standalone PAT +12.5% YoY vs consolidated +31% — divergence driven by overseas subsidiaries.
Informational and educational content only. Not investment advice.