International Gemological Institute shares hit 10% upper circuit- What's fuelling IGI stock rally? Q2 results highlights
International Gemological Institute (IGI) share price was locked in its 10% upper circuit at ₹353.20 apiece on Thursday, October 22, after the company reported strong earnings for the quarter ended September 2026 (Q2FY27). The gemological services provider posted robust growth in both profit and revenue, supported by healthy demand and strong operational execution.
The stock's sharp rally followed a period of mixed performance. IGI shares have gained 8% in one week and 1.5% over the past three months, but declined 2.5% in six months. The stock has added 5% over the past year.
At Thursday's upper-circuit price, the stock was around 9% below its 52-week high of ₹388, recorded in May 2026. Its 52-week low stands at ₹287.25, touched in January 2026.
International Gemological Institute reported a 43.14% year-on-year increase in consolidated profit after tax (PAT) to ₹185.8 crore in Q2FY27, compared with ₹129.8 crore in the corresponding quarter of the previous fiscal year, according to a regulatory filing.
Revenue from operations rose 31% to ₹398 crore during the quarter under review, against ₹303.7 crore in the year-ago period. The growth in revenue and profitability reflected healthy demand trends and strong operational execution during the September quarter.
IGI Managing Director and CEO Tehmasp Printer said the company had delivered strong financial growth while continuing to provide certification services across different segments of the gems and jewellery industry.
“The second quarter of FY27 was marked by healthy demand trends and strong operational execution, with consolidated revenue up 31% and PAT up 43% year-on-year. IGI is category-neutral by design - certifying natural diamonds, lab-grown diamonds, jewellery and coloured gemstones to give buyers and sellers independent, consistent assurance of what they are buying.”
Printer said lab-grown diamonds had begun witnessing higher adoption, while natural diamonds and gemstones continued to represent important growth opportunities for the company. IGI's certification services cover natural diamonds, lab-grown diamonds, jewellery and coloured gemstones, enabling buyers and sellers to obtain independent assessments of their purchases.
The company also expects seasonal demand to remain an important business driver as the industry enters a crucial period for jewellery sales.
Printer added that the festive season in India and the holiday ordering cycle in the US were gaining momentum, with retailers and manufacturers preparing for higher demand. He said the company was seeing encouraging trends across all its business segments as the industry entered this period.
Pranati Deva is a seasoned financial journalist with over a decade of experience in high-pressure newsroom environments, currently working as a Senior Sub Editor at LiveMint. Over the years, she has developed a reputation for sharp editorial judgement, a strong grasp of market dynamics, and the ability to translate complex financial developments into clear, engaging stories for a wide audience. <br><br> Her core areas of coverage include stock markets, leading listed companies, currencies, and commodities, with a particular strength in fast-paced, real-time market reporting. She is known for handling breaking market news, earnings-driven stock movements, and macroeconomic developments with speed, accuracy, and context—qualities that are essential in financial journalism. <br><br> Pranati has built a diverse and credible professional track record across some of India’s most respected news organisations, including MintGenie, CNBC-TV18, Business Standard and EconomicTimes.com. During her stints at these platforms, she produced data-driven market stories, curated and steered live blogs during volatile trading sessions, and conducted interviews with market veterans, fund managers, economists, and industry experts. Her work often combines on-ground reporting with analytical depth, helping readers make sense of daily market fluctuations and longer-term trends. An alumnus of the Symbiosis Institute of Media and Communications and Hansraj College, University of Delhi, Pranati brings a strong academic foundation to her journalism. She specialises in real-time financial reporting, with a keen focus on precision, balance, and insight, aiming to decode market movements in a way that is both informative and accessible to readers across experience levels.
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