International Gemological Institute (IGI) shares extended their rally for a second consecutive session on Friday, October 23, rising 6% after hitting the 10% upper circuit in the previous trading session. The stock has gained 16.5% in just two sessions, as investors responded to the company’s strong September-quarter earnings, which showed double-digit growth in both revenue and profit.
The latest gains have brought the stock closer to its 52-week peak, with robust quarterly performance providing a fresh catalyst for the shares. The stock rose 6% to its day’s high of ₹374.05 per share on BSE.
IGI shares were around 3.5% below their 52-week high of ₹388, recorded in May 2026. The stock’s 52-week low was ₹287.25, touched in January 2026.
IGI, which provides certification and grading services across the gems and jewellery industry, reported a sharp increase in consolidated profit and revenue for the quarter ended September 2026, supported by healthy demand and effective operational execution.
The stock has gained 12% over the past week and 6% over three months. Its six-month advance stands at 3%, while it has risen 6% over the past year.
IGI Q2 results: Profit rises 43%, revenue grows 31%
IGI reported consolidated profit after tax (PAT) of ₹185.8 crore for the second quarter of FY27, marking a 43.14% increase from ₹129.8 crore in the corresponding period last year. Revenue from operations climbed 31% year-on-year to ₹398 crore from ₹303.7 crore in Q2FY26.
Tehmasp Printer, managing director and chief executive officer of IGI, said the company had delivered strong financial growth while maintaining its role as an independent certification provider across different categories of gems and jewellery.
“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.
IGI’s certification services span natural diamonds, laboratory-grown diamonds, jewellery and coloured gemstones. By providing independent assessments, the company serves buyers and sellers seeking verification of the characteristics and quality of their purchases.
Printer also highlighted the growing adoption of lab-grown diamonds, while noting that natural diamonds and coloured gemstones continued to offer important business opportunities. The company’s presence across these categories allows it to cater to different segments of the market rather than depend on a single product category.
Festive demand and holiday buying season in focus
With the jewellery industry approaching a crucial sales period, seasonal demand is expected to remain an important factor for IGI’s business. The company is seeing activity build ahead of India’s festive season and the holiday ordering cycle in the United States, when retailers and manufacturers prepare for higher consumer demand.
Printer said the company was witnessing encouraging trends across its business segments as these seasonal cycles gathered momentum. The upcoming period could therefore be important for assessing whether the demand strength seen in the September quarter continues into the following quarters.
What Lies Ahead?
According to Jigar S Patel, Senior Manager – Technical Research, Anand Rathi Share and Stock Brokers Limited suggests buying on dips for the stock.
“IGIL is displaying a positive technical setup, as the stock is currently trading above all its key moving averages, indicating a healthy price structure. The Relative Strength Index (RSI) also suggests improving bullish momentum, signalling that buying interest remains supportive,” said the expert.
He added that the immediate support is placed near ₹340, which will be crucial for sustaining the current positive trend. On the upside, ₹390 is the key resistance level to watch. Considering the prevailing technical strength, investors and traders may adopt a buy-on-dips strategy, preferably near support, rather than chasing the stock at higher levels. However, a sustained break below ₹340 could weaken the bullish outlook, while a decisive move above ₹390 may open the door for further upside, he suggested.
Meanwhile, Sachin Gupta, VP – Technical Research at Choice Equity Broking noted that IGIL is currently trading at ₹366.30, up 3.71%, and is approaching a crucial resistance level on the daily chart. The stock has been moving within a broad consolidation structure, bounded by a downward-sloping resistance trendline and an upward-sloping support trendline.
The current price action indicates a potential breakout attempt, with a sustained daily close above the upper trendline likely to signal a bullish structural breakout. High-volume expansion during this move supports further upward move, he added. Additionally, the stock is trading above all key moving averages, indicating a positive trend. The RSI also stands at 72.42, reflecting strong bullish momentum, the brokerage stated.
On the downside, ₹350 is the immediate support, followed by a major support zone around ₹330. On the upside, ₹385 is the nearest resistance, while ₹400 is the next important hurdle. A decisive breakout above the descending trendline could support further upside towards these resistance levels, advised the expert.
Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before making any investment decisions.
