Analysts/Institutional Investor Meet/Con. Call Updates

October 28, 2026 BSE Limited National Stock Exchange of India Limited Phiroze Jeejeebhoy Towers, Exchange Plaza, C-1, Block G Dalal Street, Fort, Bandra Kurla Complex Mumbai - 400 001 Bandra (East), Mumbai - 400 051 BSE Scrip Code: 544311 NSE Symbol: IGIL Subject: Transcript of the Earnings Call held for the quarter ended September 30, 2026 Dear Sir/Madam, The Company had intimated, vide its letter dated October 15, 2026, regarding the Earnings Conference Call of International Gemological Institute Limited for the quarter ended September 30, 2026. The conference call was held on October 21, 2026 and the transcript of the call is hereby enclosed. This intimation will be made available on the Company’s website at www.igi.org. This is for your information and record. Thanking you, Yours faithfully, For International Gemological Institute Limited Nitika Dalmia Company Secretary and Compliance Officer Encl: a/a “International Gemological Institute Limited Q2 & H1 FY27 Earnings Conference Call” October 21, 2026 MANAGEMENT: MR. TEHMASP PRINTER – MANAGING DIRECTOR AND CHIEF EXECUTIVE OFFICER MR. EASHWAR IYER – CHIEF FINANCIAL OFFICER MS. NATASHA KEDIA – HEAD OF INVESTOR RELATIONS AND PUBLIC RELATIONS MODERATOR: MR. SUMEET KHAITAN – MUFG INTIME Page 1 of 17 International Gemological Institute Limited October 21, 2026 Moderator: Ladies and gentlemen, good day, and welcome to the Q2 and H1 FY27 Earnings Conference Call of International Gemological Institute Limited, hosted by MUFG Intime. As a reminder, all participant lines will be in the listen-only mode, and there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during the conference call, please signal an operator by pressing star then zero on your touch-tone phone. Please note that this conference is being recorded. I now hand the conference over to Mr. Sumeet Khaitan from MUFG Intime. Thank you, and over to you, sir. Sumeet Khaitan: Good evening, everyone. I welcome you all to the earnings conference call to discuss Q2 and H1 FY27 results of International Gemological Institute Limited. To discuss the results, we have from the management, Mr. Tehmasp Printer, MD and CEO; Mr. Eashwar Iyer, CFO; and Ms. Natasha Kedia, Head of Investor Relations and Public Relations. They will take you through the results and the business performance, which will proceed for Q&A session. Before we proceed with the call, I would like to mention that some of the statements made in the today's call may be forward-looking in nature and may involve risk and uncertainties. For more details, kindly refer to investor presentation and other filings that can be found on the company's website. With this, I now hand over the call to the management for their opening remarks. Over to you, sir. Tehmasp Printer: Good evening, ladies and gentlemen, and thank you for joining the IGI's Quarter 2, half-yearly FY27 earnings call. I trust that you have had the opportunity to review our results and investor presentations, both of which are available on the stock exchanges as well as on our website. I will cover the two things today. First is the quarter, what we have been seeing in the market, and in lab-grown diamonds in particular. Eashwar will take you through the numbers in detail later on. This has been the best quarter in IGI's history. Our volumes, our revenue, our EBITDA, and our profits were all the highest we have ever reported. We issued 4.35 million reports in the quarter. That is 26% more than the same quarter last year. In India, the volumes grew 19% on a year-on-year basis. Revenue from operations grew 31% to INR 3,980 million. For the first half of the year, revenue grew 27%, EBITDA grew 34%, and profit after tax grew 37%. The growth has come from all parts of the business. Lab-grown grew the fastest. Natural diamonds also grew even though the natural market did not. Colored stone growth has been led by AGL, and again, Eashwar will give you the segment numbers later on. Let me start by saying a few words about the market. Page 2 of 17 International Gemological Institute Limited October 21, 2026 In India, the festive season has started. Diwali is on the 8th of November this year. Last year, it was on the 20th of October, and so, some of the festive stocking that happened in September last year is happening in October this year. Even so, demand through the quarter was healthy, and the trade has stocked up well for the season. The initial trends in October driven by the festive demand are also seeing good traction. Gold prices have been high and volatile. The buyers of the natural diamond jewelry are taking a little longer to decide. As such, the results of natural jewelry certification grew only 3% in this quarter. Lab-grown is not seeing this hesitation at all. At our Investor Day in August, we spoke about lab-grown diamonds under three heads: supply, retail, and buyer. Let me take you through each one briefly so that we can see what we saw in this quarter. On supply, large Indian growers are adding reactors and are doubling their capacity in 3 years. Supply is at its base and not at its peak. In the quarter, lab-grown loose certification grew 37%, signalling a robust supply ramp-up. On retail, certification demand is created at the retail end. The certificate costs less than 2% to 3% of the retail price, and it is the very reason why consumers buy with confidence. In India, lab-grown chains are opening up stores, and established jewelers have also launched their own lab-grown brands. In the United States, more than 50% of all bridals are now lab- grown, and other markets are likely to follow this trend. Our lab-grown jewelry certification grew 47% in this quarter as retailers stock up for the season. On the buyers, for many families, lab-grown diamond is the very first diamond that they buy. With increase in household income, they buy more pieces, bigger stones, and over many years, over the coming years, they will move to natural diamonds. We certify natural diamonds, we certify lab-grown diamonds, colored stones, and to the same standards. It is the IGI certificate that makes the lab-grown diamond a diamond, and it is the same certificate that also protects the value of a natural diamond. Furthermore, last month in Bombay, the Union Home Minister, Shri Amit Shah, asked the industry to keep the entire lab-grown diamond chain in Indian hands, from machines to the showrooms. He said the lab-grown market could grow many times over its current size. We welcome this. IGI was the first international laboratory to certify lab-grown diamonds way back in 2005. A market of this size needs an independent standard that the whole world will accept. That is what IGI provides, and that is the role that we intend to keep. Our priorities continue to be focused 1. Accelerate the natural diamond growth and gain market share. Page 3 of 17 International Gemological Institute Limited October 21, 2026 The aim is to grow faster than the market and gain market share. In a market that did not grow, our natural loose certification grew 8%, where our share is the highest in the industry. 2. Continued leadership in lab-grown diamonds. I have covered the numbers. What matters now is the capacity ramp-up and the service through the festive peak, for which we are well prepared. 3. Scale up on gemstone acquisition through the integration of AGL. AGL has been part of the IGI Group since January. We are building colored stone capabilities in our other laboratories using AGL methods, and we have started offering the services to our jewelry clients. The IGI colored gemstone strategy is being shaped in collaboration with AGL, with technical review of IGI process and reporting, along with review and standardization of testing equipment. While we have seen some green shoots, we are working to build a continuous continued momentum in this space, including dedicated setups of large customers. AGL itself is re [Showing first 8,000 characters — download PDF for full document]