International Gemmological Institute (India) Ltd. (IGIL.NS) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

+128.1%

₹928.78

vs ₹407.25 price

Levered DCF

₹869.67

After debt service

Piotroski score

6 / 9

Average

Altman Z-score

27.52

Safe zone

Rating

A-

Overall 4 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021
P/E	27.24×	51.57×	61.51×	84.28×	118.68×
P/B	10.27×	20.74×	-33.69×	60.05×	83.93×
P/S	11.78×	20.92×	22.93×	42.07×	55.83×
EV / EBITDA	18.55×	34.71×	40.02×	59.25×	81.28×
Gross margin	96.7%	95.7%	94.9%	97.2%	96.1%
Operating margin	56.5%	53.0%	51.6%	66.9%	62.8%
Net margin	43.3%	40.6%	37.3%	49.9%	47.0%
Current ratio	5.16×	3.35×	0.33×	7.14×	3.63×
Debt / equity	0.1×	0.14×	-0.25×	0.08×	0.07×
Interest coverage	71.14×	67.54×	44×	122.99×	134.46×
Dividend yield	1.5%	0.9%	0.7%	0.7%	0.7%
Payout ratio	40.2%	44.4%	42.2%	60.4%	86.3%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021
Return on equity	37.7%	40.2%	-54.7%	71.3%	70.7%
Return on invested capital	32.2%	33.3%	-76.0%	63.2%	62.4%
Return on assets	30.3%	28.4%	32.1%	59.1%	53.7%
Free cash flow yield	3.0%	1.6%	1.2%	0.9%	0.9%
Earnings yield	3.7%	1.9%	1.6%	1.2%	0.8%
Enterprise value	₹145.2B	₹220.4B	₹203.2B	₹203.5B	₹203.4B
Net debt / EBITDA	0.06×	0.01×	-0.08×	-0.02×	-0.08×
Cash conversion cycle (days)	-717	-343	-94	-87	-331