P N Gadgil Jewellers Limited delivered an exceptional performance in FY26, reporting revenue of ₹10,744 crore, up 40% YoY, marking a significant milestone in its growth journey. This strong performance was driven by an outstanding Q4, where total revenue increased by 124% YoY, supported by strong retail demand, festive sales, and continued expansion.
Quick Summary
- FY26 revenue stood at ₹10,744 crore, up 40% YoY
- Q4 FY26 revenue surged 124% YoY
- Retail segment grew 102% YoY
- Franchise operations up 132% YoY; e-commerce up 67% YoY
- Same-store sales growth (SSSG) reached 86% YoY
- Diamond segment saw 125% YoY volume growth
- Total store count increased to 78 stores
- Plans to open 25 new stores in FY27
- FY27 revenue target set at ₹13,500 crore
Exceptional Financial Performance
The Company delivered an exceptional performance in FY26, reporting revenue of ₹10,744 crore, up 40% YoY, marking a significant milestone in our growth journey. This strong performance was driven in part by an outstanding Q4, where total revenue increased by 124% YoY.
Retail Segment Growth
The Retail segment recorded 102% YoY growth in Q4 FY26, driven by strong demand during the wedding and festive season.
Non-Retail Segment Performance
Franchise Operations grew by 132% YoY, while E-commerce recorded a 67% YoY increase.
Revenue Breakdown
During the quarter under review, total revenue excluding the other segment delivered a YoY growth of 104%. The details are provided below:
Consolidated Revenue (Rs in Cr) Q4 FY’26 Q4 FY’25
Revenue Excluding Other segment 3,196 1,569
Others segment 356 18
Total Revenue 3,552 1,587
Note – Other segment primarily comprises B2B bullion sales from the Head Office and the corporate segment.
Festive and Event Sales
Foundation Day sales during the period amounted to ₹365 crore, with healthy contribution across all categories. This was followed by a robust festive performance during Gudi Padwa, with sales reaching ₹171 crore, reflecting a 38% YoY growth. Subsequently, Gratitude Day sales to celebrate the milestone of reaching ₹10,000 crore, stood strong at ₹225 crore.
Product Mix and Same Store Sales Growth (SSSG)
Despite rising gold prices, volumes saw positive traction with the gold category increasing by 27% YoY, while silver and diamond volumes rose 37% YoY and 125% YoY, respectively, driving the studded jewellery mix and taking the stud ratio to 9%.
The same-store sales growth (SSSG) for the quarter stood at a robust 86% YoY, highlighting strong customer traction across existing locations.
Operational Highlights
During the quarter, the Company added 8 COCO stores (3 Legacy and 5 LiteStyle) and 4 FOCO (1 Legacy and 3 LiteStyle), taking the total store count to 78 as of March 31st, 2026, comprising 57 COCO stores (48 Legacy and 9 LiteStyle) and 21 FOCO (17 Legacy and 4 LiteStyle).
Market Expansion
The expansion included strengthening our presence in Maharashtra and entering new markets in UƩar Pradesh through store openings in Gorakhpur and Varanasi.
Credit Rating Upgrade
During the quarter, the Company’s long-term rating was upgraded to IND A+/Stable from IND A, while the short-term rating was reaffirmed at IND A1.
Outlook for FY27
We continue to maintain ongoing expansion momentum, with plans to open 25 new stores, with a strong strategic focus on scaling franchise formats, alongside company-owned stores. This is expected to take our total store count to 103 by the end of the fiscal year.
We are targeting revenue of ₹13,500 crore, implying a growth of 25% YoY and an EBITDA margin of 7.5%.
Note
This update provides a summary of the company’s financial performance for the quarter ended March 31, 2026. The results are subject to audit by the Statutory Auditors. Upon approval by the Board of Directors, a detailed information update will follow. The revenue figures mentioned above represent revenue from the sale of goods.
About Us
Established in 1832, P N Gadgil Jewellers Limited is a leading jewellery retailer in India with around 194 years of heritage. The Company offers a wide range of gold, silver, diamond, and platinum jewellery for weddings, festivals, and daily wear. The porƞolio also includes a dedicated sub-brand, Litestyle by PNG, catering to the growing demand for stylish and lightweight jewellery.
As of March 31, 2026, the Company operates 78 retail stores (77 in India and 1 in the U.S.A.).
Under the leadership of Chairman & Managing Director Dr. Saurabh Gadgil, a sixth-generation entrepreneur with over 25 years of experience, P N Gadgil Jewellers has evolved into a contemporary brand with strong customer trust and loyalty.
FAQ Section
What was the total revenue of PN Gadgil Jewellers in FY26?
The company reported total revenue of ₹10,744 crore, marking a 40% YoY growth.
How did the company perform in Q4 FY26?
Q4 FY26 saw a strong performance with total revenue increasing by 124% YoY.
Which segment drove the highest growth?
Franchise operations recorded the highest growth at 132% YoY, followed by retail at 102% YoY.
How did diamond jewellery perform?
Diamond volumes grew significantly by 125% YoY, contributing to the overall product mix.
What is the company’s expansion plan for FY27?
The company plans to open 25 new stores, aiming to reach a total of 103 stores.
What is the revenue target for FY27?
PN Gadgil Jewellers is targeting ₹13,500 crore in revenue with a 25% YoY growth.
Source: SVAR Media Network
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