P N Gadgil Jewellers Limited, one of the most reputed jewellers in the country, boasting 194 years of legacy and excellence in craftsmanship and trusted service in the retail business of gold, silver, and diamond jewellery, announced its unaudited financial results for the quarter and half year ended 30 September 2026.
Quick Summary
- P N Gadgil Jewellers reported Q2 FY27 revenue of ₹26,663.8 million, marking 22.4% year-on-year growth.
- EBITDA increased by 57.1% to ₹2,246.1 million, while profit after tax grew 52.7% to ₹1,211.1 million.
- Same-store sales growth reached 25.5%, with retail contributing 77% of total revenue.
- LiteStyle was rebranded as YOOU by PNG, while the acquisition of Silvostyle expanded the company’s presence in silver fashion jewellery.
- The company reported strong diamond and gold jewellery performance and operated 80 stores as of 30 September 2026.
- Most planned store additions for FY27 are scheduled for the second half of the financial year, with a focus on Northern and Central India.
P N Gadgil Jewellers Delivers Strong Q2 FY27 Financial Performance
Pune, 29th Oct 2026 – P N Gadgil Jewellers Limited, one of the most reputed jewellers in the country, boasting 194 years of legacy & excellence in craftsmanship and trusted service in the retail business of gold, silver, and diamond jewellery, announced its unaudited financial results for the quarter and half year ended 30th September 2026.
Financial Snapshot
Financial Snapshot:
| Particulars (INR Mn) | Q2 FY27 | Q2 FY26 | Y-o-Y | Q1 FY27 | Q-o-Q | H1 FY27 | H1 FY26 | Y-o-Y |
|---|---|---|---|---|---|---|---|---|
| Revenue from Operations | 26,663.8 | 21,776.2 | 22.4% | 24,129.8 | 10.5% | 50,793.6 | 38,921.8 | 30.5% |
| EBITDA | 2,246.1 | 1,429.4 | 57.1% | 1,924.1 | 16.7% | 4,170.2 | 2,659.8 | 56.8% |
| EBITDA Margin (%) | 8.4% | 6.6% | 186 bps | 8.0% | 45 bps | 8.2% | 6.8% | 140 bps |
| Profit After Tax | 1,211.1 | 793.1 | 52.7% | 1,053.4 | 15.0% | 2,264.5 | 1,486.5 | 52.3% |
| PAT Margins (%) | 4.5% | 3.6% | 90 bps | 4.4% | 18 bps | 4.4% | 3.8% | 60 bps |
| Basic EPS | 8.69 | 5.84 | — | 7.76 | — | 16.25 | 10.95 | — |
*All financial figures are on consolidated basis.
Segmental Performance Highlights
Segmental Performance Highlights (INR Mn)
Q2 FY27
- Retail: 31.1% growth
- Franchise: 34.7% growth
- E-commerce: -83.6%
- Others*: 1.0%
H1 FY27
- Retail: 42.1% growth
- Franchise: 22.9% growth
- E-commerce: -50.9%
- Others*: -5.0%
*The Others Segment consists of corporate orders.
Retail Revenue Contribution and Same-Store Sales Growth
Key Financial & Operational Highlights:
- Retail Contribution: Retail sales continued to strengthen, with the retail share of total revenue increasing to 77% in Q2FY27 from 72% in Q2FY26, reflecting the Company’s continued focus on expanding its high-margin retail business. Additionally, share of retail revenue from Northern and Central Regions increased to 2.7% in Q2 FY27 from 0.7% in Q2 FY26.
- Strong Same-Store Performance: The Company delivered a robust Same-Store Sales Growth (SSSG) of 25.5% YoY, driven by deeper customer engagement at existing stores.
LiteStyle Rebranded to YOOU
Re-Branded LiteStyle to YOOU: The transition from LiteStyle to YOOU marks a strategic evolution towards a more distinctive, lifestyle-led brand. Designed to reflect consumers’ growing preference for self-expression over occasion-led purchases, YOOU combines contemporary aspirations with the trust and credibility of PNG Jewellers. The rebranding aims to strengthen brand resonance among younger, style-conscious consumers, while the refreshed positioning and contemporary identity are expected to support greater relevance and preference for everyday jewellery. Its impact on stud ratio and brand resonance can be assessed through changes in product mix, customer preferences and engagement following the transition.
Improving Product Mix and Studded Jewellery Performance
Improving Product Mix: The retail stud ratio improved to 11.8% from 9.0% in the same quarter previous year, while the northern & central region delivered a notably stronger performance, achieving a stud ratio of 17.4%; validating the Company’s expansion strategy into markets with structurally higher demand for studded jewellery. Additionally, YOOU by PNG recorded an impressive studded jewellery ratio of 53.1%, reflecting strong customer acceptance of the brand’s lightweight studded offerings.
Product-Wise Performance Across Jewellery Categories
Product-wise Performance: During the quarter, the diamond category continued to witness exceptional momentum, delivering 21% growth in value & 11% growth in volume, underscoring increasing customer preference for studded jewellery and supporting the Company’s premiumization strategy. The Gold Jewellery grew by 47% in value & 4% in volume; Gold Bars & Coins reduced by 24% in value & 48% in volume, whereas silver category increased by 12% in value & reduced by 42% in volume.
Customer Engagement and Store Conversion
Higher Customer Engagement: Healthy customer acquisition continued across markets, with footfalls been at 178,756, while maintaining a robust conversion rate of 88.6%, reflecting strong brand recall, healthy demand and the Company’s ability to consistently convert store visits into purchases.
Average Transaction Value Across Brands
Growth in Transactions & Spending: At the retail level, Company recorded an Average Transaction Value (ATV) of ₹1,22,100, with the Legacy at ₹1,22,423 and YOOU at ₹65,320, reflecting healthy transaction values across its brand portfolio.
CRISIL Reaffirms A+/Stable Credit Rating
CRISIL A+/Stable Credit Rating Reaffirmed: CRISIL has reaffirmed the company’s ‘A+/Stable’ credit rating, reflecting its established credit profile and stable outlook.
Acquisition of Silvostyle
Acquisition of Silvostyle: A sterling silver fashion jewellery brand offering bold, contemporary and trend-led designs for everyday wear, acquired in full on 1 October 2026.
Underlying Operating Performance and Adjusted EBITDA
Underlying Operating Performance: With the current hedging coverage ~80%, the remaining unhedged inventory resulted in an unhedged gain of ₹50 Mn during Q2 FY27, compared to ₹60 Mn in Q2FY26. Excluding this gain, Adjusted EBITDA stood at ₹2,196 Mn, compared to ₹1,369 Mn in the corresponding quarter last year, while the Adjusted EBITDA Margin increased to 8.2% from 6.3%.
Adjusted Profitability and PAT Margins
Adjusted Profitability: Excluding the net impact of the unhedged gain, Adjusted PAT stood at ₹1,174 Mn in Q2FY27, compared to ₹750 Mn in Q2FY26, translating into an Adjusted PAT Margin of 4.4%, as against 3.4% in the corresponding quarter last year.
Expansion Pipeline and Store Network
Expansion Pipeline on Track: During the quarter, the Company remained focused on enhancing the productivity of its existing network while progressing site identification, franchise partner onboarding and operational readiness for its upcoming expansion, with a significant focus on Northern and Central region, in line with its growth strategy.
As of 30th Sept 2026, the Company operated 80 stores (79 in India and 1 in the U.S.A.). A majority of the year’s expansion scheduled across Q3 and Q4 FY27, in line with the Company’s phased rollout plan.
Dr. Saurabh Gadgil on Q2 FY27 Performance and Growth Strategy
Commenting on the performance, Dr. Saurabh Gadgil, Chairman & Managing Director, P N Gadgil Jewellers Limited, said, “We continued to strengthen our retail business in Q2 FY27, with retail contributing 77% of total revenue and same-store sales growth reaching 25.5%. The improvement in our retail stud ratio to 11.8%, alongside a higher stud ratio of 17.4% in the Northern & Central region, reinforces our confidence in the region’s growth potential and validates our expansion strategy.
We are also evolving our brand portfolio to address changing consumer preferences. The rebranding of LiteStyle to YOOU by PNG has strengthened our focus on contemporary, lifestyle-led jewellery, with studded jewellery contributing 53.1% of its sales. The acquisition of Silvostyle further expands our presence in the fast-growing silver fashion jewellery segment.
Looking ahead, we remain focused on disciplined expansion, particularly across Northern and Central India, with most planned store additions scheduled for the second half of FY27. Backed by our 194-year legacy, trusted brand and evolving retail capabilities, we remain committed to sustainable, profitable growth and long-term stakeholder value creation.”
About P N Gadgil Jewellers Limited
Established in 1832, P N Gadgil Jewellers Limited is a leading jewellery retailer in India with around 194 years of legacy. The company offers a wide range of gold, silver, diamond and platinum jewellery for weddings, festivals, and daily wear.
As of September 30th, 2026, the Company operates 80 retail stores – 79 in India and 1 in the U.S.A. The portfolio also includes a dedicated sub-brand, YOOU by PNG, which caters to the growing demand for stylish and lightweight jewellery.
Under the Leadership of Chairman & Managing Director Dr. Saurabh Gadgil, a sixth-generation entrepreneur with 25+ years of experience, P N Gadgil Jewellers has evolved into a contemporary brand with strong customer trust and loyalty.
Safe Harbour Statement
Any forward-looking statements about expected future events, financial and operating results of the Company are based on certain assumptions, which the Company does not guarantee the fulfilment of. These statements are subject to risks and uncertainties.
Actual results might differ substantially or materially from those expressed or implied. Important developments that could affect the Company’s operations include a downtrend in the industry, global or domestic or both, significant changes in t h e political and economic environment in India or key markets abroad, tax laws, litigation, labour relations, exchange rate fluctuations, technological changes, investment and business income, cash flow projections, interest, and other costs. The Company does not undertake any obligation to update forward-looking statements to reflect events or circumstances after the date thereof.
P N Gadgil Jewellers Limited
CIN : L36912PN2013PLC149288
FAQs
What was P N Gadgil Jewellers’ revenue in Q2 FY27?
P N Gadgil Jewellers reported revenue from operations of ₹26,663.8 million in Q2 FY27, an increase of 22.4% year-on-year.
How much did EBITDA and profit after tax grow in Q2 FY27?
EBITDA grew by 57.1% to ₹2,246.1 million, while profit after tax increased by 52.7% to ₹1,211.1 million compared with Q2 FY26.
What was P N Gadgil Jewellers’ same-store sales growth in Q2 FY27?
The company reported same-store sales growth of 25.5% year-on-year.
What is YOOU by PNG?
YOOU by PNG is the rebranded identity of LiteStyle, positioned as a contemporary, lifestyle-led brand focused on self-expression and everyday jewellery.
How many stores did P N Gadgil Jewellers operate as of September 2026?
As of 30 September 2026, the company operated 80 stores, comprising 79 in India and one in the United States.
What are P N Gadgil Jewellers’ expansion plans for FY27?
The company is progressing with store expansion, with most planned additions scheduled for Q3 and Q4 FY27 and a significant focus on Northern and Central India.
Which jewellery categories recorded growth during Q2 FY27?
The diamond category recorded 21% growth in value and 11% growth in volume. Gold jewellery grew 47% in value and 4% in volume, while the silver category increased 12% in value.
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