The Retail segment delivered strong revenue growth 46% in Q3 FY26 compared to the same period in the previous financial year, accounting for 83.2% of total revenue. The growth was primarily driven by strong festive and wedding season demand.
Non-Retail Segments
- E-commerce: This segment recorded a 138% increase compared to the same quarter in the previous financial year; it contributed 5.1% to total revenue.
- Franchisee Operations: This segment grew by 12% YoY, accounting for 7.7% of total revenue
During the quarter under review, total revenue excluding the other segment delivered a YoY growth of 46%. The details are provided below:
| Consolidated Revenue (Rs in Cr) | Q3 FY’26 | Q3 FY’25 |
| Revenue Excluding Other Segment | 3,169 | 2,176 |
| other segment | 133 | 259 |
| Total Revenue | 3,302 | 2,435 |
- Other segment: It accounted for 4% of total revenue in Q3 FY26, primarily comprising B2B bullion sales from the Head Office and corporate segment.
Festive Sales
- Dussehra sales stood at ₹190 crore, reflecting a strong 64% YoY growth.
- Dhanteras registered a revenue of ₹277 crore, marking the highest-ever single-day festive sales for the company. Consequently, total Diwali sales aggregated to ₹606 crore, registering a robust 74% YoY growth.
- October 2025 witnessed the highest-ever monthly revenue of ₹1,807 crore, representing a significant 72% YoY increase.
Product Mix and same store sales growth
The studded jewellery contribution for the 9M FY26 increased by 52% YoY, taking the stud ratio to 8.4 %. Further, the Same-store sales growth (SSSG) for the quarter stood at 32%.
Operational Highlights
During the quarter, the Company launched 3 exclusive company owned outlets, taking the total store count to 66 as of December 31, 2025.
Outlook for FY26
On the expansion front, Company continues to focus on accelerating our store rollout plan, with 12-14 new openings planned for Q4 FY26, comprising a mix of company owned (COCO) and franchisee operated (FOCO) outlets. These additions will enable us to achieve our target of 78-80 stores by the end of the fiscal year.
Note
This update provides a summary of the company’s financial performance for the period ended December 31, 2025. The results are subject to limited review 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 193 years of heritage. The Company offers a wide range of gold, silver, diamond, and platinum jewellery for weddings, festivals, and daily wear. The portfolio also includes a dedicated sub-brand, Litestyle by PNG, catering to the growing demand for stylish and lightweight jewellery.
As of December 31, 2025, the Company operates 66 retail stores (65 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.
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