P N Gadgil Jewellers Limited has reported a strong start to FY27 with a 41% year-on-year increase in revenue, supported by exceptional retail growth, higher same-store sales, an improving jewellery mix, and continued expansion plans. The company’s performance reflects growing consumer demand across jewellery categories while reinforcing its long-term strategy of strengthening retail operations and expanding into new markets across India.
Quick Summary
- Revenue increased 41% YoY in Q1 FY27.
- Retail segment recorded 56% YoY growth with 46% same-store sales growth.
- Retail contributed around 78% of total revenue.
- Franchise business grew 8% YoY and E-commerce grew 20% YoY.
- Retail stud ratio improved to 10.9%.
- Company plans to open around 25 new stores in FY27.
- Total store count expected to reach around 103 by the end of FY27.
- Financial performance remains in line with FY27 Gross Margin and EBITDA guidance.
Revenue Update
The Company delivered a strong performance in Q1 FY27, reporÆŸng robust revenue growth of 41% YoY.
The Retail segment grew 56% YoY, with robust same-store sales growth (SSSG) of 46% YoY as the primary driver, indicaÆŸng that the growth was substanÆŸally organic in nature, driven by deeper customer engagement at exisÆŸng stores. As a result, the Retail segment contributed around 78% of the total revenue, which is meaningfully higher on a YoY basis.
Franchise and E-com business grew by 8% & 20% respecÆŸvely YoY.
Share of gold bullion sales in Retail revenue is normalized and on a stable level of ~ 22% as compared to a higher share in the previous quarter. The consistent reducÆŸon in the lower-margin bullion business, alongside the rising contribuÆŸon of retail and studded jewellery, conÆŸnues to drive a structural improvement in the overall quality of revenue.
Product Mix
The Company recorded strong growth across categories. Diamond jewellery growth reflects the growing consumer preference for studded jewellery across our exisÆŸng and new markets. As a result, the studded jewellery mix improved, with the retail stud raÆŸo rising to 10.9%.
Notably, our recently launched stores across Northern and Central India, though sÆŸll contribuÆŸng around 3.4% of Retail sales, are already recording a meaningfully higher stud raÆŸo than our established network in Maharashtra and Goa. This early evidence validates our strategy of expanding into new geographies where the preference for studded jewellery is structurally stronger. As the contribuÆŸon of these stores rises with the planned expansion over the coming quarters, this mix advantage is expected to scale meaningfully at the company level.
Operational Highlights
During the quarter, our focus remained on strengthening the performance of the exisÆŸng network, advancing site idenÆŸficaÆŸon and franchise partner onboarding for upcoming launches, and building the operaÆŸonal readiness required to execute the expansion pipeline for the remainder of the year.
The total store count as of June 30th, 2026, stood at 78 (77 in India and 1 in the U.S.A.), with the store rollout for the year planned from the subsequent quarters onwards, in line with our phased expansion calendar.
Outlook for FY27
Financial performance for the quarter remains in line with our previously stated Gross margin and EBITDA margin guidance for FY27, and we remain confident of delivering on the same.
Further, we remain on track with our stated plan of opening ~25 new stores during the fiscal year, taking the total store count to ~103 by the end of FY27. The rollout will be phased across the remaining three quarters of the year, with a progressively acceleraÆŸng launch calendar and a franchise-led approach across both Legacy and LiteStyle formats; deepening our presence in Maharashtra while progressively expanding into UÆ©ar Pradesh, Bihar, Central India and the NCR region.
Note
Note: This update provides a summary of the company’s financial performance for the quarter ended June 30th, 2026. The results are subject to limited review by the Statutory Auditors. Upon approval by the Board of Directors, a detailed informaƟon update will follow. The revenue figures menƟoned 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 plaÆŸnum jewellery for weddings, fesÆŸvals, and daily wear. The porÆžolio also includes a dedicated sub-brand, Litestyle by PNG, catering to the growing demand for stylish and lightweight jewellery.
As of June 30th, 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-generaÆŸon entrepreneur with over 25 years of experience, P N Gadgil Jewellers has evolved into a contemporary brand with strong customer trust and loyalty.
FAQs
What was P N Gadgil Jewellers’ revenue growth in Q1 FY27?
The Company reported a robust revenue growth of 41% year-on-year in Q1 FY27.
How did the retail segment perform during the quarter?
The retail segment grew 56% YoY with same-store sales growth (SSSG) of 46% YoY and contributed around 78% of total revenue.
What was the growth in Franchise and E-commerce businesses?
The Franchise business grew by 8% YoY, while the E-commerce business registered 20% YoY growth.
How did the product mix improve?
The retail stud ratio increased to 10.9%, reflecting stronger demand for diamond and studded jewellery.
How many stores does the company currently operate?
As of June 30, 2026, the company operates 78 stores, including 77 in India and one in the U.S.A.
What are the expansion plans for FY27?
The company plans to open around 25 new stores during FY27, taking the total network to approximately 103 stores by the end of the financial year.
Source: SVAR Media Network
About SVAR Media Network – India’s Best Source for Jewellery News, Magazines, Newsletters and Media
SVAR Media Network is India’s No. 1 Destination for Jewellery News, setting the gold standard in timely, trusted, & trend-driven coverage across the Gems & Jewellery industry. As the Most Followed Jewellery Magazine & Media House in India, SVAR delivers Daily Jewellery News India Updates, market insights, & global developments through its platforms like Jewellery Magazine, Newsletters, AI Powered News Bulletins, Website, Social Media, Podcasts, & much more.
Recognized as Asia’s one of the Best Media in Jewellery & one of the World’s Best Jewellery Media, SVAR Media Network sets Unparalleled Standards in the Gems & Jewellery industry. SVAR is the Most Trusted & Widely Read Voice in the Gems & Jewellery Community.
Renowned as India’s Best Jewellery Magazine & Leading Jewellery Media, SVAR blends legacy with cutting-edge innovation by delivering:
- Best in class Jewellery Magazine for the Gems & Jewellery Industry & Jewellery Enthusiasts
- Real-time AI-Powered Jewellery News via SVARA AI, the World’s First AI Anchor in Fashion, Gems & Jewellery Industry
- India’s One of the First Gems & Jewellery Podcasts
- Digital Jewellery Newsletters for professionals and enthusiasts
- ISO 9001:2015 Certification, the first in the jewellery-media sector, proving our commitment to excellence
- Asia’s First & World’s Second Meta Verified Jewellery Media Brand
Ranked #1 among the Top 5 Gems & Jewellery News Websites, Top 10 Jewellery Magazines in India, & Most Influential Jewellery Media Brands, SVAR Media Network is your Trusted Source for Accurate, Fast, & Future-Focused Jewellery News.
SVAR Media Network is India’s No 1 Digital Media in Jewellery Industry & continues to be the Leading Jewellery Magazine & a Global Leader in Jewellery Media. SVAR Media Network offers a diverse range of services, including: Monthly Magazines, Digital Newsletters, Al-Driven News Bulletins, Social Media Promotions, Website Blogs & Articles, WhatsApp Updates, Podcasts & more…
Whether you seek updates on New Launches, Trade Shows, Celebrity Campaigns, Trends or Market Movements, SVAR is the Authority in Jewellery News India & beyond.
Explore the World of Gems & Jewellery with SVAR Media Network — Your Best Source for Trusted, Trend-Setting Jewellery News & Mediapp Updates, Podcasts & more…
