The Retail segment grew 31.1% YoY, with robust same-store sales growth (SSSG) of 25.5% YoY as the primary driver, indicating that the growth was substantially organic in nature, driven by deeper customer engagement at existing stores. As a result, the Retail segment contributed around 77.3% YoY of the total revenue, which is meaningfully higher on a YoY basis. Franchise business grew 34.7% YoY, while E-commerce declined 83.6% YoY, primarily due to a strategic recalibration of the product mix, as the Company deliberately reduced the share of low-margin coin sales and shifted focus toward higher-margin jewellery products to enhance the quality and profitability of the channel.
Quick Summary
- P N Gadgil Jewellers reported Q2 FY27 revenue growth of 22.4% YoY despite the Navratri festive period shifting to Q3.
- Retail grew 31.1% YoY, with same-store sales growth of 25.5% YoY.
- Franchise business grew 34.7% YoY, while E-commerce declined 83.6% YoY.
- Gold revenue grew 23.5%, diamond 21.0%, and silver 12.0% YoY.
- The company opened 2 new stores during the quarter and had 80 stores as of September 30, 2026.
- The company plans to open approximately 23 new stores during FY27.
P N Gadgil Jewellers Q2 FY27 Revenue Update
The Company delivered a healthy performance in Q2FY27, reporting revenue growth of 22.4% YoY, despite the shift in the Navratri festive period to Q3 this year.
Gold Coin Sales and Revenue Mix
The share of gold coin & bar sales in retail revenue normalised to ~15.8%, compared with ~23.3% in the same quarter previous year. The continued moderation in the lower-margin gold coin business, coupled with the increasing contribution from retail and studded jewellery, is driving a sustained improvement in the overall quality and profitability of the revenue mix.
Raksha Bandhan Sales
During the festive period of Raksha Bandhan, Rakhi Sales witnessed strong growth of 114% in terms of pieces sold and 142% in terms of value, compared with the same quarter previous year.
Gold, Diamond and Silver Sales Mix
The Company recorded strong growth across categories during the quarter, with gold revenue growing by 23.5%, diamond by 21.0%, and silver by 12.0% YoY. The growth in diamond sales reflects the growing consumer preference for studded jewellery across our existing and new markets. As a result, the studded jewellery mix improved, with the retail stud ratio rising to 11.8% for the quarter compared to 9.0% in the same quarter previous year, while the northern region delivered a notably stronger performance, achieving a stud ratio of 17.4%.
Old Gold Exchange
The share of old gold exchange as a percentage of sales also increased to 38% in Q2 FY27, compared with 29% in Q2 FY26, reflecting growing consumer participation in gold exchange and recycling as more customers choose to bring in their existing gold to upgrade to new jewellery. This rising share of old gold supports the broader objective of putting idle household gold back into circulation, thereby helping reduce dependence on fresh gold imports.
Brand Evolution and New Stores
The Company has transitioned LiteStyle to YOOU, marking a strategic evolution towards a more distinctive and contemporary brand identity. As consumers increasingly shift towards self-expression, everyday wear and lifestyle-led jewellery, YOOU is positioned to address these evolving aspirations through a differentiated product and brand proposition, while leveraging the trust, heritage and credibility of PNG Jewellers. During the quarter, we opened 2 new stores, comprising one Legacy store in Gurugram and one YOOU store in Amanora Mall, Pune. Our focus remained on strengthening the performance of the existing store network, accelerating site identification and franchise partner onboarding for upcoming launches, and enhancing operational readiness to ensure the effective execution of our expansion pipeline over the remainder of the year.
Store Network
The total store count as of Sept 30th, 2026, stood at 80 (79 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.
P N Gadgil Jewellers FY27 Outlook
We remain on track to open further ~23 new stores during FY27, taking the total store count to around ~103 stores by year-end. The rollout will be phased over the remaining two quarters, with launches accelerating, driven primarily by a franchise-led expansion strategy across both Legacy and YOOU format stores. With the Ayodhya store expected to open by mid-October and the Prayagraj store by early November, the Company continues to make steady progress on its expansion plans. In addition, 10 store commitments, comprising 6 Legacy and 4 YOOU stores, have already been secured, with several more opportunities in the pipeline, predominantly across the Northern and Central regions of India. While continuing to strengthen our operational excellence in Maharashtra, we are strategically expanding our presence across Northern & Central Region of India, with a focus on building a strong and scalable footprint across these high-potential markets.
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 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, YOOU by PNG, catering to the growing demand for stylish and lightweight jewellery. As of September 30th, 2026, the Company operates 80 retail stores (79 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 26 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 Q2 FY27?
The Company reported revenue growth of 22.4% YoY in Q2 FY27.
How did the retail segment perform in Q2 FY27?
How many stores did P N Gadgil Jewellers have as of September 30, 2026?
The company had 80 stores: 79 in India and 1 in the U.S.A.
How many new stores does the company plan to open in FY27?
The company remains on track to open approximately 23 new stores during FY27.
Which brand replaced LiteStyle?
The Company has transitioned LiteStyle to YOOU.
Source: SVAR Media Network
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