Strong Festive Demand Boosts Growth
PN Gadgil Jewellers (PNGJL) is experiencing solid momentum as gold prices stabilize and the festive season strengthens demand. Despite a significant jump in gold prices (around 40% YoY), the company reported a 30% revenue increase in Q1FY26, excluding the benefit from Akshaya Tritiya (shifted to Q2FY25). The festive period drove higher consumer activity, making Q1 a strong quarter for PNGJL.
Sustained Customer Footfalls Support Momentum
The jeweller highlighted that consumer sentiment remains buoyant, with gold price stability over the past few months fueling steady demand. Lower customs duties announced in Q2FY25 further boosted sales, while Rakhi and Shravan festivities drove additional traction. With Ganesh Chaturthi and Diwali ahead, PNGJL expects strong growth to continue, projecting revenue guidance of ₹9,000–9,500 crore for FY26, with an ambitious 17–23% profit margin outlook.
Aggressive New Store Expansion
PNGJL is pursuing rapid expansion with plans to open 20–25 new stores in FY25, on top of its existing 53. Of these, 10–12 will be premium “Lifestyle” jewellery outlets, while the rest will be branded “PNG” stores. Several outlets will also operate under the franchise model, including a COCO (company-owned, company-operated) framework. This mix allows PNGJL to extend its reach while maintaining brand consistency.
Strengthening Presence Across India
The jeweller is not only focusing on its stronghold in Maharashtra but also eyeing new territories. Upcoming stores are planned in Madhya Pradesh and Uttar Pradesh, supported by on-ground research and participation in trade exhibitions. By tailoring designs to local preferences, PNGJL aims to replicate its successful model in newer regions, boosting both sales and brand awareness.
Margins to Improve as Low-Margin Business Exits
In October 2024, PNGJL fully exited its low-margin refinery sales, setting the stage for FY26 to be the first complete year without this drag on performance. With this change, the company expects higher margins as it scales sales of gold and diamond jewellery. In Q1FY26, PNGJL reported an EBITDA margin of 4.5%, an improvement of 260 basis points YoY. For the full year, margins are guided at 7.5–8.5%, reflecting better product mix, premium offerings, and operating leverage from expansion.
Valuations
Source: Company; Moneycontrol Research; FY26,27 nos calculated assuming QIP fund raise concludes by March 27
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…
