P N Gadgil Jewellers Limited has reported a record-breaking start to FY27, delivering its highest-ever first-quarter revenue of ₹24,130 million. The company achieved strong year-on-year growth across revenue, EBITDA and profit after tax, supported by robust retail sales, rising demand for studded jewellery, strong festive performance and continued operational excellence.
Quick Summary
- Q1 FY27 revenue reached ₹24,129.8 million, up 40.7% YoY.
- EBITDA grew 56.6% YoY to ₹1,924.1 million.
- PAT increased 51.9% YoY to ₹1,053.3 million.
- Retail contribution increased to 78% of total revenue.
- Same-Store Sales Growth (SSSG) stood at 46.1% YoY.
- Diamond category delivered 29% value growth and 26% volume growth.
- Akshay Tritiya sales rose 80.3% YoY to ₹2,514.1 million.
- Footfalls increased 25.9% YoY with a conversion rate of 91.8%.
- Company operated 78 stores as of June 30, 2026.
- Expansion across Northern and Central India remains on track.
Record Financial Performance in Q1 FY27
P N Gadgil Jewellers Limited, one of the most reputed jewellers in the country, boasting 194 years of excellence in craftsmanship and trusted service in the retail business of gold, silver, and diamond jewellery, announced its unaudited financial results for the quarter ended 30th June 2026.
P N Gadgil Jewellers Delivers Record Q1 FY27 Revenue of 24,130 Mn; with 41% Revenue Growth, 57% EBITDA Growth & 52% PAT Growth; YoY.
Segmental Performance Highlights
Revenue from Operations stood at ₹24,129.8 million in Q1 FY27 compared to ₹17,145.6 million in Q1 FY26, registering 40.7% year-on-year growth. EBITDA increased to ₹1,924.1 million from ₹1,228.5 million, representing 56.6% growth, while EBITDA margin improved to 8.0%. Profit After Tax rose to ₹1,053.3 million from ₹693.4 million, reflecting 51.9% growth and a PAT margin of 4.4%.
Strengthening Retail Contribution
Retail sales continued to strengthen, with the retail share of total revenue increasing to 78% in Q1 FY27 from 70% in Q1 FY26, reflecting the Company’s continued focus on expanding its high-margin retail business.
Strong Same-Store Sales Growth
The Company delivered a robust Same-Store Sales Growth (SSSG) of 46.1% YoY, driven by healthy customer footfalls and higher transaction volumes.
Improving Product Mix and Studded Jewellery Growth
The retail stud ratio improved to 10.9% from 9.9% in the previous quarter. Notably, the recently launched stores across Northern and Central India are delivering a significantly higher stud ratio in the range of 15% to 18%, validating the Company’s expansion strategy into markets with structurally higher demand for studded jewellery. Additionally, LiteStyle by PNG recorded an impressive stud ratio of 32.9%, highlighting strong customer acceptance of the newly launched lightweight jewellery brand.
Healthy Gold Retail Mix
Retail sales of Gold vedhani, bars and coins (GBC) accounted for 21.7% of total retail revenue during the quarter, while the average gold purchase per invoice is 4.84 grams. The Company’s (GBC) strategy continues to strengthen customer acquisition and retention, with the conversion to jewellery ratio improving to 53% in Q1 FY27 from 46% in FY26, and reinforcing the long-term value of this customer lifecycle strategy.
Strong Performance Across Product Categories
During the quarter, the diamond category continued to witness exceptional momentum, delivering 29% growth in value and 26% growth in volume, underscoring increasing customer preference for studded jewellery and supporting the Company’s premiumization strategy. The gold category recorded a robust 54% growth in value, while volumes remained broadly stable with only a 1% YoY moderation, reflecting healthy demand despite elevated gold prices. The silver category registered 131% growth in value, even as volumes softened slightly by 7% YoY.
Outstanding Akshay Tritiya Performance
The Company delivered a strong Akshay Tritiya performance, with festive sales increasing 80.3% YoY to ₹2,514.1 million, driven by robust consumer demand, effective festive campaigns and continued market share gains during the festive season.
Higher Customer Engagement and Spending
Healthy customer acquisition continued across markets, with footfalls increasing 25.9% YoY to 214,587, while maintaining a robust conversion rate of 91.8%, reflecting strong brand recall, healthy demand and the Company’s ability to consistently convert store visits into purchases. Transaction volumes increased 26.3% YoY, while the Average Transaction Value (ATV) is ₹92,264, indicating healthy customer engagement and higher spending per visit.
Strengthened Hedging Framework
The Company further enhanced its risk management practices by increasing its overall hedge coverage to approximately 70%, significantly reducing exposure to gold price volatility. The Company intends to increase hedge coverage to 80%+ in the near term, with a long-term objective of achieving near-full inventory hedge coverage (~100%), thereby enhancing earnings stability and reducing commodity price risk.
Improved Adjusted Profitability
The remaining unhedged inventory resulted in a unhedged gain of ₹97 million during Q1 FY27, compared to ₹101 million in Q1 FY26. Excluding this unhedged gain, Adjusted EBITDA increased to ₹1,827 million from ₹1,128 million, with the Adjusted EBITDA Margin improving to 7.6% from 6.6% in the corresponding quarter last year. Excluding the net impact of the unhedged gain, Adjusted PAT stood at ₹981 million in Q1 FY27, compared to ₹618 million in Q1 FY26, translating into an Adjusted PAT Margin of 4.1%, as against 3.6% in the corresponding quarter last year.
Expansion Plans Remain 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 June 2026, the Company operated 78 stores (77 in India and 1 in the U.S.A.). A few store launches are planned during Q2 FY27, with the majority of the year’s expansion scheduled across Q3 and Q4 FY27, in line with the Company’s phased rollout plan.
Chairman & Managing Director’s Perspective
Commenting on the performance, Dr. Saurabh Gadgil, Chairman & Managing Director, P N Gadgil Jewellers Limited, said, “We are delighted to commence FY27 on a strong note, delivering our highest-ever first quarter with revenue of ₹24,130 million, representing 41% year-on-year growth, while EBITDA increased by 57% & Profit After Tax increased by 52%. This performance reflects the strength of the PNG brand, healthy consumer demand across categories and our continued focus on disciplined execution, operational excellence and customer-centric innovation.”
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. As of June 30th, 2026, the Company operates 78 retail stores – 77 in India and 1 in the U.S.A. The portfolio also includes a dedicated sub-brand, LiteStyle by PNG, which caters to the growing demand for stylish and lightweight jewellery.
FAQs
What was P N Gadgil Jewellers’ revenue in Q1 FY27?
The company reported revenue from operations of ₹24,129.8 million in Q1 FY27.
How much did EBITDA grow in Q1 FY27
EBITDA grew 56.6% year-on-year to ₹1,924.1 million.
What was the PAT growth reported by the company?
Profit After Tax increased 51.9% year-on-year to ₹1,053.3 million.
How many stores does P N Gadgil Jewellers operate?
As of June 30, 2026, the company operated 78 stores, including 77 in India and 1 in the United States.
How did the diamond category perform during the quarter?
The diamond category delivered 29% growth in value and 26% growth in volume during Q1 FY27.
What was the retail contribution to total revenue?
Retail contribution increased to 78% of total revenue in Q1 FY27, compared to 70% in Q1 FY26.
Source: SVAR Media Network
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