P N Gadgil Jewellers Limited reported a strong Q2 FY26 performance, with retail segment surging 29% YoY to account for 72.2% of total revenue, bolstered by festive sales from Ganesh Utsav to Navratri and campaigns like Mangalsutra Mahotsav. Non-retail areas shone too, with e-commerce up 113.2% and franchise operations rising 105%, driving overall revenue growth of 31% excluding the discontinued refinery business. Gold, silver, and diamond categories delivered robust volume and value gains, while the company expanded to 63 stores, including new entries in Madhya Pradesh and Uttar Pradesh, eyeing 13-15 more openings in H2 FY26 to reach 76-78 outlets by year-end.
Retail Segment
The retail segment recorded a robust 29% growth in Q2 FY26 compared to the same period in the previous financial year, driven by healthy store-level performance and strong festive season sales, accounting for 72.2% of total revenue.
Non-Retail Segments
• E-commerce: With an increase of 113.2% compared to the same quarter in the previous financial year, it contributed 6.6% to total revenue, reflecting our successful digital expansion and increasing online customer engagement.
• Franchisee Operations: This segment surged by 105% YoY, accounting for 15.6% of total revenue, driven by strong franchisee performance.
• Other: The Other segment accounted for 5.6% of total revenue in Q2 FY26, primarily comprising B2B sales from the Head Office and corporate segment. As mentioned earlier, the refinery business was discontinued effective October 1, 2024; it had contributed Rs. 3,435 Mn in Q2 FY25.
Performance of Continuing Operations
Performance of Continuing Operations During the quarter under review, total revenue excluding the refinery segment delivered a YoY growth of 31%. The following summary presents the revenue breakdown:
Festive Sales
Festive Sales The festive season continues to remain a key driver of our growth, with strong contributions from Ganesh Utsav, Janmashtami, Raksha Bandhan and Navratri. Our Mangalsutra Mahotsav and Painjan Mahotsav also received an exceptional response, further boosting sales.
Product wise and same store sales growth
Product wise and same store sales growth The Gold category registered a 24% increase in value and a 15% increase in volume. The Silver category delivered a strong performance with 92% growth in value and 59% growth in volume. Diamond sales also improved, recording a 31% rise in volume compared to the previous quarter, resulting in the stud ratio reaching 9%. The Same Store Sales Growth (SSSG) stood at a healthy 29%, compared to the previous quarter.
Operational Highlights
Operational Highlights Following the positive response to last year’s Navratri campaign, ‘Nine Days, Nine Stores,’ the Company further expanded its presence during this year’s Navratri, opening 6 Exclusive PNG Jewellers showrooms and 4 LiteStyle shop-in-shop stores.
This quarter also marks a significant milestone in PNG Jewellers’ journey to becoming a leading pan- India player, with entry into Indore in Madhya Pradesh, Kanpur and Lucknow in Uttar Pradesh, along with the launch of a flagship store in Dadar, Mumbai.
During the quarter, the Company launched 8 exclusive showrooms – 5 company-owned outlets (COCO) and 3 franchise outlets (FOCO) – taking the total store count to 63 as of September 30, 2025.
Outlook for FY26
Outlook for FY26 On the expansion front, we continue to focus on accelerating our store rollout plan with 13-15 new openings planned for H2 FY26 – comprising a mix of company-owned (COCO) and franchise-operated (FOCO) outlets. These additions will bring us closer to achieving our target of a 76-78 store network by fiscal year-end.
Key growth markets such as Maharashtra and Goa, where we continue to maintain a leadership position, and other regions such as Madhya Pradesh, Uttar Pradesh and Bihar which presents strong growth potential, will remain at the core of our expansion strategy.
Note
Note: This update provides a summary of the company’s financial performance for the period ended September 30, 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
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. As of September 30, 2025, the Company operates 63 retail stores
- 62 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.
Under Chairman & Managing Director Dr. Saurabh Gadgil, a sixth-generation entrepreneur with 25+ years of experience, P N Gadgil Jewellers has evolved into a contemporary brand with strong customer trust and loyalty.
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