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P N Gadgil Jewellers
posted a robust Q1 business update, reporting 41% year-on-year revenue growth as its retail business continued to drive expansion through strong same-store sales and customer demand.
The jewellery retailer said its retail segment grew 56% year-on-year, led by same-store sales growth (SSSG) of 46%, indicating that growth was largely organic and driven by stronger customer engagement across existing stores. Retail contributed around 78% of total revenue, a meaningful increase from the year-ago period.
The company's franchise business grew 8%, while its e-commerce business expanded 20% year-on-year. It also said the share of lower-margin gold bullion sales within retail revenue had normalised to around 22%, while the growing contribution of retail and studded jewellery continued to improve the overall quality of revenue.
Diamond jewellery remained a key growth driver, lifting the retail stud ratio to 10.9%. The company said its recently launched stores in North and Central India, although contributing only 3.4% of retail sales, are already recording a meaningfully higher stud ratio than its established network in Maharashtra and Goa, validating its expansion strategy.
Operationally, P N Gadgil Jewellers had 78 stores as of June 30, 2026, including 77 in India and one in the US. The company said it remains on track to open around 25 new stores during FY27, taking the network to roughly 103 outlets by the end of the financial year.
The rollout will be phased across the remaining three quarters through a franchise-led approach spanning Maharashtra, Uttar Pradesh, Bihar, Central India and the NCR. It also reiterated that its performance remains in line with its previously stated gross margin and EBITDA margin guidance for FY27.
The update comes after P N Gadgil Jewellers reported a strong set of March quarter results in May. Consolidated net profit rose 45.7% year-on-year to ₹90.2 crore, while revenue more than doubled to ₹3,544.3 crore. EBITDA increased 43.7% to ₹135.1 crore, although EBITDA margin narrowed to 3.8% from 5.9% amid higher gold prices and a change in product mix.
Following the announcement, shares of P N Gadgil Jewellers Ltd were trading at ₹578, down 0.3%, on the NSE.
The jewellery retailer said its retail segment grew 56% year-on-year, led by same-store sales growth (SSSG) of 46%, indicating that growth was largely organic and driven by stronger customer engagement across existing stores. Retail contributed around 78% of total revenue, a meaningful increase from the year-ago period.
The company's franchise business grew 8%, while its e-commerce business expanded 20% year-on-year. It also said the share of lower-margin gold bullion sales within retail revenue had normalised to around 22%, while the growing contribution of retail and studded jewellery continued to improve the overall quality of revenue.
Diamond jewellery remained a key growth driver, lifting the retail stud ratio to 10.9%. The company said its recently launched stores in North and Central India, although contributing only 3.4% of retail sales, are already recording a meaningfully higher stud ratio than its established network in Maharashtra and Goa, validating its expansion strategy.
Operationally, P N Gadgil Jewellers had 78 stores as of June 30, 2026, including 77 in India and one in the US. The company said it remains on track to open around 25 new stores during FY27, taking the network to roughly 103 outlets by the end of the financial year.
The rollout will be phased across the remaining three quarters through a franchise-led approach spanning Maharashtra, Uttar Pradesh, Bihar, Central India and the NCR. It also reiterated that its performance remains in line with its previously stated gross margin and EBITDA margin guidance for FY27.
The update comes after P N Gadgil Jewellers reported a strong set of March quarter results in May. Consolidated net profit rose 45.7% year-on-year to ₹90.2 crore, while revenue more than doubled to ₹3,544.3 crore. EBITDA increased 43.7% to ₹135.1 crore, although EBITDA margin narrowed to 3.8% from 5.9% amid higher gold prices and a change in product mix.
Following the announcement, shares of P N Gadgil Jewellers Ltd were trading at ₹578, down 0.3%, on the NSE.
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