PN Gadgil Q2 Update | Silver leads growth; E-commerce segment grows over 100%

PN Gadgil Jewellers Ltd. on Wednesday, October 8, said its retail segment grew 29% in the second quarter, which accounted for 72.2% of its total revenue.

E-commerce drove the non-retail segment as it increased

113.2% in the September quarter in comparison to the previous year. It contributed 6.6% to the total revenue, the company said in its provisional update.

Franchisee operations surged 105%, accounting for 15.6% of the total revenue, it said. Meanwhile, the other segment accounted for 5.6% of the total revenue in the second quarter.

The company said its total revenue of ₹2,173.3 crore, excluding the refinery segment, witnessed a 31% growth in comparison to the year-ago period.  Its refinery business was discontinued from October 1, 2024, and it had contributed ₹343.5 crore in the second quarter last year.

Silver witnessed the strongest performance with 92% growth in value and 59% growth in volume, while gold registered a 24% increase in value and a 15% increase in volume. Diamond sales increased 31% in volume sequentially, resulting in 9% stud ratio, the company said. Its same store sales growth stood at 29% compared to the previous quarter.

"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," the company said.

During the quarter, it launched 8 exclusive showrooms - 5 company-owned outlets (COCO) and 3 franchise outlets (FOCO) - taking the total store count to 63. It also entered the Indore, Kanpur, Lucknow markets and launched its flagship store in Dadar, Mumbai.

For the second half of FY26, the company plans to launch 13-15 new stores, getting it closer to its target of 76-78 stores by the fiscal-end.

Last week, PN Gadgil said it registered 65% year-on-year growth in sales this festive season, including a record ₹428 crore sales during Navratri with high demand for gold.

The jeweller also recorded highest single-day sale of ₹190 crore on Dussehra, the tenth and final day of Navratri festival. This was 64% higher than sales made on the same day last year.

PN Gadgil shares were trading 0.4% up at ₹657.6 apiece around 1.50 pm. The stock has gained 26.2% in the last six months.

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