Audited Financial Results for the half year and year ended March 31, 2025
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PNGS Gargi Fashion Jewellery reported audited FY25 results with revenue from operations at Rs. 12,634.80 lakhs versus Rs. 5,050.94 lakhs in FY24, and profit after tax of Rs. 2,880.68 lakhs versus Rs. 845.85 lakhs. The big jump, however, is largely due to a business model change: the Shop-in-Shop model shifted from Franchisee Operated-Company Owned (FOCO) to Franchisee Owned-Franchisee Operated (FOFO), meaning sales are now recorded at the wholesale level to related party P.N. Gadgil & Sons rather than at end-customer prices. On a comparable FOCO basis, FY25 revenue would have been ~Rs. 8,244.73 lakhs with PBT of ~Rs. 2,328.44 lakhs. EPS stood at Rs. 28.62 (vs Rs. 8.79). The Board also approved a proposal to raise up to Rs. 15 crores via equity shares or other eligible securities (QIP/preferential/rights/private placement), subject to shareholder approval. Auditor Khandelwal Jain & Associates issued an unmodified opinion.
Headline numbers show very strong growth, but the business model change to FOFO means reported sales are now wholesale to the related party and not directly comparable to prior years; investors should look at the comparable FOCO reconciliation before drawing conclusions. The Rs. 15 crore proposed equity raise could lead to dilution and will depend on the price and structure ultimately chosen.