Audited Financial Results for the half year and year ended March 31, 2025

Revenue growth above 20%Profit growth above 25%Results restatedRelated-party transactionsResults View source PDF Explain this filing

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Price reactionminutes from the announcement price · days from the prior close

-10.5%Reaction day

₹1055.00

prior close

₹1030.00

announcement price

After-mkt

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Nifty Microcap 250market · in no size index; the smallest one is used+4.6%-15.2% vs market

Gems, Jewellery And Watches peers, median of 28sector+2.2%-12.7% vs sector

On the reaction day the stock moved 15.2 pts less than Nifty Microcap 250 and 12.7 pts less than its Gems, Jewellery And Watches peers, over the same two closes: a difference in percentage points, not a measure of what the filing did.

Minutes after the announcementfrom the announcement price · no benchmark

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Reaction day

-10.5+4.6-15.2+2.2-12.7

Next day

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-24.2+11.4-35.6+2.7-26.8

UpDownMarket · Nifty Microcap 250Sector · Gems, Jewellery And Watches peers, median of 28Pending

Minute windows have no benchmark: there is no intraday index history to compare against.

AI summary

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.

Likely market impact

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.