Unaudited Financial results for the half year ended September 30, 2025
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PNGS Gargi Fashion Jewellery reported H1 FY26 revenue from operations of ₹7,375.92 lakhs, up about 25% from ₹5,894.16 lakhs in H1 FY25 (which included a one-time exceptional sale of ₹2,574.75 lakhs tied to a shift in its Shop-in-Shop business model from FOCO to FOFO). Standalone Q2 FY26 revenue more than doubled to ₹4,644.82 lakhs from ₹2,295.10 lakhs a year ago. Profit after tax for H1 FY26 rose to ₹1,558.78 lakhs versus ₹1,325.53 lakhs, with Q2 PAT nearly doubling to ₹1,027.48 lakhs; EPS for the half year stood at ₹15.02. The store network now spans 33 SIS stores with P.N. Gadgil & Sons, 51 SIS stores with other entities, and 21 exclusive brand outlets. Management highlighted strong festive-season performance and a preferential share allotment to fund pan-India expansion. Cash flow from operations, however, slipped into negative territory at ₹(393.49) lakhs for the half year.
Headline growth looks strong, especially on a like-for-like basis once the prior-year one-time inventory sale is stripped out, supporting the expansion story. The swing to negative operating cash flow despite higher profits is a yellow flag on working-capital efficiency that investors should monitor.