P N GADGIL JEWELLERS LTD

Sells gold and diamond jewellery through a retail network that operated 78 stores (57 company-owned + 21 franchisee) across 36 cities and 6 states at end-FY26, generating ₹10,739 cr in FY26 revenue (+40% YoY). Retail contributes around 78% of Q1 FY27 revenue, with the balance coming from franchisee stores and an e-commerce channel that earned ₹5,290.7 mn in FY26 (+105.2% YoY); same-store sales rose 46.1% in Q1 FY27 and Akshaya Tritiya festive sales reached ₹251.4 cr. The product mix spans plain gold jewellery, gold bars and coins, and studded/diamond pieces — studded ratio at 10.9% of retail in Q1 FY27 — sold under the legacy PNG brand and the younger-skewing LiteStyle sub-brand. Expansion is franchise-led: the network is planned to reach 103 stores by FY27 end and 177 stores by FY29, entering UP, Bihar, Madhya Pradesh, Gujarat, Haryana, Punjab and Karnataka; non-Maharashtra currently accounts for ~10% of revenue. Gold is the dominant input, taking up 87.9% of revenue as materials cost, and gold hedging is being lifted from ~60% in FY26 to 75–80% in FY27. The business traces back 194 years across six generations.