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. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Retail jewellery (78%), Gold bars and coins, E-commerce, Franchisee stores. Cyclical, gold-price-sensitive retail jewellery; franchise-led store expansion with rising gold-hedge coverage.
| ₹ crore · consolidated | FY25 | FY26 |
|---|---|---|
| Revenue | 7,693 | 10,739 |
| EBITDA (ex other income) | 336 | 613 |
| margin % | 4.4 | 5.7 |
| Owners' profit | 218 | 409 |
| EPS, as reported (₹) | 17.10 | 30.20 |
| ROE % · ROCE % | 14.0 · 20.2 | 20.9 · 30.5 |
| Debt / equity (x) | 0.53 | 0.80 |
| Cash from operations | (675) | (717) |
| Capex | (53) | (65) |
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 2,001 | 2,436 | 1,588 | 1,715 | 2,178 | 3,303 | 3,544 | 2,413 |
| Profit before tax | 46 | 115 | 85 | 93 | 109 | 228 | 122 | 141 |
| Net profit | 35 | 86 | 62 | 69 | 79 | 171 | 90 | 105 |
| EPS (₹) | 2.57 | 6.34 | 4.57 | 5.11 | 5.84 | 12.59 | 6.65 | 7.76 |
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| TITAN COMPANY LIMITED | 4,44,743 | 77.5 | 28.32 | 51.7 | 32.3 | 32.7 | 32.3 | 14.2 |
| KALYAN JEWELLERS IND LTD | 62,083 | 43.3 | 9.84 | 23.4 | 21.4 | 22.1 | 33.0 | 6.5 |
| THANGAMAYIL JEWELLERY LTD | 15,910 | 40.7 | 11.24 | — | 24.8 | 30.3 | — | 5.4 |
| BLUESTONE JEWEL LFSTL LTD | 13,640 | 268.8 | 7.57 | 32.5 | 0.7 | 0.7 |
| Date · filing | Category | Importance | 1-day % | 5-day % |
|---|---|---|---|---|
| 11 Sept 2026 · Board meeting on Sept 19 to consider Employee Stock Option Plan | corporate actions | medium | — | — |
| 7 Sept 2026 · Notice of 13th AGM and Remote E-Voting Information Published | compliance | minimal | — | — |
| 5 Sept 2026 · Weblink of Annual Report FY2025-26 sent to shareholders | investor communications | medium | — | — |
| 5 Sept 2026 · PNG Jewellers files BRSR for FY26; turnover Rs 7,630 cr, 78 stores | compliance | low | — | — |
| 5 Sept 2026 · 13th AGM notice on Sep 28, 2026 via video conferencing | board shareholder meetings | low | — | — |
| 5 Sept 2026 · PNG Jewellers FY26 Annual Report: Revenue Crosses Rs 10,000 Cr, PAT Up 88% | board shareholder meetings | medium | — | — |
| 31 Aug 2026 · Notice of 13th AGM via video conferencing published in newspapers | compliance | minimal | — | — |
| 20 Aug 2026 · PNGJL to acquire 100% of Silvostyle Jewellers for Rs 27.96 Cr | strategic transactions | high | — | — |
| 20 Aug 2026 · PNGJL to acquire Silvostyle Jewellers for Rs 27.96 Cr; AGM on Sep 28 | board shareholder meetings | low | — | — |
| 20 Aug 2026 · PNGJL to acquire 100 percent stake in Silvostyle Jewellers for Rs 27.96 Cr | strategic transactions | high | — | — |
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) |
| — |
| 16.7 |
| PC JEWELLER LTD | 13,342 | 13.9 | 1.63 | 16.5 | 8.7 | 8.6 | 3.5 | 27.8 |
| SKY GOLD AND DIAMONDS LTD | 12,822 | 38.2 | 10.63 | 29.1 | 23.4 | 29.8 | — | 8.2 |
| P N GADGIL JEWELLERS LTD ◆ | 8,307 | 18.6 | 4.23 | 14.1 | 20.9 | 26.1 | — | 8.0 |
| ETHOS LIMITED | 7,118 | 67.7 | 4.28 | 27.7 | 5.8 | 7.0 | — | 16.2 |
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 18.6 | 23.4 | 13 of 29 | 57% |
| P/B | 4.2 | 2.8 | 20 of 28 | 30% |
| ROCE | 26.1 | 16.7 | 7 of 28 | 78% |
| ROE | 20.9 | 14.6 | 8 of 28 | 74% |
| Debt / Equity | 0.8 | 0.3 | 26 of 28 | 7% |
| EBITDA margin | 8.0 | 10.7 | 20 of 30 | 35% |
| Revenue growth | 40.7 | 45.7 | 15 of 25 | 42% |
| Profit growth | 51.9 | 49.8 | 9 of 25 | 67% |
| Market cap | 8307 | 2587 | 7 of 30 | 79% |
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| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.
