NSE: PNGJL · BSE: 544256
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. 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.
Exhibit 1: Financial summary, FY25–FY26 (all audited; no estimate years)
| ₹ 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) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ 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 |
Exhibit 3: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| TITAN COMPANY LIMITED | 3,87,605 | 67.5 | 24.68 | 45.2 | 32.3 | 32.7 | 32.3 | 14.2 |
| KALYAN JEWELLERS IND LTD | 51,637 | 36.0 | 8.19 | 19.5 | 21.4 | 22.1 | 33.0 | 6.5 |
| PC JEWELLER LTD | 16,168 | 16.8 | 1.98 | 19.7 | 8.7 | 8.6 | 3.5 | 27.8 |
| THANGAMAYIL JEWELLERY LTD | 14,841 | 38.0 | 10.48 | — | 24.8 | 30.3 | — | 5.4 |
| SKY GOLD AND DIAMONDS LTD | 14,248 | 42.4 | 11.82 | 32.1 | 23.4 | 29.8 | — | 8.2 |
| BLUESTONE JEWEL LFSTL LTD | 11,457 | 225.8 | 6.35 | 27.5 | 0.7 | 0.7 | — | 16.7 |
| P N GADGIL JEWELLERS LTD ◆ | 7,785 | 17.5 | 3.97 | 13.3 | 20.9 | 26.1 | — | 8.0 |
| ETHOS LIMITED | 6,516 | 61.9 | 3.91 | 25.3 | 5.8 | 7.0 | — | 16.2 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 17.5 | 22.3 | 11 of 29 | 64% |
| P/B | 4.0 | 2.7 | 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 | 7785 | 2897 | 7 of 30 | 79% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 26 Oct 2026 · P N Gadgil Jewellers schedules results call for October 30 | board shareholder meetings | low | — | — |
| 26 Oct 2026 · Board meeting set for October 29 results approval | results | low | — | — |
| 21 Oct 2026 · Postal ballot: ESOP 2026 and director reappointment approved | capital market events | medium | — | — |
| 21 Oct 2026 · Postal ballot approves employee stock option plan and director reappointment | capital market events | medium | — | — |
| 14 Oct 2026 · CRISIL reaffirms A+/Stable rating; bank loan limit raised to Rs 600 crore | credit debt | medium | — | — |
| 12 Oct 2026 · SEBI compliance certificate for quarter ending September 30, 2026 | compliance | minimal | — | — |
| 11 Oct 2026 · PNG Jewellers opens 81st store in Ayodhya, launches Ram Katha collection | business updates | medium | — | — |
| 11 Oct 2026 · PNGJL opens new Legacy store in Ayodhya, total count rises to 81 | business updates | medium | — | — |
| 8 Oct 2026 · PNG Jewellers Q2 FY27 revenue up 22.4%, retail grows 31.1% | business updates | medium | — | — |
| 1 Oct 2026 · P N Gadgil Jewellers informs Exchange about acquisition | strategic transactions | high | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| 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 |
Sources, method and disclosures
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.