BSE: 543709
PNGS GARGI FASHION JEWELLERY L
Sells fashion jewellery — primarily sterling silver pieces (56% of FY26 revenue), 14KT diamond jewellery (34%) and 9KT gold items (3%) — through a network spanning 58 cities and 19 states. The retail mix comprises 38 Exclusive Brand Outlets (EBOs), 34 shop-in-shops inside parent chain P.N. Gadgil & Sons, and 54 shop-in-shops at third-party retailers such as Shoppers Stop. SIS channels together drove roughly 78% of FY26 revenue, with that share guided to fall toward ~65% by FY28 as newly opened EBOs mature. Expansion runs on a franchise-owned-company-operated (FOCO) model that is asset-light and entirely self-funded. FY26 revenue was ₹149.40 crore, with employee cost at 2.1% of revenue, other operating expenses at 14.2%, and depreciation at 1.1%. The business is debt-free, holds ₹78 crore in cash, and runs inventory at 3x turns. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Shop-in-Shop (PNGS + third-party) (78%), Exclusive Brand Outlets (EBOs) (22%). Asset-light, debt-free fashion jewellery retailer expanding via franchise-operated stores
Exhibit 1: Financial summary, FY23–FY26 (all audited; no estimate years)
| ₹ crore · standalone | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|
| Revenue | 29 | 50 | 126 | 149 |
| EBITDA (ex other income) | 7 | 11 | 37 | 39 |
| margin % | 22.9 | 22.2 | 29.6 | 26.4 |
| Owners' profit | 5 | 8 | 29 | 31 |
| EPS, as reported (₹) | 10.20 | 8.79 | 28.62 | 30.05 |
| ROE % · ROCE % | 22.8 · 30.9 | 29.1 · 38.4 | 28.9 · 36.6 | 22.1 · 27.5 |
| Debt / equity (x) | 0.04 | 0.06 | 0.00 | 0.00 |
| Cash from operations | 2 | (12) | 18 | 11 |
| Capex | (1) | (0) | (1) | (4) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q4 FY24 | Q1 FY25 | Q2 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 33 | 44 | 67 | 59 | 27 | 74 | 46 | 76 |
| Profit before tax | 7 | 14 | 21 | 18 | 7 | 21 | 14 | 21 |
| Net profit | 6 | 10 | 16 | 13 | 5 | 16 | 11 | 16 |
| EPS (₹) | 5.72 | 10.86 | 15.91 | 12.80 | 5.13 | 15.02 | 10.13 | 15.03 |
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. % |
|---|---|---|---|---|---|---|---|---|
| Khazanchi Jewellers Limited | 1,757 | 12.4 | 5.50 | — | 28.0 | 37.7 | — | 6.8 |
| UDAY JEWELLERY INDS. LTD. | 711 | 26.9 | 3.43 | — | 17.2 | 23.1 | — | 8.3 |
| PNGS GARGI FASHION JEWELLERY L ◆ | 558 | 11.8 | 3.93 | — | 22.1 | 27.0 | — | 30.4 |
| KD GREEN INDUSTRIES LTD | 273 | 17.3 | 3.79 | 30.5 | 7.0 | 8.6 | — | 16.5 |
| GOLKUNDA DIAMONDS & JEWELLERY | 231 | 16.8 | 2.87 | — | 17.1 | 20.7 | — | 9.0 |
| ASHAPURI GOLD ORNAMENT L | 224 | 10.8 | 1.34 | — | 11.1 | 15.0 | — | 11.4 |
| AJC Jewel Manufacturers Limite | 212 | 50.6 | — | — | — | 28.7 | — | — |
| Patdiam Jewellery Limited | 147 | 7.8 | — | — | — | — | — | — |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 11.8 | 12.9 | 20 of 47 | 59% |
| P/B | 3.9 | 1.0 | 30 of 37 | 19% |
| ROCE | 26.9 | 4.7 | 8 of 50 | 86% |
| ROE | 22.1 | 2.3 | 6 of 37 | 86% |
| Debt / Equity | 0.0 | 0.1 | 1 of 37 | 75% |
| EBITDA margin | 30.4 | 6.8 | 7 of 35 | 82% |
| Revenue growth | 28.3 | 13.8 | 13 of 36 | 66% |
| Profit growth | 18.8 | 1.4 | 16 of 34 | 55% |
| Market cap | 558 | 24 | 3 of 54 | 96% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 21 Oct 2026 · Board meet on Oct 28 to approve Q2 and H1 FY27 results | results | low | — | — |
| 21 Oct 2026 · PNGS Gargi opens new exclusive brand store at Pacific Mall, New Delhi | business updates | low | — | — |
| 11 Oct 2026 · New exclusive brand store opened in Pune | business updates | low | — | — |
| 11 Oct 2026 · PNGS Gargi opens new exclusive brand store in Jaipur | business updates | medium | — | — |
| 7 Oct 2026 · Routine RTA compliance filing for Q2 FY2026 | compliance | minimal | — | — |
| 7 Oct 2026 · Q2 FY27 revenue up 16% YoY at Rs 53.98 cr; EBO share rises to 18.3% | business updates | medium | — | — |
| 28 Sept 2026 · Intimation of Closure of Trading Window. | compliance | minimal | — | — |
| 22 Sept 2026 · Investor meet on Sept 25 via Arihant Capital conference | board shareholder meetings | low | — | — |
| 21 Sept 2026 · New exclusive brand store opened at Boulevard Walk Mall, Greater Noida | business updates | low | — | — |
| 1 Aug 2026 · Newspaper publication of Q1 FY27 unaudited financial results | compliance | minimal | — | — |
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.