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P N Gadgil Jewellers Q2 FY27 results: net profit up 52.7% to ₹121.11 crore, revenue up 22.4%
P N Gadgil Jewellers Ltd reported consolidated revenue of ₹2,666 crore for Q2 FY27, up 22.4% from ₹2,178 crore a year earlier, while profit after tax rose 52.7% to ₹121.11 crore. EBITDA rose 93.6% to ₹207.41 crore and the margin expanded 2.9 percentage points to 7.8%, with basic EPS of ₹8.69. On a standalone basis, revenue was ₹2,625.41 crore and profit after tax was ₹119.73 crore.
Key points
- Consolidated revenue of ₹2,666 crore rose 22.4% from ₹2,178 crore in Q2 FY26.
- Consolidated EBITDA of ₹207.41 crore rose 93.6%, with the margin at 7.8% against 4.9%.
- Profit after tax was ₹121.11 crore, up 52.7% from ₹79.31 crore, and basic EPS was ₹8.69.
- For H1 FY27, revenue was ₹5,079.36 crore and profit after tax was ₹226.44 crore, up 52.3%.
- The board approved the unaudited standalone and consolidated results for the quarter and half year ended 30 September 2026.
How did P N Gadgil Jewellers perform in Q2 FY27?
P N Gadgil Jewellers reported consolidated revenue of ₹2,666 crore in Q2 FY27, up 22.4% from ₹2,178 crore in Q2 FY26 and 10.5% from ₹2,413 crore in Q1 FY27. Total income was ₹2,683.58 crore, up 21.2% from ₹2,213.43 crore a year earlier and 10.8% from ₹2,423.02 crore in the previous quarter.
EBITDA rose 93.6% from ₹107.13 crore to ₹207.41 crore, taking the margin to 7.8% from 4.9% and 7.6% in Q1 FY27. Profit before tax was ₹162.54 crore, up 48.9% from ₹109.15 crore, and profit after tax rose 52.7% to ₹121.11 crore from ₹79.31 crore. Basic EPS was ₹8.69, up from ₹5.84.
On a standalone basis, revenue was ₹2,625.41 crore, up 21.9%, and profit after tax was ₹119.73 crore against ₹79.7 crore a year earlier.
| ₹ crore | Q2 FY27 | Q1 FY27 | Q2 FY26 | YoY | QoQ |
|---|---|---|---|---|---|
| Revenue from operations | 2,666 | 2,413 | 2,178 | +22.4% | +10.5% |
| Other income | 17.20 | 10.04 | 35.81 | −52.0% | +71.3% |
| Total expenses | 2,521 | 2,282 | 2,104 | +19.8% | +10.5% |
| EBITDA | 207.41 | 182.37 | 107.13 | +93.6% | +13.7% |
| EBITDA margin | 7.8% | 7.6% | 4.9% | +2.9 pp | +0.2 pp |
| Profit before tax | 162.54 | 140.59 | 109.15 | +48.9% | +15.6% |
| Tax | 41.43 | 35.26 | 29.84 | +38.8% | +17.5% |
| Net profit | 121.11 | 105.33 | 79.31 | +52.7% | +15.0% |
| EPS (₹) | 8.69 | 7.76 | 5.84 | +48.8% | +12.0% |
EBITDA here is revenue from operations less operating costs (total expenses excluding finance costs and depreciation): before other income and exceptional items. Growth is shown only when both figures are positive. Source: Company's results filing (XBRL).
What changed in P N Gadgil Jewellers' costs and profit?
Cost of materials consumed rose 21.2% to ₹2,327 crore from ₹1,920 crore, while employee cost rose 11.4% to ₹45.53 crore. Finance costs increased 110.9% to ₹41.85 crore from ₹19.84 crore and depreciation rose 44.9% to ₹20.22 crore. Other expenses fell 21.1% to ₹86.86 crore from ₹110.11 crore, taking total expenses up 19.8% to ₹2,521 crore.
Other income fell 52.0% to ₹17.20 crore from ₹35.81 crore, while tax expense rose 38.8% to ₹41.43 crore from ₹29.84 crore. There was no exceptional item in the quarter. Despite the higher costs, the EBITDA margin expanded 2.9 percentage points to 7.8% and the PAT margin rose 0.9 percentage points to 4.5%.
Against Q1 FY27, cost of materials rose 11.1% to ₹2,327 crore and finance costs rose 22.9% to ₹41.85 crore, while employee cost fell 11.8% to ₹45.53 crore. Other income increased 71.3% to ₹17.20 crore and tax was ₹41.43 crore, against ₹35.26 crore in the previous quarter.
| ₹ crore | Q2 FY27 | Q2 FY26 | Change | Change % |
|---|---|---|---|---|
| Cost of materials | 2,327 | 1,920 | +407.05 | +21.2% |
| Employee cost | 45.53 | 40.87 | +4.66 | +11.4% |
| Finance costs | 41.85 | 19.84 | +22.01 | +110.9% |
| Depreciation | 20.22 | 13.95 | +6.27 | +44.9% |
| Other expenses | 86.86 | 110.11 | −23.25 | −21.1% |
| Total expenses | 2,521 | 2,104 | +416.76 | +19.8% |
| Other income | 17.20 | 35.81 | −18.61 | −52.0% |
| Tax | 41.43 | 29.84 | +11.59 | +38.8% |
Source: Company's results filing (XBRL).
How did the first half of FY27 go?
In H1 FY27, consolidated revenue was ₹5,079.36 crore, up 30.5% from ₹3,892.18 crore in H1 FY26, while total income rose 29.6% to ₹5,106.6 crore from ₹3,940.87 crore.
Profit before tax increased 50.2% to ₹303.13 crore from ₹201.88 crore. Profit after tax rose 52.3% to ₹226.44 crore from ₹148.65 crore, and EPS was ₹16.25 against ₹10.95.
| ₹ crore | H1 FY27 | H1 FY26 | Change |
|---|---|---|---|
| Revenue from operations | 5,079 | 3,892 | +30.5% |
| Profit before tax | 303.13 | 201.88 | +50.2% |
| Net profit | 226.44 | 148.65 | +52.3% |
| EPS (₹) | 16.25 | 10.95 | +48.4% |
Source: Company's results filing (XBRL).
What do the balance sheet and cash flow show?
Total assets rose to ₹6,467.58 crore on 30 September 2026 from ₹4,964.17 crore on 31 March 2026. Total equity was ₹2,864.89 crore against ₹1,962.73 crore, borrowings ₹1,964.74 crore against ₹1,579.58 crore, and cash ₹48.58 crore against ₹41.7 crore. Inventories rose to ₹4,433.09 crore from ₹3,655.42 crore.
Trade receivables were ₹181.52 crore against ₹62.83 crore and trade payables ₹743.8 crore against ₹575.52 crore at the previous balance sheet date.
In H1 FY27, net cash used in operating activities was ₹363.42 crore, compared with ₹105.62 crore in H1 FY26. Net cash used in investing activities was ₹635.3 crore against ₹162.44 crore, and net cash from financing activities was ₹1,005.61 crore against ₹284.53 crore. Capital expenditure was ₹22.62 crore against ₹25.83 crore.
| ₹ crore | As of 30 September 2026 | As of 31 March 2026 |
|---|---|---|
| Total assets | 6,468 | 4,964 |
| Total equity | 2,865 | 1,963 |
| Borrowings | 1,965 | 1,580 |
| Cash and equivalents | 48.58 | 41.70 |
| Inventories | 4,433 | 3,655 |
| Trade receivables | 181.52 | 62.83 |
Source: Company's results filing (XBRL).
| ₹ crore | H1 FY27 | H1 FY26 |
|---|---|---|
| Cash from operations | −363.42 | −105.62 |
| Cash from investing | −635.30 | −162.44 |
| Cash from financing | 1,006 | 284.53 |
| Capital expenditure | 22.62 | 25.83 |
Source: Company's results filing (XBRL).
How has P N Gadgil Jewellers done over the last 8 quarters?
Revenue over the last eight quarters ranged from ₹1,588.22 crore in Q4 FY25 to ₹3,544.31 crore in Q4 FY26, and the current quarter's ₹2,666.38 crore was higher than the ₹2,177.62 crore of Q2 FY26. Revenue rose year on year in each of the last six quarters, and profit after tax rose year on year in each of the last six quarters as well.
Profit after tax reached ₹170.91 crore in Q3 FY26 and was ₹121.11 crore in Q2 FY27, compared with ₹61.99 crore at the Q4 FY25 low. The EBITDA margin was 7.8% in Q2 FY27, above the 3.8% recorded in Q4 FY26 and the 7.6% of Q1 FY27.
What else did the company announce?
The board met on 29 October 2026 and considered and approved the unaudited standalone and consolidated financial results for the quarter and half year ended 30 September 2026, along with the limited review report issued by the statutory auditors. The meeting began at 12:47 P.M. and concluded at 03:05 P.M.
The company also filed an investor presentation for the quarter ended 30 September 2026 on 29 October 2026. The presentation states that the company raised INR 700 Crs through a QIP that was oversubscribed around 1.5x, and that the Silvostyle acquisition was completed on 1 October 2026. A board meeting intimation filed on 26 October 2026 had stated that the trading window would remain closed until 31 October 2026.
How did P N Gadgil Jewellers shares react?
Earlier results-day moves were mixed: the stock rose 5.7% on 27 July 2026, fell 10.5% on 14 May 2026 and rose 9.1% on 9 February 2026. It also rose 5.5% on 12 August 2025 and 9.3% on 12 February 2025, while falling 0.9% on 12 November 2025 and 6.5% on 5 October 2024.
| After the filing | Stock | Gems Jewellery And Watches median |
|---|---|---|
| Reaction day | +2.6% | +0.6% |
| Next day | −3.1% | −2.6% |
Minutes are measured from the price when the filing appeared; days from the previous close. Source: MarketPing price-reaction measurement.
| Results filed on | Stock on the reaction day |
|---|---|
| 27 July 2026 | +5.7% |
| 14 May 2026 | −10.5% |
| 9 February 2026 | +9.1% |
| 12 November 2025 | −0.9% |
| 12 August 2025 | +5.5% |
| 12 February 2025 | +9.3% |
| 5 October 2024 | −6.5% |
Source: MarketPing price-reaction measurement.
How did other Gems Jewellery And Watches companies do?
Eleven other Gems Jewellery And Watches companies had filed for the quarter by 4 November 2026, and their median revenue growth was 45.1%. Eight of them grew revenue faster than P N Gadgil Jewellers and three grew more slowly than the company's 22.4% revenue growth.
Eight of the 11 peers reported higher profit than a year earlier.
| P N Gadgil Jewellers revenue growth (YoY) | +22.4% |
|---|---|
| Median of 11 other Gems Jewellery And Watches companies | +45.1% |
| Companies with slower revenue growth than P N Gadgil Jewellers | 3 of 11 |
| Companies with faster revenue growth than P N Gadgil Jewellers | 8 of 11 |
| Companies whose net profit rose | 8 of 11 |
Source: Filed results (XBRL) of the industry's companies.
Quick answers
What was P N Gadgil Jewellers' revenue in Q2 FY27?
Revenue from operations was ₹2,666 crore, up 22.4% from ₹2,178 crore in Q2 FY26 (consolidated).
Did P N Gadgil Jewellers make a profit in Q2 FY27?
Yes. Net profit was ₹121.11 crore, against a net profit of ₹79.31 crore in Q2 FY26.
What was P N Gadgil Jewellers' EPS in Q2 FY27?
Basic earnings per share were ₹8.69, against ₹5.84 in Q2 FY26.
How did P N Gadgil Jewellers shares react to the Q2 FY27 results?
On the reaction day the stock moved +2.6% from the previous close; the median Gems Jewellery And Watches stock moved +0.6%.
When did P N Gadgil Jewellers announce its Q2 FY27 results?
On 29 October 2026, in a filing to the BSE.
Sources
- Board Meeting Intimation for Board Meeting To Be Held On October 29, 2026 (BSE, 26 October 2026) · PDF
- Board Meeting Outcome for Outcome Of Board Meeting Dated October 29, 2026 (BSE, 29 October 2026) · PDF
- Results - Financial Results For The Quarter And Half Year Ended September 30, 2026 (BSE, 29 October 2026) · PDF
- The earnings call (30 October 2026)
How this was written: every figure in the tables and charts is calculated from the company’s filed results (XBRL) and MarketPing’s price measurements. The text is drafted with AI from those figures and the filings, and a checker removes any sentence carrying a number it cannot trace to them. How we write these.
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