PNGS Gargi Fashion Jewellery Q2 FY27 results: net profit up 1.2% to ₹15.77 crore, revenue up 14.2%

How did PNGS Gargi Fashion Jewellery perform in Q2 FY27?

PNGS Gargi Fashion Jewellery Ltd reported standalone revenue of ₹84.21 crore in Q2 FY27, compared with ₹73.76 crore in Q2 FY26 and ₹30.22 crore in Q1 FY27. Revenue rose 14.2% year on year and 178.7% from the previous quarter. EBITDA was ₹20.04 crore, against ₹19.36 crore a year ago and ₹5.97 crore in Q1 FY27, while EBITDA margin was 23.8%, down 2.4 percentage points from Q2 FY26 but up 4.0 percentage points from Q1 FY27.

Standalone net profit was ₹15.77 crore, compared with ₹15.59 crore in Q2 FY26 and ₹5.05 crore in Q1 FY27. Profit before tax was ₹21.17 crore, and basic EPS was ₹15.06, against ₹15.02 in Q2 FY26 and ₹4.82 in Q1 FY27. The board approved the unaudited standalone results for the quarter and half year ended 30 September 2026; no consolidated figures were given.

What changed in PNGS Gargi Fashion Jewellery's costs and profit?

Total expenses were ₹66.49 crore in Q2 FY27, up ₹11.12 crore from ₹55.37 crore in Q2 FY26. Employee cost rose ₹0.73 crore to ₹2.15 crore, finance costs increased ₹0.35 crore to ₹0.67 crore, depreciation increased ₹1.01 crore to ₹1.65 crore, and other expenses rose ₹3.36 crore to ₹12.49 crore. Cost of materials was unchanged at ₹0 crore, and there was no exceptional item.

Other income increased ₹0.96 crore to ₹3.45 crore from ₹2.49 crore in Q2 FY26. Profit before tax rose ₹0.29 crore to ₹21.17 crore, while tax increased ₹0.12 crore to ₹5.41 crore. Net profit therefore rose ₹0.18 crore to ₹15.77 crore, and the PAT margin fell 2.4 percentage points to 18.7%. The presentation states that Q2 was a pre-festive planning period, when consumers conserved cash ahead of the key buying season.

What do the balance sheet and cash flow show?

As of 30 September 2026, total assets were ₹216.72 crore, compared with ₹167.46 crore at 31 March 2026. Total equity was ₹157.7 crore, against ₹141.9 crore, and borrowings were ₹0.17 crore, compared with ₹0 crore at the earlier date. Cash was ₹0.18 crore, compared with ₹0.86 crore. Inventories rose from ₹48.24 crore to ₹73.95 crore, trade receivables from ₹13.63 crore to ₹29.77 crore, and trade payables from ₹6.25 crore to ₹33.17 crore.

H1 FY27 net cash from operating activities was ₹6.93 crore, compared with ₹5.87 crore in H1 FY26. Net investing cash flow was negative ₹5.22 crore, compared with negative ₹30.49 crore, while financing cash flow was negative ₹2.39 crore, compared with ₹10.46 crore. Capital expenditure was ₹2.35 crore, against ₹0.57 crore.

How has PNGS Gargi Fashion Jewellery done over the last 8 quarters?

Revenue increased year on year in each of the last three quarters. It reached ₹84.21 crore in Q2 FY27, the highest level in the reported series, compared with the lowest at ₹27.31 crore in Q1 FY26. Net profit also reached its highest point at ₹15.77 crore, while the lowest was ₹5.05 crore in Q1 FY27. The current quarter shows higher revenue and profit than the preceding quarter, after Q1 FY27 recorded lower figures than Q4 FY26.

EBITDA margin was 23.8% in Q2 FY27, higher than 19.8% in Q1 FY27 but below 26.2% in Q2 FY26. The highest margin in the reported series was 31.3% in Q2 FY25, while the lowest was 19.8% in Q1 FY27. Revenue and profit both recovered from Q1 FY27, but the EBITDA margin remained below the level reported in Q2 FY26.

What else did the company announce?

The board approved the unaudited standalone financial results for the quarter and half year ended 30 September 2026 on 28 October 2026. The same-day filing did not report a dividend, fund raise or appointment. The company also submitted its Q2 and H1 FY27 investor presentation to BSE on 28 October 2026.

What did PNGS Gargi Fashion Jewellery's management say?

Management said Q2 revenue from operations grew approximately 16% year on year to ₹540 million, while the company’s standalone Q2 FY27 revenue was ₹84.21 crore. It said Q2 was a pre-festive planning period, when consumers conserved cash ahead of the key buying season, and expected demand to gain momentum in Q3 and Q4, supported by the wedding season, Dussehra, Diwali and year-end celebrations.

Management targeted 20+ new points of sale during FY27, of which 15 had opened by the presentation date, and said it would expand the footprint towards Pan-India, including Hyderabad and Bengaluru in South India. It also said the company was expanding into 14KT diamond-studded collections, 9KT plain gold jewellery and the Utsaav bridal range, while targeting improved store economics and monetisation of newly opened POS by FY2028. Management provided no revenue, margin or cash-flow guidance.

How did PNGS Gargi Fashion Jewellery shares react?

The stock moved down 0.1% after five minutes and 0.8% after 15 minutes following the filing, and was unchanged after 30 minutes. On the reaction day, it fell 1.0% from the pre-results close. By the next day’s close, it was down 3.1% from the pre-results close. The Gems, Jewellery And Watches industry median moved 0.0% on the reaction day and down 0.6% by the next day’s close, making the stock’s excess sector moves negative 0.9 percentage points and negative 2.5 percentage points, respectively.

Earlier reaction-day moves were negative 1.4% on 31 July 2026, negative 4.3% on 6 May 2026, negative 5.0% on 9 February 2026 and positive 20.1% on 29 October 2025. The stock also fell 10.5% on 9 May 2025, while its other earlier reactions were positive 0.6% on 10 July 2025, positive 2.0% on 23 October 2024 and positive 5.6% on 31 July 2024.

How did other Gems, Jewellery And Watches companies do?

Among 13 Gems, Jewellery And Watches peers compared for the quarter, the median revenue growth was 18.3%. Six peers grew revenue more slowly than PNGS Gargi Fashion Jewellery, while seven grew faster. Of the 11 peers for which profit was compared, seven reported higher profit. The peer comparison was as of 4 November 2026.