P N Gadgil reports 3% YoY revenue growth to Rs 1,713 cr in Q1 FY26

During the quarter under review, revenue excluding the refinery segment delivered a YoY growth of 30.4%.

The company?s retail segment, which contributed 70.3% to the company?s total revenue, registered a 19.4% year-on-year growth in Q1 FY26. The performance reflects a steady operational environment at the store level amid cautious consumer sentiment.

The e-commerce segment reported a sharp 126% year-on-year growth in Q1 FY26, contributing 3.9% to total revenue. The performance underscores the success of the company?s digital expansion strategy and growing online customer engagement.

Franchisee operations posted a robust 109% year-on-year growth in Q1 FY26, accounting for 15.7% of total revenue. The strong performance was driven by solid franchisee execution and deeper market penetration.

The other segment, excluding refinery operations, contributed 10.1% to total revenue in Q1 FY26. This segment primarily comprises B2B and corporate sales. As previously disclosed, refinery operations which contributed Rs 353.50 crore in Q1 FY25 were discontinued effective 1 October 2024.

The company?s festive season sales continue to be a key growth driver for the company. On Akshaya Tritiya this year, the company recorded it?s highest-ever single-day festive sales at Rs 139.53 crore, marking a strong 35.1% year-on-year increase.

The share of studded jewellery in retail sales rose 41.6% year-on-year in Q1 FY26, taking the stud ratio to 10%. The rise reflects increasing consumer preference for stud-based designs.

Same-store sales growth (SSSG) for the quarter stood at 8%. The growth was partly impacted by the absence of the Gudi Padwa festival in Q1 FY26, which fell in Q4 FY25 this year. In the previous year, the festival occurred during Q1, affecting like-for-like comparability.

In Q1 FY26, the company expanded its footprint with the launch of Litestyle, a dedicated sub-brand designed to cater to the growing demand for stylish, lightweight jewellery.

Additionally, 2 new showrooms were opened during the quarter ? one COCO (company owned, company operated) and one FOCO (franchise owned, company operated) ? bringing the total store count to 55.

Looking ahead to FY26, the company is focused on accelerating its store rollout, with 7 to 9 new launches a combination of company-owned (COCO) and franchise outlets (FOCO) planned for Q2 FY26. This forms a key part of the broader goal of opening 20-25 new stores during the fiscal year.

The expansion strategy will center on key growth markets such as Maharashtra, where the company maintains a leadership position, as well as high-potential regions like Uttar Pradesh and Madhya Pradesh. These areas will remain pivotal to driving market penetration and increasing accessibility, supporting the company?s growth trajectory.

P N Gadgil is the second-largest jewellery player in Maharashtra in terms of the number of stores as of January 2024. A wide range of precious metal and jewelry products includes gold, silver, platinum, and diamond jewelry across various price ranges and designs. The products are primarily sold under the flagship brand, PNG, as well as various sub-brands, through multiple channels, including retail stores, various online marketplaces, and their own website.

The company?s consolidated net profit rose 12.9% to Rs 61.99 crore on 5% rise in revenue from operations to Rs 1,588.22 crore in Q4 FY25 over Q4 FY24.

Shares of P N Gadgil Jewellers shed 0.63% to Rs 605.90 on the BSE.

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