P N Gadgil Jewellers clocks 41% YoY growth in Q1 revenue; retail revenue share rises to 78%

The Retail revenue increased 56% YoY, driven by robust same-store sales growth (SSSG) of 46%, highlighting strong demand across its existing store network. Consequently, the retail business contributed around 78% of the company's total revenue during the quarter, reflecting an increased share in the overall revenue mix.

The franchise business recorded 8% YoY growth, while the e-commerce segment registered 20% YoY growth.

The company stated that the share of lower-margin gold bullion sales in retail revenue has normalized to around 22%, compared with a higher proportion in the previous quarter.

This, along with the rising contribution from higher-margin retail and studded jewellery sales, continues to improve the quality of its revenue mix. The retail stud ratio increased to 10.9%, supported by strong demand for diamond and studded jewellery.

The newly launched stores in Northern and Central India, which currently account for around 3.4% of retail sales, are already reporting higher stud ratios than the company's mature Maharashtra and Goa markets, indicating favourable product mix trends as these stores scale up.

Operationally, the company ended June 2026 with 78 stores, comprising 77 stores in India and one store in the United States.

The management reiterated its plan to open around 25 new stores during FY27, which is expected to take the total store count to approximately 103 by the end of the fiscal year.

The planned expansion will be executed through a phased rollout across Legacy and LiteStyle formats, with a franchise-led approach supporting entry into new markets while strengthening its presence in existing regions.

P N Gadgil Jewellers is one of the oldest jewellery companies in India, with customers across India and the USA. The company offers a wide range of gold, silver, diamond, and platinum jewellery for weddings, festivals, and daily wear. The portfolio also includes a dedicated sub-brand, Litestyle by PNG, catering to the growing demand for stylish and lightweight jewellery.

The company had reported 45.60% increase in revenue to Rs 90.26 crore on a 123.16% rise in revenue to Rs 3,544.31 crore in Q4 FY26 as compared with Q4 FY25.

The scrip shed 0.13% to currently trade at Rs 578.60 on the BSE.

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