National News

Akshaya Tritiya 2025: Consumers turnout was strong defying near-record prices

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6 months ago

May 2, 2025

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India’s festive spirit remained undeterred this Akshaya Tritiya 2025, as consumers turned out in strong numbers to purchase gold and silver, defying near-record prices. According to the Confederation of All India Traders (CAIT), total precious metal sales on the auspicious day surged to an estimated ₹16,000 crore, with gold contributing ₹12,000 crore and silver accounting for ₹4,000 crore.

Gold prices hovered between ₹99,500 and ₹99,900 per 10 grams, a 38% increase from last year’s ₹72,300. Despite this steep rise, demand remained resilient. Jewellers attributed the strong turnout to the ongoing wedding season and the deep cultural significance of buying gold and silver on Akshaya Tritiya.

Although gold volumes may have remained steady around last year’s 20 tonnes, or even dipped slightly to 12–15 tonnes, the value of sales jumped 20–35%. This reflects consumers’ adaptation to high prices through smart buying strategies such as exchanging old gold—a method that accounted for nearly half of all transactions.

In a notable trend this year, there was a rise in demand for lab-grown diamonds and studded jewellery, particularly among younger buyers aged 25–40. According to Lisa Mukhedkar, CEO of Aukera, interest in lab-grown diamonds was significantly higher than in previous years. Consumers also opted for coins, bars, and lightweight designs to stay within budget while still participating in the festivities.

Footfalls were strongest in South India during the first half of the day. However, in the North and parts of Maharashtra, extreme heat led to a delayed surge in customers, who turned out in larger numbers later in the evening.

Pankaj Arora, President of the All India Jewellers and Goldsmith Federation, confirmed the nationwide estimates of 12 tonnes of gold and 400 tonnes of silver sold during the day.

India, which annually imports between 700 and 800 tonnes of gold, continues to show unwavering appetite for the yellow metal. Despite gold trading at near ₹1 lakh per 10 grams, Akshaya Tritiya 2025 demonstrated that tradition, weddings, and evolving preferences are more than capable of sustaining a robust jewellery market in India.

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National News

P N Gadgil Jewellers Reports 127% Surge in PAT for Q2 FY26; Strong Growth Across Retail, E-commerce, and Franchise Segments

Published

2 hours ago

November 12, 2025

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P N Gadgil Jewellers Limited, one of India’s oldest and most trusted jewellery houses with a 193-year legacy, has announced its unaudited consolidated financial results for the quarter ended September 30, 2025 (Q2 FY26), showcasing exceptional performance across key parameters.

The company reported an EBITDA of Rs.1,429.4 million, marking a 117% year-on-year (YoY) increase, and a Profit After Tax (PAT) of Rs.793.1 million, reflecting a 127% YoY growth. Revenue from operations rose to Rs.21,776.2 million, up 8.8% YoY and 27% sequentially (QoQ). EBITDA margin expanded by 327 basis points to 6.6%, while PAT margin improved to 3.6%.

For H1 FY26, total revenue stood at Rs.38,921.8 million, growing 6.1% YoY, with an average revenue per store of Rs.617.81 million and net profit per store of Rs.23.69 million, underscoring strong operational efficiency.

Segmental Highlights

Retail: Contributed 72.2% of total sales, achieving 28.9% revenue growth, with EBITDA margin at 9.1% and PAT margin at 5.1%.
E-commerce: Delivered a stellar 113.2% YoY growth, with revenue rising to ₹1,435.1 million.
Franchise: Registered a 104.7% increase, with revenue reaching Rs.3,408.9 million in Q2 FY26.
Same-Store Sales Growth (SSSG): Improved by 29% over the previous quarter.

Operational Highlights

Transaction Volume & Spend: Transaction count grew 18%, while the Average Transaction Value (ATV) increased to Rs.90,000.
Customer Engagement: Footfall rose 20% with a robust 93% conversion rate, signalling strong consumer sentiment.
Festive Momentum: Achieved record Navratri sales of ₹4,281 million, up 66% YoY.
Category Performance: Gold sales rose 24% in value and 15% in volume, Silver surged 92% in value and 59% in volume, while Diamonds recorded a 31% volume rise, lifting the stud ratio to 9%.

Excluding refinery operations, total revenue grew by 31.4% YoY in Q2 FY26 and 30.9% YoY in H1 FY26, highlighting robust growth across all core business segments.

P N Gadgil Jewellers’ strong performance reflects its strategic focus on customer experience, digital growth, and retail expansion, reaffirming its leadership position in India’s jewellery industry.

Commenting on the performance, Dr. Saurabh Gadgil, Chairman & Managing Director, P N Gadgil Jewellers Limited, said, “Our revenue stood at 38,921.8 million, EBITDA at 2,659.8 (up 101.3% YoY), and PAT at ₹1,486.5 million (up 111.6% YoY) in H1 FY26, supported by healthy growth across all segments, led primarily by the Retail business. Our signature events, Mangalsutra Mahotsav and Paijan Mahotsav, received an exceptional customer response, while record-breaking Navratri sales of Rs.4,281 million provided a strong close to the quarter’s performance.

During the quarter, we also launched a flagship store in Dadar, Mumbai, further strengthening our presence in Maharashtra, and expanded beyond our home state, entering new markets in Uttar Pradesh and Madhya Pradesh. With Dussehra, Diwali, and the upcoming wedding season in the subsequent quarter, we remain optimistic about sustaining this growth momentum.”