National News
Gargi by P. N. Gadgil & Sons Posts 30.27% Revenue Growth in Q4FY26
Full-Year Revenue Surges 48.58% to ₹149.47 Crore On Back Of Aggressive Store Rollout
Adds 32 new stores in FY26, reaches 126 locations across 65 cities and 21 states: targets 35% Revenue CAGR with zero debt on books
PNGS Gargi Fashion Jewellery Limited, India’s fast-growing branded fashion jewellery retailer backed by the 190+year legacy of the P. N. Gadgil & Sons Group, reported strong business performance for Q4FY26 and the full financial year FY2025-26, clocking revenue from operations of Rs. 29.55 crore in Q4 — a 30.27% year-on-year jump — and Rs. 149.47 crore for the full year, reflecting 48.58% growth on a comparable basis (excluding one-time exceptional sales in FY25).
KEY FINANCIAL HIGHLIGHTS
| Particulars (Rs in Crore) | Q4FY26 | Q4FY25 | YoY % | FY26 | FY25* | YoY % |
| Total Revenue from Operations | 29.55 | 22.69 | 30.27% | 149.47 | 100.6 | 48.58% |
FY25 Revenue from Operations excludes the exceptional one-time sale of ₹25.75 crore arising from the transition of Shop-in-Shop (SIS) locations from FOCO to the FOFO model in April 2024. Revenue figures are subject to limited review by the Statutory Auditors.
OPERATIONAL HIGHLIGHTS
- Store expansion: Gargi added 32 new stores (Points of Sale) in FY26, including 18 in Q4 alone, taking its total network to 126 stores across 65 cities and 21 states as on 31 March 2026. Formats span Exclusive Brand Outlets (EBO), Shop-in-Shop (SIS), and Franchise stores.
- Portfolio breadth: The brand offers a diversified range, including 925 sterling silver jewellery, 14KT natural diamond jewellery, the newly introduced 9KT plain gold jewellery, fashion jewellery, and gifting products.
- Debt-free balance sheet: The Company carries zero debt and maintains a healthy funds position, giving it the financial headroom to self-fund its expansion plans.
GROWTH OUTLOOK
- Gargi targets a Revenue CAGR of approximately 35% over the next couple of years, driven by robust Same-Store Sales Growth (SSSG) and an ongoing store rollout programme.
- The Company has set a target of 20 new store openings in FY27.
- Industry tailwinds remain favourable: double-digit market growth and a significantly underpenetrated organised jewellery segment continue to provide structural growth opportunities.
MANAGEMENT COMMENT
“This has been a landmark year for Gargi. Growing revenue by nearly 49% on a comparable basis while simultaneously adding 32 new stores across 21 states reflects the strength of both our brand proposition and our execution engine. What gives us particular confidence is the quality of this growth — it is SSSG-led, organically funded, and built on a zero-debt balance sheet. Customers across tier-2 and tier-3 cities are increasingly seeking branded, trust-backed fashion jewellery, and Gargi is well-positioned to be their first choice. With 20 new stores planned for FY27 and a target Revenue CAGR of 35%, we are entering the new financial year with strong momentum and a clear runway ahead.”
— Aditya Modak, Director, PNGS Gargi Fashion Jewellery Limited
National News
WGC India Gold Market Update: Import Tightening
Part Of A Broader Push To Conserve Foreign Exchange Reserves Amid Geopolitical Uncertainty and Mounting Pressure On The INR
Highlights
- Gold import duty was raised sharply by 9%– from 6% to 15%, the steepest increase on record – alongside broader regulatory tightening
- Domestic gold prices have not yet fully reflected the duty hike amid weak demand and ample supply; local markets are currently in deep discount from the landed price
- Past trends indicate that higher duty increases unofficial inflows, although official imports remain relatively resilient
- Gold demand is expected to moderate in 2026, with jewellery and bar and coin demand projected to decline by 50–60t (~10% y/y) on account of the import duty hike.
Policy actions on gold imports
Since early April, the government has adopted a series of measures aimed at moderating gold imports. These have been part of a broader push to conserve foreign exchange reserves amid geopolitical uncertainty and mounting pressure on the INR, which has depreciated by more than 7% y-t-d. These measures include price-based actions, administrative and regulatory tightening, and consumer-directed messaging. While noteworthy, they are not unprecedented; gold is among the top five imports for India, accounting for 8% of the country’s merchandise imports in 2025, and similar measures have been utilised in the past.
On the price front, the gold import duty was raised sharply from 6% to 15%, making it the single largest increase on record and fully reversing the duty cut of July 2024. Rules were also tightened for gold imports linked to exports (under the advance authorisation scheme), and the Prime Minister has directly appealed to consumers, urging them to avoid buying gold for a year.
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