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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

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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)Q4FY26Q4FY25YoY %FY26FY25*YoY %
Total Revenue from Operations29.5522.6930.27%149.47100.648.58%

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

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Jagannath Gangaram Pednekar Jewellers Celebrates Jewellery as a Lifestyle with The Great Jewellery Festival

Month-long festival brings together diamond, gold and silver jewellery for everyday dressing, celebrations, gifting and special occasions

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Jewellery is increasingly becoming part of everyday life, moving beyond weddings and milestone occasions to find a place in everyday dressing, work, celebrations, gifting and personal expression. Reflecting this evolving relationship with jewellery, Jagannath Gangaram Pednekar Jewellers (JGP) is bringing together a diverse range of diamond, gold and silver jewellery through its month-long The Great Jewellery Festival, being held from October 15 to November 15, 2026.

Rather than focusing on a single jewellery category or collection, the festival celebrates the breadth of jewellery available at JGP. From lightweight gold and real diamond pieces to statement designs and wedding jewellery, the festival brings together options suited to different occasions, styles and preferences.

The changing role of jewellery is also reflected in how consumers are making their choices. While weddings, festivals and family celebrations continue to be important occasions for jewellery purchases, consumers are increasingly looking for pieces that can complement their everyday wardrobe. Lightweight earrings, rings and other versatile designs can move seamlessly from work and casual occasions to festive gatherings, while more distinctive pieces can mark celebrations and personal milestones.

The festival will feature real diamond jewellery starting at ₹25,000 onwards and gold jewellery starting at ₹10,000 onwards, offering consumers an opportunity to explore fine jewellery across different styles and price points. The gold offering includes everyday pieces such as rings and earrings, alongside designs suited to more special occasions.

The festival brings together some of JGP’s established collections, each reflecting a different facet of the jewellery experience. Amalia, the brand’s real diamond jewellery collection, has emerged as a hot favourite among consumers, offering diamond pieces that combine elegance with contemporary appeal.


For weddings, Sanvi, one of JGP’s wedding jewellery collections, reflects the enduring appeal of traditional bridal jewellery, while Amrapali, a longstanding bestseller, celebrates the timeless importance of traditional and occasion-led jewellery.

You & Me adds silver jewellery to the portfolio, offering contemporary designs for those looking to express their individual style.


Together, these collections reflect the diverse ways in which consumers engage with jewellery today. A customer may choose a lightweight gold piece for regular wear, a real diamond design for a personal milestone, or traditional jewellery for a wedding or family celebration. The choice is increasingly shaped not only by the occasion, but also by individual taste, lifestyle and the versatility of the piece.

With The Great Jewellery Festival, JGP aims to celebrate this wider role of jewellery while bringing its diverse portfolio together under one platform. The festival builds on JGP’s longstanding heritage and credibility while responding to the evolving expectations of today’s jewellery consumer — from those looking for everyday pieces and contemporary designs to customers seeking wedding jewellery, diamonds and statement pieces for significant occasions.

Speaking about the festival, Sanika Pednekar, Creative Director at Jagannath Gangaram Pednekar Jewellers, said, “

Jewellery today is no longer limited to a few big occasions. People are looking for pieces they can wear to work, for a celebration, as a gift or simply because they want to. With The Great Jewellery Festival, we wanted to bring that entire spectrum together and give customers the freedom to find jewellery that fits their occasion, style and personality.”
The Great Jewellery Festival will be held from October 15 to November 15, 2026, at Jagannath Gangaram Pednekar Jewellers.

Key Highlights:
● The Great Jewellery Festival: October 15 to November 15, 2026
● Jewellery across diamond, gold and silver
● Real diamond jewellery starting at Rs.25,000 onwards
● Gold jewellery starting at Rs.10,000 onwards
● Lightweight, contemporary and everyday-wear designs
● Collections including Amalia, Sanvi, Amrapali and You & Me
● Jewellery for everyday dressing, work, festivals, gifting, weddings and milestones
● A celebration of jewellery as part of modern lifestyle and personal expression

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