National News
Gargi by PNGS Celebrates Growth with New Store Openings in Aurangabad and Indore
The Fashion Jewellery Brand Marks Significant Expansion, Bringing its Total Store Count to 12 in Just Three Years
Gargi by P N Gadgil & Sons (PNGS), a leading name in the fashion jewellery industry, has closed the year with a strong performance, inaugurating two new stores in Aurangabad and Indore. These additions bring the total number of exclusive Gargi outlets to 12, marking a major milestone in the brand’s rapid retail growth over the past three years.
Expanding Reach in Emerging Markets
The new stores, located in high-traffic retail destinations—Prozone Mall in Aurangabad and Citadel Mall in Indore—are part of Gargi’s strategy to expand into Tier 2 and Tier 3 cities. This move is aimed at catering to the increasing demand for affordable, high-quality fashion jewellery in smaller urban centers, beyond the metropolitan regions.
A Year of Achievements and Innovation
2024 has proven to be a landmark year for Gargi. The brand expanded its footprint in Delhi with the opening of its Kapil Vihar, Pitampura store, and made further strides in Maharashtra with new outlets in Pimple Saudagar and Aurangabad. These expansions reinforce Gargi’s commitment to making stylish fashion jewellery more accessible to a wider audience.
The brand also launched the Utsaav collection, a festive range perfect for special occasions, and introduced its first-ever Kids Collection, featuring certified sterling silver jewellery designed with both safety and style in mind. These initiatives demonstrate Gargi’s dedication to inclusivity and diversification within the fashion jewellery market.
Aditya Modak, Co-founder of Gargi by PNGS, expressed, “Our growth isn’t just about numbers; it’s about connection. When people from different cities—whether women, men, or children—resonate with our designs, we know we’re on the right track. Aurangabad and Indore are not just new stores; they represent fresh relationships, inspiration, and opportunities for creative expression.”
Financial Growth and Future Goals
Gargi by PNGS has also achieved impressive financial milestones, surpassing a market capitalization of Rs. 1,500 crore, with plans to reach Rs. 100 crore in revenue by March 2025. The brand’s franchise-driven model has played a key role in this success, empowering local entrepreneurs while expanding the PNGS legacy. With PNGS boasting an annual turnover of over Rs. 8,500 crore, Gargi’s journey is marked by a blend of heritage and innovation.
Looking to the future, Gargi aims to continue its expansion across India, capitalizing on shifting consumer preferences and forging deeper connections with jewellery enthusiasts of all ages.
Shringar House of Mangalsutra Limited (SHOML), one of the leading designers, manufacturers and marketers of Mangalsutras, reported its Unaudited Financial Results for the quarter and nine months ended December 31, 2025.
| Particulars | Amount (₹ Crores) | Growth (%) |
|---|---|---|
| Revenue from Operations | 658.9 | 68.4% |
| Gross Profit | 54.7 | 111.4% |
| EBITDA | 40.2 | 105.8% |
| Profit After Tax | 30.1 | 134.2% |
Key Financial Highlights
| Particulars (Rs. In Crs.) | Q3 FY26 | Q3 FY25 | y-o-y | 9M FY26 | 9M FY25 | y-o-y |
| Revenue from Operatio ns | 658.9 | 391.3 | +68.4% | 1,520.3 | 1,078.5 | +41.0% |
| Gross Profit | 54.7 | 25.9 | +111.4% | 147.6 | 85.9 | +71.9% |
| Gross Profit Margins | 8.3% | 6.6% | +169 bps | 9.7% | 8.0% | +174 bps |
| EBITDA | 40.2 | 19.5 | +105.8% | 114.0 | 69.2 | +64.7% |
| EBITDA Margins (%) | 6.1% | 5.0% | +111 bps | 7.5% | 6.4% | +108 bps |
| Profit After Tax | 30.1 | 12.9 | +134.2% | 81.5 | 45.9 | +77.5% |
| PAT Margins (%) | 4.6% | 3.3% | +129 bps | 5.4% | 4.3% | +110 bps |
Highlights for the Quarter
- Revenue from operation for Q3 FY26 stood at Rs. 658.9 Crores, as against Rs. 391.3 Crores in Q3 FY25, reflecting a 68.4% growth on a year-on-year basis. The surge in growth was largely supported by the positive movement in gold prices
- EBITDA for the quarter grew by 105.8%, reaching Rs. 40.2 Crores in Q3 FY26 compared to Rs. 19.5 crores in Q3 FY25. EBITDA margin for the quarter stood at 6.1% expanding by 111 basis points on a year-on-year basis
- EBITDA saw a sharp increase due to strong revenue momentum, improved gross margins and operating leverage benefits due to lower employee costs
- Profit after Tax for Q3 FY26 was at Rs. 30.1 crores, as against Rs. 12.9 crores in Q3 FY25, YoY growth of 134.2%. PAT Margin increased by 129 basis points on a year on year basis to reach 4.6% reflecting strong profitability.
Commenting on the Results, Chetan N. Thadeshwar, Chairman & Managing Director said, – We are delighted to deliver another quarter of strong performance, marked by strong revenue growth, robust margin expansion, and a solid improvement in profitability. The favourable movement in gold prices, combined with sustained domestic demand, significantly strengthened our operating performance this quarter. Our EBITDA more than doubled, highlighting the strength of our business model and the efficiency of our operations.
As we continue to expand our footprint with newly opened branch office in Pune and our existing office in Delhi, we remain focused on strengthening client relationships, investing in design innovation, and enhancing our integrated manufacturing capabilities to deliver consistent, high-quality craftsmanship at scale. We have also onboarded five third-party facilitators to accelerate our national expansion strategy. These partnerships will significantly enhance our distribution capabilities, enabling us to enter untapped jewellery markets and deepen our engagement with local jewellers across key regions. Together, they form a critical pillar of our emerging pan-India supply chain and position us to scale efficiently in line with growing demand.
Looking ahead, we remain optimistic about the continued positive trend in gold prices and the supportive demand environment that underpins the jewellery sector. Backed by over 15 years of industry experience, a robust base of marquee clients, and a rapidly growing portfolio of high-value products, we are firmly positioned to deliver durable, long-term value for all stakeholders. Our scalable, innovation-driven business model gives us a clear advantage in capturing new opportunities across India. With deeper distribution reach and strengthened operational capabilities, we are accelerating our growth momentum and reinforcing our leadership ambition.
source :Shringar House of Mangalsutra Limited
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