National News
Gem & Jewellery BSM 2025 :Fruitful partnerships and meaningful dialogue
GJEPCs Gem & Jewellery Buyer-Seller Meet 2025 commenced with an air of optimism and global camaraderie, setting the stage for fruitful partnerships and meaningful dialogue between Indian manufacturers and international buyers.
The event was inaugurated with a grand unveiling, paving the way for over 40 international buyers to engage in curated one-on-one business meetings with Indian jewellery manufacturers and exporters. The venue buzzed with activity as new connections were forged and long-standing business relationships were rekindled.
Among the notable international buyers. Lisi Fracchia from Spain, visiting India for the first time, expressed her delight at the overwhelming business prospects. Her experience at the BSM not only introduced her to new business avenues but also gave her the opportunity to reconnect with existing suppliers participating in the show.
Cloyette Harris Stoute, representing Alliyette, USA, is also making her maiden visit to India. Her objective of understanding India’s advanced jewellery manufacturing technology and the comprehensive supply chain process was met with great satisfaction. Deeply impressed by her interactions with exhibitors, she shared her enthusiasm about returning in the future.
On the domestic front, Hitesh Thakar, General Manager at Mohit Diamond Pvt. Ltd, reflected on the invaluable insights gained during his meetings. He noted that conversations with buyers revealed their strategic focus on brand expansion, opening up new opportunities for his company to scale their business and adapt to evolving global demand.
Priyank Shah of Walking Tree, participating as a first-time exhibitor, commended the event’s structured format. The carefully filtered buyer group enabled targeted interactions, resulting in serious inquiries from markets such as the USA, Kazakhstan, Brazil, and beyond—particularly for custom-made jewellery.
The first day concluded on a high note, with an atmosphere rich in collaboration and discovery. The meet not only reflected the strength of India’s jewellery sector but also its growing global appeal.
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
Gargi by P. N. Gadgil & Sons Posts 30.27% Revenue Growth in Q4FY26
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