P N Gadgil Jewellers Limited delivered a healthy performance in Q2FY27, reporting revenue growth of 22.4% YoY, despite the shift in the Navratri festive period to Q3 this year. The Retail segment grew 31.1% YoY, with robust same-store sales growth (SSSG) of 25.5% YoY as the primary driver, indicating that the growth was substantially organic in nature, driven by deeper customer engagement at existing stores. As a result, the Retail segment contributed around 77.3% YoY of the total revenue, which is meaningfully higher on a YoY basis

Revenue Performance

• Overall Growth: Consolidated revenue grew 22.4% YoY, despite the shift of the Navratri festive period into Q3 this year.
• Retail Segment:
  • Grew 31.1% YoY, contributing ~77.3% of total revenue (meaningfully higher YoY).
  • Driven primarily by robust organic Same-Store Sales Growth (SSSG) of 25.5% YoY.
• Franchise Segment: Reported strong growth of 34.7% YoY.
• E-Commerce: Declined 83.6% YoY due to a strategic shift reducing low-margin coin sales to focus on higher-margin jewellery products.
• Product Mix & Margin Quality:
  • Retail gold coin & bar sales share normalized to ~15.8% (down from ~23.3% in Q2FY26).
  • Moderation in lower-margin coins combined with higher retail/studded contribution continues to improve overall revenue mix profitability.
• Festive Performance: Raksha Bandhan Rakhi sales saw exceptional growth—up 114% in volume (pieces sold) and 142% in value YoY.

Sales Mix & Consumer Trends

• Category Growth (YoY):
  • Gold Revenue:
  • Diamond Revenue:
  • Silver Revenue:
• Studded Jewellery:
  • Overall retail stud ratio improved to 11.8% (vs. 9.0% in Q2FY26).
  • Northern region outperformed with a stud ratio of 17.4%.
• Old Gold Exchange:
  • Increased to 38% of total sales (vs. 29% in Q2FY26).
  • Indicates growing customer participation in recycling/upgrading gold, helping return idle household gold to circulation and lowering reliance on fresh imports.

Operational Highlights

• Brand Rebranding: Transitioned the LiteStyle format to YOOU, positioning it as a contemporary, self-expression, and daily-wear brand backed by PNG’s trust and heritage.
• Store Network Expansion:
  • Opened 2 new stores during the quarter: 1 Legacy store in Gurugram and 1 YOOU store in Amanora Mall, Pune.
  • Total operational store count stood at 80 as of September 30, 2026 (79 in India, 1 in the U.S.A.).

Outlook for FY27

• Target Network Size: On track to open ~23 new stores in FY27, targeting a total network of ~103 stores by year-end.
• Upcoming Store Openings:
  • Ayodhya store: Mid-October 2026
  • Prayagraj store: Early November 2026
• Expansion Pipeline: Secured 10 store commitments (6 Legacy, 4 YOOU), focusing on franchise-led growth primarily across Northern and Central India while deepening operations in Maharashtra.