National News

GJEPC Leaders Tackle US Tariffs, Unveil Growth Roadmap at Surat Industry Meet

Key Stakeholders Unite to Address Trade Challenges and Explore New Opportunities for India’s Gem & Jewellery Sector

Published

7 months ago

April 25, 2025

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On April 24, the Gem & Jewellery Export Promotion Council (GJEPC) led by Chairman Mr. Kirit Bhansali held a high-level industry interaction in Surat, bringing together major stakeholders to address current challenges, including the recent US tariffs, and to strategize for future growth.

Joining Mr. Bhansali were Mr. Saunak Parikh, Vice Chairman; Mr. Sabyasachi Ray, Executive Director; and Mr. Jayanti Savaliya, Regional Chairman – Gujarat. They were welcomed by industry stalwarts including Mr. Govindbhai Dholakia (MP – Rajya Sabha and Chairman, Surat Diamond Bourse), Mr. Laljibhai Patel, Mr. Nagjibhai Sakariya, Mr. Vallabh Lakhani, and heads of associations representing natural and lab-grown diamonds and jewellery manufacturers.

A key focus of the meet was the impact of recent US import tariffs on Indian exports. Mr. Ray presented a detailed overview of the situation, while Mr. Savaliya shared positive updates on resolving Customs-related issues affecting the trade.

Emphasizing the city’s importance, Mr. Bhansali stated, “Surat is not just a city of diamonds; it is the pride of our industry.” He praised its critical role in the global supply chain and reaffirmed GJEPC’s commitment to supporting the region.

Mr. Dholakia applauded GJEPC for building trust between the industry and policymakers, while Mr. Parikh highlighted future opportunities. He suggested that India could benefit strategically from the shifting global dynamics caused by the US tariffs and identified silver jewellery as “the next big thing” for expansion. He also stressed the need to promote direct rough diamond trading in Surat.

The event concluded with a unified commitment to strengthening India’s position as a global leader in gems and jewellery, with Surat at the heart of that vision.

National News

P N Gadgil Jewellers Reports 127% Surge in PAT for Q2 FY26; Strong Growth Across Retail, E-commerce, and Franchise Segments

Published

1 hour ago

November 12, 2025

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P N Gadgil Jewellers Limited, one of India’s oldest and most trusted jewellery houses with a 193-year legacy, has announced its unaudited consolidated financial results for the quarter ended September 30, 2025 (Q2 FY26), showcasing exceptional performance across key parameters.

The company reported an EBITDA of Rs.1,429.4 million, marking a 117% year-on-year (YoY) increase, and a Profit After Tax (PAT) of Rs.793.1 million, reflecting a 127% YoY growth. Revenue from operations rose to Rs.21,776.2 million, up 8.8% YoY and 27% sequentially (QoQ). EBITDA margin expanded by 327 basis points to 6.6%, while PAT margin improved to 3.6%.

For H1 FY26, total revenue stood at Rs.38,921.8 million, growing 6.1% YoY, with an average revenue per store of Rs.617.81 million and net profit per store of Rs.23.69 million, underscoring strong operational efficiency.

Segmental Highlights

Retail: Contributed 72.2% of total sales, achieving 28.9% revenue growth, with EBITDA margin at 9.1% and PAT margin at 5.1%.
E-commerce: Delivered a stellar 113.2% YoY growth, with revenue rising to ₹1,435.1 million.
Franchise: Registered a 104.7% increase, with revenue reaching Rs.3,408.9 million in Q2 FY26.
Same-Store Sales Growth (SSSG): Improved by 29% over the previous quarter.

Operational Highlights

Transaction Volume & Spend: Transaction count grew 18%, while the Average Transaction Value (ATV) increased to Rs.90,000.
Customer Engagement: Footfall rose 20% with a robust 93% conversion rate, signalling strong consumer sentiment.
Festive Momentum: Achieved record Navratri sales of ₹4,281 million, up 66% YoY.
Category Performance: Gold sales rose 24% in value and 15% in volume, Silver surged 92% in value and 59% in volume, while Diamonds recorded a 31% volume rise, lifting the stud ratio to 9%.

Excluding refinery operations, total revenue grew by 31.4% YoY in Q2 FY26 and 30.9% YoY in H1 FY26, highlighting robust growth across all core business segments.

P N Gadgil Jewellers’ strong performance reflects its strategic focus on customer experience, digital growth, and retail expansion, reaffirming its leadership position in India’s jewellery industry.

Commenting on the performance, Dr. Saurabh Gadgil, Chairman & Managing Director, P N Gadgil Jewellers Limited, said, “Our revenue stood at 38,921.8 million, EBITDA at 2,659.8 (up 101.3% YoY), and PAT at ₹1,486.5 million (up 111.6% YoY) in H1 FY26, supported by healthy growth across all segments, led primarily by the Retail business. Our signature events, Mangalsutra Mahotsav and Paijan Mahotsav, received an exceptional customer response, while record-breaking Navratri sales of Rs.4,281 million provided a strong close to the quarter’s performance.

During the quarter, we also launched a flagship store in Dadar, Mumbai, further strengthening our presence in Maharashtra, and expanded beyond our home state, entering new markets in Uttar Pradesh and Madhya Pradesh. With Dussehra, Diwali, and the upcoming wedding season in the subsequent quarter, we remain optimistic about sustaining this growth momentum.”