National News
India must radically rethink its export strategy, overhaul EPCs: Policy Circle Bureau
India must urgently rethink its export strategy or risk long-term stagnation, warns Policy Circle Bureau, a leading policy think tank. The caution comes in the wake of the United States imposing a 26% import duty on Indian goods—currently eased by a temporary 90-day reprieve.
While recent government measures like the ₹2,250 crore Export Promotion Mission and revised duty drawback rates offer short-term relief, the think tank argues they do little to resolve deeper structural challenges.
With merchandise exports remaining flat at $437.4 billion in FY25, Policy Circle urges a fundamental shift in India’s approach—moving from top-down policymaking to a more decentralised, state-led export strategy driven by key investors and tailored to sector-specific needs.
A major reform of Export Promotion Councils (EPCs) is also deemed necessary. Currently seen as symbolic bodies, EPCs should be made accountable through performance-based KPIs such as export growth by sector, success in opening new markets, and resolving tariff issues.
The think tank further recommends rapid market diversification, faster execution of free trade agreements, and the adoption of a realistic and competitive currency policy. Without regulatory reforms, decentralisation, and clearer strategic direction, India risks falling behind in an increasingly fragmented and competitive global trade environment, it warned.
National News
P N Gadgil Jewellers Reports 127% Surge in PAT for Q2 FY26; Strong Growth Across Retail, E-commerce, and Franchise Segments
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.”
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P N Gadgil Jewellers Reports 127% Surge in PAT for Q2 FY26; Strong Growth Across Retail, E-commerce, and Franchise Segments
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