National News
Madhuri Dixit inaugurates 20000* sqft jewellery shopping destination for PNG Jewellers at Laxmi Road, Pune
Retail expansion in jewellery aligns with the consumer response in any given market. Phenomenal popularity and product demand call for unprecedented expansion, and one such instance was exhibited by PN Gadgil Jewellers, widely known for its commitment towards excellence across a legacy of 193 years of business and counting, with the launch of a new store besides renovation of its flagship showroom, both at Laxmi Road in Pune, on 23 March, 2025.
Catering to rising demand across all categories of gold, diamond, platinum, and colour gemstone jewellery in the Pune market, the two stores were jointly inaugurated by Bollywood diva Madhuri Dixit in the presence of Dr. Saurabh Gadgil, Chairman and Managing Director of PNG Jewellers; Mr. Parag Gadgil, and members of the PNG Jewellers family. The combined area of the two large-format stores now reach a staggering 20,000 sq. ft.*
Dr. Saurabh Gadgil, Chairman and Managing director of PNG Jewellers said, “Pune holds a special place in our hearts, as it is where our flagship store continues to stand as an example to our heritage and trust. Now, the brand has a total of 53 stores across the world. As we strive to strengthen our retail network further, this expansion brings us closer to our patrons, ensuring they have convenient access to the finest jewellery, steeped in tradition and craftsmanship. We look forward to serving the people of Pune with the same commitment to quality, craftsmanship, and trust.”
Ushering in a completely modern in-store experience while respecting Maharashtrian tradition, the renovated flagship showroom has been redesigned akin to heritage Wada courtyard houses intrinsic to the state. Exclusively retailing in gold jewellery of Kalkatti, temple, antique, and kundan designs, the flagship showroom specialises in bridal jewellery along with a dedicated wedding lounge replete with private make-up stations to give the brides-to-be the attention they deserve. The new 2-storey showroom, on the other hand, stands tall as a hub of the studded categories including diamond, platinum, uncut, polki, and precious colour gemstone jewellery. The expansion has now diversified the product range of PNG Jewellers by an impressive 30-40%, thus giving buyers across all categories better options for an immersive and satisfying shopping experience.
Commenting on the continuing legacy of the brand, ambassador and Bollywood superstar Madhuri Dixit said, “It is a privilege to be a part of this historic event with PNG Jewellers, a company known for its excellence and tradition. Their commitment to preserving tradition while embracing modern designs truly sets PNG Jewellers apart. PNG has always stood for trust, tradition, and timeless craftsmanship.”
The new store of PNG Jewellers is located 500 meters away from their flagship store, and has rolled out exclusive offers such as 0% deduction on old gold exchange, up to 40% off on gold jewellery-making charges, and up to 100% off on diamond jewellery-making charges respectively to celebrate the grand inauguration.
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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