National News
P N Gadgil Jewellers Delivers Strong Quarterly Performance with EBITDA of ₹1,228.5 Mn, up 85.4% Y-o-Y, and PAT of ₹693.4 Mn, up 96.3% Y-o-Y, alongside Margin Expansion
P N Gadgil Jewellers Ltd, with over 192 years of legacy in gold, silver, and diamond jewellery, announced its unaudited financial results for the quarter ended June 30, 2025.
P N Gadgil Jewellers Limited, one of the most reputed jewellers in the country, boasts over 192 years of excellence in craftsmanship and customer trust in the retail business of gold, silver, and diamond jewellery, announced its unaudited financial results for the quarter ended 30th June, 2025.
For Q1 FY26, average revenue per store stands at around Rs. 311.7 million, while net profit per store reached Rs. 12.6 million, demonstrating strong efficiency and profitability at the store level.
PNG Jewellers:
• Retail segment is 70.3% of our total sales, and continues to lead the way, achieving an impressive revenue growth of 19%, an EBITDA margin of 10% and a PAT margin of 5.7%.
• The company’s E‐commerce segment experienced exceptional growth, with revenue increasing to Rs. 661.3 million, a 125.9% rise.
• Franchise revenue also grew to Rs. 2,692.8 million, with an 15.7% increase for Q1 FY26.
• The Same Store Sales Growth for Q1 FY26 stood at 8%, primarily impacted by the absence of the Gudi Padwa festival during the quarter. The festival, which was part of Q1 in FY25 last year, was preponed in Q4 FY25 this year, thereby affecting Like-for-Like comparability.

Operational Financial Highlights:
• Increased Transaction Count and ATV: As customer engagement continues to rise, there has been a notable uptick in both transaction volumes and average spending per visit. The transaction count grew by 23% and ATV at Rs. 93k.
• Customer Footfall and Conversion Rate: A 25% increase in foot falls, coupled with a strong Conversion rate of 92%, further fuels our growth, reflecting increased Demand, customer engagement and sustained purchasing behavior at the store level.
• Festive Sales Surge: Festive sales remain a key driver of our success. This year, we achieved our highest-ever single-day festive sales on Akshaya Tritiya, amounting to 1,395.3 Mn, with a remarkable 35.1% increase over last year.
• Stud Ratio: The share of studded jewellery increased by 41.6% YoY in Q1 FY26, taking the stud ratio to 10% of the retail sales.

Dr. Saurabh Gadgil, Chairman & Managing Director, PN Gadgil Jewellers Limited, said, “This has been a good quarter for us. We recorded revenue of Rs17,145.6 Mn, EBITDA of Rs 1,228.5 Mn, up 85.4% from last year, and PAT of Rs 693.4 Mn, also up 96.3% year-onyear. The growth has come from retail expansion, increase in studded portion, and better cost discipline. Even with gold price volatility and a challenging market environment, we are seeing healthy traction across our retail network and have improved profitability through better operational efficiency. We will continue to build on this momentum, staying true to our promise of quality and design, and creating value for our customers and shareholders in the quarters ahead.”
National News
Antistatus and Vandals: Jewellery For The Rebellious and The Defiant
These Brands Are Chasing A Consumer Who Has Grown Allergic To Templates.They Do Not Want Jewellery Merely To Signal Wealth, Marital Status Or Social Approval; They Want It To Signal Taste, Nerve and A Point Of View.
Status? Overrated. Rebellion? Wearable

Antistatus and Vandals are turning jewellery from a badge of conformity into a weapon of self-definition. One is a newly launched statement-silver label with a “Defy the Norm” manifesto; the other is a Mumbai-based avant-garde brand that treats every piece like graffiti. Together, they signal a shift: rebellion is no longer just a mood board—it is the product.
Antistatus: Status, Rewritten
Launched by former VIDA executives Manav Sethi and Pallavi Singh, Antistatus is a statement silver jewellery and lifestyle brand built around a deceptively simple idea: status is not assigned by society; it is defined by you.
The collection leans into biker culture, gothic aesthetics, music and street culture—think handcrafted statement rings, pendants, necklaces, bracelets and belt buckles with enough edge to make a boardroom feel like a back alley. The brand begins with men’s-focused, gender-neutral jewellery, then plans to expand into eyewear, bags and accessories.
Its pitch is not “look expensive.” It is “look like yourself.” Antistatus wants to build a community of people whose identity is theirs to define, not something society hands them with a dress code attached.
Vandals: Luxury with Spray Paint on Its Fingers

Vandals, founded by Vandana M. Jagwani, has been operating from a similarly unruly corner of Indian jewellery. The Mumbai label draws from street art, using jewellery as a way to question the status quo and leave a personal mark.
Its manifesto is explicit: artistic rebellion meets craftsmanship, and luxury is reimagined for “daring souls who defy the norm.” The brand blurs art and jewellery, positioning its audacious designs and sustainable practices as an alternative to safe, predictable luxury.
Where conventional fine jewellery often whispers heritage, Vandals prefers to shout individuality. Every piece is framed as a personal story—less “heirloom in a velvet box,” more “artwork that refuses to behave.”
The New Consumer: Anti-Template, Pro-Story
These brands are chasing a consumer who has grown allergic to templates. They do not want jewellery merely to signal wealth, marital status or social approval; they want it to signal taste, nerve and a point of view.
| Brand | Core attitude | Design language | Consumer promise |
| Antistatus | Defy the norm | Biker, gothic, music and street-inspired handcrafted silver | Define your own status |
| Vandals | Rebellion against the ordinary | Street-art-inspired, avant-garde, sustainable luxury | Leave your own mark |
Both are selling permission. Permission to wear silver that looks dangerous. Permission to reject the idea that polish equals propriety. Permission to make luxury feel personal rather than prescribed.
Why This Matters for Indian Jewellery
India’s jewellery market has long been dominated by occasion-led buying—weddings, festivals, gifting and investment. Antistatus and Vandals are carving out a different lane: everyday identity jewellery, where the purchase is emotional, stylistic and cultural rather than ceremonial.
Antistatus’s ambition to become an India-origin premium lifestyle brand with global reach suggests that rebellion is being treated as an exportable design language, not a passing trend. Vandals already demonstrates that Indian consumers will respond when jewellery carries ideology as well as sparkle.
The Verdict
Antistatus and Vandals are proof that the most compelling jewellery today is not necessarily the quietest. It is the kind that starts a conversation, breaks a rule and makes conformity look like the boring option.
In their hands, a ring is not just an accessory. It is a small, shining refusal.From statement silver with a streetwise edge to avant-garde pieces with graffiti in their soul, this is jewellery for the beautifully defiant.
Antistatus and Vandals are proving that the boldest jewellery isn’t made to blend in—it’s made to break rules, start conversations and define you on your own terms.
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