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P N Gadgil Jewellers Limited – Q1 FY26 Quarterly update

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Retail Segment

The retail segment, representing 70.3% of total revenue, achieved a steady 19.4% growth in Q1 FY26 as compared to Q1 FY25. The results reflect a cautious consumer environment and stable store-level operations.

Non-Retail Segments

  • E-commerce: With an increase of 126% compared to the same quarter in the previous financial year, this segment contributed 3.9% to total revenue, reflecting our successful digital expansion and increasing online customer engagement.
  • Franchisee Operations: This segment surged by 109% compared to the same quarter in the previous financial year, accounting for 15.7% of total revenue, driven by strong franchisee performance and broader market penetration.
  • Other: The Other segment excluding refinery contributed 10.1% of total revenue in Q1 FY26. It consists of B2B and corporate sales. As informed earlier, the refinery sales which contributed ₹ 3,535 million In Q1 FY25 was discontinued effective October 1, 2024.

Performance of Continuing Operations

Particulars (INR Min)Q1 FY’25Q1 FY’26
Revenue Excl. Refinery13,14017,137
Refinery3,535
Total Revenue16,67517,137

During the quarter under review, revenue excluding the refinery segment delivered a YoY growth of 30.4%.

Festive Sales

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 million, with a remarkable 35.1% increase over last year. 

 

Stud Ratio and same store sales growth

The share of studded jewellery increased by 41.6% YoY in Q1 FY26, taking the stud ratio to 10% of the retail sales. This uptick highlights the growing popularity of stud-based Jewellery, aligning with evolving consumer preferences. The Same Store Sales Growth for the quarter ended 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.

Q1 FY26 Operational Highlights

In the recently concluded quarter, we expanded our footprint with the launch of our dedicated sub-brand Litestyle, aimed at meeting the growing demand for stylish and lightweight jewellery. Additionally, we launched two new showrooms during the quarter – one COCO and one FOCO, taking our total store count to 55.

Outlook for FY26

On the expansion front, we remain focused on accelerating our store rollout plan, with 7 to 9 new launches – a mix of company-owned (COCO) and franchise outlets (FOCO) – scheduled for Q2 FY26, this forms a significant part of our broader target of opening 20-25 new stores during the fiscal year.

Key growth markets such as Maharashtra, where we continue to maintain a leadership position, and other regions such as Uttar Pradesh and Madhya Pradesh which presents strong growth potential, will remain central to our expansion strategy. Our focus on these regions aligns with our goal to deepen market presence and drive incremental demand through enhanced accessibility.

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Verlas Introduces the ‘Alyssa’ Collection in India, Bringing  Modern Luxe Floral-Inspired Design to Lab-Grown Diamond Jewelry Crafted in Fine Gold

The New York-born brand channels statement floral designs in modern silhouettes and larger carat diamond brilliance into a collection made for weddings, engagements, cocktail evenings, and wedding Trousseau Picks.

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Verlas, the New York-based fine jewelry brand, has brought its luxurious Alyssa collection to India, a floral-inspired range of contemporary designs crafted with IGI-Certified lab-grown diamonds and BIS hallmarked gold in 14K and 9K Gold variants. Built around larger carat weights and romantic floral design, the collection pairs statement sparkle with Verlas’ commitment to sustainability and craftsmanship. Since its founding in 2019, Verlas has focused on modern, considered jewelry designed to feel personal and meaningful, handcrafted by skilled artisans in VS clarity lab-grown diamonds set in fine gold.

Inspired by blooming florals, the Alyssa collection translates nature’s motifs into refined diamond jewelry designed for everyday moments in the form of elegant pendant necklaces and Studs designed with florets of round-cut and marquise-cut diamonds, and then there are these luxe styles that call for something more. For bigger celebrations to evening dressing, these luxe designs are crafted with marquise and round-cut diamonds in hoops and dangler earrings, unique tennis bracelets and tennis necklace designs that embrace the designer craftsmanship of Verlas.  The Alyssa collection brings signature brilliance to a range of personal styles.

For the modern bride, Alyssa brings together jewelry for every part of her journey—from the engagement and big day to her trousseau, bridesmaids and the little moments beyond. Fashion-forward yet effortlessly elegant, each design is crafted to make a statement today and stay in her rotation long after the celebrations are over.

Among the highlights are the Alyssa Cuatro Floral Hoops, featuring five round lab-grown diamonds arranged in a delicate floret on a solid gold hoop. For a softer, more elegant look, these round-cut diamonds bring a classic appeal – perfect for those who prefer understated sparkle.

If bold and distinctive is more your style, the Alyssa Tres Marquise Diamond Huggies bring an elongated floral silhouette with marquise-cut diamond petals.

The Alyssa Radiant Bloom Ring offers another take on the floral motif, bringing together round-cut diamonds for a radiant, feminine look.

Meanwhile, the Alyssa Trio Marquise Bouquet Ring takes a bolder approach, featuring three diamond florets crafted with marquise diamond petals. Whether you lean towards the elegant simplicity of round cuts or the bolder character of marquise cuts, the Alyssa collection offers a floral style to match.

The Alyssa Marquise Studs bring a fresh take on florals, with marquise-cut diamonds forming an X-shaped motif around a round centre. Easy enough for everyday, yet special enough for evenings out, they’re the kind of pair you’ll keep reaching for.

For a little more sparkle, the Alyssa Marquise-Cut Floral Tennis Bracelet makes a statement without feeling reserved for just one occasion. Its floral diamond motifs bring a touch of drama to wedding celebrations, festive evenings and everything in between.

And when you’re ready to go all out, the Alyssa Marquise Radiant Tennis Necklace takes the floral story up a notch. With twenty-three diamond florets and a total weight of 13 carats, it brings together marquise-cut petals and round diamond centres for a look made to shine at the wedding, reception, or your next big celebration.

Available in white, yellow, and rose gold in 14K and 9K, the Alyssa collection reflects Verlas philosophy of creating jewelry that is beautiful, meaningful, and responsibly crafted. Perfect for elevating bridal looks and everyday romance alike.

With its growing presence in India, Verlas continues to bring its modern design and craftsmanship approach to fine jewelry to new audiences, combining considered design, conscious choice, and a more approachable jewelry experience.

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