National News
P N Gadgil Jewellers Limited – Quarterly Update Q1 FY27
Retail Business Surges On Strong Same-Store Sales Growth, While The Company Stays On Track To Open ~25 New Stores In FY27, Targeting A Network Of ~103 Outlets By Year-End.
Revenue Update
The Company delivered a strong performance in Q1 FY27, reporting robust revenue growth of 41% YoY.
The Retail segment grew 56% YoY, with robust same-store sales growth (SSSG) of 46% YoY as the primary driver, indicating that the growth was substantially organic in nature, driven by deeper customer engagement at existing stores. As a result, the Retail segment contributed around 78% of the total revenue, which is meaningfully higher on a YoY basis.
Franchise and E-com business grew by 8% and 20% respectively YoY.
Share of gold bullion sales in Retail revenue is normalized and on a stable level of ~22% as compared to a higher share in the previous quarter. The consistent reduction in the lower-margin bullion business, alongside the rising contribution of retail and studded jewellery, continues to drive a structural improvement in the overall quality of revenue.
Product Mix
The Company recorded strong growth across categories. Diamond jewellery growth reflects the growing consumer preference for studded jewellery across our existing and new markets. As a result, the studded jewellery mix improved, with the retail stud ratio rising to 10.9%.
Notably, our recently launched stores across Northern and Central India, though still contributing around 3.4% of Retail sales, are already recording a meaningfully higher stud ratio than our established network in Maharashtra and Goa. This early evidence validates our strategy of expanding into new geographies where the preference for studded jewellery is structurally stronger. As the contribution of these stores rises with the planned expansion over the coming quarters, this mix advantage is expected to scale meaningfully at the company level.
Operational Highlights
During the quarter, our focus remained on strengthening the performance of the existing network, advancing site identification and franchise partner onboarding for upcoming launches, and building the operational readiness required to execute the expansion pipeline for the remainder of the year.
The total store count as of June 30, 2026, stood at 78 (77 in India and 1 in the U.S.A.), with the store rollout for the year planned from the subsequent quarters onwards, in line with our phased expansion calendar.
Outlook for FY27
Financial performance for the quarter remains in line with our previously stated Gross Margin and EBITDA Margin guidance for FY27, and we remain confident of delivering on the same.
Further, we remain on track with our stated plan of opening ~25 new stores during the fiscal year, taking the total store count to ~103 by the end of FY27. The rollout will be phased across the remaining three quarters of the year, with a progressively accelerating launch calendar and a franchise-led approach across both Legacy and LiteStyle formats, deepening our presence in Maharashtra while progressively expanding into Uttar Pradesh, Bihar, Central India and the NCR region.
Note: This update provides a summary of the company’s financial performance for the quarter ended June 30, 2026. The results are subject to limited review by the Statutory Auditors. Upon approval by the Board of Directors, a detailed information update will follow. The revenue figures mentioned above represent revenue from the sale of goods.
National News
India’s Major Retail Jewellery Players Made A Strong Start To FY27
The Common Drivers Are Clear: Strong Same-Store Sales, Fast Store Expansion, Premiumisation, and A Better Product Mix.
India’s organised jewellery retailers have made a strong start to FY27, with Kalyan Jewellers, P N Gadgil Jewellers and Titan Company all showing that branded players can still grow quickly even in a record gold-price environment. The common drivers are clear: strong same-store sales, fast store expansion, premiumisation, and a better product mix.
Kalyan’s broad-based growth
Kalyan Jewellers reported about 38% consolidated revenue growth in Q1 FY27, with India operations also rising by more than 38% despite the 28-day Adhik Maas period, which usually softens wedding-related demand. Same-store sales growth was around 28%, showing that existing stores remained the main engine of momentum. Candere was a standout, posting about 112% growth, while Kalyan added 12 Kalyan showrooms and five Candere outlets during the quarter.
The company also highlighted a shift toward recycled gold through its “Shine with India” campaign, with recycled gold contributing more than 46% of revenue in Q1 and over 55% in June. That suggests Kalyan is not only growing demand but also improving sourcing efficiency at the same time.
PNG’s premium mix
P N Gadgil Jewellers reported 41% year-on-year revenue growth in Q1 FY27, with retail revenue up 56% and same-store sales up 46%, which points to very strong productivity at existing stores. Retail now contributes roughly 78% of revenue, while franchise and e-commerce also expanded healthily. The company’s retail stud ratio increased to 10.9%, indicating improving demand for studded jewellery and a higher-value product mix.
PNG also noted that newer stores in North and Central India are already showing higher studded jewellery penetration than its traditional Maharashtra and Goa markets. That matters because it signals that the brand is successfully taking its premium assortment to new geographies, not just expanding store count.
Titan’s steady momentum
Titan’s jewellery business also continued to grow strongly, with domestic jewellery operations rising around 18% to 39% depending on the business-update frame reported, supported by Akshaya Tritiya demand and healthy early-quarter buyer traffic. Titan said consumers increasingly preferred lightweight and lower-karat jewellery as gold prices climbed, while plain gold jewellery grew in the mid-teens and studded jewellery delivered early double-digit growth. Tanishq’s like-to-like sales grew in early double digits, and CaratLane also posted healthy double-digit like-to-like growth.
Titan expanded its jewellery network by adding 19 net stores in the quarter, including Tanishq, Mia and CaratLane outlets. That reinforces the same theme seen across the sector: scale, distribution and brand trust are helping large organised players win share.
What it means
The quarter suggests that high gold prices are changing what consumers buy, not whether they buy. Buyers are shifting toward lighter designs, lower karatage, studded jewellery and branded channels, which helps organised retailers defend growth even when raw material prices are elevated. In that setting, store expansion and premiumisation are offsetting pricing pressure, while digital channels and recycled-gold initiatives are adding another layer of resilience.
For the upcoming festive and wedding season, the sector appears well positioned, especially if gold prices stay volatile but not sharply disruptive. The strongest signal from these updates is that organised jewellery retail is gaining share from unorganised players rather than simply riding higher ticket values.
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