Retail Segment

The retail segment recorded a robust 29% growth in Q2 FY26 compared to the same period in the previous financial year, driven by healthy store-level performance and strong fes ve season sales, accoun ng for 72.2% of total revenue.

Non-Retail Segments

• E-commerce: With an increase of 113.2% compared to the same quarter in the previous financial year, it contributed 6.6% to total revenue, reflec ng our successful digital expansion and increasing online customer engagement.

• Franchisee Opera ons: This segment surged by 105% YoY, accoun ng for 15.6% of total revenue, driven by strong franchisee performance.

• Other: The Other segment accounted for 5.6% of total revenue in Q2 FY26, primarily comprising B2B sales from the Head Office and corporate segment. As men oned earlier, the refinery business was discon nued effec ve October 1, 2024; it had contributed Rs. 3,435 Mn in Q2 FY25.

Performance of Continuing Operations

During the quarter under review, total revenue excluding the refinery segment delivered a YoY growth of 31%. The following summary presents the revenue breakdown:

Festive Sales

The fes ve season con nues to remain a key driver of our growth, with strong contribu ons from Ganesh Utsav, Janmashtami, Raksha Bandhan and Navratri. Our Mangalsutra Mahotsav and Painjan Mahotsav also received an excep onal response, further boos ng sales.

Product wise and same store sales growth

The Gold category registered a 24% increase in value and a 15% increase in volume. The Silver category delivered a strong performance with 92% growth in value and 59% growth in volume. Diamond sales also improved, recording a 31% rise in volume compared to the previous quarter, resul ng in the stud ra o reaching 9%. The Same Store Sales Growth (SSSG) stood at a healthy 29%, compared to the previous quarter.

Operational Highlights

Following the posi ve response to last year’s Navratri campaign, ‘Nine Days, Nine Stores,’ the Company further expanded its presence during this year’s Navratri, opening 6 Exclusive PNG Jewellers showrooms and 4 LiteStyle shop-in-shop stores.

P N Gadgil Jewellers Limited                                                      

This quarter also marks a significant milestone in PNG Jewellers’ journey to becoming a leading panIndia player, with entry into Indore in Madhya Pradesh, Kanpur and Lucknow in U ar Pradesh, along with the launch of a flagship store in Dadar, Mumbai. 

During the quarter, the Company launched 8 exclusive showrooms – 5 company-owned outlets (COCO) and 3 franchise outlets (FOCO) – taking the total store count to 63 as of September 30, 2025.

Outlook for FY26

On the expansion front, we con nue to focus on accelera ng our store rollout plan with 13-15 new openings planned for H2 FY26 – comprising a mix of company-owned (COCO) and franchise-operated (FOCO) outlets. These addi ons will bring us closer to achieving our target of a 76-78 store network by fiscal year-end.

Key growth markets such as Maharashtra and Goa, where we con nue to maintain a leadership posi on, and other regions such as Madhya Pradesh, U ar Pradesh and Bihar which presents strong growth poten al, will remain at the core of our expansion strategy.