National News
P N Gadgil Jewellers Limited – Quarterly Update Q2 FY26
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:
| Par culars (Rs in Mn) | Q2 FY’25 | Q2 FY’26 |
| Revenue Excluding Refinery | 16,571 | 21,733 |
| Refinery segment | 3,435 | – |
| Total Revenue | 20,006 | 21,733 |
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.
National News
MMTC-PAMP Appoints Sidharth Malhotra As Brand Ambassador
As Part Of The Association, Sidharth Will Lead MMTC-PAMP’s New Integrated Campaign, ‘Purest And More,’ Showcasing The Brand’s Expanding Portfolio Across Physical Precious Metals, Digital Investments and Responsible Gold Recycling.
MMTC-PAMP, India’s only London Bullion Market Association (LBMA)-accredited Good Delivery Gold & Silver refiner, today announced acclaimed actor Sidharth Malhotra as its Brand Ambassador, marking a significant milestone in the brand’s journey to strengthen its connection with a new generation of consumers. As part of the association, Sidharth will lead MMTC-PAMP’s new integrated campaign, ‘Purest And More,’ showcasing the brand’s expanding portfolio across physical precious metals, digital investments and responsible gold recycling.
The integrated campaign showcases MMTC-PAMP’s complete ecosystem, from 24K 999.9+ purest gold and silver coins and bars to digital gold and silver, gold recycling, online purchasing and assured buyback services. Through relatable, everyday moments and festive celebrations, the campaign reinforces MMTC-PAMP’s position as India’s most trusted precious metals brand while making gold ownership more relevant, accessible and convenient for today’s consumers.
Announcing the association, Samit Guha, Managing Director and CEO, MMTC-PAMP said:
“We are delighted to welcome Sidharth Malhotra to the MMTC-PAMP family. Sidharth has built a strong reputation through authenticity, credibility and a modern outlook—qualities that closely reflect the values of our brand. As one of India’s most admired and influential actors, he enjoys a deep connect across generations, making him an ideal ambassador as we continue expanding the reach of MMTC PAMP among both seasoned investors and first-time buyers.
This partnership comes at an exciting phase in our growth as we continue to redefine precious metals ownership through innovation, responsible sourcing and world-class quality. Through our ‘Purest And More’ campaign, we are showcasing how MMTC-PAMP today offers far more than physical gold—from digital investments and online buying to gold recycling and assured buyback—while remaining uncompromising on purity and trust.”
The campaign film unfolds through a series of relatable family moments around a wedding celebration, with Sidharth naturally introducing consumers to MMTC-PAMP’s diverse offerings. The storytelling highlights that every MMTC-PAMP offering is backed by the brand’s commitment to purity, trust and convenience while reinforcing its promise of “Purest And More.”
Speaking on the association, Sidharth Malhotra said:
“MMTC-PAMP has built a remarkable reputation for purity, trust and innovation, while also modernising the way people invest in and experience precious metals. Whether it’s celebrating life’s milestones, building long-term wealth or embracing more responsible choices through recycled gold, the brand continues to stay relevant for today’s consumers. I’m excited to be part of this journey and look forward to connecting with people through the ‘Purest And More’ campaign.”
The association brings together one of India’s most recognised actors with one of the country’s most trusted precious metals brands at a time when consumer interest in certified physical gold, digital gold and sustainable precious metals solutions continues to grow. With Sidharth Malhotra as the face of the brand, MMTC-PAMP aims to further strengthen its leadership position while deepening engagement with a younger, digitally connected audience.
The campaign will be amplified across television, digital platforms, social media, print, retail stores and e-commerce channels, with dedicated creatives highlighting key offerings including digital gold and silver, festive gifting, Virasat recycled gold, Akshaya Tritiya, Diwali and MMTC-PAMP’s certified purity credentials.
Link to the TVC (YouTube):
Link to the TVC (Instagram):https://www.instagram.com/p/DciH4s7tim5//
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