National News
P N Gadgil Jewellers Limited – Quarterly Update Q2FY27
Reported Revenue Growth Of 22.4% YoY, Despite The Shift In The Navratri Festive Period To Q3 This Year. The Retail Segment Grew 31.1% YoY, With Robust Same-Store Sales Growth (SSSG) Of 25.5% YoY As The Primary Driver
P N Gadgil Jewellers Limited delivered a healthy performance in Q2FY27, reporting revenue growth of 22.4% YoY, despite the shift in the Navratri festive period to Q3 this year. The Retail segment grew 31.1% YoY, with robust same-store sales growth (SSSG) of 25.5% 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 77.3% YoY of the total revenue, which is meaningfully higher on a YoY basis
Revenue Performance
- Overall Growth: Consolidated revenue grew 22.4% YoY, despite the shift of the Navratri festive period into Q3 this year.
- Retail Segment:
- Grew 31.1% YoY, contributing ~77.3% of total revenue (meaningfully higher YoY).
- Driven primarily by robust organic Same-Store Sales Growth (SSSG) of 25.5% YoY.
- Franchise Segment: Reported strong growth of 34.7% YoY.
- E-Commerce: Declined 83.6% YoY due to a strategic shift reducing low-margin coin sales to focus on higher-margin jewellery products.
- Product Mix & Margin Quality:
- Retail gold coin & bar sales share normalized to ~15.8% (down from ~23.3% in Q2FY26).
- Moderation in lower-margin coins combined with higher retail/studded contribution continues to improve overall revenue mix profitability.
- Festive Performance: Raksha Bandhan Rakhi sales saw exceptional growth—up 114% in volume (pieces sold) and 142% in value YoY.
Sales Mix & Consumer Trends
- Category Growth (YoY):
- Gold Revenue:
- Diamond Revenue:
- Silver Revenue:
- Gold Revenue:
- Studded Jewellery:
- Overall retail stud ratio improved to 11.8% (vs. 9.0% in Q2FY26).
- Northern region outperformed with a stud ratio of 17.4%.
- Old Gold Exchange:
- Increased to 38% of total sales (vs. 29% in Q2FY26).
- Indicates growing customer participation in recycling/upgrading gold, helping return idle household gold to circulation and lowering reliance on fresh imports.
Operational Highlights
- Brand Rebranding: Transitioned the LiteStyle format to YOOU, positioning it as a contemporary, self-expression, and daily-wear brand backed by PNG’s trust and heritage.
- Store Network Expansion:
- Opened 2 new stores during the quarter: 1 Legacy store in Gurugram and 1 YOOU store in Amanora Mall, Pune.
- Total operational store count stood at 80 as of September 30, 2026 (79 in India, 1 in the U.S.A.).
Outlook for FY27
- Target Network Size: On track to open ~23 new stores in FY27, targeting a total network of ~103 stores by year-end.
- Upcoming Store Openings:
- Ayodhya store: Mid-October 2026
- Prayagraj store: Early November 2026
- Expansion Pipeline: Secured 10 store commitments (6 Legacy, 4 YOOU), focusing on franchise-led growth primarily across Northern and Central India while deepening operations in Maharashtra.
National News
Zoori By Hazoorilal Legacy Reinvents The Mangalsutra For The Modern Woman – The Zoori Mangalsutra
Rooted In Tradition, Designed For Today, The New Expression Of Love – Where Timeless Sentiment Meets Contemporary Style.The New Design Has Been Conceptualised As An Everyday Fine Jewellery Essential.
In a world where jewellery is increasingly becoming an expression of individuality, Zoori by Hazoorilal Legacy introduces a contemporary take on one of India’s most enduring symbols of love and commitment – the mangalsutra. Designed for the woman of today, the new Zoori Mangalsutra brings together tradition, versatility and modern design in a single, thoughtfully crafted piece.
Rooted in the emotional significance of the mangalsutra, the Zoori Mangalsutra brings a modern sensibility to the timeless symbol of love and commitment. Thoughtfully designed for versatility and moving beyond the conventional idea of a mangalsutra being reserved for specific occasions, the new design has been conceptualised as an everyday fine jewellery essential.
The modular design allows the Zoori Mangalsutra to be styled in 3 distinct ways. Crafted with 2 detachable layers, the top layer transforms effortlessly into a bracelet, while the second layer can be worn on its own or can be worn as a stack with your existing pieces. Crafted to give women the freedom to personalise their look according to their mood, outfit or occasion.
Delicate gold detailing, signature black beads and diamonds come together in a refined design that balances the traditional identity of the mangalsutra with the understated elegance of contemporary fine jewellery. The understated silhouette allows the mangalsutra to retain its traditional visual language while introducing a lighter, more contemporary aesthetic suited to modern wardrobes.
Speaking on the launch, Sonal Narang, Creative Head, Zoori by Hazoorilal Legacy said:
“The mangalsutra is one of the most deeply personal forms of jewellery, carrying with it a sense of love, commitment and tradition. With Zoori, we wanted to look at this timeless symbol through a contemporary lens and create something that feels relevant to the way women live and dress today. The Zoori Mangalsutra is designed to offer freedom of expression — it can be worn in different ways, styled differently and made a part of everyday life, while still retaining the emotion and significance at its core.”
The launch marks another step in Zoori’s journey of bringing traditional jewellery codes into a contemporary context. With Sonal Narang’s creative direction, the collection has consistently focused on delicate, versatile and stackable designs that resonate with younger consumers and the evolving ways in which they wear fine jewellery.
The Zoori Mangalsutra ultimately celebrates a simple idea: one design does not have to mean one way of wearing it. From everyday dressing to intimate occasions, from a single delicate layer to a more pronounced stacked look, the piece is designed to evolve with the woman who wears it.
The Zoori Mangalsutra is a modern interpretation of tradition—designed not just to be worn, but to become a part of a woman’s everyday story.
Zoori By Hazoorilal Legacy Reinvents The Mangalsutra For The Modern Woman – The Zoori Mangalsutra
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