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P N Gadgil Jewellers Limited – Quarterly Update Q3 FY26

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The Retail segment delivered strong revenue growth 46% in Q3 FY26 compared to the same period in the previous financial year, accounting for 83.2% of total revenue. The growth was primarily driven by strong festive and wedding season demand.

Non-Retail Segments

  • E-commerce: This segment recorded a 138% increase compared to the same quarter in the
    previous financial year; it contributed 5.1% to total revenue.
  • Franchisee Operations: This segment grew by 12% YoY, accounting for 7.7% of total revenue. During the quarter under review, total revenue excluding the other segment delivered a YoY growth of 46%. The details are provided below:
Consolidated Revenue (₹ in Cr)Q3 FY’26Q3 FY’25
Revenue Excluding Other Segment3,1692,176
Other Segment133259
Total Revenue3,3022,435
  • Other segment: It accounted for 4% of total revenue in Q3 FY26, primarily comprising B2B
    bullion sales from the Head Office and corporate segment.

Festive Sales

  • Dussehra sales stood at Rs.190 crore, reflecting a strong 64% YoY growth.
  • Dhanteras registered a revenue of Rs.277 crore, marking the highest-ever single-day festive sales
    for the company. Consequently, total Diwali sales aggregated to Rs.606 crore, registering a robust
    74% YoY growth.
  • October 2025 witnessed the highest-ever monthly revenue of Rs1,807 crore, representing a
    significant 72% YoY increase.

Product Mix and same store sales growth

  • The studded jewellery contribution for the 9M FY26 increased by 52% YoY, taking the stud ratio to 8.4 %.
  • Further, the Same-store sales growth (SSSG) for the quarter stood at 32%.

Operational Highlights

  • During the quarter, the Company launched 3 exclusive company owned outlets, taking the total store
  • count to 66 as of December 31, 2025.

Outlook for FY26

  • On the expansion front, Company continues to focus on accelerating our store rollout plan, with 12-14 new openings planned for Q4 FY26, comprising a mix of company owned (COCO) and franchisee operated (FOCO) outlets. These additions will enable us to achieve our target of 78-80 stores by the end of the fiscal year.
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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.

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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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