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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

Shringar House of Mangalsutra Ltd. Flags Off the Pune Expansion, Inaugurated by PNG Jewellers CMD Saurabh Gadgil

The opening of Pune Sales Office to strategically drive expansion across Pune, Marathwada and Vidarbha region

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Shringar House of Mangalsutra Limited, India’s most trusted B2B gold jewellery manufacturer specializing in mangalsutras, has strengthened its presence in Maharashtra through the launch of a strategic Pune sales office, which was inaugurated by Saurabh V. Gadgil, CMD of P N Gadgil Jewellers Limited (PNG).

Shringar House of Mangalsutra Limited, India’s most trusted B2B gold jewellery manufacturer specializing in mangalsutras, has strengthened its presence in Maharashtra through the launch of a strategic Pune sales office, which was inaugurated by Saurabh V. Gadgil, CMD of P N Gadgil Jewellers Limited (PNG).

With Maharashtra playing an increasingly important role in India’s jewellery value chain, the company plans to deepen retail partnerships, expand its design portfolio and strengthen its B2B infrastructure across the region. The Pune office represents a foundational step in Shringar House of Mangalsutra Limited’s strategy to consolidate its position as a leading specialist in the mangalsutra category.

The Pune sales office will function as a central commercial and coordination hub for operations across Pune, Marathwada and Vidarbha regions, supporting closer engagement with jewellery retailers, wholesalers and corporate jewellery brands.

Pune’s location enables Shringar House of Mangalsutra Limited to service premium urban jewellery markets while extending efficient trade coverage to Marathwada and Vidarbha, where mangalsutras remain integral to bridal and ritual jewellery demand.

Commenting on the expansion, Chetan Thadeshwar, Chairman, Shringar House of Mangalsutra Limited, said: “Our Pune sales office is a strategic step aligned with our long-term vision to enhance accessibility, quality product and a wide variety of mangalsutras for retailers across Maharashtra. The state represents a critical market for us, and this expansion strengthens our ability to work closely with partners and support their growth with greater efficiency and consistency.”

Viraj Thadeshwar, CEO and Executive Director, Shringar House of Mangalsutra Limited, added, “The launch of our Pune sales office marks an important step in strengthening on-ground engagement with our retail partners in Maharashtra. This presence allows us to respond faster to market needs, improve supply efficiencies, and ensure consistent availability of designs across price points. As demand continues to evolve, our focus remains on building a scalable and agile distribution network that supports long-term partner growth.”

Speaking at the inauguration, Dr. Saurabh Gadgil, Chairman and Managing Director, PNG Jewellers, said:

“I am honoured to be part of the inauguration of Shringar – House of Mangalsutra’s new office in Pune. Shringar has been a trusted partner to PNG Jewellers for many years, and our teams share a very close and collaborative working relationship. Mangalsutras are a significant and culturally important category in the Indian jewellery landscape, and Shringar is among the finest manufacturers in this space, known for their vast product range, exceptional designs and consistent quality.

This new office will further strengthen their ability to serve the western India market and support many more jewellers across the region. I extend my best wishes to Chetan Thadeshwar ji and his sons, Viraj and Balraj, for continued success.”

With decades of experience in mangalsutra manufacturing, Shringar House of Mangalsutra Limited continues to focus on design innovation, manufacturing excellence and dependable supply partnerships across India.

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