National News
P N Gadgil Jewellers Limited – Quarterly Update Q4 FY26
Strong Q4 Surge Driven By Festive Demand and Expansion, With FY26 Revenue Crossing ₹10,744 Crore and Ambitious FY27 Growth Outlook
The Company delivered an exceptional performance in FY26, reporting revenue of Rs. 10,744 crore, up 40% YoY, marking a significant milestone in our growth journey. This strong performance was driven in part by an outstanding Q4, where total revenue increased by 124% YoY.
Retail Segment
The Retail segment recorded 102% YoY growth in Q4 FY26, driven by strong demand during the wedding and festive season.
Non-Retail Segments
Franchise Operations grew by 132% YoY, while E-commerce recorded a 67% YoY increase. During the quarter under review, total revenue excluding the other segment delivered a YoY growth of 104%. The details are provided below:
| Consolidated Revenue (Rs.Cr) | Q4 FY’26 | Q4 FY’25 |
| Revenue Excluding Other Segment | 3,196 | 1,569 |
| Others Segment | 356 | 18 |
| Total Revenue | 3,552 | 1,587 |
Note – Other segment primarily comprises B2B bullion sales from the Head Office and the corporate segment.
Festive and Event Sales
Foundation Day sales during the period amounted to Rs. 365 crore, with a healthy contribution across all categories. This was followed by a robust festive performance during Gudi Padwa, with sales reaching Rs. 171 crore, reflecting a 38% YoY growth. Subsequently, Gratitude Day sales to celebrate the milestone of reaching Rs. 10,000 crore stood strong at Rs. 225 crore.
Product Mix and Same Store Sales Growth (SSSG)
Despite rising gold prices, volumes saw positive traction with the gold category increasing by 27% YoY, while silver and diamond volumes rose 37% YoY and 125% YoY, respectively, driving the studded jewellery mix and taking the stud ratio to 9%.
The same-store sales growth (SSSG) for the quarter stood at a robust 86% YoY, highlighting strong customer traction across existing locations.
Operational Highlights
During the quarter, the Company added 8 COCO stores (3 Legacy and 5 LiteStyle) and 4 FOCO (1 Legacy and 3 LiteStyle), taking the total store count to 78 as of March 31st, 2026, comprising 57 COCO stores (48 Legacy and 9 LiteStyle) and 21 FOCO (17 Legacy and 4 LiteStyle). The expansion included strengthening our presence in Maharashtra and entering new markets in Uttar Pradesh through store openings in Gorakhpur and Varanasi.
Credit Rating Upgrade:
During the quarter, the Company’s long-term rating was upgraded to IND A+/Stable from IND A, while the short-term rating was reaffirmed at IND A1.
Outlook for FY27
We continue to maintain ongoing expansion momentum, with plans to open 25 new stores, with a strong strategic focus on scaling franchise formats, alongside company-owned stores. This is expected to take our total store count to 103 by the end of the fiscal year. We are targeting revenue of Rs. 13,500 crore, implying a growth of 25% YoY and an EBITDA margin of 7.5%.
National News
Gargi by P. N. Gadgil & Sons Posts 30.27% Revenue Growth in Q4FY26
Full-Year Revenue Surges 48.58% to ₹149.47 Crore On Back Of Aggressive Store Rollout
Adds 32 new stores in FY26, reaches 126 locations across 65 cities and 21 states: targets 35% Revenue CAGR with zero debt on books
PNGS Gargi Fashion Jewellery Limited, India’s fast-growing branded fashion jewellery retailer backed by the 190+year legacy of the P. N. Gadgil & Sons Group, reported strong business performance for Q4FY26 and the full financial year FY2025-26, clocking revenue from operations of Rs. 29.55 crore in Q4 — a 30.27% year-on-year jump — and Rs. 149.47 crore for the full year, reflecting 48.58% growth on a comparable basis (excluding one-time exceptional sales in FY25).
KEY FINANCIAL HIGHLIGHTS
| Particulars (Rs in Crore) | Q4FY26 | Q4FY25 | YoY % | FY26 | FY25* | YoY % |
| Total Revenue from Operations | 29.55 | 22.69 | 30.27% | 149.47 | 100.6 | 48.58% |
FY25 Revenue from Operations excludes the exceptional one-time sale of ₹25.75 crore arising from the transition of Shop-in-Shop (SIS) locations from FOCO to the FOFO model in April 2024. Revenue figures are subject to limited review by the Statutory Auditors.
OPERATIONAL HIGHLIGHTS
- Store expansion: Gargi added 32 new stores (Points of Sale) in FY26, including 18 in Q4 alone, taking its total network to 126 stores across 65 cities and 21 states as on 31 March 2026. Formats span Exclusive Brand Outlets (EBO), Shop-in-Shop (SIS), and Franchise stores.
- Portfolio breadth: The brand offers a diversified range, including 925 sterling silver jewellery, 14KT natural diamond jewellery, the newly introduced 9KT plain gold jewellery, fashion jewellery, and gifting products.
- Debt-free balance sheet: The Company carries zero debt and maintains a healthy funds position, giving it the financial headroom to self-fund its expansion plans.
GROWTH OUTLOOK
- Gargi targets a Revenue CAGR of approximately 35% over the next couple of years, driven by robust Same-Store Sales Growth (SSSG) and an ongoing store rollout programme.
- The Company has set a target of 20 new store openings in FY27.
- Industry tailwinds remain favourable: double-digit market growth and a significantly underpenetrated organised jewellery segment continue to provide structural growth opportunities.
MANAGEMENT COMMENT
“This has been a landmark year for Gargi. Growing revenue by nearly 49% on a comparable basis while simultaneously adding 32 new stores across 21 states reflects the strength of both our brand proposition and our execution engine. What gives us particular confidence is the quality of this growth — it is SSSG-led, organically funded, and built on a zero-debt balance sheet. Customers across tier-2 and tier-3 cities are increasingly seeking branded, trust-backed fashion jewellery, and Gargi is well-positioned to be their first choice. With 20 new stores planned for FY27 and a target Revenue CAGR of 35%, we are entering the new financial year with strong momentum and a clear runway ahead.”
— Aditya Modak, Director, PNGS Gargi Fashion Jewellery Limited
P N Gadgil Jewellers Limited – Quarterly Update Q4 FY26
Gargi by P. N. Gadgil & Sons Posts 30.27% Revenue Growth in Q4FY26
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Gargi by P. N. Gadgil & Sons Posts 30.27% Revenue Growth in Q4FY26
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National News4 hours agoGargi by P. N. Gadgil & Sons Posts 30.27% Revenue Growth in Q4FY26
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BrandBuzz23 hours agoMMTC-PAMP Launches Industry’s First Organized Silver Buyback for Coins, Bars, and Jewellery
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DiamondBuzz5 hours agoGIA Celebrates World Diamond Day Highlighting Iconic Gems
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International News1 day agoPrecious Metals Rally On US-Iran Ceasefire: Gold Tops $4,850, Silver Jumps To $76
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