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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

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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’26Q4 FY’25
Revenue Excluding Other Segment3,1961,569
Others Segment35618
Total Revenue3,5521,587

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%.

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National News

GGJS 2026 Concludes With High-Volume Trade and Strategic Focus On Next-Gen Leadership

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– The 16th edition of the Gujarat Gold Jewellery Show (GGJS 2026), jointly organized by GGJS and the Gold Ornaments Jewellers Wholesalers Association (GOWJA), successfully concluded its three-day B2B trade exhibition at the Helipad Exhibition Centre in Gandhinagar. The landmark event reinforced its position as a premier national platform for business networking, product sourcing, design innovation, and trade collaboration.

Under the leadership of GOWJA President Hiteshbhai Soni, Vice President Akshaybhai Mehta, and the organizing committee, GGJS 2026 recorded unprecedented trade visitor footfall, substantial bulk order placements, and strong participation from leading jewellers, manufacturers, wholesalers, and retail delegations across India.

Jointly organized by GGJS (Gujarat Gold Jewellery Show) & GOWJA (Gold Ornaments Jewellers Wholesalers Association), the B2B exhibition is creating a strong platform for business networking, product sourcing, market opportunities and industry collaboration, with a special focus on the participation and aspirations of the young jeweller’s community.

The grand inauguration was graced by  Guests of Honour boCHE (Dr. Boby Chemmanur), Chemmanur International Jewellers, A.B.S. Sanjjay, AVR Swarna Mahal Jewellers, Pramod Dugar, India Gem & Jewellery Creation, , Anil Kataria, DP Abhushan Ltd, Ajay Talla, Talla Jewellers, along with Special Guests Surendra Mehta, National Secretary-IBJA, Ankit Vaidya, Founder & CEO- Jewel Partner, Dharmendra Soni,Past President -GOWJA,  Shampatlal Jain, President -Shree Manekchowk Sona Chandi Dagina Jewellers Association and dignitaries and leaders  from the GJ industry.Present at the inauguration were GOWJA President Hitesh Soni and Vice President Akshay Mehta and GOWJA committee members.

Following the opening ceremony, Day 1 featured the Young Jewellers Summit (J20), highlighting the next generation of industry leaders. Designed to empower young entrepreneurs looking to scale emerging ventures or modernize legacy businesses, the summit presented actionable insights into modern retail strategies, technology integration, and sustainable growth.

The summit featured two flagship panel discussions:

  1. The New Rules of Jewellery Growth – Focused on modern scaling strategies, digital expansion, and evolving consumer preferences.
  2. Building a Business That Can Outlive You – Explored legacy preservation, professionalization, and tech-driven business transformation.

Day 2 saw accelerated commercial momentum as thousands of regional wholesalers, elite retail buyers, and trade delegates visited the exhibition halls. Exhibitors presented an extensive range of collections, spanning cutting-edge craftsmanship, lightweight daily wear, and heavy bridal jewellery.

Key highlights of Day 2 included:

  • High-Volume B2B Engagement: Nationwide buyers placed substantial bulk orders, reflecting strong retail demand rebound ahead of the upcoming festive and wedding seasons.
  • Operational Excellence: Streamlined visitor hospitality and floor management facilitated efficient business negotiations and trade deals.
  • Knowledge Sharing: Industry seminars and walkthroughs addressed BIS hallmarking compliance, sustainable trade practices, and the integration of AI-driven inventory management tools.

GGJS 2026 wrapped up on a high note, delivering measurable business value to exhibitors and attendees alike. The event bridged classic craftsmanship with modern enterprise management, serving as an incubator for long-term partnerships and market growth. From empowering young entrepreneurs at the J20 Summit to facilitating high-value commercial transactions, this edition has demonstrated the resilience, dynamism, and future-readiness of the Indian jewellery sector.

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JewelBuzz is Asia’s First Digital Jewellery Media & India’s No.1 B2B Jewellery Magazine, published by AM Media House. Since 2016, we’ve been the trusted source for jewellery news, market trends, trade insights, exhibitions, podcasts, and brand stories, connecting jewellers, retailers, and industry professionals worldwide.

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