P N Gadgil Jewellers Limited, one of the most reputed jewellers in the country, boasting 194 years of legacy & excellence in craftsmanship and trusted service in the retail business of gold, silver, and diamond jewellery, announced its unaudited financial results for the quarter and half year ended 30th September 2026.

Key Financial & Operational Highlights:

• Retail Contribution: Retail sales continued to strengthen, with the retail share of total revenue increasing to 77% in Q2FY27 from 72% in Q2FY26, reflecting the Company’s continued focus on expanding its high-margin retail business. Additionally, share of retail revenue from Northern and Central Regions increased to 2.7% in Q2 FY27 from 0.7% in Q2 FY26.

• Strong Same-Store Performance: The Company delivered a robust Same-Store Sales Growth (SSSG) of 25.5% YoY, driven by deeper customer engagement at existing stores.
• Re-Branded LiteStyle to YOOU: The transition from LiteStyle to YOOU marks a strategic evolution towards a more distinctive, lifestyle-led brand. Designed to reflect consumers’ growing preference for self-expression over occasion-led purchases, YOOU combines contemporary aspirations with the trust and credibility of PNG Jewellers. The rebranding aims to strengthen brand resonance among younger, style-conscious consumers, while the refreshed positioning and contemporary identity are expected to support greater relevance and preference for everyday jewellery. Its impact on stud ratio and brand resonance can be assessed through changes in product mix, customer preferences and engagement following the transition.
• Improving Product Mix: The retail stud ratio improved to 11.8% from 9.0% in the same quarter previous year, while the northern & central region delivered a notably stronger performance, achieving a stud ratio of 17.4%; validating the Company’s expansion strategy into markets with structurally higher demand for studded jewellery. Additionally, YOOU by PNG recorded an impressive studded jewellery ratio of 53.1%, reflecting strong customer acceptance of the brand’s lightweight studded offerings.
• Product-wise Performance: During the quarter, the diamond category continued to witness exceptional momentum, delivering 21% growth in value & 11% growth in volume, underscoring increasing customer preference for studded jewellery and supporting the Company’s premiumization strategy. The Gold Jewellery grew by 47% in value & 4% in volume; Gold Bars & Coins reduced by 24% in value & 48% in volume, whereas silver category increased by 12% in value & reduced by 42% in volume.
• Higher Customer Engagement: Healthy customer acquisition continued across markets, with footfalls been at 178,756, while maintaining a robust conversion rate of 88.6%, reflecting strong brand recall, healthy demand and the Company’s ability to consistently convert store visits into purchases.
• Growth in Transactions & Spending: At the retail level, Company recorded an Average Transaction Value (ATV) of Rs 1,22,100, with the Legacy at Rs 1,22,423 and YOOU at Rs 65,320, reflecting healthy transaction values across its brand portfolio.
• CRISIL A+/Stable Credit Rating Reaffirmed: CRISIL has reaffirmed the company’s ‘A+/Stable’ credit rating, reflecting its established credit profile and stable outlook.
• Acquisition of Silvostyle: A sterling silver fashion jewellery brand offering bold, contemporary and trend-led designs for everyday wear, acquired in full on 1 October 2026.
• Underlying Operating Performance: With the current hedging coverage ~80%, the remaining unhedged inventory resulted in an unhedged gain of Rs 50 Mn during Q2 FY27, compared to Rs 60 Mn in Q2FY26. Excluding this gain, Adjusted EBITDA stood at Rs 2,196 Mn, compared to Rs 1,369 Mn in the corresponding quarter last year, while the Adjusted EBITDA Margin increased to 8.2% from 6.3%.
• Adjusted Profitability: Excluding the net impact of the unhedged gain, Adjusted PAT stood at Rs 1,174 Mn in Q2FY27, compared to Rs 750 Mn in Q2FY26, translating into an Adjusted PAT Margin of 4.4%, as against 3.4% in the corresponding quarter last year.
• Expansion Pipeline on Track: During the quarter, the Company remained focused on enhancing the productivity of its existing network while progressing site identification, franchise partner onboarding and operational readiness for its upcoming expansion, with a significant focus on Northern and Central region, in line with its growth strategy.
• As of 30th Sept 2026, the Company operated 80 stores (79 in India and 1 in the U.S.A.). A majority of the year’s expansion scheduled across Q3 and Q4 FY27, in line with the Company’s phased rollout plan.

Commenting on the performance, Dr. Saurabh Gadgil, Chairman & Managing Director, P N Gadgil Jewellers Limited, said:

“We continued to strengthen our retail business in Q2 FY27, with retail contributing 77% of total revenue and same-store sales growth reaching 25.5%. The improvement in our retail stud ratio to 11.8%, alongside a higher stud ratio of 17.4% in the Northern & Central region, reinforces our confidence in the region’s growth potential and validates our expansion strategy. We are also evolving our brand portfolio to address changing consumer preferences. The rebranding of LiteStyle to YOOU by PNG has strengthened our focus on contemporary, lifestyle-led jewellery, with studded jewellery contributing 53.1% of its sales.

The acquisition of Silvostyle further expands our presence in the fast-growing silver fashion jewellery segment. Looking ahead, we remain focused on disciplined expansion, particularly across Northern and Central India, with most planned store additions scheduled for the second half of FY27. Backed by our 194-year legacy, trusted brand and evolving retail capabilities, we remain committed to sustainable, profitable growth and long-term stakeholder value creation.”