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PN Gadgil Jewellers
SectorConsumer Goods
In the news
PN Gadgil Jewellers posts healthy Q2FY27 sales growth
PN Gadgil Jewellers Q2 revenue up 22% on strong retail growth
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PNG Jewellers Q1 profit surges 52% on retail strength
PN Gadgil hits 5% lower circuit on Q4 margin decline
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P N Gadgil Jewellers Crashes 10% Leading BSE 'B' Group Losers
PN Gadgil Jewellers Stock Falls 10% to ₹573.95 Amid Market Volatility
P N Gadgil Jewellers Q4 profit jumps 45% to ₹90 crore
PNG Jewellers Q4 revenue jumps 124% YoY to ₹3,552 crore
PN Gadgil Jewellers: Strong Q3 Growth Momentum Continues
PNG Jewellers Q3 revenue jumps 46% YoY to ₹3,169 crore
The Quarter story
The two most recent quarterly results, compared side-by-side.
Revenue and margins recovered year-on-year, but costs and online/franchise sales cooled after the Q4 peak.
SSSG rose from 8% in Q1 FY26 to 46.1% in Q1 FY27 — same-store demand is strong
Finance cost rose from ₹185.4 Cr in Q1 FY26 to ₹338.7 Cr in Q1 FY27 — borrowing costs are higher
EBITDA margin recovered from 7.1% in Q1 FY26 to 8.0% in Q1 FY27 — operating profitability improved
Employee expenses rose from ₹321.9 Cr in Q1 FY26 to ₹489.2 Cr in Q1 FY27 — staffing costs are rising
Store count grew from 55 in Q1 FY26 to 78 in Q1 FY27 — wider retail network
E-commerce revenue fell from ₹1,677.1 Cr in Q3 FY26 to ₹793.5 Cr in Q1 FY27 — online sales cooled
Basic EPS rose from ₹5.02 in Q1 FY26 to ₹7.6 in Q1 FY27 — earnings recovered
Franchisee revenue fell from ₹4,297.8 Cr in Q4 FY26 to ₹2,906.4 Cr in Q1 FY27 — franchise demand is volatile
Other expenses fell from ₹1,877.9 Cr in Q3 FY26 to ₹836.3 Cr in Q1 FY27 — cost base normalized
Other income fell from ₹357.4 Cr in Q2 FY26 to ₹100.2 Cr in Q1 FY27 — non-operating income weakened
Company insights, generated from the most recent coverage.
Q1 FY27 delivered 41% revenue growth, 52% PAT growth and 46% same-store sales, yet the stock fell about 8% over six months. The fundamentals are not the problem — the derating is happening despite them.
About 25 new stores planned for FY27 are mostly franchise-led and in new regions. PN Gadgil is entering unfamiliar markets just as its like-for-like growth leads the peer set — execution risk rises even as the growth optics look best in class.
Reported gross margin was flat, and adjusted for hedging it rose only 40-50 bps. With hedging gains fading from Rs 45 Cr in Q3 FY26 and Rs 20 Cr in Q4 FY26, the quality of PN Gadgil's reported margin is weaker than the headline growth suggests.