PNG Jewellers delivered impressive June-quarter results with consolidated net profit rising 51.92% year-on-year to ₹105.34 crore compared to ₹69.34 crore in Q1 FY26. According to Business Standard, revenue from operations grew 40.73% YoY to ₹2,412.98 crore, driven by robust growth across retail business and healthy demand for gold, diamond and silver jewellery. Profit before tax (PBT) increased 51.63% YoY to ₹140.59 crore during the quarter. The strong performance was supported by EBITDA of ₹192.41 crore, registering 56.6% growth compared with ₹122.85 crore in the corresponding quarter last year. EBITDA margin improved 80 basis points to 8% in Q1 FY27 as against 7.2% in Q1 FY26. Adjusted EBITDA, excluding the impact of unhedged gain, stood at ₹182.7 crore, with an adjusted EBITDA margin of 7.6% against 6.6% in Q1 FY26. Adjusted Net Profit stood at ₹98.1 crore, implying an adjusted Net Profit margin of 4.1% versus 3.6% in Q1 FY26. As per The Economic Times, the company achieved its highest-ever first quarter revenue of ₹2,413 crore, representing 41% year-on-year growth. Basic earnings per share rose to ₹7.8 from ₹5.1 in Q1 FY26.
The retail segment demonstrated exceptional performance with revenue growing 56.4% year-on-year to ₹1,885.10 crore, supported by impressive same-store sales growth (SSSG) of 46.1% YoY, driven by healthy customer footfalls and higher transaction volumes. As reported by Business Standard, retail contributed 78% of total revenue in Q1 FY27, up from 70% a year earlier, reflecting the company's continued focus on expanding its higher-margin retail business. The company noted that the proportion of lower-margin gold bullion sales within retail revenue had normalised to around 22%, while higher contribution from retail and studded jewellery continued to improve revenue quality. Customer footfalls increased 25.9% YoY to 2,14,587, with a store conversion rate of 91.8%. Transaction volumes grew 26.3% YoY, while the average transaction value rose to ₹92,264. The retail stud ratio improved to 10.9% from 9.9% in the previous quarter. According to The Economic Times, the retail stud ratio improved to 10.9% from 9.9% in the previous quarter, with newly launched stores across Northern and Central India delivering significantly higher stud ratios in the range of 15% to 18%. The conversion-to-jewellery ratio improved to 53% in Q1 FY27 from 46% in FY26.
Across product categories, the diamond segment maintained strong momentum, recording 29% growth in value and 26% growth in volume, while the gold category posted a 54% increase in value, with volumes remaining broadly stable despite declining just 1% YoY despite elevated gold prices. According to Business Standard, the silver category registered a 131% increase in value, although volumes softened 7% YoY. This diversified performance across precious metals contributed significantly to the overall retail segment growth and improved revenue quality. As per The Economic Times, the diamond category continued to witness exceptional momentum, delivering 29% growth in value and 26% growth in volume, while the gold category recorded a robust 54% growth in value with volumes remaining stable. The Akshay Tritiya performance was notable, with festive sales increasing 80.3% YoY to ₹251.4 crore. Gold Bars and Coins (GBC) accounted for 21.7% of total retail revenue during the quarter, with the average gold purchase per invoice at 4.84 grams. The e-commerce segment surged 20% YoY to ₹79.3 crore in the quarter ended June 30, 2026, compared to ₹66.13 crore in the same period last year.
PNG Jewellers ended the June quarter with 78 stores, comprising 77 in India and one in the US, as of June 30, 2026. According to Business Standard, the company plans to open a few new stores in Q2 FY27, with the bulk of its expansion scheduled for Q3 and Q4 FY27 in line with its phased rollout strategy. The expansion will largely follow a franchise-led model across Maharashtra, Uttar Pradesh, Bihar, Central India and the National Capital Region. The company also reaffirmed it remains on course to achieve its previously guided gross margin and EBITDA margin targets for FY27. During the quarter, the company focused on improving the productivity of its existing store network while continuing site identification, franchise partner onboarding and operational readiness for its planned expansion. As per The Economic Times, the company's focus will remain on disciplined expansion with a healthy store rollout pipeline for the remainder of the year, particularly across high-potential markets in North India. The recently launched stores across Northern and Central India are demonstrating meaningfully higher stud ratios, reinforcing confidence in these markets and validating the expansion strategy.
Shares of P N Gadgil Jewellers surged as much as 7% to ₹689.05 per unit on Monday following the strong earnings announcement, as reported by The Economic Times. The positive market response reflects investor confidence in the company's sustained growth trajectory and the sustainability of its retail-focused strategy. According to The Economic Times, the company has a total market capitalisation of ₹9,296.02 crore as of July 27, 2026. Commenting on the performance, Dr. Saurabh Gadgil, Chairman & Managing Director, stated that the company is "delighted to commence FY27 on a strong note, delivering its highest-ever first quarter with revenue of ₹24,130 million, representing 41% year-on-year growth, while EBITDA increased by 57% & Profit After Tax increased by 52%." He emphasized that the performance reflects the strength of the PNG brand, healthy consumer demand across categories and the company's continued focus on "disciplined execution, operational excellence and customer-centric innovation." The company remains committed to further strengthening its risk management framework by progressively increasing hedge coverage and enhancing earnings stability as it scales. The company's hedge coverage stood at approximately 70% as of the quarter end, with an objective to increase it to 80% or above in the near term.
