Jewellery retailer P N Gadgil Jewellers Ltd reported a 22.4% year-on-year growth in revenue for the second quarter of FY27, despite the shift in the Navratri festive period to the third quarter this year. According to reports from CNBC TV18, the company's retail segment grew 31.1% YoY, driven primarily by same-store sales growth (SSSG) of 25.5%. The retail segment contributed around 77.3% of total revenue, higher on a year-on-year basis, while the franchise business grew 34.7% YoY. However, the company's e-commerce revenue declined 83.6% YoY, primarily due to a strategic recalibration of the product mix.
During the Raksha Bandhan festive period, Rakhi sales grew 114% in terms of pieces sold and 142% in value compared with the same quarter last year. As reported by CNBC TV18, gold revenue grew 23.5% YoY, while diamond revenue increased 21% and silver revenue rose 12% during the quarter. The company's retail stud ratio increased to 11.8% in Q2 FY27 from 9% in the year-ago quarter, with the northern region recording a retail stud ratio of 17.4% during the quarter. The share of old gold exchange as a percentage of sales increased to 38% in Q2 FY27 from 29% in Q2 FY26.
During the quarter, the company transitioned LiteStyle to YOOU, marking a shift towards a more distinctive and contemporary brand identity. According to CNBC TV18, YOOU is positioned around self-expression, everyday wear and lifestyle-led jewellery, while leveraging the trust, heritage and credibility of PNG Jewellers. The company opened two new stores during the quarter — one Legacy store in Gurugram and one YOOU store at Amanora Mall in Pune. As of September 30, 2026, the total store count stood at 80, comprising 79 stores in India and one in the US.
As reported by CNBC TV18, PNG Gadgil Jewellers remains on track to open around 23 new stores during FY27, taking its total store count to around 103 stores by year-end. The rollout will be phased over the remaining two quarters, with launches expected to accelerate primarily through a franchise-led expansion strategy across Legacy and YOOU stores. The Ayodhya store is expected to open by mid-October, while the Prayagraj store is expected to open by early November. The company has already secured 10 store commitments, comprising six Legacy and four YOOU stores.
Shares of PNG Gadgil Jewellers Ltd ended at ₹588.80, down by 1.38% on Thursday, as reported by CNBC TV18. The stock has declined nearly 3% so far this year. The decline was primarily due to a strategic recalibration of the company's product mix, with a deliberate reduction in low-margin coin sales and a shift towards higher-margin jewellery products. The share of gold coin and bar sales in retail revenue fell to around 15.8% in Q2 FY27 from around 23.3% in the year-ago quarter.
