P N Gadgil Jewellers reported a strong Q3 FY26, with Revenue from Operations surging 35.6% YoY to ₹33,026.1 Mn, driven by healthy Festive and wedding demand. Profit After Tax (PAT) also saw substantial improvement, rising 98.6% YoY to ₹1,709.1 Mn, reflecting margin expansion through a favorable product mix and cost management. The company expanded its retail footprint to 66 stores by December 2025.
Q3 & 9M FY26 Financial Performance Snapshot
P N Gadgil Jewellers announced robust financial results for the third quarter and nine months ending December 31, 2025. The performance highlights the success of demand across core markets and expanding operational efficiencies.
Q3 FY26 Performance (YoY Change)
- Revenue from Operations increased by 35.6% to ₹33,026.1 Mn.
- EBITDA grew by 109.4% to ₹2,717.1 Mn, leading to an EBITDA Margin of 8.2% (an expansion of 290 bps).
- PAT surged by 98.6% to ₹1,709.1 Mn, resulting in a PAT Margin of 5.2% (an expansion of 164 bps).
9M FY26 Performance (YoY Change)
- Revenue from Operations grew by 17.8% to ₹71,947.9 Mn.
- EBITDA grew by 105.3% to ₹5,376.9 Mn, with margins expanding by 320 bps to 7.5%.
- PAT grew by 104.5% to ₹3,195.6 Mn, with margins expanding by 180 bps to 4.4%.
Segmental Highlights
The Retail segment remained the primary growth engine, showcasing strong momentum.
- Retail Revenue (Q3 FY26): Increased by 46.2% to ₹27,470.6 Mn.
- E-Commerce Revenue (Q3 FY26): Demonstrated exceptional growth of 137.7% to ₹1,677.1 Mn.
- Franchisee Revenue (Q3 FY26): Increased by 12.0% to ₹2,546.2 Mn.
- The ‘Others’ segment, comprising B2B bullion sales, saw a decline of 48.6% YoY in Q3 FY26.
Operational Milestones and Brand Strategy
The CMD highlighted strong momentum supported by Festive and wedding-led demand, preference for lightweight and studded jewelry, and brand trust. The retail footprint expanded during the quarter with the addition of three new company-owned stores in Moshi, Patna (Bihar), and Viman Nagar, reaching a total of 66 stores as of December 2025.
The company continues to leverage its 193-year legacy and 6th generation business structure. Strategic initiatives include focusing on Same-Store Sales Growth (SSSG), which was 33% in Q3 FY26, maintaining healthy inventory turns (3.2x annualized), and capitalizing on the growth potential of the Indian market, particularly in Maharashtra.
Key Differentiators and Future Focus
The presentation detailed the brand’s competitive advantages built on:
- Brand Strength: One of India’s oldest and most trusted brands, leveraging heritage, trust, and transparency.
- Expansion: Strategic focus on Maharashtra as the preferred retail market (accounting for 46% of the western region’s market).
- Product Innovation: Successful launch of the dedicated sub-brand ‘LiteStyle by PNG’ in June 2025, targeting young professionals with lightweight 14Kt, 18Kt, and 22Kt gold jewelry.
- Marketing Excellence: Utilizing brand ambassadors like Madhuri Dixit, Ranbir Kapoor, and Sara Tendulkar to drive visibility and appeal across different demographics.
- Operational Excellence: Streamlined processes in Design, Procurement, Quality Control, and Inventory Management ensure a quick “time-to-market” for new store rollouts.
ESG Commitment
The ESG framework focuses on People, Planet, and Process. Key initiatives include the adoption of Solar Energy via rooftop panels, EV Integration to lower the carbon footprint, structured Power Backup Sustainability programs, and enhanced Inclusive Hygiene Infrastructure across retail locations.
Source: BSE
