P N Gadgil Jewellers Achieves Record Q1 FY27 Results, Reporting 41% Revenue Growth and Significant Margin Expansion

P N Gadgil Jewellers Achieves Record Q1 FY27 Results, Reporting 41% Revenue Growth and Significant Margin Expansion​

P N Gadgil Jewellers Limited, a retailer with 194 years of experience in gold, silver, and diamond jewellery, has announced its unaudited financial results for the quarter ended June 30, 2026. The company reported record performance for Q1 FY27, marked by robust revenue growth and considerable expansion in profitability across key metrics.

The annual figures demonstrate a strong upward trajectory. Revenue from Operations stood at INR 24,129.8 Mn in Q1 FY27, up from INR 17,145.6 Mn in Q1 FY26, reflecting a 40.7% year-on-year growth.

EBITDA reached INR 1,924.1 Mn, a jump of 56.6% compared to the previous year. Profit After Tax (PAT) was reported at INR 1,053.3 Mn in Q1 FY27, up from INR 693.4 Mn in Q1 FY26, which translates to a 51.9% growth in PAT.

Financial highlights across the quarters are detailed below:

Operational and Segmental Strengths​

The company’s retail strategy continues to strengthen, with the share of retail sales in total revenue rising to 78% in Q1 FY27, up from 70% in Q1 FY26. This focus on high-margin retail led to a robust Same-Store Sales Growth (SSSG) of 46.1% year-on-year.

The product mix demonstrated notable improvement. The retail stud ratio increased to 10.9% from 9.9% in the preceding quarter. Furthermore, LiteStyle by PNG achieved an impressive stud ratio of 32.9%. New stores launched across Northern and Central India are reporting higher stud ratios ranging between 15% and 18%, validating the expansion strategy into markets with high demand for studded jewellery.

In the Gold Retail category (GBC), sales accounted for 21.7% of total retail revenue, and the average gold purchase per invoice was 4.84 grams. The conversion rate from GBC to jewellery improved to 53% in Q1 FY27, up from 46% in FY26.

Performance across product categories showed strong differentiation:

• Diamond: Saw 29% growth in value and 26% growth in volume, supporting the premiumization strategy.
• Gold: Experienced a robust 54% growth in value, while volumes saw only a 1% moderation, reflecting stable demand despite high gold prices.
• Silver: Registered significant growth of 131% in value, although volumes softened by 7% year-on-year.

The company also reported outstanding festive performance with Akshay Tritiya sales increasing 80.3% year-on-year to INR 2,514.1 Mn. Customer engagement metrics saw a rise of 25.9% in footfalls, reaching 214,587, while maintaining a conversion rate of 91.8%. Transaction volumes increased by 26.3% year-on-year, and the Average Transaction Value (ATV) stood at INR 92,264.

Risk Management and Future Outlook​

Regarding risk mitigation, P N Gadgil Jewellers enhanced its hedging framework, increasing overall hedge coverage to approximately 70%, intending to reach 80%+ in the near term and a near-full inventory hedge coverage (~100%) long-term.

Excluding the net impact of unhedged gains, Adjusted EBITDA reached INR 1,827 Mn from INR 1,128 Mn in Q1 FY26, resulting in an Adjusted EBITDA Margin of 7.6% compared to 6.6% in the corresponding period last year. Similarly, Adjusted PAT was INR 981 Mn in Q1 FY27, up from INR 618 Mn in Q1 FY26, yielding an Adjusted PAT Margin of 4.1%, against 3.6% previously.

The company currently operates 78 stores across the globe (77 in India and 1 in the U.S.A.). The expansion pipeline remains focused on Northern and Central regions for upcoming rollouts through Q2, Q3, and Q4 FY27.

Commenting on these results, Dr. Saurabh Gadgil, Chairman & Managing Director, P N Gadgil Jewellers Limited, stated that the first quarter of FY27 was a strong commencement. "This performance reflects the strength of the PNG brand, healthy consumer demand across categories and our continued focus on disciplined execution, operational excellence and customer-centric innovation," he noted. He added that the heightened stud ratio in recently opened stores validates the expansion strategy, while enhanced customer engagement through GBC businesses further strengthens long-term loyalty. Dr. Gadgil concluded by saying that the company remains committed to strengthening its risk management framework as it progresses with disciplined expansion across high potential markets in North India.

PNGJL Stock Price Movement​

P N Gadgil Jewellers Limited shares gain significantly, climbing to ₹687.65 as of 3:05 PM today, marking a robust 6.28% surge. The stock trades into the market, having seen a volume of 2.05 million shares during its current trading session.