Investor Communication

P N Gadgil Jewellers Reports Strong Q1 FY27 Growth with 41% Revenue Increase and Expansion Plans

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P N Gadgil Jewellers Limited (PNGJL) released its Q1 FY27 Quarterly Update, reporting 41% year-on-year revenue growth, led by strong retail performance. The company achieved 56% YoY retail revenue growth, 46% same-store sales growth (SSSG), improved product mix, and reaffirmed its expansion plan to open approximately 25 new storesduring FY27.

PRICE-SENSITIVE TRIGGER

Event: Quarterly Business Update for Q1 FY27.

Type: Investor Communication

Impact: Positive

Immediate Effect: PNGJL reported robust operating momentum, strong retail-led revenue growth, higher contribution from studded jewellery, and maintained its FY27 profitability guidance while continuing its store expansion strategy.

Key Metrics:

Revenue: +41% YoY
Retail Revenue Growth: +56% YoY
Same Store Sales Growth (SSSG): 46% YoY
Retail Contribution to Revenue: ~78%
Franchise Business Growth: +8% YoY
E-commerce Growth: +20% YoY
Gold Bullion Share of Retail Revenue: ~22%
Retail Stud Ratio: 10.9%
Store Count (30 June 2026): 78 stores (77 India, 1 USA)
Planned FY27 Store Additions: ~25 stores
Target Store Count by FY27 End: ~103 stores
Gross Margin: FY27 guidance reaffirmed
EBITDA Margin: FY27 guidance reaffirmed

Highlight:

PNGJL delivered 41% YoY revenue growth, supported by strong retail demand, healthy same-store sales, improving product mix, and reaffirmed profitability guidance for FY27.

What Happened ?

P N Gadgil Jewellers delivered a strong start to FY27 with revenue growing 41% year-on-year. Retail remained the primary growth engine, supported by healthy customer demand, improved same-store sales, and an increasing contribution from higher-margin studded jewellery.

The company continued executing its geographical expansion strategy across North and Central India while maintaining operational readiness for a larger rollout during the remaining quarters of FY27. Management also reiterated that both gross margin and EBITDA margin are expected to remain in line with previously communicated guidance.

Key Details

Quarterly Business Update:

Revenue increased 41% YoY during Q1 FY27.
Retail business expanded 56% YoY, driven by 46% SSSG.
Retail accounted for approximately 78% of consolidated revenue, reflecting stronger contribution from company-operated stores.
Franchise revenue grew 8% YoY.
E-commerce revenue increased 20% YoY.
Gold bullion sales normalized to approximately 22% of retail revenue, reducing dependence on lower-margin bullion business.
Retail stud ratio improved to 10.9%, indicating rising demand for studded jewellery.
Newly launched stores in North and Central India are recording higher stud ratios than mature markets, validating the company’s regional expansion strategy.
The company operated 78 stores as of June 30, 2026.
PNGJL plans to open approximately 25 additional stores during FY27, taking the network to nearly 103 stores by year-end.
Store expansion will be phased over the remaining three quarters through a combination of company-owned and franchise-led formats across Legacy and LiteStyle brands.
Geographic expansion will continue across Uttar Pradesh, Bihar, Central India, NCR and deeper penetration within Maharashtra.

Note:

The business update represents preliminary operational performance for the quarter ended June 30, 2026. Financial results remain subject to statutory audit review and Board approval.

Risk Analysis

Summary:

The quarterly update reflects strong operating momentum, although execution of store expansion and sustained consumer demand remain important factors for achieving FY27 objectives.

Key Risks:

EBITDA and PAT figures have not yet been disclosed.
Expansion plans depend on successful execution across multiple new markets.
Jewellery demand remains influenced by gold prices and consumer spending trends.
Newly opened stores require sustained productivity improvements to support long-term profitability.

Worst Case:

Delays in store rollouts, weaker discretionary spending, or adverse gold price movements could moderate revenue growth and affect margin expansion during the remainder of FY27.

Risk Level: Low

Company Commentary

Q1 FY27 performance remained in line with management’s growth expectations.
Retail continued to drive overall business growth through stronger customer engagement.
Improvement in product mix is enhancing overall revenue quality.
Newly launched markets are demonstrating encouraging consumer acceptance.
Operational readiness for the remaining FY27 expansion pipeline is progressing as planned.
Management remains confident of achieving previously communicated Gross Margin and EBITDA Marginguidance.
Approximately 25 new stores are planned during FY27, taking the network to nearly 103 stores.

Official Exchange Filing: P N Gadgil Jewellers Limited

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