P N Gadgil Jewellers Posts 30.4% Revenue Growth in Q1 FY26 Despite Refinery Exit
By Shishta Dutta | Updated at: Oct 8, 2025 12:38 PM IST
Mumbai, 7 July 2025: P N Gadgil Jewellers Ltd (NSE: PNGJL, BSE: 544256) has reported a 30.4% year-on-year (YoY) rise in revenue from continuing operations in Q1 FY26, driven by strong growth in retail, franchise, and e-commerce segments. The company’s performance comes despite a complete discontinuation of its refinery operations from October 1, 2024.
Following the announcement of its strong Q1 FY26 performance, P N Gadgil Jewellers Ltd (NSE: PNGJL) saw its stock close higher on 7 July 2025. As of 3:30 PM IST, the share price stood at ₹611.00, reflecting a gain of ₹16.25 or 2.73% for the day. The stock opened at ₹601.20, touched an intraday high of ₹618.00, and a low of ₹596.05. The company’s market capitalisation was recorded at ₹8,290 crore, with a price-to-earnings (P/E) ratio of 35.73.
Revenue Growth Accelerates Despite Refinery Exit
The company’s total revenue reached ₹17,137 million in Q1 FY26, compared to ₹16,675 million in Q1 FY25, marking a 2.77% overall increase. Excluding the refinery business, which contributed ₹3,535 million in Q1 FY25, continuing operations saw a significant 30.4% YoY growth, reflecting strong retail-led momentum.
| Particulars | Q1 FY25 | Q1 FY26 | YoY Growth |
|---|---|---|---|
| Revenue (Excl. Refinery) | 13,140 | 17,137 | +30.4% |
| Refinery Revenue | 3,535 | – | -100% |
| Total Revenue | 16,675 | 17,137 | +2.77% |
Note: Refinery operations were discontinued effective October 1, 2024.
Franchise and E-Commerce Segments Show Sharp Rise
Revenue contribution from franchise operations rose 109% YoY, accounting for 15.7% of Q1 FY26 revenue, while e-commerce jumped 126% to contribute 3.9%. The retail segment, which contributed 70.3%, saw a steady 19.4% YoY growth. These figures indicate deeper market penetration and increasing consumer shift towards online and asset-light formats.
| Segment | Contribution to Revenue (Q1 FY26) | YoY Growth |
|---|---|---|
| Retail | 70.3% | 19.4% |
| Franchise Operations | 15.7% | 109% |
| E-commerce | 3.9% | 126% |
| Other (B2B/Corporate) | 10.1% | Not disclosed |
Record Akshaya Tritiya Sales Reflect Robust Festive Demand
The company recorded its highest-ever single-day festive sales on Akshaya Tritiya, achieving ₹1,395.3 million, a 35.1% increase from the previous year. This spike underlines strong consumer demand during key festivals. Studded jewellery sales also saw a 41.6% YoY rise, raising its contribution to 10% of overall retail revenue. Same Store Sales Growth (SSSG) stood at 8%, marginally affected by the Gudi Padwa festival falling in the previous quarter.
Strategic Store Expansion Plans to Drive Future Growth
P N Gadgil Jewellers opened two new stores in Q1 FY26, bringing the total to 55. The company plans to launch 7–9 more in Q2 FY26 and aims for 20–25 new store openings for the full fiscal. It also introduced a new sub-brand, Litestyle, targeting younger consumers with a focus on lightweight, fashion-forward jewellery.
| Metric | Q1 FY26 |
|---|---|
| New Store Openings | 2 (1 COCO, 1 FOCO) |
| Total Operational Stores | 55 |
| Planned Openings (Q2 FY26) | 7–9 (COCO + FOCO) |
| FY26 Target Store Launches | 20–25 stores |
Strategic Channels and Regional Focus Support Performance
The company attributed its strong quarterly performance to a multi-channel strategy that includes franchisee expansion, digital sales acceleration, and festive season-driven demand. Growth remains focused on Maharashtra, Uttar Pradesh, and Madhya Pradesh as key markets.
Company Overview: A Heritage Brand Embracing Modern Growth
Founded in 1832, P N Gadgil Jewellers Ltd is one of Maharashtra’s most respected jewellery retail chains. With 55 stores, including an international presence in the U.S., it offers a broad portfolio of gold, silver, platinum, and diamond jewellery. Under the leadership of Managing Director Dr. Saurabh Vidyadhar Gadgil, a sixth-generation entrepreneur, the company continues to innovate while preserving its legacy. It is listed on NSE (PNGJL) and BSE (544256).
REF:https://www.bseindia.com/xml-data/corpfiling/AttachLive/ed2cef23-e2b6-4c8a-81db-7304d1a77c39.pdf
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