P N Gadgil Jewellers Ltd.PNGJL₹580.65 +5.83%

P N Gadgil Jewellers Ltd., one of India’s oldest and most reputed jewellery brands, reported a strong set of results for the quarter ended June 30, 2025, with sharp growth in profitability and margins aided by retail expansion, higher studded jewellery sales, and improved operational efficiency.

Revenue from operations stood at ₹17,145.6 million in Q1FY26, up 2.8% year-on-year (YoY) from ₹16,681.8 million in Q1FY25, and 8% higher sequentially. The growth came despite the absence of the Gudi Padwa festival in the quarter, which fell in Q4 this year compared to Q1 last year. Excluding the discontinued refinery segment, revenue grew 30.4% YoY, driven by the retail, e-commerce, and franchise businesses.

EBITDA surged 85.4% YoY to ₹1,228.5 million from ₹662.6 million, with margins expanding 320 basis points to 7.2%. This was supported by better product mix, particularly a 41.6% increase in studded jewellery sales, which took the stud ratio to 10% of retail sales, along with higher transaction volumes and disciplined cost management.

Profit after tax (PAT) rose 96.3% YoY to ₹693.4 million, with PAT margins improving by 190 basis points to 4%. Average revenue per store during the quarter was ₹311.7 million, while net profit per store was ₹12.6 million, reflecting strong store-level efficiency.

The retail segment, contributing 70.3% of total sales, grew revenue by 19% YoY with an EBITDA margin of 10% and PAT margin of 5.7%. The e-commerce segment delivered a 125.9% YoY increase in revenue to ₹661.3 million, while franchise revenue rose 15.7% to ₹2,692.8 million. Same-store sales growth stood at 8%, with the company recording a 25% increase in footfall, a 23% rise in transactions, and a strong conversion rate of 92%.

Festive sales remained a key driver, with the highest-ever single-day sales recorded on Akshaya Tritiya at ₹1,395.3 million, a 35.1% increase from last year. Average transaction value during the quarter was ₹93,000.

Note: The stock price mentioned is as of 3:30 pm.

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Registered office – 2, Floor 3, Wing A, Block A, Salarpuria Softzone, Service Road, Green Glen Layout, Bellandur, Bengaluru South, Bengaluru, Karnataka – 560103, INDIA.

CIN: U65990KA2021PTC146954.