P N Gadgil Jewellers Ltd.PNGJL₹666.45 +1.74%

P N Gadgil Jewellers Ltd. posted a strong business update for Q2FY26. The company’s ongoing operations grew by a significant 31% compared to the same time last year. This growth excludes the refinery business, which the company has stopped.

The total revenue for the quarter was ₹21,733 million. This is higher than the previous year’s total of ₹20,006 million, even though the refinery segment, which had accounted for ₹3,435 million previously, was discontinued.

Key Growth Drivers

The retail segment, the main source of income, grew by a strong 29% this quarter. This surge was due to good sales in stores and a strong start to the festive season. The segment made up 72.2% of the company’s total revenue.

The company’s digital business exploded, with E-commerce revenue skyrocketing by 113.2%. This segment contributed 6.6% to the total revenue.

The Franchisee Operations segment also saw massive growth, surging by 105% over last year. This accounted for 15.6% of the total revenue.

Sales were heavily boosted by the festive season, including Ganesh Utsav, Raksha Bandhan, and Navratri campaigns. Overall, sales at stores open for more than a year (Same Store Sales Growth) were a healthy 29% compared to the previous quarter.

Product Performance

The Gold category saw its sales value increase by 24%, while the actual volume (weight sold) grew by 15%.

The Silver category had an exceptional performance, with sales value soaring by 92% and volume increasing by 59%.

Diamond sales also improved, as the volume grew by 31% compared to the previous quarter. The company’s diamond sales ratio now stands at 9%.

Expansion Plans

PNG Jewellers continued its quick expansion, opening eight new exclusive showrooms during the quarter. This included key market entries in Indore (Madhya Pradesh), Kanpur, and Lucknow (Uttar Pradesh), alongside a new flagship store in Dadar, Mumbai. The total store count reached 63 as of September 30, 2025.

The company plans to open another 13 to 15 new stores in the second half of the year. This expansion, focused on high-growth regions like Maharashtra, Goa, and Uttar Pradesh, aims to bring the total store network to 76-78 by the end of the fiscal year.

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

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