543709
PNGS Gargi FJ financials
- Market cap
- ₹633 Cr
- Sector
- Consumer Durables
- Calls analysed
- 4
PNGS Gargi FJ Q4 FY26
What went well
- Q4 FY26 revenue from operations grew 30.41% Y-o-Y.
- Q4 FY26 operating profit grew almost 54% with an operating margin of 46%.
- Q4 FY26 net profit stood at INR 5.14 crores, growing 25.88% Y-o-Y.
What to watch
- Investor presentation upload delayed due to technical reasons.
- New stores initially put stress on financials, being 'cost eating' before maturing.
What PNGS Gargi FJ does
PNGS Gargi designs, sources and retails fashion jewellery across three categories: 92.5% certified sterling silver (its core, mass-premium range), IGI-certified 14KT natural diamond jewellery under the "Utsaav" line, and 9KT plain gold jewellery. It reaches customers through an asset-light, FOFO/FOCO franchise model spanning Exclusive Brand Outlets, shop-in-shop counters inside parent P. N. Gadgil & Sons showrooms, shop-in-shop counters with Shoppers Stop and other third-party retailers, and online/digital platforms. It has recently begun local in-house manufacturing through its own karigars (artisans) after a ban on ready silver jewellery imports.
Segments
- Sterling Silver Jewellery
- 14KT Natural Diamond Jewellery
- 9KT Plain Gold Jewellery
- Retail touchpoints (Point of Sale)
- 126 as of FY26-end — 38 Exclusive Brand Outlets, 34 SIS with P. N. Gadgil & Sons, 54 SIS with Shoppers Stop & other third-party retailers
- Geographic presence
- 21 states; 65 cities
- New store additions (FY26)
- 32 (including 18 in Q4 FY26)
- Store retention
- 100% since inception; zero store closures
- Distribution channel formats
- 4 — Exclusive Brand Outlets, SIS with P. N. Gadgil & Sons, SIS with Shoppers Stop & other retailers, digital/online
- Shop-in-Shop partnership with Shoppers Stop
- 50+ counters
Guidance record · Q4 FY26
what the last two calls moved 11 tracked 1 delivered 3 missed 7 open- New EBO Store Openings delivered said Q3 FY25 Promised: at least 10 locations added in FY26 Q4 FY26: Added 32 new locations in FY26, including 18 in Q4.
- Online Sales as % of Total went quiet said Q3 FY25 Promised: 6% to 6.5% Q4 FY26: No update provided on online sales percentage.
- Top Line Revenue revised up said Q3 FY25 Promised: ₹200 crores or more by FY28 Q4 FY26: Management guided FY28 top line to be around INR 260 crores.
All 11 tracked — every revision, and every one management stopped mentioning.
Open the guidance ledgerQuarterly results
Q1 FY27: revenue up 10.7%, net profit down 4.9% against the same quarter last year.
| Line item | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 23 | 36 | 23 | 27 | 46 +102% | 46 +27% | 30 +30% | 30 +11% |
| EBITDA | 7 | 12 | 5 | 6 | 13 +87% | 13 +15% | 7 +47% | 6 −6% |
| Net profit | 5 | 9 | 4 | 5 | 10 +102% | 11 +16% | 5 +25% | 5 −5% |
How to read this
₹ crore, as filed. The percentage beside a figure is the change against the same quarter a year earlier — never the quarter before, which would make every seasonal business look like it collapses and booms each year.
Performance −29.8% 1Y
1Y: ₹863.4 on 10 Sept 2025 → ₹606.1. High ₹1,160 (31 Oct 2025), low ₹543.5 (27 Aug 2026).
How the price took the results
close before → close after
- Q4 FY26
- −4.0%
- 6 May
- Q3 FY26
- −5.0%
- 13 Feb
The move from the last close before each results date to the first close after it — the market's first read on the quarter, not the quarter itself.
Financials, as filed
Revenue grew 71.9% a year over 3 years, FY23 to FY26. Operating margin widened to 26.5%.
| Year ending | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|
| Revenue | ₹29 Cr | ₹50 Cr | ₹126 Cr | ₹149 Cr |
| Operating profit | ₹7 Cr | ₹11 Cr | ₹37 Cr | ₹40 Cr |
| Operating margin | 24.3% | 22.2% | 29.6% | 26.5% |
| Interest | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹1 Cr |
| Depreciation | ₹0 Cr | ₹0 Cr | ₹1 Cr | ₹2 Cr |
| Net profit | ₹4 Cr | ₹8 Cr | ₹29 Cr | ₹31 Cr |
| Net margin | 14.5% | 16.8% | 22.8% | 21.0% |
| ROCE | 46.0% | 43.0% | 58.0% | 34.0% |
How to read this
From the company's own filings. Margins are computed from the filed sums; a year with an incomplete quarter is left blank rather than estimated.
Balance sheet
| Year ending | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|---|
| Equity capital | ₹0 Cr | ₹0 Cr | ₹10 Cr | ₹10 Cr | ₹10 Cr | ₹10 Cr |
| Reserves | ₹0 Cr | ₹1 Cr | ₹11 Cr | ₹19 Cr | ₹116 Cr | ₹131 Cr |
| Borrowings | ₹0 Cr | ₹5 Cr | ₹1 Cr | ₹2 Cr | ₹8 Cr | ₹12 Cr |
| Other liabilities | ₹0 Cr | ₹2 Cr | ₹2 Cr | ₹7 Cr | ₹31 Cr | ₹14 Cr |
| Total liabilities | ₹0 Cr | ₹8 Cr | ₹24 Cr | ₹39 Cr | ₹165 Cr | ₹167 Cr |
| Fixed assets | ₹0 Cr | ₹0 Cr | ₹1 Cr | ₹1 Cr | ₹9 Cr | ₹14 Cr |
| Capital work in progress | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹0 Cr |
| Investments | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹0 Cr |
| Other assets | ₹0 Cr | ₹8 Cr | ₹23 Cr | ₹37 Cr | ₹156 Cr | ₹153 Cr |
| Total assets | ₹0 Cr | ₹8 Cr | ₹24 Cr | ₹39 Cr | ₹165 Cr | ₹167 Cr |
How to read this
As filed each year. A line the company does not report — deposits for a non-lender, for instance — is left out rather than shown as a row of dashes.
Who owns it
As disclosed at Jun 2026
Since Jun 2025, promoters trimmed −1.93 pp while the public added +1.63 pp. The shareholder count grew 4% to 2,811.
- Promoters
- 68.3%
- FIIs
- 0.1%
- DIIs
- 1.3%
- Public
- 30.3%
Since Jun 2025
- Promoters −1.93 pp
- Public +1.63 pp
- DIIs +0.21 pp
How it drifted, 12 quarters
Over this window promoters fell from 73.0% to 68.3% — −4.7 pp.
Ownership split by quarter, oldest first. Sep '23: Promoters 73.0%, Public 27.0%.Dec '23: Promoters 73.0%, Public 27.0%.Mar '24: Promoters 72.1%, DIIs 0.1%, Public 27.8%.Jun '24: Promoters 72.1%, DIIs 0.2%, Public 27.7%.Sep '24: Promoters 70.8%, DIIs 0.6%, Public 28.6%.Dec '24: Promoters 70.2%, DIIs 1.0%, Public 28.8%.Mar '25: Promoters 70.2%, DIIs 1.0%, Public 28.8%.Jun '25: Promoters 70.2%, DIIs 1.1%, Public 28.7%.Sep '25: Promoters 68.3%, DIIs 1.2%, Public 30.6%.Dec '25: Promoters 68.3%, FIIs 0.0%, DIIs 1.2%, Public 30.5%.Mar '26: Promoters 68.3%, FIIs 0.0%, DIIs 1.2%, Public 30.5%.Jun '26: Promoters 68.3%, FIIs 0.1%, DIIs 1.3%, Public 30.3%.
Who bought this quarter
since Mar 2026
Disclosed holders that added to a position or appeared on the register for the first time, biggest addition first.
- Generational Capital Breakout Fund 1 AIF +0.07 pp 1.07% held
- Govind V Gadgil (Huf) - 2 newly disclosed 0.00% held
The same filing shows 0 holders trimming and 0 off the list — both are in the register beside this.
Who is on the register
Named in the Jun 2026 filing
Every holder of PNGS Gargi FJ above SEBI's 1% disclosure line, and what changed since Mar 2026.
| Holder | Stake | Change |
|---|---|---|
| Renu Govind Gadgil | 31.74% | unchanged |
| Govind Vishwanath Gadgil | 29.20% | unchanged |
| Rajesh Pandey | 1.82% | unchanged |
| Amit Yeshwant Modak | 1.68% | unchanged |
| Rohini Udya Kalkundrikar | 1.27% | unchanged |
| Anjali Vishwanath Gadgil | 1.27% | unchanged |
| Modak Aditya Amit | 1.15% | unchanged |
| Generational Capital Breakout Fund 1 AIF | 1.07% | +0.07 pp |
| Nidhi Paliwal | 1.01% | unchanged |
| Parikshit Govind Gadgil | 0.98% | unchanged |
| Satyajit Govind Gadgil | 0.98% | unchanged |
| Ravindra Vinayak Khadilkar | 0.00% | unchanged |
A holder disappearing from this list has fallen below the 1% line — it is not necessarily a sale. Percentages are of total shares, as disclosed in the company's own filing. Who was buying across the market this quarter.
What the price assumes
AttractiveTo justify its price of ₹606, this stock must grow earnings at 15% every year for 7 years. Our analysis caps realistic growth at ~84%. At that growth it is worth ₹12991 — upside of 2043%.
- Growth the price implies
- 15.2% a year
- for 7 years, fading to 4%
- It has actually compounded at
- 84.5% a year
- net profit, FY23–FY26
- The gap
- -0.7 pp
- 2043% downside if it only repeats history
All earnings calls (4)
Read the Q4 FY26 call →Learn to analyse PNGS Gargi FJ
Guides on how to read this kind of business and the numbers that matter.