PNGJL

P N Gadgil Jewellers share price & financials

Price
₹552.8
Market cap
₹8.9k Cr
Sector
Consumer Durables
Calls analysed
8
Latest concall · Q1 FY27 · call held 04 Aug 2026

P N Gadgil Jewellers Limited Q1 FY27

Revenue ₹2,413 cr +41%EBITDA ₹192.4 cr +57%EBITDA Margin 8% PAT ₹105.3 cr +52%

What went well

  • Revenue grew 41% year-over-year to ₹2,413 crores, driven by broad-based growth across retail, franchise, and e-commerce.
  • EBITDA increased 57% year-over-year to ₹192.4 crores, with the EBITDA margin expanding 80 bps to 8%.
  • Profit after tax grew 52% year-over-year to ₹105.3 crores, achieving a PAT margin of 4.4%.

What to watch

  • Gross margin remained relatively flat year-over-year despite a positive mix shift towards higher-margin retail products, which management attributed to hedging gains being shown separately and the need for more significant retail mix change.
  • Other expenses were significantly lower in Q1 due to conservative spending and reduced marketing, but are expected to increase in Q3 and Q4 with planned store expansions.
Read the full call →

What P N Gadgil Jewellers Limited does

P N Gadgil Jewellers is a Pune-headquartered organized jewellery retailer tracing its roots to 1832, evolved over six generations from a single Sangli store into a multi-state chain. It designs, sources and sells gold, diamond/studded, silver and platinum jewellery across price points through a mix of Company-Owned Company-Operated (COCO) stores and Franchise-Owned Company-Operated (FOCO) outlets, alongside e-commerce and quick-commerce channels. Sourcing runs through centralized, HO-led procurement from a network of vendors and karigars (artisans), with in-house quality control and BIS hallmarking before dispatch to stores. It also operates showrooms outside India, including in the USA.

Segments

  • Gold Jewellery
  • Diamond & Studded Jewellery
  • Silver & Platinum Jewellery
  • Franchise (FOCO)
  • E-commerce
Store network
78 stores
Geographic footprint
36 cities across 6 Indian states, plus the USA
Total retail area
2,37,903 sq ft
Total SKUs
42,819 (incl. 7K+ gold, 24K+ diamond designs, 9K+ silver, 1K+ platinum)
Vendor & artisan network
~181 vendor affiliations, ~112 supplier vendors across geographies, ~69 exclusive karigars
Store model mix
Company-Owned Company-Operated (COCO) and Franchise-Owned Company-Operated (FOCO) stores across Tier 2/3/4 markets
Founded 1832Headquarters Pune, Maharashtra, IndiaEmployees 2,950 (FY26 (period ended March) Company website

Guidance record · Q1 FY27

what the last two calls moved 29 tracked 8 delivered 1 missed 20 open
  • FY26 Revenue delivered said Q2 FY25 Promised: INR 9,500 crores for FY26 Q1 FY27: Target period concluded in FY26.
  • FY25 Revenue missed said Q2 FY25 Promised: INR 8,000 crores for FY25 Q1 FY27: Target period concluded in FY25.
  • FY27 PAT Margin revised up said Q4 FY26 Promised: 4% for FY27 Q1 FY27: Achieved 4.4% PAT margin in Q1. Management revised full-year guidance upwards to 'around 4.2%'.

All 29 tracked — every revision, and every one management stopped mentioning.

Open the guidance ledger

Quarterly results

Q1 FY27: revenue up 40.7%, net profit up 52.2% against the same quarter last year.

₹ Cr · quarterly
Line itemQ2 FY25Q3 FY25Q4 FY25Q1 FY26Q2 FY26Q3 FY26Q4 FY26Q1 FY27
Revenue2,001 2,436 1,588 1,715 2,178 +9%3,303 +36%3,544 +123%2,413 +41%
EBITDA54 123 94 110 107 +98%244 +98%135 +44%182 +65%
Net profit35 86 62 69 79 +126%171 +99%90 +45%105 +52%
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 +4.4% 1Y

₹500₹550₹600₹650₹700Sept 25Oct 25Dec 25Jan 26Mar 26Apr 26Jun 26Jul 26Sept 26Q2 FY26 — 13 Nov 2025Q3 FY26 — 10 Feb 2026Q4 FY26 — 15 May 2026Q1 FY27 — 4 Aug 2026

1Y: ₹587.4 on 10 Sept 2025 → ₹613.2. High ₹727.9 (8 May 2026), low ₹509.95 (4 Mar 2026).

How the price took the results

close before → close after

Q1 FY27
−0.6%
4 Aug
Q4 FY26
−10.0%
15 May
Q3 FY26
+1.5%
10 Feb
Q2 FY26
−1.4%
13 Nov

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 32.5% a year over 2 years, FY24 to FY26. Operating margin widened to 5.5%.

Year endingFY24FY25FY26
Revenue₹6.1k Cr₹7.7k Cr₹10.7k Cr
Operating profit₹271 Cr₹335 Cr₹596 Cr
Operating margin4.4%4.4%5.5%
Interest₹44 Cr₹42 Cr₹92 Cr
Depreciation₹23 Cr₹34 Cr₹57 Cr
Net profit₹157 Cr₹218 Cr₹409 Cr
Net margin2.6%2.8%3.8%
Cash from operations₹6 Cr₹-675 Cr₹-717 Cr
Free cash flow₹-46 Cr₹-1.1k Cr₹-782 Cr
ROCE30.0%19.0%21.0%
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 endingFY21FY22FY23FY24FY25FY26
Equity capital₹55 Cr₹55 Cr₹55 Cr₹118 Cr₹136 Cr₹136 Cr
Reserves₹135 Cr₹191 Cr₹256 Cr₹416 Cr₹1.6k Cr₹1.8k Cr
Borrowings₹402 Cr₹398 Cr₹387 Cr₹455 Cr₹1.3k Cr₹1.7k Cr
Other liabilities₹422 Cr₹465 Cr₹365 Cr₹475 Cr₹1.3k Cr₹1.3k Cr
Total liabilities₹1.0k Cr₹1.1k Cr₹1.1k Cr₹1.5k Cr₹4.3k Cr₹5.0k Cr
Fixed assets₹242 Cr₹234 Cr₹208 Cr₹242 Cr₹361 Cr₹410 Cr
Capital work in progress₹4 Cr₹4 Cr₹4 Cr₹4 Cr₹4 Cr₹0 Cr
Investments₹1 Cr₹1 Cr₹1 Cr₹1 Cr₹8 Cr₹8 Cr
Other assets₹768 Cr₹872 Cr₹850 Cr₹1.2k Cr₹4.0k Cr₹4.5k Cr
Total assets₹1.0k Cr₹1.1k Cr₹1.1k Cr₹1.5k Cr₹4.3k Cr₹5.0k 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 Aug 2026

Since Sep 2025, promoters trimmed −6.49 pp while FIIs added +3.82 pp. The shareholder count shrank 18% to 1,51,408.

Promoters
76.6%
FIIs
4.7%
DIIs
7.9%
Public
10.8%

Since Sep 2025

  • Promoters −6.49 pp
  • FIIs +3.82 pp
  • DIIs +2.89 pp

How it drifted, 9 quarters

Over this window promoters fell from 83.1% to 76.6% — −6.5 pp.

Sep '24Sep '25Aug '26

Ownership split by quarter, oldest first. Sep '24: Promoters 83.1%, FIIs 3.8%, DIIs 5.8%, Public 7.3%.Dec '24: Promoters 83.1%, FIIs 1.9%, DIIs 5.3%, Public 9.6%.Mar '25: Promoters 83.1%, FIIs 0.7%, DIIs 5.5%, Public 10.8%.Jun '25: Promoters 83.1%, FIIs 0.6%, DIIs 5.3%, Public 10.9%.Sep '25: Promoters 83.1%, FIIs 0.9%, DIIs 5.0%, Public 11.0%.Dec '25: Promoters 83.1%, FIIs 0.8%, DIIs 4.8%, Public 11.3%.Mar '26: Promoters 83.1%, FIIs 0.7%, DIIs 4.7%, Public 11.4%.Jun '26: Promoters 83.1%, FIIs 0.5%, DIIs 4.8%, Public 11.6%.Aug '26: Promoters 76.6%, FIIs 4.7%, DIIs 7.9%, Public 10.8%.

Who was buying across the market this quarter →

Who bought this quarter

since Jun 2026

Disclosed holders that added to a position or appeared on the register for the first time, biggest addition first.

The same filing shows 2 holders trimming and 0 off the list — both are in the register beside this.

Who is on the register

Named in the Aug 2026 filing

Every holder of P N Gadgil Jewellers Limited above SEBI's 1% disclosure line, and what changed since Jun 2026.

HolderStakeChange
SVG Business Trust (Radhika Saurabh Gadgil) 76.62%−6.49 pp
Bandhan Mutual Fund Mutual fund2.07%+0.07 pp
Tata AIG General Insurance Company Limited Insurer1.21%newly disclosed
Mahindra Mutual Fund Mutual fund1.14%−0.29 pp
Gadgil Capital Services Private Limited 0.00%unchanged
Silvostyle jewellery LLP 0.00%unchanged
P N Gadgil Jewellers 0.00%unchanged
P N Gadgil and Co. (Silver) 0.00%unchanged
Landscape Realty 0.00%unchanged
Gadgil Developers Private Limited 0.00%unchanged
Gadgil Holdings Private Limited 0.00%unchanged
Think Pure Social Welfare Foundation 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

Attractive

To justify its price of ₹613, this stock must grow earnings at 14% every year for 7 years. Our analysis caps realistic growth at ~52%. At that growth it is worth ₹3757 — upside of 513%.

Growth the price implies
14.2% a year
for 7 years, fading to 4%
It has actually compounded at
51.8% a year
net profit, FY24–FY26
The gap
-0.4 pp
513% downside if it only repeats history
Price today ₹613.2 Value at the reference growth ₹3,757.3

Change the assumptions yourself →

All earnings calls (8)

Read the Q1 FY27 call →

Learn to analyse P N Gadgil Jewellers Limited

Guides on how to read this kind of business and the numbers that matter.