P N Gadgil Jewellers Limited - Quarterly Update Q2 FY26 Retail Segment

P N Gadgil Jewellers Limited has announced the quarterly update for Q2 FY2026.

The retail segment recorded a robust 29% growth in Q2 FY26 compared to the same period in the previous financial year, driven by healthy store-level performance and strong festive season sales, accounting for 72.2% of total revenue.

Non-Retail Segments

E-commerce: With an increase of 113.2% compared to the same quarter in the previous financial year, it contributed 6.6% to total revenue, reflecting our successful digital expansion and increasing online customer engagement.

Franchisee Operations: This segment surged by 105% YoY, accounting for 15.6% of total revenue, driven by strong franchisee performance.

Other: The Other segment accounted for 5.6% of total revenue in Q2 FY26, primarily comprising B2B sales from the Head Office and corporate segment. As mentioned earlier, the refinery business was discontinued effective October 1, 2024; it had contributed Rs. 3,435 Mn in Q2 FY25.

Performance of Continuing Operations

During the quarter under review, total revenue excluding the refinery segment delivered a YoY growth of 31%.

Festive Sales

The festive season continues to remain a key driver of our growth, with strong contributions from Ganesh Utsav, Janmashtami, Raksha Bandhan and Navratri. Our Mangalsutra Mahotsav and Painjan Mahotsav also received an exceptional response, further boosting sales.

Product wise and same store sales growth

The Gold category registered a 24% increase in value and a 15% increase in volume. The Silver category delivered a strong performance with 92% growth in value and 59% growth in volume. Diamond sales also improved, recording a 31% rise in volume compared to the previous quarter, resulting in the stud ratio reaching 9%. The Same Store Sales Growth (SSSG) stood at a healthy 29%, compared to the previous quarter.

Operational Highlights

Following the positive response to last year's Navratri campaign, 'Nine Days, Nine Stores,' the Company further expanded its presence during this year's Navratri, opening 6 Exclusive PNG Jewellers showrooms and 4 LiteStyle shop-in-shop stores.

This quarter also marks a significant milestone in PNG Jewellers' journey to becoming a leading panIndia player, with entry into Indore in Madhya Pradesh, Kanpur and Lucknow in Uttar Pradesh, along with the launch of a flagship store in Dadar, Mumbai.

During the quarter, the Company launched 8 exclusive showrooms - 5 company-owned outlets (COCO) and 3 franchise outlets (FOCO) - taking the total store count to 63 as of September 30, 2025.

Outlook for FY26

On the expansion front, we continue to focus on accelerating our store rollout plan with 13-15 new openings planned for H2 FY26 - comprising a mix of company-owned (COCO) and franchise-operated (FOCO) outlets. These additions will bring us closer to achieving our target of a 76-78 store network by fiscal year-end.

Key growth markets such as Maharashtra and Goa, where we continue to maintain a leadership position, and other regions such as Madhya Pradesh, Uttar Pradesh and Bihar which presents strong growth potential, will remain at the core of our expansion strategy.

Note:

This update provides a summary of the company's financial performance for the period ended September 30, 2025. The results are subject to limited review by the Statutory Auditors. Upon approval by the Board of Directors, a detailed information update will follow. The revenue figures mentioned above represent revenue from the sale of goods.

Shares of P N Gadgil Jewellers Limited was last trading in BSE at Rs. 665.45 as compared to the previous close of Rs. 655.35. The total number of shares traded during the day was 90193 in over 3615 trades.

The stock hit an intraday high of Rs. 673.10 and intraday low of 650.00. The net turnover during the day was Rs. 59810689.00.

Source : Equity Bulls

Keywords

INE953R01016 PNGadgilJewellers Jewellery Gems PNGJL Q2FY26 Q2FY2026 QuarterlyUpdate