Synopsis:
P N Gadgil Jewellers reported strong Q1 FY26 results, with a 30.4% YoY rise in core revenue and 35.1% festive sales growth. The company opened two new stores, launched a sub-brand, and plans 20–25 more this fiscal.
A household name in Indian jewellery is once again drawing market attention after reporting a solid first quarter, driven by festive demand, rapid digital growth, and expanding franchise performance.
With a market capitalisation of Rs. 8,250 crore, the shares of P N Gadgil Jewellers opened today at Rs. 619, up from its previous close of Rs. 609.95, and touched an intraday high of Rs. 621.30, marking a 1.86 percent increase.
What’s the news?
P N Gadgil Jewellers Limited is in focus today, and its shares have been holding steady as the company released its Q1 FY26 results, highlighting operational performance across segments. The retailer operates a total of 55 stores including 42 company-owned outlets (COCO) and 13 franchise outlets (FOCO) with a growing presence across Maharashtra, Goa, and the USA.
The company’s total revenue rose from Rs. 1,667.5 crore in Q1 FY25 to Rs. 1,713.7 crore in Q1 FY26, marking a 2.8 percent overall growth despite the discontinuation of its refinery business. When excluding refinery revenue, core business revenue grew by an impressive 30.4 percent year-on-year.
The retail segment, which forms 70.3% of total revenue, grew steadily at 19.4 percent YoY, while e-commerce jumped 126 percent, contributing 3.9% of revenue reflecting successful digital expansion and online customer engagement. The franchise segment surged 109 percent, accounting for 15.7% of total revenue. Additionally, the other (B2B + corporate sales) segment contributed 10.1% to total revenue.
The company also achieved its highest ever single day festive sales on Akshaya Tritiya, amounting to Rs. 139.5 crore, a 35.1 percent YoY increase. Another notable highlight was the 41.6 percent YoY growth in studded jewellery sales, raising the stud ratio to 10 percent of total retail sales.
The company has delivered an impressive 5 year CAGR of 52 percent. Key profitability metrics remain strong, with a Return on Equity (ROE) of 20.9 percent and Return on Capital Employed (ROCE) of 19.4 percent, indicating efficient capital utilization. The company’s total assets surged by 114.6 percent, rising from Rs. 1,465 crore in March 2024 to Rs. 3,144 crore in March 2025, reflecting strategic investments and expansion. Additionally, net cash flow improved significantly, increasing from Rs. 9 crore to Rs. 68 crore year-on-year, showcasing stronger liquidity and cash management.
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Outlook
On the operational front, during the quarter, the company launched two new showrooms (one COCO and one FOCO) and introduced a new sub-brand Litestyle, targeting the stylish, lightweight jewellery segment. This expansion brought the store count to 55 at the end of Q1.
Looking ahead to FY26, the company plans to launch 20–25 new stores, with 7–9 scheduled for Q2, spanning key markets such as Maharashtra, Uttar Pradesh, and Madhya Pradesh. The focus remains on deepening regional presence and enhancing accessibility, aligning with the brand’s broader expansion goals.
P N Gadgil Jewellers Limited, established in 1832, is one of India’s most trusted and recognized jewellery brands, with deep roots in Maharashtra. The company offers a wide portfolio of gold, silver, platinum, and diamond jewellery for weddings, festivals, and daily wear. With 42 COCO stores and 13 FOCO outlets (including one in the USA), the brand continues to blend legacy with modern retail strategies.
Written by – Manan Gangwar
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