Synopsis: A heritage jewellery retailer with nearly two centuries of legacy has delivered a blockbuster quarter, more than doubling its revenue, expanding aggressively across India, and setting an ambitious target for the year ahead.
A Pune-based jewellery chain has stunned the market with a 124% jump in total revenue during the January-March 2026 quarter, riding strong wedding season demand and rapid store expansion. With franchise operations surging 132% and same-store sales growing 86%, the company is rapidly closing the gap with bigger rivals, while its credit rating upgrade adds a fresh layer of investor confidence.
With a market capitalization of approx Rs. 8,670 crore, the shares of P N Gadgil Jewellers Limited closed at Rs. 635.10 per share, up about 2.9 percent from its previous closing price of Rs.618.5. The stock is trading at a P/E of approximately 22.6x.
What’s the Big News?
P N Gadgil Jewellers Limited has filed a quarterly update with BSE and NSE for Q4 FY26, reporting one of its strongest quarters yet. The company clocked total revenue of ₹3,552 crore in Q4 FY26, compared to ₹1,587 crore in the same quarter last year – a jump of 124% year-on-year. For the full year FY26, revenue stood at ₹10,744 crore, up 40% YoY, crossing the ₹10,000 crore milestone for the first time. Broking house Motilal Oswal has maintained a Buy rating on the stock with a target price of ₹750, implying an upside potential of around 17.7% from its closing price of ₹635.10.
Breaking it down by segment, the Retail business grew 102% YoY, driven by heavy footfall during the wedding and festive season. Franchise Operations surged 132% YoY, while E-commerce added a healthy 67% growth. On the product side, gold volumes rose27% YoY despite higher gold prices, silver volumes were up 37%, and diamond volumes shot up 125% YoY, pushing the studded jewellery ratio to 9%. Same-store sales growth came in at a robust 86% for the quarter.
During the quarter, 12 new stores were added, taking the total store count to 78 as of March 31, 2026. The company also received a credit rating upgrade to IND A+/Stable from IND A, reflecting improving financial strength.
“We continue to maintain ongoing expansion momentum, with plans to open 25 new stores, with a strong strategic focus on scaling franchise formats, alongside company-owned stores. This is expected to take our total store count to 103 by the end of the fiscal year. We are targeting revenue of ₹13,500 crore, implying a growth of 25 per cent Y-o-Y and an EBITDA margin of 7.5 per cent,” said the company in an exchange filing.
About the Company
Established in 1832, P N Gadgil Jewellers Limited is one of India’s oldest jewellery retailers with nearly 194 years of heritage. Headquartered in Pune, it sells gold, silver, diamond, and platinum jewellery across 78 stores in India and the USA. The company is led by Dr. Saurabh Gadgil, a sixth-generation entrepreneur, and also operates the sub-brand Litestyle by PNG.
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