Synopsis: On the back of blowout Q4FY26 results that saw revenue more than double year-on-year, P N Gadgil Jewellers has reported its highest-ever annual revenue of Rs.10,744 crore, sending the stock up 6 percent. The numbers raise the question of whether this pace of growth is sustainable into FY27 or whether the base effect will begin to bite.
Shares of a leading Maharashtra-based jewellery retailer surged up to 6 percent in intraday trade on April 8, 2026, after the company reported a stunning set of Q4FY26 results. Revenue for the quarter came in at Rs.3,552 crore against Rs.1,587 crore in Q4FY25, a 124 percent jump while the full-year FY26 number crossed Rs.10,744 crore for the first time in the company’s history.
With a market capitalisation of Rs. 8,368.45 crore, the shares of P N Gadgil Jewellers Ltd were trading at Rs. 616.65 per share, up 2.93 percent from its previous closing price of Rs. 599.1 apiece. It is trading at a P/E of 21.31.
The quarterly print was exceptional across every segment. Retail grew 102 percent year-on-year, franchise expanded 132 percent, and even the e-commerce vertical added 67 percent. Same-store sales growth of 86 percent is the number that stands out most.
It strips out the contribution from new store additions and still shows that existing stores are pulling in materially more business than a year ago. That level of SSSG is uncommon in organised retail and points to a combination of rising gold prices inflating ticket sizes as well as genuine volume traction. For the full year, FY26 revenue of Rs.10,744 crore marks 40 percent growth over FY25, making it the company’s strongest annual performance on record.
Twelve stores were added in Q4 alone, bringing the total to 78 showrooms across 23 cities in three states. Management has guided for 25 more stores in FY27, alongside a revenue target of Rs.13,500 crore implying approximately 25 percent growth on the FY26 base and an EBITDA margin target of 7.5 percent.
The margin target deserves attention: OPM has historically hovered in the 4–6 percent range, and 7.5 percent would represent a step-change. If achievable, it likely requires a higher share of studded and diamond jewellery in the mix, where margins are structurally better than plain gold. The store expansion will also mean a continued build-up in borrowings, which have already risen sharply from Rs. 455 crore in FY24 to Rs. 930 crore in FY25.
Business Overview
P N Gadgil Jewellers Ltd, incorporated in 1832, is one of Maharashtra’s oldest jewellery retailers with operations in gold, silver, and diamond jewellery. The company reported FY25 consolidated revenue of Rs. 7,586 crore and net profit of Rs. 218 crore. It has delivered a 5-year compounded profit growth of 52 percent.
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