PNG Jewellers Q1 FY27 Net Profit Jumps 52% To Rs 105 Crore On Record Revenue Of Rs 2,413 Crore; Stock Jumps by 7%

On Monday, Indian equity benchmarks traded higher, with the benchmark Nifty 50 index gaining 0.96 per cent to 23,995.95. Amid the broader market strength, PN Gadgil Jewellers Limited traded at Rs 689.05, up 7 per cent from the previous close, after the company announced record Quarterly Results for the first quarter of FY27.

Record Q1 Revenue On Back Of 41 Per Cent Growth

PN Gadgil Jewellers Limited reported revenue from operations of Rs 2,413 crore for the quarter ended June 30, 2026, marking a 40.7 per cent increase from Rs 1,715 crore in the same quarter last year. On a sequential basis, revenue declined 31.9 per cent from Rs 3,544 crore in Q4 FY26, reflecting the seasonal pattern typical of the jewellery retail business. The company described the quarter as its best-ever first quarter in terms of revenue.

Net Profit Rises 52 Per Cent; Margins Expand

Net Profit for Q1 FY27 stood at Rs 105.3 crore, up 51.9 per cent from Rs 69.3 crore in Q1 FY26. On a sequential basis, Net Profit grew 16.7 per cent from Rs 90.3 crore in Q4 FY26. Net Profit margin improved to 4.4 per cent from 4.0 per cent in the year-ago quarter, an expansion of 40 basis points.

EBITDA for the quarter came in at Rs 192.4 crore, up 56.6 per cent from Rs 122.9 crore in Q1 FY26, with EBITDA margin expanding 80 basis points to 8.0 per cent from 7.2 per cent a year ago. Basic earnings per share rose to Rs 7.8 from Rs 5.1 in Q1 FY26.

Retail Segment Strengthens; Same-Store Sales Grow 46 Per Cent

Retail segment revenue rose to Rs 1,885 crore in Q1 FY27 from Rs 1,202 crore in Q1 FY26, a YoY increase of approximately 56.9 per cent. The retail share of total revenue increased to 78 per cent in Q1 FY27 from 70 per cent in Q1 FY26. Same-store sales growth stood at 46.1 per cent YoY, driven by healthy customer footfalls and higher transaction volumes. Customer footfalls increased 25.9 per cent YoY to 2,14,587, with a store conversion rate of 91.8 per cent. Transaction volumes grew 26.3 per cent YoY, while the average transaction value rose to Rs 92,264.

Franchise segment revenue grew to Rs 290.6 crore from Rs 269.3 crore in Q1 FY26. E-commerce revenue increased to Rs 79.4 crore from Rs 66.1 crore in Q1 FY26, while the Others segment, which consists of corporate orders, came in at Rs 157.9 crore against Rs 173.8 crore a year ago.

Product Mix And Operational Metrics

The retail stud ratio improved to 10.9 per cent from 9.9 per cent in the previous quarter. The diamond category delivered 29 per cent growth in value and 26 per cent growth in volume during the quarter. The gold category recorded 54 per cent growth in value. The company's Akshay Tritiya performance was notable, with festive sales increasing 80.3 per cent YoY to Rs 251.4 crore.

Gold Bars and Coins (GBC) accounted for 21.7 per cent of total retail revenue during the quarter, with the average gold purchase per invoice at 4.84 grams. The conversion-to-jewellery ratio improved to 53 per cent in Q1 FY27 from 46 per cent in FY26. The company's hedge coverage stood at approximately 70 per cent as of the quarter end, with an objective to increase it to 80 per cent or above in the near term.

Adjusted EBITDA, excluding the impact of unhedged gain, stood at Rs 182.7 crore, with an adjusted EBITDA margin of 7.6 per cent against 6.6 per cent in Q1 FY26. Adjusted Net Profit stood at Rs 98.1 crore, implying an adjusted Net Profit margin of 4.1 per cent versus 3.6 per cent in Q1 FY26.

Store Network And Expansion

As of June 30, 2026, the company operated 78 stores in total — 77 in India and 1 in the United States of America. Store launches for the remainder of the year's expansion are scheduled across Q3 and Q4 FY27. The company stated it remained focused on site identification, franchise partner onboarding, and operational readiness for upcoming expansion, with a particular emphasis on Northern and Central India.

Management Commentary

Commenting on the performance, Dr. Saurabh Gadgil, Chairman and Managing Director of PN Gadgil Jewellers Limited, stated that the company was delighted to commence FY27 on a strong note, delivering its highest-ever first quarter with revenue of Rs 2,413 crore, representing 41 per cent YoY growth. He noted that EBITDA increased by 57 per cent and Net Profit increased by 52 per cent, and attributed the performance to the strength of the PNG brand, healthy consumer demand across categories, and the company's continued focus on disciplined execution, operational excellence, and customer-centric innovation. He further noted that the retail business continues to gain share while increasing traction in studded jewellery, and that the LiteStyle by PNG sub-brand is supporting a richer product mix. Dr. Gadgil added that the company's focus for the remainder of the year remains on disciplined expansion, with a healthy store rollout pipeline for high-potential markets in North India.

About PN Gadgil Jewellers

Established in 1832, PN Gadgil Jewellers Limited is a leading jewellery retailer in India with around 194 years of heritage. The company offers a wide range of gold, silver, diamond, and platinum jewellery for weddings, festivals, and daily wear. The company also includes a dedicated sub-brand, LiteStyle by PNG, which caters to the growing demand for stylish and lightweight jewellery.
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Disclaimer: The article is for informational purposes only and not investment advice.