PN Gadgil Jewellers Ltd. – Q3 FY26 Business Update Subject: Robust Festive Demand Drives 35.6% Revenue Growth; Aggressive Expansion Plan Unveiled

Executive Summary PN Gadgil Jewellers Ltd. has reported a strong operational performance for the quarter ended December 31, 2025 (Q3 FY26). The company achieved its highest-ever single-day sales during Dhanteras and significant growth across both retail and digital channels. Despite strong fundamentals, the stock witnessed marginal profit-booking intraday. Key Operational Highlights Revenue Momentum: Consolidated revenue registered a robust growth of 35.6% YoY. The retail segment outperformed with a 46% YoY growth, driven by buoyant demand in the festive and wedding seasons. Same Store Sales Growth (SSSG): The company reported a healthy SSSG of 32%, indicating strong brand recall and customer retention in existing catchments. Digital Surge: E-commerce operations witnessed exponential growth of 138% YoY, now contributing 5.1% to the total revenue pie. Record-Breaking Festive Performance The quarter was defined by historic sales milestones: Dhanteras: Achieved highest-ever single-day revenue of ₹277 Crore. Dussehra: Sales surged 64% to ₹190 Crore compared to the previous year. Expansion Strategy & Outlook Current Footprint: The company added 3 exclusive co-owned outlets in Q3, bringing the total store count to 66. Q4 Guidance: Management has outlined an aggressive expansion roadmap, planning 12 to 14 new store openings in Q4 FY26. The target is to close the fiscal year with 78–80 operational stores. Market Reaction Following the update, shares traded lower by ~1.3% at ₹631.6, likely due to "sell on news" sentiment after a ~5% rally in the preceding month. Investor Takeaway PN Gadgil’s Q3 update validates its strong positioning in the organized jewellery market. The combination of 32% SSSG and triple-digit e-commerce growth suggests effective execution. Investors should monitor the execution of the aggressive Q4 store addition plan, which will be a key driver for FY27 revenue growth.