P N Gadgil Jewellers: 25.5% SSS growth leads the pack

P N Gadgil Jewellers (NSE: PNG) is a Maharashtra-focused jewellery retailer with 80 showrooms as of Q2 FY27, up from 63 a year earlier. It sells gold, diamond, and silver jewellery, concentrated in Maharashtra. What happened: P N Gadgil reported same-store-sales growth (SSSG) of 25.5% year-on-year in Q2 FY27, the highest among regional chains this quarter, ahead of Titan Company's 21% domestic jewellery growth. On Raksha Bandhan, the company reported 142% growth year-on-year in value terms. Old gold exchange rose to 38% of sales from 29% a year earlier, driving demand conversion at elevated gold prices. Gold revenue grew 23.5% YoY; diamond 21%; silver 12%. The company also highlighted SSSG of 29% a year ago and 25.7% for 9 months of FY25 -- a multi-year record, not a one-quarter spike. Why it matters: Despite leading peers on SSSG, P N Gadgil trades at 19.7x P/E -- a 70% discount to Titan (67.1x) and half the multiple of Kalyan Jewellers (39.1x). ROE is 23.5%, in line with the regional peer group. Maharashtra concentration gives brand strength in one of India's wealthiest markets, but caps the addressable network versus national chains. What I am watching: Whether national expansion beyond Maharashtra gains traction, how old gold exchange evolves above 38%, and whether 25%+ SSSG holds in Q3 FY27. My stance: P N Gadgil has the strongest SSSG in the group and a track record that predates the current gold rally. The 70% discount to Titan at 19.7x is harder to justify than Senco's, given the growth consistency. The risk is geographic concentration: a Maharashtra slowdown hits the entire portfolio. I do not hold a position in P N Gadgil Jewellers at the time of writing. This is not investment advice.