PN Gadgil Jewellers Ltd. Share Price

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.

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P N Gadgil Jewellers: Q2 FY27 Earnings & Strategic Update

P N Gadgil Jewellers Ltd demonstrated strong operational resilience in Q2 FY27, delivering a 22.4% year-on-year (YoY) revenue expansion. This growth materialized despite the entire Navratri festive period shifting to the third quarter, underscoring the intrinsic strength of the company's core retail demand and its deliberate pivot toward a higher-margin product mix. ***** Financial & Operational Highlights Top-Line Momentum: Total revenue grew 22.4% YoY, heavily supported by the core retail segment, which surged 31.1% and accounted for 77.3% of total revenues. ***** Organic Growth: Same-store sales growth (SSSG) stood at a robust 25.5%, reflecting deepened consumer engagement across the existing retail footprint. Business Upturn Franchise Performance: The franchise network recorded a 34.7% YoY revenue jump. Sahi E-Commerce Recalibration: Online revenue contracted 83.6% YoY as a direct result of a strategic management decision to phase out low-margin gold coin sales in favor of high-margin jewellery products. Sahi Product Mix & Profitability Drivers Margin Expansion Strategy: The share of gold coins and bars in retail revenue was aggressively managed down to 15.8% from 23.3% in Q2 FY26. Business Upturn Category Performance: Revenue across core categories expanded consistently—Gold grew by 23.5%, Diamonds rose 21%, and Silver increased 12%. Business Upturn Stud Ratio Improvement: The retail stud ratio climbed to 11.8% from 9% YoY. The Northern market significantly outperformed, registering a 17.4% stud ratio, indicating strong regional acceptance of diamond pieces. Business Upturn Gold Exchange Penetration: Old gold exchanges rose to 38% of total sales (up from 29%), highlighting increased consumer preference for upgrading via recycling. Footprint Growth: Q2 saw the launch of a Legacy store in Gurugram and a YOOU store in Pune, bringing the total global footprint to 80 stores (79 domestic, 1 US). *****

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PN Gadgil Jewellers Jumps on Strong Q2 Growth

PN Gadgil Jewellers closed at Rs 586.30 on Thursday, down nearly 2% on a weak broader market, even as the company posted one of its strongest quarterly updates since listing, a reminder that single-day price moves and underlying business momentum don't always line up on results day. The Maharashtra-focused jeweller reported September quarter revenue growth of 22.4% year on year, led by a sharp 31.1% expansion in its core retail segment. Rakhi season sales alone surged 142% over last year, pointing to strong festive demand converting into actual billings rather than just store footfall. The company also completed its acquisition of Silvostyle Jewellers, which became a wholly owned subsidiary effective October 1, adding another brand to the group. Gold jewellery retailers have had a strong run this year as record bullion prices pulled investment and wedding-season buying forward, and PN Gadgil's numbers suggest it is capturing that demand faster than the category average. The Silvostyle deal also signals an appetite for inorganic growth barely a year after its own IPO, a sign management wants to scale footprint while sentiment toward the sector stays favourable. The stock has traded between Rs 503 and Rs 736.40 over the past 52 weeks, with a market capitalisation of around Rs 8,630 crore. At current levels it sits well below its 52-week high, leaving the gap between today's price and that peak as the number worth tracking alongside how the Silvostyle integration plays out over the next few quarters. Disclosure: Palash Kag, Proprietor, Sarathi Research (SEBI Reg. No. INH000012740). No position held in PN Gadgil Jewellers. This article is for educational and informational purposes only and does not constitute investment advice or a recommendation to buy, sell, or hold any security. Please consult a registered advisor before making investment decisions.

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P N Gadgil Jewellers Expects Higher Demand, Adds 25 Stores

P N Gadgil Jewellers expects jewellery demand to remain higher this year, according to management, with the company preparing for further expansion during FY27. Store Expansion Plans: The company plans to add around 25 new stores during FY27, taking its total store network from 78 stores as of June 30, 2026, to approximately 103 stores by the end of the financial year. The expansion will be carried out through a mix of company-operated and franchise-led formats, with a focus on strengthening the existing presence in Maharashtra while entering newer markets such as Uttar Pradesh, Bihar, Central India and NCR. Retail Business Shows Strong Momentum: In Q1 FY27, consolidated revenue from operations increased 40.7% YoY to ₹2,413 crore. Retail revenue grew 56% YoY, supported by 46% same-store sales growth, taking the retail segment's contribution to around 78% of total revenue. The company is also seeing encouraging traction from newer markets, with recently launched stores in North and Central India reporting a higher share of studded jewellery compared with mature markets.

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