Golden Momentum: PNG Jewellers Shines Bright with Q1 Retail Surge and Expansion Blueprint

Image Source: Indian Retailer

P N Gadgil Jewellers Ltd (PNG) has delivered a glittering performance in the first quarter of FY26, showcasing robust growth across its core retail operations while laying out an ambitious expansion roadmap for the months ahead.

Retail Performance and Revenue Growth

The company reported a 30.4% yearonyear increase in revenue for Q1 FY26, excluding refinerylinked bullion sales. This growth was largely driven by strong consumer demand during the Akshaya Tritiya and wedding season, as well as a strategic focus on highmargin retail segments.

Key highlights from the quarter include:

Retail segment revenue rose by 19.4% yearonyear
Samestore sales growth stood at 8%, indicating healthy traction across existing outlets
Total revenue reached approximately ₹1,668 crore, up 32.75% from the same period last year
Net profit for the quarter was ₹35.32 crore, marking a 60% increase yearonyear

Store Network and Expansion Plans

PNG added two new showrooms in Q1, bringing its total store count to 55. The company now operates across Maharashtra, Goa, and the U.S., with a mix of companyowned and franchise outlets under the FOCO (FranchiseOwned CompanyOperated) model.

Looking ahead, PNG plans to launch 7 to 9 new stores in Q2 FY26, with a broader goal of opening 20 to 25 new outlets during the fiscal year. The expansion will focus on highpotential markets such as Uttar Pradesh, Bihar, and Jharkhand.

Product Strategy and Consumer Trends

The company introduced two new collections—Polmi Polki (diamond) and Saptam 2 (gold)—to cater to evolving consumer preferences. There has been a noticeable shift toward lightweight and studded jewellery, with the stud ratio rising to 7.4%.

Digital and Franchise Channels

PNG’s ecommerce division posted a 243.8% growth in Q4 FY25 and now contributes 5.7% to total revenue. Franchise operations also grew by 37.2%, reflecting deeper market penetration and strong partner engagement.

Outlook

Management remains optimistic about the upcoming festive season, citing strong consumer sentiment, rising disposable incomes, and a growing preference for branded jewellery. The company aims to maintain a 20–25% sales growth trajectory in the coming quarters.

Sources: Moneycontrol, Angel One, Economic Times, 5paisa, ET Retail

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