P N Gadgil Jewellers Ltd posted an impressive 31% year-on-year revenue growth in Q2 FY2026, excluding its refinery segment. The retail division drove much of this robust performance, reflecting strong consumer demand during the festive season and steady expansion of storefronts across India, signaling sustained momentum for the iconic jeweler.
P N Gadgil Jewellers Ltd, a historic name in India’s jewelry sector, reported strong financial results for the second quarter of FY2026. The company’s total revenue excluding refinery operations grew by 31% year-on-year, driven predominantly by an outstanding performance in the retail segment. This uptick underscores growing consumer confidence and the effectiveness of P N Gadgil’s expansion and festive season strategies.
Robust Revenue Growth Excluding Refinery
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The company recorded a 31% year-on-year increase in revenue in Q2, excluding the refinery segment.
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This growth points to solid demand for finished jewelry products rather than bullion-related activities.
Retail Segment Leads the Charge
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Retail sales notably surged, contributing over 70% to the quarterly revenue mix.
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Expansion of retail footprint with new stores and enhanced presence in key markets supported the growth.
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Festive season demand played a vital role in driving footfalls and sales volumes.
Market Dynamics and Strategic Execution
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Growth was fueled by consumer enthusiasm during festivals like Navratri and Dussehra, seasons traditionally lucrative for jewelers.
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The company leveraged targeted marketing campaigns and product innovations to capture consumer interest and purchasing power.
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Retail expansion included opening new outlets, franchise partnerships, and stronger omni-channel engagement including e-commerce growth.
Outlook and Confidence
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P N Gadgil’s leadership expressed optimism about maintaining growth momentum in the coming quarters.
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The focus remains on expanding retail presence, curating contemporary collections, and enhancing customer experience to solidify market position.
Sources: Upstox, Business Upturn, MarketSetup, ICICI Direct, ValuePickr community