P N Gadgil has kicked off FY26 with a strong start. In Q1 FY26, the company reported a 3% year-on-year (YoY) rise in total revenue, reaching ₹1,714 crore. While this looks modest, the real story lies deeper.
Retail Stays Strong, Contributing Over 70%
Retail is the backbone of P N Gadgil, and this quarter proved just that. Retail sales grew 19.4% YoY, making up 70.3% of the total revenue. This shows steady performance at the store level, even as customers remain a bit cautious about spending.
E-Commerce and Franchisee Segments on Fire
PNG’s online push is clearly working. The e-commerce segment saw a massive 126% YoY growth, now forming 3.9% of revenue. People are buying jewellery online like never before, and PNG is right there to serve them.
Franchise operations weren’t far behind. With a 109% YoY rise, franchisee stores now bring in 15.7% of total revenue. This shows that PNG’s market reach is getting stronger, especially in newer areas.
Goodbye Refinery, Hello Style
The refinery business, which gave ₹353.50 crore in Q1 FY25, was shut down from October 2024. But PNG didn’t slow down. It launched Litestyle, a fresh sub-brand focused on lightweight, stylish jewellery—perfect for young, modern buyers.
Also, two new showrooms opened this quarter: one company-owned and one franchise. PNG now runs 55 stores in total.
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Festive Power: Akshaya Tritiya Breaks Record
Festivals continue to power PNG’s success. On Akshaya Tritiya, the company posted its highest-ever single-day festive sales at ₹139.53 crore—a 35.1% jump from last year.
Even without Gudi Padwa (which fell in Q4 this year), same-store sales still grew by 8%, showing strong customer pull.
Studded Jewellery Gaining Ground
There’s also a shift in taste. The share of studded jewellery in retail jumped 41.6% YoY, raising the overall “stud ratio” to 10%. It’s clear that shoppers are looking for more design and shine.
The Road Ahead: Aggressive Store Expansion
Looking forward, P N Gadgil plans to open 7 to 9 more stores in Q2 FY26, aiming for 20–25 new stores by year-end. Focus areas include Maharashtra (where PNG is already a leader), and high-growth states like Uttar Pradesh and Madhya Pradesh.
P N Gadgil is not just growing; it’s evolving. From smart online moves to festive wins and fresh sub-brands, PNG is building the future of Indian jewellery, one stylish piece at a time.
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