P N Gadgil Jewellers Q4 Results: Net profit jumps 45% to ₹90 crore, revenue rises 123%; margins contract sharply
P N Gadgil Jewellers saw strong growth in revenue and profit for the March quarter, with consolidated revenue up 123.2% YoY to ₹354.4 crore. However, margins contracted sharply. The company expanded its retail presence to 78 stores, aiming for pan-India leadership.
P N Gadgil Jewellers reported a mixed performance for the March quarter, with both the top line and bottom line posting strong growth, while margins contracted sharply on both a year-on-year (YoY) and quarter-on-quarter (QoQ) basis.
The company reported a 123.2% YoY jump in consolidated revenue to ₹3,544.3 crore. EBITDA increased 52.5% YoY to ₹166.3 crore, while EBITDA margins contracted sharply by 217 basis points to 4.7%. On the bottom line, net profit surged 45.6% YoY to ₹90.3 crore.
During the quarter, the gold category recorded 120% growth in value and 27% growth in volume, while the silver category delivered 246% growth in value and 37% growth in volume.
Quick answers to key questions
P N Gadgil Jewellers reported a net profit of ₹90.3 crore, a 45.6% year-on-year increase, and consolidated revenue rose 123.2% year-on-year to ₹3,544.3 crore for Q4 FY26.
Despite strong revenue and profit growth, P N Gadgil Jewellers' EBITDA margins contracted sharply by 217 basis points to 4.7% on both a year-on-year and quarter-on-quarter basis in Q4 FY26.
Revenue growth was driven by strong performance across categories, including a 120% value growth in gold and 246% in silver. The retail segment contributed 77% of total sales with 101.5% revenue growth, and e-commerce revenue rose 67.3%.
P N Gadgil Jewellers' shares remained volatile in May, falling 8% from the month's high after the government increased customs duty on precious metals. The stock had previously surged 23% in April.
The increased customs duty could impact business, potentially leading to a decline in sales and repercussions on workforce employability. There are also concerns about a possible revival of gold smuggling activities.
The diamond category also posted 84% growth in value and over 125% growth in volume on a YoY basis, resulting in the retail stud ratio reaching 9.9%.
The company also witnessed a 10% increase in footfall, supported by a notable uptick in both transaction volumes and average spending per visit. Transaction count grew 9%, taking the Average Transaction Value (ATV) to ₹100.2 thousand.
The retail segment, contributing 77% of total sales, continues to lead, achieving a 101.5% revenue growth. Meanwhile, the e-commerce segment also posted stronger growth, with revenue rising to ₹151 crore, up 67.3% YoY.
Franchise revenue also grew significantly to ₹429 crore, marking a 132% increase for Q4FY25. The Same-Store Sales Growth (SSSG) of 86% year-on-year during the March quarter, reflecting robust demand momentum across its existing store network.
For FY26, the company’s average revenue per store stood at around ₹137.7 crore, while net profit per store came in at ₹5.25 crore. The profit stood at ₹410 crore, an 88% jump from ₹218.3 crore, while revenue from operations stood at ₹39.6% YoY to ₹10,739.1 crore from Rs7,693.5 crore, and EBITDA margins expanded by 180 basis points to 6.6% in FY26.
Commenting on the performance, Saurabh Gadgil said the company continued to execute its expansion strategy during the year, with one of the key operational highlights being its entry into Madhya Pradesh, Uttar Pradesh, and Bihar, along with continued expansion across Maharashtra, in line with its aspiration to emerge as a leading pan-India jewellery player.
During FY26, the company expanded its retail footprint to 78 stores, further strengthening its presence across key high-potential markets.
Shares remain volatile
The company’s shares remained volatile in May, falling 8% from the month’s high of ₹736 apiece as weakness emerged after the government increased customs duty on precious metals in an effort to protect foreign exchange reserves.
The stock had ended April with a sharp 23% surge after remaining largely stagnant for the previous two months.
Disclaimer: We advise investors to check with certified experts before making any investment decisions.
About the Author
Ksheera Sagar has been working as a Market Research Analyst at LiveMint for the past four years, covering stocks, commodities, and broader financial markets. In this role, he closely tracks daily market movements, corporate earnings, sector trends, and macroeconomic developments. <br><br> He has over a decade of experience in the financial services industry and has previously worked with multiple organisations, including global investment bank J.P. Morgan, bringing strong research experience into the newsroom. <br><br> During his career, he has gained extensive exposure to equity research, market analysis, and financial data interpretation, strengthening his expertise across asset classes and market cycles. <br><br> He is known for his data-driven analysis and crisp, listicle-style market stories that break down complex financial developments across key markets for a wide audience. His strong research skills enable him to write detailed and insightful stories on stocks and sectors, focusing on the underlying factors driving market movements. <br><br> His work combines quantitative insights with clear storytelling, presenting financial developments in a clear and structured manner. Moreover, he enjoys writing multibagger and listicle-style copies. Outside of work, Ksheera enjoys playing the piano and exploring new places. He has a keen interest in travel, music, and continuously learning about global markets and economic trends.
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