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P N Gadgil Jewellers Limited (PNGJL)

₹603.35 +2.12% last close, 16 Oct

📊 NSE: PNGJL 🏢 Diamond Cutting / Jewellery 📢 Latest filing: 14 Oct 2026 📝 Analysis written: 14 Dec 2025

Latest quarterly results (Q1 FY27)

In its latest reported quarter, Q1 FY27, P N's revenue was ₹2,413 Cr (+40.7% year on year, -31.9% on the previous quarter), and net profit ₹105 Cr (+52.7% year on year); the operating margin was 7.6%.

Q1 FY27 (₹ Cr)	Value	YoY vs Q1 FY26	QoQ
Revenue	₹2,413	+40.7%	-31.9%
Operating profit	₹182	+65.8%	+35.1%
Net profit	₹105	+52.7%	+17.0%
EPS (₹)	7.76	+51.9%	+16.7%
Operating margin	7.6%	—	—

Full quarterly financials → Results calendar →

PNGJL delivery percentage

NSE end-of-day data for Fri, 16 Oct 2026

On Fri, 16 Oct 2026, 40.34% of the PNGJL shares traded on NSE were taken to delivery, against the stock's own 20-session average of 48.1%. That is close to its usual level.

40.34%Delivery, 16 Oct

48.1%Own 20-session average

1.8×Volume vs its average

₹603.35NSE close · +2.12%

Delivery in the last 5 sessions: 34.4% · 47.6% · 38.2% · 48.3% · 40.3%

Delivery across the market →

A description of what the exchange published, not a recommendation. Names such as "accumulation" or "long buildup" label a pattern in the numbers. How delivery is analysed

📢 Recent Corporate Announcements

CRISIL Reaffirms 'CRISIL A+/Stable' Rating for PNGJL, Bank Facilities Enhanced to Rs 600 Cr

🟡 NEUTRAL ⭐ 4/10

ROUTINE 📅 14 Oct 2026, 05:36 PM

P N Gadgil Jewellers Limited announced that CRISIL Ratings has reaffirmed its 'CRISIL A+/Stable' rating on the company's bank loan facilities and fixed deposit programme. Total bank loan facilities rated have been enhanced by Rs 200 Crore, from Rs 400 Crore to Rs 600 Crore. Fixed deposits of Rs 50 Crores also saw ratings reaffirmed at CRISIL A+/Stable. The enhanced credit limits support the company's working capital needs and ongoing retail network expansion.

Bank loan facilities enhanced from Rs. 400 Crore to Rs. 600 Crore
Long-term bank facilities reaffirmed at CRISIL A+/Stable
Fixed deposit rating of Rs. 50 Crores reaffirmed at CRISIL A+/Stable

💡 Track the deployment of enhanced credit lines into planned retail store expansion and monitor borrowing costs in upcoming quarterly updates.

PNGJL Submits Dematerialisation Compliance Certificate for Q2 Ended September 30, 2026

🟡 NEUTRAL ⭐ 1/10

ROUTINE 📅 12 Oct 2026, 05:05 PM

P N Gadgil Jewellers Limited has submitted its quarterly compliance certificate under Regulation 74(5) of the SEBI (Depositories and Participants) Regulations, 2018 for the quarter ended September 30, 2026. The certificate issued by Registrar and Share Transfer Agent, Bigshare Services Private Limited, confirms that securities received for dematerialisation were processed and confirmed within 15 days. The underlying physical security certificates were verified, mutilated, and cancelled as mandated by law. This filing is a standard quarterly administrative requirement with zero financial or operational impact.

Compliance certificate filed under Regulation 74(5) of SEBI Regulations, 2018
Pertains to the quarter ended September 30, 2026
Issued by Registrar and Share Transfer Agent Bigshare Services Private Limited dated October 10, 2026
Confirms dematerialisation requests were processed and updated in the register of members within 15 days

💡 No action needed; investors should monitor upcoming Q2 FY27 operational updates and financial results.

PNG Jewellers Opens 81st Store in Ayodhya, Marking 5th Store in Uttar Pradesh

🟢 POSITIVE ⭐ 5/10

EXPANSION 📅 11 Oct 2026, 04:54 PM

P N Gadgil Jewellers Limited has opened its 81st retail store overall and 5th in Uttar Pradesh, located in Ayodhya. The expansion is part of the company's stated strategy to diversify outside its core Maharashtra market into North India. Alongside the launch, the brand introduced an exclusive 'Ram Katha' collection and promotional discounts valid till November 15, 2026. While a single store addition is incrementally modest relative to TTM revenue of ₹11,438 crore, it tracks the company's aggressive retail footprint expansion targets.

Inaugurated brand's 81st store overall and 5th store in Uttar Pradesh.
Follows previous UP store openings in Lucknow, Kanpur, Gorakhpur, and Varanasi.
Introduced limited-period inaugural offers of up to 50% off on gold and up to 100% off on diamond making charges valid till 15th November, 2026.
Launched the exclusive 'Ram Katha' jewellery collection inspired by Ayodhya's heritage.

💡 Track the pace of store rollouts against the company's target of adding 25 stores in FY26 and monitor same-store-sales-growth in North Indian regions in upcoming quarterly releases.

PNG Jewellers Expands into Ayodhya with New Legacy Store; Total Network Reaches 81 Stores

🟢 POSITIVE ⭐ 5/10

EXPANSION 📅 11 Oct 2026, 04:49 PM

P N Gadgil Jewellers Limited (PNGJL) has launched a new 'Legacy' format store under the Franchise Owned, Company Operated (FOCO) model in Ayodhya, Uttar Pradesh on October 11, 2026. This marks a continuation of the company's geographical diversification into Northern India, reducing concentration beyond its core Maharashtra and Goa markets. With this addition, PNGJL's total store count increases to 81 retail outlets, comprising 67 Legacy stores and 14 YOOU stores. The asset-light FOCO model allows the company to scale into high-footfall pilgrimage and tier-2/3 hubs while managing capital outlay.

Opened 1 new 'Legacy' format store in Ayodhya, Uttar Pradesh on October 11, 2026
Store established under Franchise Owned, Company Operated ('FOCO') Model
Total retail footprint expanded to 81 stores across India
Store portfolio breakdown stands at 67 Legacy Stores and 14 YOOU Stores

💡 Monitor upcoming quarterly revenue contributions and same-store sales growth (SSSG) from newly entered North Indian markets, as well as the pace towards future store rollout targets.

Q2 FY27 Update: Revenue up 22.4% YoY; Retail SSSG at 25.5%, Store Count Reaches 80

🟢 POSITIVE ⭐ 6/10

EARNINGS 📅 08 Oct 2026, 06:58 PM

PNG Jewellers reported a 22.4% YoY revenue growth for Q2 FY27 despite the festive shift of Navratri to Q3. Growth was led by the retail segment, which grew 31.1% YoY with a robust Same-Store Sales Growth (SSSG) of 25.5%. Product mix improved with retail studded jewellery ratio rising to 11.8% (up from 9.0% YoY) and gold coin sales reducing to 15.8% of retail revenue. The company operated 80 stores as of September 30, 2026, and is targeting ~23 more store openings in FY27 to hit ~103 stores.

Revenue increased by 22.4% YoY in Q2 FY27, with retail segment growing 31.1% YoY
Retail Same-Store Sales Growth (SSSG) stood robust at 25.5% YoY
Studded jewellery ratio improved to 11.8% compared to 9.0% in Q2 FY26
Gold coin & bar sales declined to ~15.8% of retail revenue from ~23.3% YoY
Store network reached 80 stores, with ~23 additions planned to reach ~103 stores by FY27-end

💡 Track the full Q2 FY27 audited financial results for EBITDA margin expansion driven by the higher studded mix, and monitor store opening timelines in Ayodhya and Prayagraj in Q3.

PNG Jewellers Completes 100% Acquisition of Silvostyle Jewellers Limited

🟡 NEUTRAL ⭐ 6/10

M&A 📅 01 Oct 2026, 05:57 PM

P N Gadgil Jewellers Limited has completed the acquisition of a 100% equity stake in Silvostyle Jewellers Limited (SJL) effective October 01, 2026. The transaction involved subscribing to 1,48,50,000 fresh equity shares and acquiring 1,50,000 existing shares, bringing the total holding to 1,50,00,000 shares. Following this completion, Silvostyle Jewellers has officially become a wholly owned subsidiary of PNGJL. Financial consideration amounts were not disclosed in this update.

Acquisition of 100% equity stake in Silvostyle Jewellers Limited completed on October 01, 2026
Subscribed to 1,48,50,000 fresh equity shares following requisite payment
Acquired 1,50,000 existing equity shares from the previous shareholders of SJL
Silvostyle Jewellers Limited is now a wholly owned subsidiary with 1,50,00,000 total shares held

💡 Track the upcoming quarterly financial statements (Q2 FY27) to assess the consolidation impact and revenue contribution of Silvostyle Jewellers.

PNGJL Closes Trading Window from October 01, 2026 for Q2 & H1 FY27 Results

🟡 NEUTRAL ⭐ 1/10

ROUTINE 📅 24 Sep 2026, 05:50 PM

P N Gadgil Jewellers Limited announced the closure of its trading window starting October 01, 2026, pursuant to SEBI Insider Trading Regulations. The window will remain shut until 48 hours following the declaration of unaudited standalone and consolidated financial results for the quarter and half-year ended September 30, 2026. The company noted that the date of the board meeting to approve these results will be intimated separately. This is a mandatory compliance filing with no impact on underlying business operations.

Trading window closure takes effect from October 01, 2026
Closure applies until 48 hours post declaration of Q2 and H1 results for the period ended September 30, 2026
Covers Directors, Promoters, Designated Employees, and Specified Connected Persons
Board meeting date to approve results will be intimated separately

💡 Monitor upcoming exchange filings for the announcement of the Board Meeting date to review Q2 and H1 FY27 financial results.

PNG Gadgil Jewellers Seeks Approval for 1.15 Lakh ESOP Pool and Director Re-Appointment

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 21 Sep 2026, 04:49 PM

P N Gadgil Jewellers Limited has issued a Postal Ballot notice seeking shareholder approval for three special resolutions. The company proposes creating the 'PNG ESOP 2026' plan covering up to 1,15,000 employee stock options for eligible employees across the company and its subsidiaries. Additionally, approval is sought for re-appointing Dr. Vaijayanti Pandit as an Independent Director for a two-year second term starting March 14, 2027. The e-voting window runs from September 22, 2026 to October 21, 2026, based on the September 18, 2026 cut-off date.

Creation of PNG ESOP 2026 scheme with up to 1,15,000 employee stock options
Options to be granted via direct route to eligible employees of the company and subsidiaries
Re-appointment of Dr. Vaijayanti Pandit as Independent Director for 2 years starting March 14, 2027
Remote e-voting open from September 22, 2026 to October 21, 2026 (Cut-off date: September 18, 2026)

💡 Shareholders should note the voting deadline of October 21, 2026. Scrutinize the voting results to verify approval of the ESOP scheme and dilution impact.

PNG Gadgil Jewellers Schedules 1-on-1 Investor Meet with ITI Mutual Fund on Sept 23, 2026

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 19 Sep 2026, 06:19 PM

P N Gadgil Jewellers Limited has scheduled a one-to-one virtual meeting with ITI Mutual Fund on Wednesday, September 23, 2026. The meeting will be conducted via virtual mode with company representatives. The company confirmed that no unpublished price-sensitive information (UPSI) or forward-looking statements will be discussed during the interaction.

One-to-one virtual meeting scheduled with ITI Mutual Fund
Meeting date set for Wednesday, September 23, 2026
Company confirmed no price sensitive information will be disclosed

💡 Track subsequent exchange filings for investor presentations or transcripts if released post-meeting, as well as operational updates on festive season retail sales.

PNG Jewellers to Invest Up to $6.5M in US Subsidiary for Retail Expansion; Approves ESOP 2026

🟡 NEUTRAL ⭐ 5/10

EXPANSION 📅 19 Sep 2026, 04:46 PM

P N Gadgil Jewellers Limited (PNGJL) has approved an additional capital infusion of up to USD 6.5 million (~Rs 54-55 crore) into its wholly-owned US subsidiary, PNG Jewelers INC, by September 15, 2027. The investment will fund US retail expansion, adding to its existing showroom in Sunnyvale, California, which generated Rs 104.6 crore in FY26 turnover with an 8.11% PAT margin. Against PNGJL's TTM revenue of Rs 11,438 crore and net worth of Rs 1,972 crore, the investment is modest (<3% of net worth) but targets international footprint growth. The Board also approved the PNG ESOP 2026 covering up to 1,15,000 equity shares (0.078% of issued share capital) and the reappointment of Independent Director Dr. Vaijayanti Pandit.

Approved equity capital infusion up to USD 6,500,000 into wholly-owned subsidiary PNG Jewelers INC at USD 3.4757 per share
US subsidiary reported turnover of Rs 1,046.06 Million and PAT of Rs 84.82 Million (8.11% margin) for FY26
Capital infusion timeline set in one or more tranches on or before September 15, 2027
Adopted PNG ESOP 2026 plan covering up to 1,15,000 equity shares (0.078% of total issued share capital)

💡 Monitor postal ballot voting outcomes for ESOP approval and watch for subsequent disclosures regarding new US retail store locations financed by the $6.5M infusion.

PNGJL Approves $6.5M Investment in US Subsidiary, ESOP 2026, and Director Re-appointment

🟢 POSITIVE ⭐ 5/10

BOARD_MEETING 📅 19 Sep 2026, 04:38 PM

P N Gadgil Jewellers Limited's board has approved an additional equity investment of up to USD 6.5 million (~Rs 54-55 crore) into its wholly-owned subsidiary, PNG Jewelers INC (USA), to fund retail expansion by September 15, 2027. The US subsidiary reported FY26 turnover of Rs 104.61 crore (Rs 1,046.06 million) with a PAT margin of 8.11%. Additionally, the board approved the PNG ESOP 2026 covering up to 1,15,000 equity shares (0.078% of issued share capital) and re-appointed Dr. Vaijayanti Pandit as an Independent Director for a 2-year term starting March 14, 2027.

Board approved up to USD 6,500,000 additional equity investment in wholly-owned subsidiary PNG Jewelers INC at USD 3.4757 per share.
US arm PNG Jewelers INC reported revenue of Rs 1,046.06 million and PAT of Rs 84.82 million for FY26.
Approved 'PNG ESOP 2026' plan covering up to 1,15,000 equity shares, representing 0.078% of total share capital.
Re-appointed Dr. Vaijayanti Pandit as Independent Director for a 2-year term from March 14, 2027 to March 13, 2029.
The additional US capital infusion is scheduled to be completed in tranches on or before September 15, 2027.

💡 Track the upcoming postal ballot voting results for shareholder approvals and monitor US retail footprint additions and revenue contribution over FY27.

PNG Gadgil Approves $6.5M (~₹54 Cr) US Infusion and 1.15 Lakh Share ESOP Scheme

🟡 NEUTRAL ⭐ 4/10

BOARD_MEETING 📅 19 Sep 2026, 04:20 PM

P N Gadgil Jewellers' board approved an additional investment of up to USD 6.5 million (~₹54 crore) into its wholly-owned US subsidiary, PNG Jewelers INC, to support US business expansion. The board also approved the PNG ESOP 2026 scheme covering up to 1,15,000 equity shares (0.078% dilution) and the re-appointment of Independent Director Dr. Vaijayanti Pandit. The US subsidiary posted FY26 turnover of ₹104.61 crore with a net profit margin of 8.11%, substantially higher than the consolidated margin profile of ~3.8-5.8%.

Approved equity infusion of up to USD 6,500,000 into wholly-owned subsidiary PNG Jewelers INC by September 15, 2027
ESOP 2026 scheme covers up to 1,15,000 equity shares, representing 0.078% of issued share capital
PNG Jewelers INC generated ₹104.61 crore turnover and ₹8.48 crore PAT (8.11% margin) in FY26
Acquisition price for US subsidiary fresh shares fixed at USD 3.4757 per share
Re-appointed Dr. Vaijayanti Pandit as Independent Director for a 2-year term starting March 14, 2027

💡 Track shareholder approval via postal ballot for the ESOP scheme and director re-appointment, alongside future quarterly updates on US retail expansion traction.

PNG Gadgil approves up to $6.5M infusion in US subsidiary and 1.15 lakh ESOP plan

🟡 NEUTRAL ⭐ 5/10

EXPANSION 📅 19 Sep 2026, 03:24 PM

P N Gadgil Jewellers' board approved an additional investment of up to USD 6.5 million (approx. ₹54 crore) in its wholly owned US subsidiary, PNG Jewelers INC, to support international expansion and growth through September 15, 2027. The US subsidiary delivered FY26 revenue of ₹104.61 crore (₹1,046.06 million) with an 8.11% PAT margin. The board also approved the PNG ESOP 2026 scheme comprising up to 1,15,000 equity shares (0.078% of issued share capital) and the re-appointment of Independent Director Dr. Vaijayanti Pandit for a 2-year term starting March 2027, subject to postal ballot approval.

Additional investment of up to USD 6,500,000 in wholly owned subsidiary PNG Jewelers INC on or before September 15, 2027
PNG Jewelers INC reported FY26 turnover of Rs. 1046.06 Million and PAT of Rs. 84.82 Million (8.11% margin)
Adoption of PNG ESOP 2026 covering up to 1,15,000 equity shares, representing 0.078% of total share capital
Re-appointment of Independent Director Dr. Vaijayanti Pandit for 2 years starting March 14, 2027

💡 Track shareholder approval via the upcoming postal ballot notice and observe if the US capital infusion accelerates international store additions beyond its existing Sunnyvale location.

CRISIL Upgrades Rating to 'CRISIL A+/Stable' on Rs 50 Cr Fixed Deposits

🟢 POSITIVE ⭐ 6/10

REGULATORY 📅 17 Sep 2026, 03:21 PM

CRISIL Ratings Limited has upgraded its credit rating for P N Gadgil Jewellers Limited's fixed deposit program of Rs 50 Crores to 'CRISIL A+/Stable' from 'CRISIL A/Positive'. This upgrade reflects strengthening creditworthiness and operational profile, supported by robust revenue growth (TTM revenue of Rs 11,438 Cr). With total outstanding debt at Rs 1,705 Cr, the rated Rs 50 Cr facility accounts for approximately 2.9% of company borrowings. The upgraded profile is expected to enhance public deposit credibility and potentially lower borrowing costs.

CRISIL upgraded fixed deposit rating to 'CRISIL A+/Stable' from 'CRISIL A/Positive'
Total facility rated stands at Rs 50 Crores
Facility represents ~2.9% of total outstanding debt of Rs 1,705 Cr
Intimation submitted under Regulation 30 on September 17, 2026

💡 Monitor upcoming quarterly interest expense trends and store rollout progress toward the 25 new stores planned for FY26 to assess working capital discipline.

CRISIL Upgrades P N Gadgil Jewellers' Long-Term Bank Facilities to CRISIL A+/Stable

🟢 POSITIVE ⭐ 6/10

REGULATORY 📅 17 Sep 2026, 03:02 PM

CRISIL Ratings has upgraded P N Gadgil Jewellers Limited's long-term bank facilities rating to 'CRISIL A+/Stable' from 'CRISIL A/Positive'. The total rated bank loan facilities stand at Rs 400 Crore. Against the company's total debt of Rs 1,705 Crore, the rated facilities represent approximately 23.5% of overall borrowings. The upgrade reflects improving creditworthiness and financial health following robust revenue growth and expanding profitability.

CRISIL upgraded long-term bank facilities rating to 'CRISIL A+/Stable' from 'CRISIL A/Positive'
Total bank loan facilities rated stand at Rs 400 Crore
Rated debt represents ~23.5% of total outstanding debt (Rs 1,705 Cr)
Announcement dated September 17, 2026

💡 Track whether the credit rating upgrade leads to lower borrowing costs and improved interest coverage ratios in subsequent quarterly financial statements.

View All PNGJL Announcements on Live Market Tracking →

💰 Financial Performance

Revenue Growth by Segment

Consolidated revenue grew 26% YoY to INR 7,693.5 Cr in FY25. The Retail segment (72.2% of sales) grew 29% YoY, while the Franchise and E-commerce segments grew 55% and 131% respectively.

Geographic Revenue Split

High geographic concentration with 54 out of 55 stores located in Maharashtra and Goa as of June 2025, though the company is now expanding into Madhya Pradesh, Uttar Pradesh, and Bihar.

Profitability Margins

Gross margin improved from 8.4% in FY24 to 9.1% in FY25, further expanding to 11.9% in Q2 FY26 (up 510 bps). Net profit margin rose to 3.6% in Q2 FY26, a 190 bps increase YoY.

EBITDA Margin

EBITDA margin stood at 4.8% in FY25 (up 20 bps) and improved significantly to 6.6% in Q2 FY26 (up 327 bps) driven by a higher share of studded jewellery and the discontinuation of low-margin refinery sales.

Capital Expenditure

Utilized INR 850 Cr from IPO proceeds in September 2024 to fund the addition of 17 stores in FY25; planned addition of 25 stores in FY26 (15 company-owned) to be funded by debt and internal accruals.

Credit Rating & Borrowing

CRISIL A/Positive rating; interest coverage ratio improved to 9.3x in FY25 from 5.9x in FY24 following the repayment of high-cost debt using IPO proceeds.

⚙️ Operational Drivers

Raw Materials

Gold, Silver, Diamonds, and Precious stones; gold inventory is the primary cost component, though specific percentage of total cost is not disclosed.

Import Sources

Sourced primarily through Gold Metal Loans (GML) which stood at INR 485 Cr as of March 31, 2025, backed by fixed deposits.

Capacity Expansion

Current retail footprint of 55 stores as of June 2025; planned expansion to add 25 new stores in FY26 to increase market reach outside Maharashtra.

Raw Material Costs

Gross profit rose 91% YoY to INR 258.1 Cr in Q2 FY26, reflecting a shift toward higher-margin studded jewellery and better procurement strategies.

Manufacturing Efficiency

Discontinued low-margin gold sales from the refinery segment in H2 FY25 to focus on high-margin retail operations, expected to boost medium-term margins to 5-6%.

📈 Strategic Growth

Expected Growth Rate

26%

Growth Strategy

Aggressive retail expansion with 25 new stores planned for FY26, diversification into North Indian markets (MP, UP, Bihar), and increasing the sales mix of high-margin studded and diamond jewellery.

Products & Services

Gold, silver, and diamond jewellery, platinum jewellery, and specialized 'Colourstone' and lightweight lifestyle jewellery collections.

Brand Portfolio

P N Gadgil Jewellers (PNG).

New Products/Services

Expansion of 'lifestyle stores' catering to lightweight jewellery and increased focus on the 'Studded' category to drive margin expansion.

Market Expansion

Expanding beyond the core Maharashtra/Goa market into Indore (opened August 2025), Uttar Pradesh, and Bihar to reduce regional concentration.

Market Share & Ranking

Second largest organized jewellery retailer in Maharashtra.

🌍 External Factors

Industry Trends

The industry is seeing a rapid shift from unorganized to organized retail, with a growing consumer preference for branded jewellery and studded products.

Competitive Landscape

Faces stiff competition from unorganized players who dominate regional pockets and national organized players expanding in Tier II and Tier III cities.

Competitive Moat

Durable brand legacy dating back to 1832 provides strong trust and customer loyalty in Western India, which is difficult for new entrants to replicate.

Macro Economic Sensitivity

Highly sensitive to global gold price volatility and domestic inflation affecting consumer discretionary spending.

Consumer Behavior

Shift toward lightweight jewellery for daily wear and increasing demand for diamond-studded items for investment and fashion.

Geopolitical Risks

Global geopolitical tensions impacting gold prices and supply chain stability for precious stones.

⚖️ Regulatory & Governance

Industry Regulations

Operations are impacted by Hallmarking mandates, PAN requirements for high-value sales, and fluctuations in gold import duties (cut to 6% in July 2024).