P N Gadgil Jewellers Ltd

Q2 FY26Consumer Durables

P N Gadgil Jewellers Q2 FY26 earnings call: Revenue & Margins

Q2 FY26 earnings call: what management guided on revenue, margins and order book.

Price₹603

Market cap₹9.7K Cr

P/E21.6

Updated23 Aug 2026

Read4 min read

The short version

The company is optimistic about sustaining strong growth momentum with the upcoming wedding season expected to drive consumer demand. The company is optimistic about strong revenue growth, targeting INR 3,000 to INR 4,000 crores in Q3 FY26, driven by festive season momentum and expansions.

From P N Gadgil Jewellers Ltd's Q2 FY26 earnings-call transcript · updated 23 Aug 2026.

Revenue & Sales Performance

The company is optimistic about sustaining strong growth momentum with the upcoming wedding season expected to drive consumer demand. (Page 5)
Target to reach 76 to 78 stores by March 2026 and plans to add 30-35 more stores by March 2028, aiding revenue expansion. (Page 11)
Expansion focus on Central India region including MP, UP, Bihar, Chhattisgarh, Jharkhand, Odisha, and Delhi NCR to increase geographic reach. (Page 11)
E-commerce and franchisee revenues growing robustly, supporting overall revenue growth; e-commerce grew 113% YoY. (Page 5)
October sales alone were upwards of INR 1,800 crores, with expectations of INR 3,000-4,000 crores revenue for the quarter, indicating strong volume growth. (Page 16)

2 more points management made on revenue & sales performance

Profitability & Margins

The company is optimistic about strong revenue growth, targeting INR 3,000 to INR 4,000 crores in Q3 FY26, driven by festive season momentum and expansions.
Margins are expected to improve significantly in Q3 compared to Q2, with gross margin anticipated to increase due to festive sales and better product mix.
EBITDA margin guidance is around 5.5% to 6% for the full year, with company-level EBITDA margin improving quarter-on-quarter.
PAT margin improved to 3.6% in Q2 and is expected to be maintained or grow, with Q2 PAT margin already robust despite refinery business exit.
New stores (including LiteStyle format and expansion into new geographies like MP, UP, Bihar) are expected to contribute positively as they mature, with breakeven periods of about 15-16 months for LiteStyle stores.

2 more points management made on profitability & margins

See what P N Gadgil Jewellers Ltd said on profitability & margins — free account, 30 seconds.

Capital Expenditure Plans

Incremental capital employed for a new PNG traditional store (around 3,000–4,000 sq ft) is approximately INR 47 to 50 crores, considering increased gold prices (Page 15).
For LiteStyle stores (1,500 to 2,000 sq ft), typical investment is INR 10 to 12 crores with expectations of breakeven within 15-16 months (Page 16).
The company plans aggressive expansion with 14 to 16 new stores planned by March 2026, split roughly equally between PNG traditional and LiteStyle formats; about 50% will be company-owned and 50% franchisee (Page 16).

2 more points management made on capital expenditure plans

Top-ranked in Consumer Durables

Ranked on what management guided this quarter

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5₹1.7K Cr

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Rank buckets describe management commentary on revenue and margin. Not investment advice, and not a forecast of returns.

Fundraising & Capital Structure

There is no explicit mention of any current or future fundraising through debt or equity in the provided transcript.
The company emphasizes strong financial discipline and prudent capital management, as reflected in CRISIL ratings reaffirmation (CRISIL A positive and CRISIL A1).
Expansion plans are primarily funded through internal accruals and capital investment, e.g., store expansion with capital employed around INR 47-50 crores per new traditional store.

2 more points management made on fundraising & capital structure

See what P N Gadgil Jewellers Ltd said on fundraising & capital structure — free account, 30 seconds.

Order Book & Pipeline

The provided transcript from P N Gadgil Jewellers Limited's November 13th, 2025 conference call does not explicitly mention any details regarding the current or expected order book or pending orders. Key highlights focus on: - Revenue performance, store expansion, and product mix. - Expansion plans to reach 78 to 80 stores by March 2026 and around 150 stores by March 2028. - Healthy sales during festive seasons such as Navratri and Diwali.

2 more points management made on order book & pipeline

P N Gadgil Jewellers Ltd — Quarterly revenue & net profit

Revenue Net profit

Dec 2024

Mar 2025

Jun 2025

Sep 2025

Dec 2025

Mar 2026

Reported quarterly figures (₹ Cr). Latest: revenue ₹3.5K Cr, net profit ₹90 Cr. Revenue and profit are scaled separately — hover a quarter for exact figures.

Full financials →

What P N Gadgil Jewe.'s management said in earlier quarters

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Frequently Asked Questions

What were P N Gadgil Jewellers Ltd Q2 FY26 results?

What is P N Gadgil Jewellers Ltd share price analysis?

P N Gadgil Jewellers Ltd currently shows a neutral. The stock trades at a P/E of 21.6 with a market cap of ₹9,697 Cr. Investors should review the full earnings analysis for detailed insights.

Is P N Gadgil Jewellers Ltd planning capital expenditure?

Incremental capital employed for a new PNG traditional store (around 3,000–4,000 sq ft) is approximately INR 47 to 50 crores, considering increased gold prices (Page 15).

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This analysis is AI-generated based on publicly available earnings data and the company's earnings call transcript. This is not investment advice. Please consult a SEBI-registered advisor before making investment decisions.