P N Gadgil Jewellers Ltd

Q3 FY26Consumer Durables

P N Gadgil Jewellers Q3 FY26 earnings call: Revenue & Margins

Q3 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

FY ‘26 revenue is expected to exceed guidance, potentially reaching around INR 10,000 crores. Revenue Target: INR 11,500 to INR 12,000 crores for FY ‘27, indicating continued top-line growth.

From P N Gadgil Jewellers Ltd's Q3 FY26 earnings-call transcript · updated 23 Aug 2026.

Revenue & Sales Performance

FY ‘26 revenue is expected to exceed guidance, potentially reaching around INR 10,000 crores.
For FY ‘27, the company targets 20%-25% growth over FY ‘26, aiming for around INR 12,000 crores in revenue.
Gold volume growth saw a 25% increase in Q3, with single-digit or flat YoY volume growth overall.
Store expansion planned with 25 new stores in FY ‘27, split 50%-50% between PNG and Litestyle formats.
Focus on increasing studded jewellery ratio from current ~10% to 13%-14% over the next 3-4 years, supporting margin improvement.

2 more points management made on revenue & sales performance

Profitability & Margins

Revenue Target: INR 11,500 to INR 12,000 crores for FY ‘27, indicating continued top-line growth.
Store Expansion: Planning 25 new store openings in FY ‘27 (50% PNG, 50% Litestyle), with emphasis on Maharashtra and Central India.
EBITDA Margins: Sustainable annualized EBITDA margin expected at 7% to 7.25%, with retail segment margins around 8% to 8.25%.
PAT Margins: Sustainable PAT margins anticipated to be around 3.75% to 4% overall; retail segment PAT margin sustainable at approximately 5.5%.
Studded Jewellery Mix: Aim to increase studded jewellery ratio from current ~10% to 13-14% over the next 3-4 years, supporting margin expansion.
Volume Growth: Gold volume growth seen around 25% in recent quarters; YoY volume growth expected to be single-digit or flat due to price dynamics.

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

Capex per PNG store: Around INR 2 Crores for store fit-outs.
Capex per Litestyle store: Around INR 70 lakhs.
Franchise stores' capex is borne by franchisees, so no cost to the company.
Inventory requirement for company stores: Approximately INR 55 crores (gold, diamond, silver combined).
Inventory for Litestyle: Between INR 8 to INR 10 crores.
For the next 2-3 years, no major changes expected in capex and inventory numbers, barring price fluctuations.
Planned store additions: 25 new stores next financial year, split evenly between PNG and Litestyle formats.

2 more points management made on capital expenditure plans

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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

No definitive plans have been finalized for a Qualified Institutional Placement (QIP) or any promoter stake sale yet; discussions are ongoing and updates will be shared once confirmed.
The QIP approval is effective until August 2026, intended primarily to fund future expansion.
The company is monitoring geopolitical developments before finalizing QIP timing.
Expansion for PNG stores is planned to be funded through internal accruals; no additional debt is expected for growth.

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 transcript provided on pages 6 to 21 of the P N Gadgil Jewellers Limited report dated February 10th, 2026 does not contain any information on the current or expected order book or pending orders for the company. The discussion primarily covers topics such as: - Capex per store and inventory requirements. - Shareholding and QIP plans. - Customer preference trends between bullion and jewellery. - Revenue and volume growth guidance. - Gross and EBITDA margin sustainability. - Store expansion plans including Litestyle and geographical diversification.

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 →

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Frequently Asked Questions

What were P N Gadgil Jewellers Ltd Q3 FY26 results?

FY ‘26 revenue is expected to exceed guidance, potentially reaching around INR 10,000 crores. Revenue Target: INR 11,500 to INR 12,000 crores for FY ‘27, indicating continued top-line growth.

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?

Capex per PNG store: Around INR 2 Crores for store fit-outs.

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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.