P N Gadgil Jewellers Q2 FY27 Share Price & Earnings Call Analysis
- Market cap
- ₹8,596 Cr
- P/E
- 19.16
- ROE
- 23.49%
- PEG
- 0.24
- Price to sales
- 0.74
- Debt to equity
- 0.89
- 52W high / low
- ₹728 / ₹510
- Sales growth (5Y)
- 40.67%
- EBITDA margin
- 5.85%
- Net profit margin
- 3.94%
- Promoter holding
- 76.62%
- Sales (last year)
- ₹11,438 Cr
Established in 1832, P. N. G Jewellers Ltd is in the retail business of gold, silver, and diamond jewellery[1]
Guidance scorecard · Q2 FY27 call
What P N Gadgil Jewellers Ltd's management guided
and where it ranks in Consumer Durables
Consumer Durables
RevenueQ1 FY27 call
20–40%- PNG Jewellers expects continued sustainable growth throughout FY2027, supported by its legacy and disciplined execution.
- Retail segment is growing strongly, with a 46% same-store sales growth (SSSG) and 56% growth overall.
- Franchise stores are expanding, with plans to open around 8-10 new franchises in Uttar Pradesh this financial year.
- The company plans to increase the number of stores from 103 in FY27 to around 177 by FY29, including legacy and litestyle formats.
- Litestyle stores are expected to increase studded jewellery mix, aiming for 50–60% studded inventory and targeting 100 litestyle stores by 2030.
- Expansion is strategically planned to avoid cannibalization and to tap into new customer bases.
2 more points from P N Gadgil Jewellers Ltd's call on revenue
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MarginsQ1 FY27 call
Up 0–2%See what P N Gadgil Jewellers Ltd said on margins — free account, 30 seconds.
CapexQ1 FY27 call
Planned- The company plans to add 25 stores in the current year, targeting a total of 103 stores.
- For FY27-28, they plan to add around 37 stores each year, reaching 140 stores by FY28 and 177 stores by FY29.
- Store mix by FY29: approximately 113 legacy stores and 64 litestyle stores.
- Focus on expanding FOCO (franchise) stores, especially in the current year.
- Capex will be financed through profits accrued.
2 more points from P N Gadgil Jewellers Ltd's call on capex
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FundraisingQ1 FY27 call
PlannedSee what P N Gadgil Jewellers Ltd said on fundraising — free account, 30 seconds.
Order bookQ1 FY27 call
Ask what P N Gadgil Jewellers Ltd said on the order book →
Full Q1 FY27 analysisRanges are what management guided for revenue growth and margins on the latest earnings call. Not investment advice, and not a forecast of returns.
Potential multibaggers · Q2 FY27
Potential multibaggers in Consumer Durables
on management's own guidance
- Strong growth2
- Strong growth1
- Strong growth3
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Ranks describe management commentary on revenue and margin from the latest earnings call. Not investment advice.
Peers
Consumer Durables companies ranked on guidance
| # | Company | Revenue guided | Margin guided | Market cap | P/E |
|---|---|---|---|---|---|
| 1 | 40%+ | Up 2%+ | ₹166 Cr | 20.3 | |
| 2 | 40%+ | Up 2%+ | ₹100 Cr | 12.7 | |
| 3 | 40%+ | Up 0–2% | ₹3,249 Cr | 17.4 | |
| 4 | 40%+ | Up 0–2% | ₹2,081 Cr | 18.8 | |
| 5 | 40%+ | Flat | ₹2,429 Cr | 41.1 | |
| 6 | 40%+ | Flat | ₹2,163 Cr | 25.6 |
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Pro shows every company guiding 40%+ revenue growth →Full Consumer Durables rankingP N Gadgil Jewellers Ltd announcements
All announcements →- Acquisition / mergerNotableP N Gadgil Jewellers Ltd completes 100% acquisition of Silvostyle Jewellers Ltd
Financials of P N Gadgil Jewellers Ltd
Quarterly Results, Profit & Loss, Balance Sheet, Cash Flows, and Ratios are shown below as separate sections.
Shareholder Pattern
P N Gadgil Jewellers Ltd
Shareholding breakup across reporting periods.
| Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | Sep 2026 | |
|---|---|---|---|---|---|---|---|---|---|
| Promoters + | 83.11% | 83.11% | 83.11% | 83.11% | 83.11% | 83.11% | 83.11% | 83.11% | 76.62% |
| FIIs + | 3.80% | 1.93% | 0.65% | 0.64% | 0.91% | 0.75% | 0.73% | 0.48% | 3.83% |
| DIIs + | 5.80% | 5.34% | 5.49% | 5.34% | 4.99% | 4.80% | 4.72% | 4.76% | 7.05% |
| Public + | 7.29% | 9.60% | 10.75% | 10.92% | 10.98% | 11.33% | 11.45% | 11.64% | 12.51% |
| No. of Shareholders | 1,68,356 | 1,88,567 | 2,01,809 | 1,93,383 | 1,83,826 | 1,70,297 | 1,64,589 | 1,53,617 | 1,54,829 |
Financials of P N Gadgil Jewellers Ltd
Quarterly Results
Quarter-by-quarter operating performance
| Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | Sep 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales + | 1,372 | 1,972 | 1,512 | 1,668 | 2,001 | 2,436 | 1,588 | 1,715 | 2,178 | 3,303 | 3,544 | 2,413 | 2,666 |
| Expenses + | 1,326 | 1,880 | 1,423 | 1,604 | 1,947 | 2,313 | 1,494 | 1,605 | 2,070 | 3,058 | 3,409 | 2,231 | 2,459 |
| Operating Profit | 45 | 92 | 89 | 64 | 54 | 123 | 94 | 110 | 107 | 244 | 135 | 182 | 207 |
| OPM % | 3.3% | 4.7% | 6% | 3.9% | 2.7% | 5% | 6% | 6% | 4.9% | 7% | 3.8% | 8% | 8% |
| Other Income + | 2 | 2 | 2 | 2 | 12 | 7 | 15 | 13 | 36 | 24 | 31 | 10 | 17 |
| Interest | 11 | 11 | 12 | 12 | 13 | 6 | 11 | 19 | 20 | 25 | 28 | 34 | 42 |
| Depreciation | 6 | 6 | 5 | 6 | 7 | 8 | 13 | 11 | 14 | 15 | 17 | 18 | 20 |
| Profit before tax | 30 | 77 | 73 | 48 | 46 | 115 | 85 | 93 | 109 | 228 | 122 | 141 | 163 |
| Tax % | 28% | 26% | 25% | 26% | 24% | 25% | 27% | 25% | 27% | 25% | 26% | 25% | 25% |
| Net Profit + | 22 | 58 | 55 | 35 | 35 | 86 | 62 | 69 | 79 | 171 | 90 | 105 | 121 |
| EPS in Rs | 3.98 | 10.43 | 4.66 | 2.99 | 2.57 | 6.34 | 4.57 | 5.11 | 5.84 | 12.59 | 6.65 | 7.76 | 8.23 |
Financials of P N Gadgil Jewellers Ltd
Profit & Loss
Annual income statement trend
| Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM | |
|---|---|---|---|---|---|---|---|---|
| Sales + | 2,458 | 1,902 | 2,539 | 4,488 | 6,061 | 7,586 | 10,472 | 11,926 |
| Expenses + | 2,355 | 1,844 | 2,428 | 4,366 | 5,790 | 7,243 | 9,855 | 11,157 |
| Operating Profit | 103 | 57 | 111 | 123 | 271 | 343 | 617 | 769 |
| OPM % | 4.2% | 3.0% | 4.4% | 2.7% | 4.5% | 4.5% | 6% | 6% |
| Other Income + | 17 | 14 | 31 | 52 | 7 | 28 | 84 | 82 |
| Interest | 43 | 38 | 35 | 35 | 46 | 43 | 92 | 129 |
| Depreciation | 27 | 27 | 22 | 22 | 23 | 35 | 57 | 70 |
| Profit before tax | 50 | 7 | 85 | 118 | 209 | 293 | 552 | 653 |
| Tax % | 46% | 201% | 18% | 21% | 26% | 26% | 26% | |
| Net Profit + | 27 | -7 | 70 | 94 | 155 | 218 | 410 | 488 |
| EPS in Rs | 4.88 | 0.19 | 10.43 | 13.46 | 13.15 | 16.08 | 30.20 | 35.23 |
| Dividend Payout % | 0% | 0% | 0% | 0% | 0% | 0% | 0% |
Financials of P N Gadgil Jewellers Ltd
Balance Sheet
Capital structure and asset base
| Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | Sep 2026 | |
|---|---|---|---|---|---|---|---|---|
| Equity Capital | 55 | 55 | 55 | 55 | 118 | 136 | 136 | 147 |
| Reserves | 132 | 135 | 191 | 256 | 416 | 1,418 | 1,827 | 2,718 |
| Borrowings + | 443 | 402 | 398 | 387 | 455 | 930 | 1,737 | 2,140 |
| Other Liabilities + | 563 | 422 | 465 | 365 | 475 | 660 | 1,264 | 1,463 |
| Total Liabilities | 1,192 | 1,014 | 1,110 | 1,063 | 1,465 | 3,144 | 4,964 | 6,468 |
| Fixed Assets + | 184 | 242 | 234 | 208 | 242 | 322 | 410 | 427 |
| CWIP | 56 | 4 | 4 | 4 | 4 | 4 | 0 | 5 |
| Investments | 1 | 1 | 1 | 1 | 1 | 9 | 8 | 49 |
| Other Assets + | 951 | 768 | 872 | 850 | 1,218 | 2,811 | 4,546 | 5,987 |
| Total Assets | 1,192 | 1,014 | 1,110 | 1,063 | 1,465 | 3,144 | 4,964 | 6,468 |
Financials of P N Gadgil Jewellers Ltd
Cash Flows
Operating, investing and financing cash movement
| Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|
| Cash from Operating Activity + | 68 | 147 | 73 | 107 | 6 | -675 | -717 |
| Cash from Investing Activity + | 3 | -26 | -22 | -47 | -49 | -424 | -54 |
| Cash from Financing Activity + | -93 | -128 | -46 | -55 | 51 | 1,167 | 719 |
| Net Cash Flow | -22 | -7 | 5 | 5 | 9 | 68 | -52 |
| Free Cash Flow | 52 | 114 | 68 | 60 | -46 | -728 | -782 |
| CFO/EBITDA Share of operating profit converting into cash: CFO (before tax) / Operating Profit | 80% | 244% | 74% | 117% | 16% | -173% | -95% |
Financials of P N Gadgil Jewellers Ltd
Ratios
Working capital efficiency and return ratios
| Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|
| Debtor Days | 9 | 6 | 4 | 3 | 2 | 2 | 2 |
| Inventory Days | 126 | 133 | 111 | 53 | 62 | ||
| Days Payable | 18 | 15 | 27 | 12 | 10 | ||
| Cash Conversion Cycle | 117 | 124 | 89 | 44 | 55 | 2 | 2 |
| Working Capital Days | -3 | 4 | 16 | 20 | 21 | 32 | 35 |
| ROCE % | 8% | 21% | 23% | 30% | 19% | 21% |
Guidance history
How P N Gadgil Jewellers Ltd's guidance has moved, call by call
| Call | Revenue | Margins | Capex | Fundraising | Order book |
|---|---|---|---|---|---|
| Q1 FY27 call → | 20–40% | Up 0–2% | Planned | Planned | — |
| Q4 FY26 call → | 20–40% | Flat | Planned | — | — |
| Q3 FY26 call → | 20–40% | Flat | Planned | Planned | Rising |
| Q2 FY26 call → | 20–40% | Flat | Planned | — | — |
What management guided on each call, newest first. Not investment advice, and not a forecast of returns.
Momentum score · price trend
20 out of 100 — Cooling
Over the past year its share price has done worse than most of the stocks we track.
| Period | Share price change | Better than … of 1,910 stocks |
|---|---|---|
| Last 12 months | −10.9% | 48% |
| Last 6 months | −10.7% | 35% |
| Last 3 months | −12.4% | 34% |
The price is 24.1% below its all-time high of ₹769.2 (6 Dec 2024). Stocks more than 20% below their peak have their score halved, so 40 became 20.
How we calculate it
“Better than 30%” means that over that period the share price did better than 30 out of every 100 stocks we track (1,910 Indian companies worth ₹500 Cr or more, with at least a year of prices).
The score weighs the longer periods more: 40% × 12-month + 40% × 6-month + 20% × 3-month. For P N Gadgil Jewellers Ltd: 0.4 × 48 + 0.4 × 35 + 0.2 × 34 = 40, halved to 20 because the price is more than 20% below its all-time high.
Strengthening is 70 and above, Steady 40 to 70, Cooling below 40. Scores are recalculated every night after the market closes.
Full methodology →This describes only how the share price has moved up to 29 Oct 2026, compared with other stocks. It says nothing about the business, and it is not a prediction, a price target or a recommendation to buy or sell.
Continue your research
What P N Gadgil Jewellers Ltd's management said in earlier quarters
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