P N Gadgil Jewellers (PNGJL) Q1 25/26 earnings summary

Executive summary

• Q1 FY26 consolidated revenue rose 2.8% year-over-year to INR 17,145.6 million, with EBITDA up 85.4% to INR 1,228.5 million and PAT nearly doubling to INR 693.4 million.

• Store count reached 55, including two new LiteStyle stores targeting younger, urban consumers; expansion strategy focuses on Maharashtra, central, and North India.

• Discontinued B2B bullion refinery sales from October 2024 to focus on core retail, franchise, and e-commerce segments.

• Unaudited standalone and consolidated financial results for Q1 FY26 were approved by the Board and reviewed by independent auditors with no material misstatements.

• The company operates as a single segment focused on the jewellery business.

Financial highlights

• Consolidated revenue from operations for Q1 FY26 was INR 17,145.62 million, up from INR 16,681.82 million in Q1 FY25.

• Gross profit margin improved to 13.2% from 8.3% year-over-year.

• EBITDA margin expanded by 320 bps to 7.2%; PAT margin improved to 4.0% (up 190 bps year-over-year).

• EPS for Q1 FY26: 5.11 (consolidated), up from 2.99 in Q1 FY25.

• Record single-day festive sales on Akshaya Tritiya at INR 1,395.3 million, up 35.1% year-over-year.

Outlook and guidance

• Plans to open 20-25 new stores in FY26, aiming for 80 stores by year-end and 100+ by March 2028, with a mix of company-owned, franchise, and LiteStyle formats.

• Guidance for FY26 remains at INR 9,000–9,500 crore revenue with 3.5–4% PAT margin.

• H2 expected to see accelerated growth due to festive and wedding seasons.

• Emphasis on digital growth, e-commerce, and quick commerce platforms.

• IPO proceeds are being utilized for new store expansion, debt repayment, and general corporate purposes.