P N Gadgil Jewellers (PNGJL) Q2 25/26 earnings summary

Executive summary

• Achieved robust growth in Q2 and H1 FY26, with consolidated Q2 revenue of INR 21,776.2 million and H1 revenue of INR 38,921.8 million, driven by festive demand, new store openings, and expansion into new markets beyond Maharashtra.

• EBITDA for Q2 FY26 rose 117% YoY to INR 1,429.4 million, with margins expanding by 330 bps to 6.6%.

• PAT for Q2 FY26 increased 127% YoY to INR 793.1 million, with PAT margin improving by 190 bps to 3.6%.

• Opened eight new stores in Q2, bringing the total to 63, and plan to reach 76-78 stores by March 2026.

• IPO completed in September 2024, with shares listed on BSE and NSE.

Financial highlights

• Q2 consolidated revenue: INR 2,177.6 crore; H1 revenue: INR 3,892 crore.

• Q2 gross profit: INR 258.1 crore, up 91% YoY; gross margin expanded by 510 bps to 11.9%.

• Q2 EBITDA: INR 142.9 crore, up 117% YoY; EBITDA margin improved by 327 bps to 6.6%.

• Q2 net profit: INR 79.3 crore, up 127% YoY; net profit margin rose by 190 bps to 3.6%.

• H1 net profit: INR 148.7 crore, up 101.6% YoY; net profit margin expanded to 3.8% from 1.9% in H1 FY25.

Outlook and guidance

• Confident of sustaining strong growth trajectory for the rest of FY26, with 13-15 new stores planned in H2.

• Targeting 78-80 stores by March 2026 and 150 stores by March 2028, including expansion into Bihar and other central/northern states.

• Strategic focus on pan-India expansion, especially in Western, Central, and North India.

• Guidance for EBITDA margin at 5.5%-6% for the year.

• IPO proceeds fully utilized for new store expansion, debt repayment, and general corporate purposes as per prospectus.