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

Executive summary

• Achieved robust growth in Q2 and H1 FY2026, 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, including Indore, Lucknow, and Kanpur.

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

• PAT for Q2 FY26 increased 127.1% year-over-year to INR 793.1 million, with PAT margin improving by 190 bps to 3.6%.

• Store network expanded by 8 new stores in Q2, reaching 63 stores across 32 cities, with plans to reach 76-80 stores by March 2026 and 150 stores by March 2028.

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

Financial highlights

• Q2 FY26 revenue excluding refinery segment grew 31.4% year-over-year.

• Gross profit for Q2 FY26 was INR 2,581.1 million, up 91.1% year-over-year, with gross margin at 11.9%.

• H1 FY26 EBITDA reached INR 2,659.8 million, up 101.3% year-over-year, with margin at 6.7%.

• H1 FY26 PAT was INR 1,486.5 million, up 111.6% year-over-year, with PAT margin at 3.8%.

• Record-breaking sales of INR 428 crore during Navratri, a 16% year-over-year increase.

Outlook and guidance

• Confident of sustaining strong growth trajectory for the rest of FY2026, with 13-15 new stores planned in H2 and a strategic focus on pan-India expansion, especially in central and northern states.

• Continued investment in LiteStyle sub-brand targeting urban, young professionals with lightweight jewellery.

• Expecting Q3 revenue between INR 3,000-4,000 crore, with margin improvement over Q2 due to festive and wedding season demand.

• Inventory-light operations and efficient capital use to drive profitability.