P N Gadgil Jewellers (PNGJL) Q2 26/27 earnings summary

Executive summary

• Q2 FY27 consolidated revenue rose 22.4% YoY to ₹26,663.77 million; EBITDA increased 57.1% to ₹2,246.1 million and net profit rose 52.7% to ₹1,211.1 million.

• H1 FY27 revenue grew 30.5% to ₹50,793.58 million and net profit rose 52.3% to ₹2,264.45 million.

• Portfolio expanded to three brands with the Silvostyle acquisition and LiteStyle rebranded as YOOU by PNG.

Financial highlights

• Q2 consolidated revenue from operations was ₹26,663.77 million versus ₹21,776.22 million YoY; H1 revenue was ₹50,793.58 million versus ₹38,921.84 million.

• Q2 gross profit rose 31.7% to ₹3,398.1 million; gross margin expanded 89 bps to 12.7%.

• Q2 EBITDA margin expanded 186 bps to 8.4%; EBIT rose 58.5% to ₹2,043.9 million, with EBIT margin up 174 bps to 7.7%.

• Q2 consolidated net profit was ₹1,211.10 million versus ₹793.12 million YoY; H1 net profit was ₹2,264.45 million versus ₹1,486.54 million.

• Standalone Q2 revenue was ₹26,254.09 million and net profit ₹1,197.32 million; H1 revenue was ₹50,059.80 million and net profit ₹2,225.88 million.

Outlook and guidance

• FY27 revenue target remains ₹13,000+ crore, with PAT margin guidance of 4%-4.2%; management said the target remained achievable.

• FY27 plan calls for ~23 new stores, reaching ~103 by year-end; 8-10 openings are targeted in Q3, with the balance in Q4, primarily through franchisees.

• FY29 revenue outlook included an aspirational ₹17,000+ crore plan and a separate store-based estimate of ₹21,000 crore; mature-store SSSG target is 7%-8%, excluding gold-price increases.

• Expansion strategy combines company-owned stores to validate new markets with FOCO-led growth; Northern and Central markets are expected to contribute 30%-35% of sales by FY30.