P N Gadgil Jewellers (PNGJL) Q3 25/26 earnings summary

Executive summary

• Q3 FY26 consolidated revenue grew 35.6% YoY to INR 33,026.1 Mn, with net profit up 98.6% YoY to INR 1,709.1 Mn and net margin at 5.2%, driven by festive and wedding demand despite gold price volatility.

• Retail, e-commerce, and franchise segments all contributed robustly, with store count reaching 66 and expansion into Bihar and five states.

• Brand ambassadors Ranbir Kapoor and Sara Tendulkar were appointed to strengthen national presence.

• Unaudited standalone and consolidated financial results for Q3 and 9M FY26 were approved by the Board, with no material misstatements identified by auditors.

• IPO completed in September 2024, raising Rs. 8,500 million, with shares listed on BSE and NSE.

Financial highlights

• Q3 FY26 consolidated revenue: INR 33,300.21 Mn; net profit: INR 1,709.11 Mn; EBITDA: INR 2,717.1 Mn (margin 8.2%).

• 9M FY26 consolidated revenue: INR 72,517.31 Mn; net profit: INR 3,195.64 Mn; EBITDA: INR 5,376.9 Mn (margin 7.5%).

• Gross profit margin improved to 14.4% in Q3 FY26; EPS for Q3 FY26: 12.59.

• Retail segment contributed 76.8% of sales; e-commerce revenue up 125.8% YoY to INR 377.4 crores; franchisee revenue up 55.4% YoY to INR 864.8 crores.

• Record festive sales: INR 190+ crores on Dussehra, INR 606 crores on Diwali, and highest-ever monthly sales of INR 1,800 crores in October.

Outlook and guidance

• Targeting 78-80 stores by March 2026, with 25 more stores planned for FY27 (half LiteStyle, half PNG).

• FY26 revenue expected to exceed INR 9,500 crores, with FY27 guidance of INR 12,000 crores and 20-25% growth.

• EBITDA margin guidance at 7-7.25%, PAT margin at 3.75-4% long-term.

• LiteStyle business targeted to reach 10% of sales in the next year.

• IPO proceeds fully utilized for expansion, debt repayment, and general corporate purposes.