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

Executive summary

• Q3 FY26 saw robust revenue growth of 35.6% YoY to INR 33,026 Mn, driven by festive and wedding demand, resilient consumer sentiment despite a 70% YoY gold price rise, and successful expansion into new geographies and store formats.

• PAT surged 98.6% YoY to INR 1,709 Mn, with margin expansion from a favorable product mix and higher studded jewellery contribution.

• Three new company-owned stores were launched, expanding the footprint to 66 stores across five states as of December 2025, with plans to reach 78-80 by March 2026 and 105 by March 2027.

• Brand outreach was enhanced by appointing Ranbir Kapoor and Sara Tendulkar as ambassadors for core and LiteStyle segments, and the launch of the LiteStyle sub-brand targeting young, urban professionals.

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

Financial highlights

• Consolidated Q3 FY26 revenue: INR 33,026.1 Mn (+35.6% YoY); gross profit up 19.2% YoY to INR 474 crores; Q3 EBITDA: INR 2,717.1 Mn (+109.4% YoY), margin 8.2%; Q3 PAT: INR 1,709.1 Mn (+98.6% YoY), margin 5.2%.

• Nine-month revenue reached INR 71,947.9 Mn; gross profit up 86.8% YoY to INR 957.9 crores (13.2% margin); EBITDA up 105.3% to INR 5,376.9 Mn (7.5% margin); PAT up 104.5% to INR 3,195.6 Mn (4.4% margin).

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

• Basic EPS for Q3 FY26: 12.59; 9M FY26: 23.55.

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

Outlook and guidance

• FY 2026 revenue expected to exceed INR 9,500 crores, with FY 2027 targeted at INR 12,000 crores (20-25% growth).

• EBITDA margin guidance for FY 2027 is 7-7.25%, with PAT margin at 3.75-4%.

• Store count to reach 80 by March 2026 and 105 by March 2027, with half of new stores being LiteStyle format.

• LiteStyle business aims to reach 10% of revenue in the next year.

• Management remains focused on driving same-store sales growth, maintaining healthy inventory turns, and sustaining profitable growth.