P N Gadgil Jewellers (PNGJL) Q4 25/26 earnings summary

Executive summary

• Achieved consolidated revenue of INR 10,739 crores (INR 1,07,391.0 Mn) for FY26, up 40% year-over-year, surpassing the INR 10,000 crore milestone.

• Net profit (PAT) rose 88% year-over-year to INR 410 crores (INR 4,098.2 Mn), with EBITDA up 90% to INR 704 crores (INR 7,040.2 Mn).

• Expanded store network to 78 stores across 36 cities, with 25 new stores added during the year, including entry into new markets and 12 new stores in Q4.

• E-commerce revenue doubled to INR 529 crores (INR 5,290.7 Mn), up 105% year-over-year.

• Audited standalone and consolidated financial results for FY26 were approved with an unmodified audit opinion.

Financial highlights

• Q4 FY26 revenue grew 123% year-over-year to INR 3,544 crores (INR 35,443.1 Mn), driven by festive and wedding demand.

• FY26 gross profit rose 83% to INR 1,302 crores (INR 13,021.6 Mn); gross margin expanded to 12%.

• EBITDA margin for FY26 improved to 6.6%, and PAT margin to 3.8%.

• Inventory turnover ratio at 3.8x for FY26; average revenue per store INR 137.7 crores (INR 1,376.8 Mn).

• Basic EPS for FY26 at 30.2, up from 17.1 in FY25.

Outlook and guidance

• FY27 revenue guidance raised to INR 13,500 crores, with EBITDA margin of 7%-7.5% and PAT margin of 4%.

• Plan to open 25 new stores in FY27, focusing on non-Maharashtra markets and asset-light franchisee expansion.

• Strategic focus on expanding into Tier 2/3 cities and strengthening digital and omni-channel presence.

• All IPO proceeds have been fully utilized for expansion, debt repayment, and corporate purposes.

• The company continues to monitor regulatory and labor code changes.