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).

• Expanded store network to 78 stores across 36 cities, adding 25 new stores 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 by up to 280 bps to 12%.

• EBITDA grew 90% to INR 704 crores (INR 7,040.2 Mn); EBITDA margin improved by 180 bps to 6.6%.

• PAT margin for FY26 improved to 3.8%, up 100 bps year-over-year.

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

Outlook and guidance

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

• Management optimistic about growth, focusing on store expansion, festive demand, and omni-channel presence.

• Plan to open 25 new stores in FY27, with 5 COCO and 20 FOCO, focusing on non-Maharashtra markets.

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