PN Gadgil Q1 profit jumps 52% to ₹105 cr on 41% revenue growth
Revenue of ₹24,129.8 million, 46% same-store growth, and improved stud ratio of 10.9% mark a strong quarter, though numbers were largely pre-announced.
— 5 earlier stories on PN Gadgil Jewellers Ltd. →What's new
- Revenue from operations rose 40.7% YoY to ₹24,129.8 mn
- EBITDA up 56.6% to ₹1,924.1 mn; net profit up 51.9% to ₹1,053.3 mn
- Same-store sales growth of 46.1%; retail stud ratio improved to 10.9%
- 78 stores operational; majority of new launches slated for H2 FY27
Why this matters
The numbers confirm strong momentum across revenue, profitability, and store productivity. However, the filing is routine following a prior update that had already flagged the headline growth. The stock's 17.6 P/E suggests the market had priced in execution; the detail here supports the thesis but doesn't move it.
What we're watching
- New store additions in H2 — the bulk of the pipeline is yet to open
- Trend in stud ratio as recent North/Central India stores mature
- Any margin guidance or capex update in the next concall
The full read
Strong quarter, but expected. Revenue of ₹24,129.8 million was up 41% YoY, EBITDA climbed 57% to ₹1,924.1 million, and net profit rose 52% to ₹1,053.3 million. All in line with the prior update that had already flagged the headline growth. Same-store sales of 46% and a stud ratio of 10.9% confirm solid execution. Yet the filing adds no surprise. The detailed financials and management commentary merely flesh out what was already known. With the stock at 17.6x trailing earnings, the market has priced in the trajectory. The next catalyst is whether new stores open on schedule in H2 and whether margins sustain.
Questions answered
- What were PN Gadgil's Q1 FY27 revenue and profit?
- Consolidated revenue from operations was ₹24,129.8 million, up 40.7% YoY. Net profit was ₹1,053.3 million, up 51.9%.
- What drove the profit growth?
- Strong revenue growth coupled with EBITDA margin expansion: EBITDA rose 56.6% to ₹1,924.1 million, outpacing revenue growth.
- What is the retail stud ratio and why does it matter?
- The stud ratio (studded jewellery as a share of retail sales) improved to 10.9%. Studded jewellery typically carries higher margins, so an improving ratio signals better product mix and profitability.
- How many stores does PN Gadgil operate and what is the expansion outlook?
- The company operated 78 stores at quarter-end. Management said the expansion pipeline is on track, with most new stores expected in the second half of FY27.
- Is this filing material new information?
- Not really. The headline revenue growth and same-store sales were largely pre-announced in a prior update. The filing provides full financial detail but no market-moving surprises.
- How does this quarter compare with the prior quarter (Mar 2026)?
- The prior reported quarter (Mar 2026) had sales of ₹3,544 crore and net profit of ₹90 crore on a reported basis. The Q1 numbers show continued strong growth, but note the fiscal year change: comparisons across quarters are not directly comparable due to seasonality.
PN Gadgil Jewellers Ltd.
Latest quarter · Jun 2026
Strength & growth
Story so far
All notes on PNGJL →- 27 Jul 2026 · 3:00 PM IST PN Gadgil Q1 profit jumps 52% to ₹105 cr on 41% revenue growth
- today PN Gadgil targets 25 new stores, 7% margin in FY27
- 1d ago PN Gadgil Q1 profit jumps 51%, revenue up 40%
- 1d ago PN Gadgil Q1 profit jumps 51% on 40% revenue growth
- 21d ago PN Gadgil's retail revenue jumps 56% on 46% same-store growth