PN Gadgil targets 25 new stores, 7% margin in FY27
Management laid out a clear roadmap: 25 store additions, 7% EBITDA margin, and debt below ₹1,000 crore by FY29. The concall fleshed out details after Q1 results showed 41% revenue growth.
— 5 earlier stories on PN Gadgil Jewellers Ltd. →What's new
- Targeting ~25 new store additions in FY27.
- EBITDA margin target of approximately 7%.
- Plan to reduce total debt below ₹1,000 crore by FY29.
Why this matters
The guidance is a clear growth signal. With 78 stores mostly in Maharashtra and expansion into UP and Bihar, the store-addition pace is ambitious. The debt reduction target suggests a focus on balance-sheet strength, especially after FY26 revenue of ₹10,739 crore.
What we're watching
- Store additions pace in new geographies like UP and Bihar.
- Whether EBITDA margin hits 7% amid gold price volatility.
- Debt reduction progress over the next few quarters.
The full read
PN Gadgil's Q1 FY27 concall added meat to the numbers. Revenue jumped 41% YoY and the studded ratio held at 10.9%. But the real story is the forward roadmap: ~25 new stores this year, a 7% EBITDA margin target, and debt below ₹1,000 crore by FY29. The retailer currently runs 78 outlets, mostly in Maharashtra, and is pushing into UP and Bihar. The debt target is the standout — it signals a deliberate shift toward a leaner balance sheet after FY26 revenue of ₹10,739 crore. The concall didn't move the stock (results were already out), but it gave investors a clear blueprint. Execution is now the test.
Questions answered
- How many stores does PN Gadgil currently operate?
- As of the concall, the company operated 78 stores, predominantly in Maharashtra, with expansion into Uttar Pradesh and Bihar.
- What is the studded ratio reported in Q1 FY27?
- The studded ratio for Q1 FY27 stood at 10.9%, as disclosed in the quarterly results and referenced during the concall.
- What is the timeline for the debt reduction target?
- Management aims to reduce total debt to below ₹1,000 crore by FY29.
- What was PN Gadgil's annual revenue in FY26?
- The company reported annual consolidated revenue of ₹10,739 crore in FY26.
PN Gadgil Jewellers Ltd.
Latest quarter · Jun 2026
Strength & growth
Story so far
All notes on PNGJL →- 28 Jul 2026 · 4:08 PM IST PN Gadgil targets 25 new stores, 7% margin in FY27
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