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P N Gadgil Jewellers Ltd

₹ 609-0.56%
05 Jan – close price
🔗pngjewellers.com•BSE: 544256•NSE: PNGJL
Market Cap₹ 8,269 Cr.
Current Price₹ 609
High / Low₹ 701
Stock P/E28.0
Book Value₹ 126
Dividend Yield0.00 %
ROCE19.2 %
ROE20.3 %
Face Value₹ 10.0
Sales₹ 7,838 Cr.
OPM5.46 %
Mar Cap₹ 8,269 Cr.

ABOUT

Established in 1832, P. N. G Jewellers Ltd is in the retail business of gold, silver,and diamond jewellery[1]

KEY POINTS

Business Overview:[1][2]PNG Jewellers is one of the oldest Jewellers in Maharashtra. It is a part of the PNG group which is an established player in the gold, silver and diamond jewellery business, with a significant presence in Pune, Mumbai and other parts of Maharashtra. Company provides new jewellery trends in Maharashtra and have introduced Temple Motifs, Contemporary Jewellery designs, Light Weight, Daily Wear and Designer Collections, etc. Currently, it is present in3 States, 23 Cities with 50 Showrooms

Also present in buckets:
Aggressive Growth TriggersExcellent ResultsRevenue GuidanceAsset Base ExpansionCapacity Expansion And ProductsRevenue Guidance Vs ActualsCredit Rating UpdatesRed Flags And Poor Performance

Peer Comparision

S.No.NameCurrent Price (Rs.)Price to EarningMarket Capitalization (Rs.Cr.)Dividend yield (%)Net Profit latest quarter (Rs.Cr.)YOY Quarterly profit growth (%)Sales latest quarter (Rs.Cr.)YOY Quarterly sales growth (%)Return on capital employed (%)Sales (Rs.Cr.)OPM (%)Profit after tax (Rs.Cr.)Profit after tax latest quarter (Rs.Cr.)Price to book valueReturn on assets (%)Debt to equity
1.Titan Company4079.7087.72362190.120.271120.0059.0918725.0028.8419.1467904.0010.184129.001120.0028.299.240.97
2.Kalyan Jewellers504.2055.9252066.850.30260.5199.467856.0329.5215.0328584.136.42931.02260.519.755.131.00
3.Thangamayil Jew.3337.0056.4310372.070.3758.51435.301710.9044.8613.745781.955.76183.8158.518.895.880.96
4.P N Gadgil Jewe.609.3027.998268.710.0079.70146.062154.367.6419.257837.885.46295.4379.704.829.440.73
5.Ethos2951.4083.097897.270.0023.7911.95383.3929.0313.751410.9613.8795.0523.795.517.490.22
6.PC Jeweller10.2512.237511.710.00209.5417.14825.2563.436.552888.6319.47614.21209.541.037.380.22
7.Bluestone Jewel490.10–7422.240.00-49.1141.86513.0937.43-0.571770.004.43-221.19-49.114.42-7.391.12
–Median: 42 Co.235.5326.281206.540.022.1477.0452.7535.0915.791258.687.4655.9920.412.928.780.33

Quarterly Results

Standalone figures in ₹ crores

Dec 2023Dec 2024Jun 2023Jun 2024Jun 2025Mar 2024Mar 2025Sep 2023Sep 2024Sep 2025
Sales
1,9392,4071,2371,6481,7021,4981,5741,3592,0022,154
Expenses
1,8472,2871,1921,5851,5951,4101,4811,3151,9442,048
Operating Profit
92120446310888944457107
Other Income
1812132152536
Profit before tax
7711430479173853043110
Tax %
26%25%27%26%25%25%27%28%25%27%
Net Profit
57852235685562223280
EPS in Rs
10.346.284.002.965.024.634.603.902.395.87

Profit & Loss

Standalone Figures in ₹ Crores / Yearly

Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025TTM
Sales
2,3032,3252,3481,8022,4484,3785,9827,5237,838
Expenses
2,2182,2522,2461,7422,3514,2545,7137,1887,410
Operating Profit
85721025997124268335428
Other Income
112310189762971
Interest
423935333232444255
Depreciation
201823241919213344
Profit before tax
343853215680208290400
Net Profit
22253074055154215295
EPS in Rs
3.954.515.471.367.2510.0213.0715.8321.77
Dividend Payout %
0%0%0%0%0%0%0%0%–

Compounded Profit Growth

10 Years:%
5 Years:43%
3 Years:75%
TTM:65%

Compounded Sales Growth

10 Years:%
5 Years:26%
3 Years:45%
TTM:11%

Return on Equity

10 Years:%
5 Years:19%
3 Years:22%
Last Year:20%

Stock Price CAGR

10 Years:%
5 Years:%
3 Years:%
1 Year:-9%

Balance Sheet

Standalone figures in ₹ crores

Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Sep 2025
Equity Capital
55555555118118118136136
Reserves
961211791872272824341,4331,580
Borrowings
4093743412942702624269031,261
Other Liabilities
2564505735115013974706511,326
Total Liabilities
8161,0001,1491,0471,1161,0591,4483,1224,303
Fixed Assets
129115153173143139199280320
Gross Block
194.43198.55172.36211.01174.00179.60248.27339.11–
Accumulated Depreciation
65.2283.3118.9238.1630.6140.2748.8559.06–
CWIP
3318143838444
Investments
476657575746465454
Other Assets
6368159218038788361,1992,7853,926
Total Assets
8161,0001,1491,0471,1161,0591,4483,1224,303

Cash Flows

Standalone Figures in ₹ Crores / Yearly

Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025
Cash from Operating Activity
29–5811329106-3-689
Cash from Investing Activity
-26–-0-30-18-59-39-417
Cash from Financing Activity
-17–-77-88-6-47521,172
Net Cash Flow
-13–-19-5511066

Ratios

Standalone Figures in ₹ Crores / Yearly

Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025
Debtor Days
137576533
Inventory Days
80971241381095261104
Days Payable
2214171825111013
Cash Conversion Cycle
729011212690455494
Working Capital Days
4943151824202232
ROCE %
–14%17%10%15%18%31%19%

Shareholding Pattern

Numbers in percentages

Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025
Promoters
83.11%83.11%83.11%83.11%83.11%
FIIs
3.80%1.93%0.65%0.64%0.91%
DIIs
5.80%5.34%5.49%5.34%4.99%
Public
7.29%9.60%10.75%10.92%10.98%

* The classifications might have changed from Sep'2022 onwards.ℹ️

BSE Announcements AI Summary

Direct from BSE filings, auto-summarised

PNG Jewellers Submits Q4 FY26 SEBI Compliance Certificate

8th April 2026, 10:39 pm

P N Gadgil Jewellers Reports Strong Q4 FY26 Performance, Revenue Surges 124% YoY; Eyes 25 New Stores in FY27

8th April 2026, 4:52 pm

PNG Jewellers Opens 2 New Stores, Total Count Reaches 78

30th March 2026, 2:21 am

PN Gadgil Jewellers Shareholders Approve Aditya Saurabh Gadgil's Appointment as Director

28th March 2026, 1:39 am

PN Gadgil Jewellers Shareholders Approve Aditya Saurabh Gadgil's Appointment as Director

28th March 2026, 1:34 am

Published by Other Websites

External media mentions & references

5 Jewellery IPOs Worth ₹3,840 Crore Postponed on Valuation Gap

14th April 2026, 8:05 pm

P N Gadgil Jewellers Stock Soars 4% on Stellar FY26 Results, MOFSL Sees 17% Upside

9th April 2026, 9:54 am

Small Cap P N Gadgil Soars 102% on Sales Boom; Valuations Still Attractive

9th April 2026, 6:44 am

India Markets Hit New Highs; Stocks Surge on M&A, Results

8th April 2026, 6:40 pm

PN Gadgil Skyrockets Revenue Target to ₹13,500 Cr After Stellar Q4

8th April 2026, 12:36 pm

News Articles

Editorial & research coverage

Trade Deal Sparks Gems Rally; Earnings Shine
Trade Deal Sparks Gems Rally; Earnings Shine

9th February 2026, 11:31 am

India's Jewellery Sector: Growth Amidst Risks & Divergent Stock Fortunes
India's Jewellery Sector: Growth Amidst Risks & Divergent Stock Fortunes

7th February 2026, 6:20 am

India-EU Pact: Long-Term Hope vs. Near-Term Hurdles
India-EU Pact: Long-Term Hope vs. Near-Term Hurdles

28th January 2026, 9:14 am

Jewellery Stocks Soar: Indian Consumers Defy Record Gold Prices
Jewellery Stocks Soar: Indian Consumers Defy Record Gold Prices

14th January 2026, 6:04 am

Motilal Oswal's Top 3 Buys: Up to 31% Upside Potential Identified
Motilal Oswal's Top 3 Buys: Up to 31% Upside Potential Identified

9th January 2026, 4:41 pm

Documents

Announcements

Intimation Of Store Opening

1d - New store opened Jan 04, 2026 at Kharghar, Navi Mumbai; total stores now 67.

Announcement under Regulation 30 (LODR)-Press Release / Media Release

29 Dec - Sara Tendulkar appointed Litestyle by PNG ambassador; two-year deal from Dec 2025; collections March 2026; 50 stores by FY2028.

Closure of Trading Window

24 Dec - Trading window closed from Jan 1, 2026 until 48 hours after results for quarter ended Dec 31, 2025.

Intimation Of Store Opening

21 Dec - Opened new store at Ideal Landmark Complex, Viman Nagar, Pune on Dec 21, 2025; total stores 66.

Announcement under Regulation 30 (LODR)-Resignation of Director

18 Dec - Whole-time Director & CFO Kiran Firodiya resigns effective COB January 23, 2026.

Annual Reports

Financial Year 2025

(from bse)

Credit Ratings

Rating update

18 Sep 2025 from crisil

Rating update

31 Jul 2025 from crisil

Rating update

11 Mar 2025 from fitch

Rating update

27 Sep 2024 from crisil

Rating update

12 Sep 2024 from fitch

Rating update

29 May 2024 from crisil

Concalls

Nov 2025

TranscriptPPTRecording

Aug 2025

TranscriptRecording

Aug 2025

PPTRecording

May 2025

TranscriptPPTRecording

Feb 2025

TranscriptPPTRecording

Nov 2024

Transcript

Stock Analysis

Description

P N Gadgil Jewellers Limited, established in 1832, is a prominent Indian jewellery retailer with a legacy of over 190 years, operating stores across India and the USA, specializing in gold, silver, and diamond jewellery.

Key Growth Triggers

  1. Aggressive retail network expansion, with 67 stores operational by January 2026 and plans to reach 76-78 by FY26 end.
  2. Strong performance in Q2 FY26 showing PAT growth of 127.1% YoY and revenue growth of 8.8% YoY.
  3. Record festive sales, including Diwali 2025 sales of ₹606 crore (+74% YoY) and Dhanteras setting a new single-day record of ₹277 crore (+105% YoY).
  4. Launch of 'LiteStyle by PNG' sub-brand targeting younger demographics and expansion of e-commerce and franchise operations.
  5. Positive revision of credit rating outlook by CRISIL to 'Positive', indicating improved creditworthiness.

Order Book

Currently no data available for Order Book.

Key Red Flags

  1. Resignation of Whole-time Director & CFO Kiran Firodiya effective January 23, 2026.

Key Dates To Watch

  1. Q3 FY26 Financial Results announcement (date to be announced separately).
  2. Trading window closed from January 01, 2026, reopening 48 hours after results declaration.

Corporate Announcements

8th Apr 26
Impact Rating: 3
P N Gadgil Jewellers Limited announced submission of its SEBI compliance certificate for the quarter ending March 31, 2026. This filing, from Registrar Bigshare Services Pvt. Ltd., confirms correct processing and listing of dematerialized securities as per SEBI regulations.
8th Apr 26
Impact Rating: 8
PN Gadgil Jewellers delivered a robust Q4 FY26 with total revenue growing 124% YoY to ₹3,552 crore. For the full year FY26, revenue reached ₹10,744 crore, a 40% increase. The company plans significant expansion in FY27.
29th Mar 26
Impact Rating: 6
P N Gadgil Jewellers Limited has expanded its retail presence by opening two new stores on March 29, 2026. The new outlets are located in Mulund, Mumbai, and Nashik, Maharashtra. Following these openings, the total number of stores operated by the company has now reached 78.
27th Mar 26
Impact Rating: 6
PN Gadgil Jewellers Limited shareholders overwhelmingly passed the ordinary resolution to appoint Mr. Aditya Saurabh Gadgil as a Non-Executive Non-Independent Director, with over 96% of votes in favour.
27th Mar 26
Impact Rating: 5
PN Gadgil Jewellers announced that shareholders approved the appointment of Mr. Aditya Saurabh Gadgil as a Non-Executive Non-Independent Director through a postal ballot.