P N Gadgil Jewellers Limited has expanded its retail footprint by opening a new store under its "YOOU" format at Amanora Mall in Pune, Maharashtra. The store commenced operations on August 08, 2026, at approximately 05:30 P.M., marking a strategic addition to the company’s modern retail portfolio. This expansion reinforces the brand’s presence in key consumer hubs while diversifying its store mix between traditional and contemporary formats.

The disclosure was made pursuant to Regulation 30 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015. The intimation was submitted to both the Bombay Stock Exchange and the National Stock Exchange of India Limited. Prakhar Gupta, Company Secretary & Compliance Officer, signed the filing on behalf of the management.

Store Portfolio Update

With the inauguration of the Amanora Mall outlet, P N Gadgil Jewellers’ total store count now stands at 79. The portfolio is split between its established Legacy Stores and the newer YOOU format.

The new location is situated on the First Floor of Amanora Mall, Pune, with the postal code 411028. This move aligns with the company’s broader strategy to increase accessibility through high-footfall mall locations.

What the Numbers Show

The data indicates a continued shift toward the YOOU format, which now accounts for approximately 17.7% of the total store base. While the majority of the network remains rooted in the Legacy format, the steady addition of YOOU stores suggests a deliberate effort to cater to evolving consumer preferences for modern retail experiences. The concentration of these stores in major malls like Amanora highlights a focus on premium retail environments.

P N Gadgil Jewellers Limited reported a robust start to FY27, with consolidated revenue from operations surging 41% year-over-year to ₹2,413 crore in Q1FY27. The growth was primarily driven by resilient consumer demand despite record gold prices, supported by an outstanding Akshaya Tritiya that saw festive sales grow 80.3% year-over-year to ₹251.4 crore. Profit after tax (PAT) rose 52% to ₹105.3 crore, while EBITDA expanded 57% to ₹192.4 crore, reflecting disciplined execution and a favorable shift towards higher-margin studded jewellery.

The company’s performance was underpinned by strong retail growth of 56%, fueled by a 46% same-store sales growth (SSSG). Retail now accounts for approximately 78% of total revenue, with bullion sales normalizing to around 22% of retail revenue. Management highlighted that the studded jewellery ratio in retail improved to 10.9% from 9.9% in the previous quarter. Additionally, the Lifestyle by PNG format posted a significantly higher stud ratio of 32.9%, contributing to overall margin expansion.

Financial Performance Highlights

Expansion and Operational Strategy

P N Gadgil Jewellers ended Q1FY27 with 78 stores and plans to open approximately 25 new stores during FY27, taking the network to around 103 stores by year-end. The expansion strategy is franchise-led, focusing on deepening presence in Maharashtra while expanding into Uttar Pradesh, Bihar, Central India, and NCR. Currently, the company operates 57 company-owned (COCO) stores and 21 franchise-owned (FOCO) stores. By March 2029, the company aims to reach 177 stores, comprising 113 legacy PNG stores and 64 lifestyle stores.

Management noted that other expenses increased by only 5% despite revenue growth, attributed to conservative marketing spends and reduced promotional activities. The company cut down on hoardings and avoided major brand-building campaigns in established markets like Uttar Pradesh, which had seen heavy one-time spends in the previous year. Annualized other expenses are guided at roughly ₹400 crore, or about 3% of total sales.

What the Numbers Show

The divergence between gross margin stability and significant EBITDA growth highlights operational efficiency gains. While gross margins remained flat at 13.2% year-over-year due to the impact of hedging gains being reported separately, adjusted gross margins improved by 40–50 basis points. This suggests that underlying pricing power and mix shifts towards studded jewellery are positive, even if headline gross margins appear static. Furthermore, the conversion rate of gold bars and coins into jewellery rose to 53% from 46% last year, indicating successful customer engagement strategies that drive higher-margin sales.

Looking ahead, management targets a full-year PAT margin of 4.1% to 4.25%, excluding hedging gains. The company also plans to increase its hedging coverage to 80% by Q3FY27 and aims for full hedging in FY28. Borrowings currently stand at ₹1,200–₹1,550 crore, including ₹300–₹400 crore in gold metal loans (GML). The company intends to reduce total debt by ₹500–₹600 crore by FY29, targeting a debt-free status within four to five years.