P N Gadgil Jewellers Limited has successfully passed three special resolutions through postal ballot voting concluded on October 21, 2026. The approvals cover the introduction of a new employee stock option plan and the re-appointment of a key independent director.

The company sought shareholder approval for the P N Gadgil Jewellers Limited Employees Stock Option Plan 2026 (PNG ESOP 2026). This was split into two separate special resolutions: one for eligible employees of the company itself, and another for eligible employees of its subsidiary companies. Both resolutions were passed with requisite majority support from shareholders.

Additionally, shareholders voted to re-appoint Dr. Vaijayanti Pandit (DIN: 06742237) as an Independent Director of the company. This resolution also secured the necessary majority to pass.

Voting Results Breakdown

The remote e-voting process ran from September 22, 2026, to October 21, 2026. The total number of shareholders as on the record date of September 18, 2026, was 1,54,961. The voting results indicate strong promoter backing, which significantly influenced the overall outcome given their substantial shareholding.

What the Numbers Show

A clear divergence exists between institutional and non-institutional public shareholders regarding the ESOP plans. While promoters voted unanimously in favour, public institutions cast 59.50% of their votes against the ESOP resolutions. In contrast, public non-institutional shareholders largely supported the measures, with 82.94% voting in favour for the company employee ESOPs. This suggests that institutional investors may have specific concerns regarding the dilution or valuation aspects of the new stock option plans, whereas retail investors aligned more closely with management's proposal. The re-appointment of Dr. Pandit, however, saw near-unanimous support across all categories, including institutions, who voted 99.07% in favour.

P N Gadgil Jewellers opened a new Legacy format store in Ayodhya on October 11, 2026, increasing its total store count to 81.

The new outlet is located at Ram Path Road, Rikabganj Chauraha, Uttar Pradesh. It operates under the Franchise Owned, Company Operated (FOCO) model. This opening aligns with the company's previously stated expansion plans for the festive quarter.

Store network update

The addition of the Ayodhya store brings the total store count to 81 as of October 11, 2026. The current network comprises:

Prior to this opening, the total store count as of September 30, 2026, stood at 80 (79 in India and 1 in the U.S.A.). The company aims to open approximately 23 new stores in FY27, targeting a total of around ~103 stores by year-end.

Q2FY27 performance recap

The company reported a 22.4% yearly revenue growth in Q2FY27, driven by robust retail performance despite the shift of the Navratri festive period to Q3.

Segment-wise performance

The retail segment and franchise business posted robust growth, while the e-commerce vertical saw a sharp decline due to strategic recalibration.

The Retail segment contributed around 77.3% YoY of the total revenue. This growth was substantially organic, driven by same-store sales growth (SSSG) of 25.5% YoY.

Sales mix and revenue quality

The share of gold coin and bar sales in retail revenue normalised to ~15.8%, compared with ~23.3% in the same quarter previous year. The continued moderation in the lower-margin gold coin business is driving an improvement in revenue quality.

The Company recorded strong growth across categories during the quarter:

• Gold revenue: +23.5% YoY
• Diamond revenue: +21.0% YoY
• Silver revenue: +12.0% YoY

The retail stud ratio improved to 11.8% for the quarter compared to 9.0% in the same quarter previous year. In the northern region, the stud ratio reached 17.4%.

Operational highlights

The Company transitioned its sub-brand LiteStyle to YOOU, marking a strategic evolution towards a contemporary brand identity. During Q2FY27, the company opened 2 new stores, comprising one Legacy store in Gurugram and one YOOU store in Amanora Mall, Pune.

P N Gadgil Jewellers recorded notable growth in Rakhi sales during the quarter. The category posted 114% growth in pieces sold and 142% growth in value on a yearly basis.

What the Numbers Show

The divergence between overall revenue growth (22.4%) and the sharp decline in e-commerce (-83.6%) highlights a deliberate shift in channel strategy. While the e-commerce vertical contracted significantly due to reduced low-margin coin sales, the core retail segment's 31.1% growth and improved stud ratio (11.8% vs 9.0%) indicate that the company is successfully prioritising higher-margin product categories over volume-driven low-margin segments. The steady addition of stores, including the recent Ayodhya launch, supports this top-line expansion through physical footprint growth.