P N Gadgil Jewellers Limited delivered its strongest financial performance in the first quarter of FY27, reporting record revenue of ₹24,130 million on July 27, 2026. The Pune-based jeweller achieved a 41% year-on-year revenue surge, accompanied by a 57% jump in EBITDA and a 52% rise in Profit After Tax (PAT). Same-Store Sales Growth (SSSG) reached an impressive 46.1% YoY, reflecting strong consumer demand and successful execution of the company's expansion strategy across its retail network.

The results were filed pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The unaudited consolidated figures reflect a significant improvement in operating leverage, with EBITDA margins expanding by 80 basis points to 8.0% and PAT margins rising by 40 basis points to 4.4% compared to Q1 FY26. The company also released an investor presentation for the quarter ended June 30, 2026, highlighting strategic milestones including crossing ₹10,000 crore in revenue for FY25-26.

Financial Performance

The following table summarises the key financial metrics for Q1 FY27 versus Q1 FY26:

Revenue from operations stood at ₹24,129.8 million in Q1 FY27, compared to ₹17,145.6 million in the corresponding quarter last year. While revenue declined 31.9% quarter-on-quarter from Q4 FY26's ₹35,443.1 million, this seasonal moderation is typical for the jewellery sector post-festive periods. EBITDA increased to ₹1,924.1 million from ₹1,228.5 million YoY, demonstrating enhanced cost control and product mix optimisation.

Segmental Growth Drivers

The retail segment emerged as the primary growth engine, contributing ₹18,851.0 million to total revenue, a 56.4% year-on-year increase. Retail's share of total revenue expanded to 78% in Q1 FY27 from 70% in Q1 FY26. The franchise segment grew modestly by 7.9% to ₹2,906.4 million, while e-commerce revenue rose 20.0% to ₹793.5 million. The 'Others' segment, comprising corporate orders, declined 9.2% to ₹1,579.0 million.

SSGS of 46.1% YoY was fuelled by a 25.9% increase in customer footfalls to 214,587 visits. The conversion rate remained robust at 91.8%, indicating high purchase intent among visitors. Transaction volumes grew 26.3% YoY, with the Average Transaction Value (ATV) standing at ₹92,264.

Product Mix and Operational Efficiency

The company reported a shift towards higher-margin studded jewellery. The retail stud ratio improved to 10.9% from 9.9% in the previous quarter. New stores in Northern and Central India are delivering stud ratios between 15% and 18%, validating the regional expansion strategy. The lightweight brand, LiteStyle by PNG, recorded a significant stud ratio of 32.9%.

Gold vedhani, bars, and coins (GBC) accounted for 21.7% of retail revenue, serving as a key customer acquisition tool. The conversion of GBC purchases to jewellery improved to 53% in Q1 FY27 from 46% in FY26. Diamond category value grew 29% YoY, while gold category value rose 54%, despite stable volumes. Silver category value surged 131% YoY.

Risk Management and Adjusted Metrics

P N Gadgil Jewellers enhanced its hedging framework, increasing overall hedge coverage to approximately 70% to mitigate gold price volatility. The company aims to raise coverage to over 80% in the near term, targeting near-full inventory hedge coverage (~100%) long-term. The unhedged inventory resulted in a gain of ₹97 million in Q1 FY27, compared to ₹101 million in Q1 FY26.

Excluding the unhedged gain, Adjusted EBITDA rose to ₹1,827 million from ₹1,128 million YoY, with Adjusted EBITDA margin improving to 7.6% from 6.6%. Adjusted PAT stood at ₹981 million, up from ₹618 million in Q1 FY26, translating to an Adjusted PAT margin of 4.1% versus 3.6% previously.

What the Numbers Show

The divergence between top-line growth and margin expansion highlights the effectiveness of P N Gadgil Jewellers' premiumisation strategy. While revenue grew 41%, EBITDA grew 57%, indicating that higher-margin products like studded jewellery and diamonds are driving disproportionate profitability gains. The improvement in the stud ratio, particularly in new Northern and Central India stores, suggests that geographic expansion is not just adding volume but also enhancing quality of earnings through a better product mix. Furthermore, the rise in GBC-to-jewellery conversion rates indicates successful customer lifecycle management, turning low-margin gold bar sales into higher-margin jewellery transactions over time.

Dr. Saurabh Gadgil, Chairman & Managing Director, attributed the performance to disciplined execution and strong brand trust. The company operates 78 stores as of June 30, 2026, with further launches planned for Q2 FY27 and a majority of expansions scheduled for Q3 and Q4 FY27.

P N Gadgil Jewellers Limited will discuss its unaudited financial results for the quarter ended June 30, 2026, during a conference call scheduled for July 28, 2026. The event provides investors and analysts an opportunity to review the company's Q1FY27 performance directly with its leadership team. The discussion will be hosted by Nuvama Wealth Management, with participation from key executives including Chairman and Managing Director Dr. Saurabh Gadgil and Chief Financial Officer Mr. Deepak Kumar Vijay.

The intimation regarding the conference call was made pursuant to Regulation 30 read with Schedule III of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The company confirmed that the audio recording and transcript of the proceedings will be subsequently published on its official website.

Conference Call Details

The earnings call is set to take place on Tuesday, July 28, 2026, at 3:00 PM IST. Participants can join the discussion via various dial-in numbers provided for different regions.

Mr. Aayush Adukia of Nuvama Wealth Management Ltd. will lead the call. Interested participants seeking further information can contact him via email at Aayush.Adukia@nuvama.com .