PNG Jewellers FY26 PAT Rises 87.8% to ₹4,098 Mn
P N Gadgil Jewellers reported a robust financial performance for FY26, with consolidated PAT growing 87.8% to ₹4,098.20 million and revenue increasing 39.6% to ₹1,07,390.97 million. The company fully utilised its IPO proceeds of ₹8,500 million and expanded to 78 stores. Audited results were published in Business Standard, Tarun Bharat, and Loksatta on May 15, 2026.
*this image is generated using AI for illustrative purposes only.
P N Gadgil Jewellers announced its audited standalone and consolidated financial results for the quarter and year ended March 31, 2026, approved by the Board of Directors at their meeting held on May 14, 2026. On a consolidated basis, the company reported record revenue from operations of ₹1,07,390.97 million for FY26, a surge of 39.6% year-on-year. Profit After Tax (PAT) grew 87.8% to ₹4,098.20 million, while EBITDA increased 89.6% to ₹7,040.2 million. The statutory auditors, M/s. GDA & Associates, Chartered Accountants, issued an unmodified opinion on both the standalone and consolidated audited financial results. Pursuant to Regulation 47 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, the company published its audited standalone and consolidated financial results in Business Standard, Tarun Bharat, and Loksatta on May 15, 2026.
Consolidated Financial Performance
The company delivered robust growth across all key financial metrics on a consolidated basis. The following table summarises performance for the quarter and full year:
| Particulars (₹ Mn) | Q4 FY26 | Q4 FY25 | Y-o-Y | FY26 | FY25 | Y-o-Y |
|---|---|---|---|---|---|---|
| Revenue from Operations | 35,443.06 | 15,882.24 | 123.2% | 1,07,390.97 | 76,934.68 | 39.6% |
| EBITDA | 1,663.3 | 1,090.4 | 52.5% | 7,040.2 | 3,714.0 | 89.6% |
| EBITDA Margin (%) | 4.7% | 6.9% | -217 bps | 6.6% | 4.8% | 180 bps |
| Profit Before Tax | 1,219.01 | 845.62 | 44.2% | 5,518.63 | 2,931.05 | 88.3% |
| Profit After Tax | 902.56 | 619.91 | 45.6% | 4,098.20 | 2,182.68 | 87.8% |
| PAT Margin (%) | 2.5% | 3.9% | -136 bps | 3.8% | 2.8% | 100 bps |
| Basic EPS (₹) | 6.65 | 4.57 | — | 30.20 | 17.10 | — |
The consolidated balance sheet as at March 31, 2026 reflects total assets of ₹49,641.68 million compared to ₹31,442.21 million in the prior year. Total equity stood at ₹19,627.26 million, with inventories rising to ₹36,554.19 million from ₹20,208.75 million. Current borrowings increased to ₹15,692.18 million from ₹8,149.80 million, reflecting the company's working capital requirements to support its rapid expansion.
Standalone Financial Performance
On a standalone basis, P N Gadgil Jewellers reported revenue from operations of ₹1,06,407.38 million for FY26, compared to ₹76,305.49 million in FY25. Profit after tax for the standalone entity stood at ₹4,010.37 million for FY26, against ₹2,148.78 million in FY25. The following table presents the standalone income statement highlights, including Q4 EBITDA metrics:
| Particulars (₹ Mn) | Q4 FY26 | Q4 FY25 | FY26 | FY25 |
|---|---|---|---|---|
| Revenue from Operations | 35,306.20 | 15,742.46 | 1,06,407.38 | 76,305.49 |
| Total Income | 35,618.69 | 15,890.73 | 1,07,287.10 | 76,544.25 |
| EBITDA | 1,300.00 | 938.00 | — | — |
| EBITDA Margin (%) | 3.7% | 5.96% | — | — |
| Profit Before Tax | 1,185.85 | 849.56 | 5,426.70 | 2,895.25 |
| Profit After Tax | 869.45 | 623.86 | 4,010.37 | 2,148.78 |
| Basic EPS (₹) | 6.41 | 4.60 | 29.55 | 16.83 |
The standalone balance sheet showed total assets of ₹49,247.95 million as at March 31, 2026, up from ₹31,222.07 million a year earlier. Total equity on a standalone basis was ₹19,717.06 million. Standalone cash and cash equivalents closed at ₹354.31 million, compared to ₹868.29 million at the start of the year, with net cash outflow from operating activities of ₹6,350.17 million reflecting significant inventory build-up of ₹16,167.88 million to support store expansion.
Exceptional Item and New Labour Codes
During the period, the Government of India notified the four New Labour Codes effective November 21, 2025, consolidating 29 existing labour laws. In accordance with Ind AS 19, the company recognised an estimated one-time increase in its provision for employee benefits amounting to ₹33.92 million as an exceptional item in the current reporting period. The government is in the process of notifying related rules, and the impact will be evaluated and accounted for in the period in which they are notified.
Expansion, IPO Utilisation, and Strategic Outlook
During FY26, the company expanded its retail footprint to 78 stores, entering new markets including Madhya Pradesh, Uttar Pradesh, and Bihar. The company confirmed full utilisation of its IPO proceeds of ₹8,500 million, as detailed below:
| Object of Issue | Amount (₹ Mn) | Utilised (₹ Mn) | Unutilised (₹ Mn) |
|---|---|---|---|
| Setting up 12 New Stores in Maharashtra | 3,925.68 | 3,925.68 | 0.00 |
| Repayment/pre-payment of borrowings | 3,000.00 | 3,000.00 | 0.00 |
| General Corporate Purpose | 1,108.62 | 1,108.62 | 0.00 |
| Issue related expenses | 465.70 | 465.70 | 0.00 |
| Total | 8,500.00 | 8,500.00 | 0.00 |
At the same board meeting, the directors approved the appointment of Mrs. Riya Shah, Chartered Accountant, as the Internal Auditor of the company for the financial year 2026-27.
Historical Stock Returns for PN Gadgil Jewellers
| 1 Day | 5 Days | 1 Month | 6 Months | 1 Year | 5 Years |
|---|---|---|---|---|---|
| +1.03% | +4.95% | -17.49% | -12.38% | +1.78% | -30.46% |
With IPO proceeds fully utilized and current borrowings nearly doubling to ₹15,692 million, how will P N Gadgil Jewellers fund its next phase of geographic expansion beyond Maharashtra, UP, MP, and Bihar?
Given the Q4 FY26 EBITDA margin compression of 217 basis points year-on-year, what operational or pricing pressures could challenge the company's ability to sustain its full-year 6.6% EBITDA margin as it scales into newer, less-established markets?
As P N Gadgil expands into competitive markets like Uttar Pradesh and Bihar, how might intensifying rivalry from established national players such as Tanishq and Kalyan Jewellers impact its store-level economics and market share trajectory?
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