P N Gadgil Jewellers Limited reported a robust financial performance for the full year FY26, crossing the INR10,000 crores revenue milestone for the first time. The company recorded a consolidated revenue of INR10,739 crores, marking a 40% year-on-year growth. This performance was supported by a strong fourth quarter, where revenue grew 123% year-on-year to INR3,544 crores, driven by festive demand and event-led sales. The management also provided a detailed commentary on the margin trends observed during the quarter and reaffirmed its guidance for FY27.

FY26 Financial Performance

The company achieved significant growth across key profitability metrics for the full year. Gross profit grew 83% year-on-year to INR1,302 crores, with gross margin expanding by 280 basis points to 12%. EBITDA increased 90% to INR704 crores, improving the margin to 6.6%. Profit After Tax (PAT) rose 88% to INR410 crores, with a PAT margin of 3.8%. Return on Capital Employed (ROCE) and Return on Equity (ROE) improved to 30.5% and 21% respectively.

Q4 FY26 Margin Analysis

While the quarterly revenue surged, consolidated gross margins for Q4 FY26 contracted by approximately 230 basis points year-on-year to 9.7%. This dilution was attributed to a higher share of gold bars and coins in the sales mix, a lower contribution from studded jewellery, and higher trade discounts during the festive season. The share of gold bars and coins in the revenue mix rose from 28% in Q4 FY-25 to 40% in Q4 FY-26, with sales value increasing from INR450 crores to INR1,400 crores.

The company clarified that all gold bar and coin sales were purely to customers (B2C), as the refinery business was fully discontinued effective September 30, 2024.

Strategic Outlook and Guidance

Looking ahead to FY27, the company has maintained its guidance for a gross margin of 12%–13%, EBITDA of 7%–7.5%, and a PAT delivery of 4%. The revenue guidance for FY27 has been set at INR13,500 crores. Dr. Saurabh Gadgil, Chairman and Managing Director, described the Q4 margin compression as largely one-time, resulting from specific product mix changes and strategic growth initiatives. The company expects the share of gold bars and coins to stabilize back to around 25% in FY27, aided by the recent increase in import duties which may shift consumer preference towards jewellery exchange.

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:

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:

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:

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.