P N Gadgil Jewellers Limited has filed its monitoring agency report for the quarter ended December 31, 2025, demonstrating substantial progress in utilizing its IPO proceeds. The report, prepared by ICRA Limited and submitted to BSE and NSE on February 09, 2026, confirms that the company has deployed ₹849.43 crore out of its total net proceeds of ₹850.00 crore.

IPO Proceeds Utilization Overview

The monitoring report reveals that P N Gadgil Jewellers has achieved near-complete utilization of its IPO funds with minimal deviation from original plans. The company's net proceeds were revised to ₹799.77 crore from the originally estimated ₹801.72 crore due to an increase of ₹1.951 crore in issue-related expenses.

Object-wise Fund Deployment

The company has successfully allocated funds across its three primary objectives as outlined in the original prospectus. The largest allocation went toward establishing new retail presence in Maharashtra, followed by debt reduction and general corporate activities.

Store Expansion Progress

The company has fully utilized ₹392.57 crore for setting up 12 new stores in Maharashtra. This allocation was divided into two components: ₹22.28 crore for fit-outs and ₹370.28 crore for inventory costs. Both components have been completely deployed according to the monitoring report.

Debt Management and Corporate Activities

P N Gadgil Jewellers has successfully completed the repayment of ₹300.00 crore in borrowings as planned. Additionally, the company utilized ₹107.20 crore for general corporate purposes, which included payments to suppliers and vendors for stock procurement, administration, and marketing activities.

General Corporate Purpose Breakdown:

• Q2 FY2025 utilization: ₹50.00 crore
• Q3 FY2025 utilization: ₹57.19 crore
• Q2 FY2026 utilization: ₹0.01 crore

Compliance and Timeline Adherence

ICRA Limited, serving as the monitoring agency, confirmed that all utilization aligns with the objects of the issue with no material deviations observed. The report indicates that all projects remain on schedule according to the timelines specified in the offer document, with store setup and general corporate activities planned for completion during Fiscal 2025-2026.

Unutilized Funds Management

The remaining ₹15.35 crore in unutilized proceeds is maintained across two accounts: ₹14.89 crore in the monitoring account and ₹0.46 crore in the escrow account. Of the total balance, ₹0.57 crore is attributable to the company's share for issue expenses, while ₹14.77 crore belongs to SVG Business Trust related to the Offer for Sale portion.

P N Gadgil Jewellers Limited announced its unaudited standalone and consolidated financial results for the quarter and nine months ended December 31, 2025. The Board of Directors approved these results at their meeting held on February 09, 2026, demonstrating strong operational performance across key financial metrics.

Financial Performance Overview

The company delivered impressive financial results for Q3FY26, showcasing significant growth in revenue and profitability. The standalone financial results reflect the company's robust business model and effective operational execution during the quarter.

Consolidated Results

The consolidated financial results, which include subsidiaries Gadgil Diamonds Private Limited (India) and PNG Jewelers, Inc. (USA), also demonstrated strong performance. Consolidated revenue from operations reached ₹33,026.07 million for Q3FY26 compared to ₹24,357.51 million in the corresponding quarter of the previous year.

Board Decisions and Corporate Actions

The Board of Directors made several important decisions during their meeting:

IPO Fund Utilization

The company has effectively utilized its IPO proceeds raised in September 2024. The IPO involved allotment of 1,77,08,333 equity shares at face value of ₹10 each at an issue price of ₹480 per equity share, aggregating to ₹8,500 million.

Exceptional Items

The company recorded an exceptional item of ₹33.92 million in Q3FY26 related to the implementation of New Labour Codes. Effective November 21, 2025, the Government of India notified four Labour Codes consolidating 29 existing labour laws. This resulted in an estimated one-time increase in provision for employee benefits, which has been recognized in the current reporting period as an exceptional item.

Auditor Review

GDA & Associates, Chartered Accountants, conducted the limited review of both standalone and consolidated financial results. The auditors confirmed that nothing came to their attention that would cause them to believe the financial statements contain any material misstatement or fail to comply with applicable regulations.