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 has announced key leadership appointments following its Board Meeting held on January 23, 2026. The company has strengthened its management team with the appointment of a new Chief Financial Officer and an Additional Director, demonstrating its commitment to robust corporate governance and strategic leadership.

Key Leadership Appointments

The Board of Directors approved two significant appointments based on committee recommendations:

The company confirmed that Mr. Aditya Saurabh Gadgil is not debarred from holding the office of Director by any SEBI order or other authority and is not disqualified under Section 164 of the Companies Act, 2013.

New Chief Financial Officer Profile

Mr. Deepak Kumar Vijay brings extensive experience to his new role as CFO. He is an accomplished finance leader with over 18 years of cross-industry experience across apparel sourcing, retail, manufacturing, and hospitality sectors. His professional qualifications include:

• Chartered Accountant with executive education from IIM Ahmedabad
• CFA Level II completion
• Senior leadership roles with globally respected organizations including Techno Design (subsidiary of PDS Limited), Marks & Spencer (India – JV with Reliance Retail), Fossil Group, and IHCL (Taj Hotels)

Mr. Vijay is recognized for leading end-to-end finance functions, building high-performance global finance teams, and driving digital transformations. His expertise encompasses M&A transactions, financial risk management, international treasury, capital decisions, ERP implementation, and performance-driven business partnering for long-term value creation.

Additional Director Background

Mr. Aditya Saurabh Gadgil represents the seventh generation of the family business legacy. His educational background includes:

• Graduate of Symbiosis College of Arts & Commerce
• Currently pursuing BFA in Film/Video from Pratt Institute in Brooklyn, New York, with a cumulative GPA of 9.80/10.00

As the son of Mr. Saurabh Gadgil (Managing Director) and Mrs. Radhika Gadgil (Whole-time Director), Aditya brings both traditional business heritage and modern global perspectives to the company. He envisions incorporating innovative techniques and global trends while preserving the brand's timeless craftsmanship.

Updated Key Managerial Personnel

The company has updated its Key Managerial Personnel authorized under Regulation 30(5) of the Listing Regulations effective January 24, 2026:

Regulatory Compliance

The appointments were made in compliance with Regulation 30 of Securities and Exchange Board of India (Listing Obligations and Disclosure Requirement) Regulations, 2015. The Board Meeting commenced at 12:58 P.M. and concluded at 02:05 P.M. on January 23, 2026. All required disclosures have been submitted to BSE Limited and National Stock Exchange of India Limited as per SEBI Circular No. SEBI/HO/CFD/PoD2/CIR/P/0155 dated November 11, 2024.