PN Gadgil Jewellers has announced the resignation of its Whole-time Director and Chief Financial Officer Kiran Prakash Firodiya, effective from the closure of business hours on January 23, 2026. The resignation was submitted due to personal reasons, as communicated to the BSE and NSE on December 18, 2025.

Key Details of the Resignation

The resignation details highlight Firodiya's significant contribution to the company during his tenure:

Regulatory Compliance

The company has fulfilled its disclosure obligations under Regulation 30 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015. The announcement was made in compliance with SEBI Circular No. SEBI/HO/CFD/PoD2/CIR/P/0155 dated November 11, 2024.

Company Secretary and Compliance Officer Prakhar Gupta signed the regulatory filing, ensuring all necessary documentation was submitted to the stock exchanges.

Leadership Transition

In his resignation letter, Firodiya expressed gratitude to the Board of Directors for their guidance and support throughout his association with the company. He described his tenure as "a rewarding and enriching experience" and thanked the management and colleagues for their cooperation.

The resignation letter was accepted by Dr. Sayrabl Gadgil, Chairman and Managing Director of PN Gadgil Jewellers. The company has indicated that it is actively working on appointing a new Chief Financial Officer in accordance with applicable laws and regulations.

Next Steps

PN Gadgil Jewellers is currently in the process of identifying and appointing a suitable replacement for the CFO position. The company has assured stakeholders that all necessary regulatory filings will be completed with the Registrar of Companies, stock exchanges, and other relevant authorities to formalize the resignation process.

PN Gadgil Jewellers , a prominent player in the Indian jewelry market, has reported exceptional financial results for the second quarter of fiscal year 2026, showcasing robust growth across key metrics.

Financial Highlights

The company delivered impressive quarterly results, with net profit surging 127% year-over-year to ₹79.3 crores. Revenue stood at ₹2,177.6 crores, driven by strong sales performance, particularly during the festive season.

Key Performance Metrics

Festive Season Performance

PN Gadgil Jewellers experienced record-breaking sales during the Navratri festival, with revenues reaching ₹428 crores, marking a significant 66% increase compared to the previous year. This strong performance underscores the company's ability to capitalize on festive demand.

Expansion and Store Network

The company continues to execute its expansion strategy, with a focus on both its home market of Maharashtra and new territories:

• Opened 8 new stores during Q2, including 5 company-owned (COCO) and 3 franchisee-owned (FOCO) outlets
• Total store count reached 63 at the end of Q2
• Successfully entered new markets beyond Maharashtra, including Indore (Madhya Pradesh), Lucknow, and Kanpur (Uttar Pradesh)
• On track to achieve the target of 78-80 stores by March 2026

Product Mix and Margins

PN Gadgil Jewellers reported an improvement in its product mix, with the studded jewelry ratio increasing to 9%. This shift towards higher-margin products contributed to the expansion of gross and EBITDA margins during the quarter.

Outlook

The company remains optimistic about sustaining its growth momentum, citing strong consumer demand and the upcoming wedding season as key drivers. Management expressed confidence in maintaining robust margins while continuing its expansion plans.

PN Gadgil Jewellers' strong Q2 FY26 performance, coupled with its strategic expansion into new markets, positions the company well for continued growth in the Indian jewelry market. The focus on improving product mix and capitalizing on festive demand has yielded positive results, as reflected in the significant increase in profitability and margins.