PNGS Gargi Fashion Jewellery Limited has announced a key managerial personnel change with the resignation of its Company Secretary and Compliance Officer. The company informed BSE Limited about this corporate development in compliance with regulatory disclosure requirements.

Key Personnel Change Details

Mrs. Neha Dhirendra Boid has resigned from her position as Company Secretary and Compliance Officer of PNGS Gargi Fashion Jewellery Limited. The resignation became effective from the closing hours of February 07, 2026, with relocation cited as the primary reason for her departure.

Regulatory Compliance and Disclosure

The company has fulfilled its disclosure obligations under Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulation 2015. The Board of Directors noted the resignation in their meeting held on February 09, 2026, ensuring proper corporate governance procedures were followed.

The resignation letter, dated January 23, 2026, was formally submitted to the Board of Directors, providing adequate notice period. Mrs. Boid expressed gratitude to the management for their support and cooperation during her tenure and extended best wishes to the company for its future endeavors.

Company Background

PNGS Gargi Fashion Jewellery Limited operates in the fashion jewellery sector and is listed on BSE with scrip code 543709 under the symbol GARGI. The company is registered in Pune, Maharashtra, and has undergone several name changes since its incorporation, reflecting its evolution in the costume jewellery market.

The company has confirmed that there are no other material reasons for the resignation beyond the relocation mentioned. This transparency aligns with regulatory requirements and maintains investor confidence during the transition period.

PNGS Gargi Fashion Jewellery Limited conducted an earnings call with investors and analysts on February 13, 2026, following the publication of its Q3FY26 financial results. The company filed the earnings call transcript under Regulation 30 of SEBI regulations on February 16, 2026, with the audio recording and transcript made available on the company's website.

Financial Performance Overview

The company demonstrated strong operational performance during the third quarter of FY26. Revenue from operations stood at ₹4,605.55 lakhs for the quarter ended December 31, 2025, representing a 27% growth compared to ₹3,624.38 lakhs in the corresponding quarter of the previous year. Total income, including other income of ₹166.69 lakhs, reached ₹4,772.24 lakhs for the quarter, with net profit of ₹1,059.87 lakhs showing 16.5% growth.

Management Commentary and Growth Strategy

During the earnings call, Director Aditya Modak highlighted that the company achieved a top-line of ₹46.18 crores with PAT of ₹10.65 crores in Q3. Management noted that after adjusting for one-time sales from the previous year's FOCO to FOFO transition, the actual growth was approximately 54% for the nine-month period. The company opened 16 new locations during the year, exceeding its initial target of 12 stores.

Expansion Plans and Market Position

For the upcoming year, management committed to opening not less than 20 stores, with potential expansion up to 25-30 locations. The company targets pan-India expansion excluding South India, focusing on North Indian markets where fashion jewellery has higher acceptance. Director Amit Modak emphasized the company's asset-light FOCO model, requiring ₹50-60 lakhs investment per store including diamond inventory, compared to ₹1-2 crores for competitors.

Financial Strength and Profitability

The company maintains industry-leading margins with 22.8% PAT margin and 31.3% EBITDA margin, significantly outperforming competitors. Management highlighted the company's zero-debt status with treasury reserves of approximately ₹70 crores, sufficient to fund 25 new stores without additional equity or debt financing. The cost of goods sold improved from 59.51% to 55.30% during the quarter, benefiting from indigenous manufacturing capabilities.

Product Portfolio and Market Dynamics

The company's product mix comprises 57% silver jewellery and 38% diamond jewellery for the nine-month period, with management expecting the diamond segment to reach 45% by H1 of next year. The Indian fashion jewellery market, valued at ₹10,000 crores currently, is projected to reach ₹30,000 crores by 2030, with organized retail comprising less than 10% of the market.

Marketing Investment and Brand Building

The company doubled its marketing spend to ₹6.75 crores for the nine-month period compared to ₹3.64 crores in the previous year. Promoters infused ₹10 crores equity at ₹970 per share specifically for pan-India marketing initiatives. The marketing strategy focuses on digital media, social media platforms, and influencer partnerships to build brand awareness outside Maharashtra.

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