Pune-based P N Gadgil Jewellers Limited (PNG Jewellers) reported a robust performance in the first quarter of FY26, with revenue from continuing operations (excluding refinery) rising 30.4% year-on-year to ₹17,137 million.
The retail segment, which contributed 70.3% of total revenue, saw steady growth of 19.4% in a cautious consumer environment. Notably, the e-commerce segment surged by 126% over the same quarter last year, accounting for 3.9% of overall revenue, driven by strong digital traction and increased customer engagement. Franchise operations also delivered an impressive 109% growth, contributing 15.7% of the topline.
The company discontinued its refinery business from October 2024, which had contributed ₹3,535 million in Q1 FY25. Excluding this, core business revenue registered significant growth.
Festive performance was a major highlight, with PNG Jewellers clocking record single-day sales of ₹1,395.3 million on Akshaya Tritiya, up 35.1% from the previous year.
The studded jewellery category witnessed a 41.6% increase in Q1 FY26, pushing the stud ratio to 10% of retail sales. Same-store sales growth stood at 8%, slightly muted due to the Gudi Padwa festival shifting to the previous quarter.
During the quarter, PNG Jewellers launched its sub-brand ‘Litestyle’ catering to the rising demand for lightweight, trendy jewellery, and opened two new showrooms (one company-owned and one franchise), expanding its total footprint to 55 stores.
Looking ahead, the company plans to accelerate expansion with 7-9 new stores in Q2 FY26, as part of its annual target of 20-25 store launches. Key focus markets include Maharashtra, Uttar Pradesh, and Madhya Pradesh. PNG Jewellers operates 54 stores across Maharashtra and Goa, and one in the USA.