India\u2019s organised jewellery retail sector maintained healthy growth momentum in Q2 FY27, with leading listed jewellers reporting double-digit revenue increases despite elevated gold prices and a shift in the festive calendar. Revenue growth across major retailers ranged from 20% to 30%, supported by resilient consumer demand, higher average transaction values and growing interest in studded jewellery.<\/p>\n
P N Gadgil (PNG) Jewellers Limited reported a 22.4% year-on-year increase in consolidated revenue to \u20b92,666.38 crore in Q2 FY27, while profit after tax (PAT) rose 52.7% to \u20b9121.11 crore. EBITDA grew 57.1% to \u20b9224.61 crore.<\/p>\n
For the half-year ended September 30, 2026, revenue increased 30.5% to \u20b95,079.36 crore, while PAT rose 52.3% to \u20b9226.45 crore.<\/p>\n
Retail continued to drive growth, contributing 77% of Q2 revenue, compared with 72% in the year-ago quarter. Retail revenue increased 31.1% to \u20b92,061.06 crore, while franchise revenue grew 34.7% to \u20b9459.20 crore. The company recorded same-store sales growth of 25.5%.<\/p>\n
Diamond jewellery remained a strong performer, registering 21% growth in value and 11% in volume. Gold jewellery grew 47% in value and 4% in volume. The retail stud ratio improved to 11.8% from 9% a year earlier, while YOOU by PNG recorded a studded jewellery ratio of 53.1%.<\/p>\n
The average transaction value (ATV) stood at \u20b91,22,100, with the Legacy brand recording \u20b91,22,423 and YOOU by PNG \u20b965,320.<\/p>\n
The company also rebranded LiteStyle as YOOU by PNG, targeting younger consumers with contemporary, lightweight jewellery. It acquired sterling silver fashion jewellery brand Silvostyle on October 1, 2026.<\/p>\n
Commenting on the results, Dr. Saurabh Gadgil, Chairman and Managing Director, P N Gadgil Jewellers Limited, said, \u201cWe continued to strengthen our retail business in Q2 FY27, with retail contributing 77% of total revenue and same-store sales growth reaching 25.5%. The improvement in our retail stud ratio to 11.8%, alongside a higher stud ratio of 17.4% in the Northern & Central region, reinforces our confidence in the region\u2019s growth potential and validates our expansion strategy.<\/p>\n
\u201cWe are also evolving our brand portfolio to address changing consumer preferences. The rebranding of LiteStyle to YOOU by PNG has strengthened our focus on contemporary, lifestyle-led jewellery, with studded jewellery contributing 53.1% of its sales. The acquisition of Silvostyle further expands our presence in the fast-growing silver fashion jewellery segment.\u201d<\/p>\n
As of September 30, 2026, the company operated 80 stores, including 79 in India and one in the US. Most planned store additions for FY27 are scheduled for the second half of the financial year.<\/p>\n","protected":false},"excerpt":{"rendered":"
India\u2019s organised jewellery retail sector maintained healthy growth momentum in Q2 FY27, with leading listed jewellers reporting double-digit revenue increases despite elevated gold prices and a shift in the festive calendar. Revenue growth across major retailers ranged from 20% to 30%, supported by resilient consumer demand, higher average transaction values and growing interest in studded…<\/p>\n","protected":false},"author":1,"featured_media":38718,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[83],"tags":[],"thb-sponsors":[],"class_list":["post-38717","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bulletin"],"acf":[],"yoast_head":"\n