P N Gadgil Jewellers Limited reported its operational update for the third quarter of FY26, reflecting revenue growth primarily driven by seasonal demand. During the quarter, the retail segment recorded a 46% year-on-year increase compared to Q3 FY25 and accounted for 83.2% of total revenue. The company attributed this performance to festive and wedding season demand during the period.
Within the non-retail segments, the e-commerce business registered a 138% year-on-year increase in Q3 FY26 and contributed 5.1% to total revenue. Franchisee operations reported a 12% year-on-year growth and accounted for 7.7% of overall revenue for the quarter.
On a consolidated basis, revenue excluding the other segment stood at ₹3,169 crore in Q3 FY26 compared with ₹2,176 crore in Q3 FY25. The other segment contributed ₹133 crore in Q3 FY26 versus ₹259 crore in the corresponding quarter of the previous year. Total consolidated revenue for the quarter increased to ₹3,302 crore from ₹2,435 crore year-on-year. The other segment, comprising primarily B2B bullion sales from the head office and corporate segment, represented around 4% of total revenue in Q3 FY26.
Festive season sales contributed materially to quarterly revenue. Dussehra sales were reported at ₹190 crore, reflecting a 64% year-on-year increase. Dhanteras sales stood at ₹277 crore, leading total Diwali sales to ₹606 crore for the period, representing a 74% year-on-year growth. October 2025 recorded monthly revenue of ₹1,807 crore, the highest monthly revenue reported by the company to date, with a 72% year-on-year increase.
In terms of product mix, studded jewellery revenue for the nine months ended FY26 increased by 52% year-on-year, resulting in a stud ratio of 8.4%. Same-store sales growth for Q3 FY26 was reported at 32%.
On the operational front, the company added three company-owned outlets during the quarter, taking the total store count to 66 as of December 31, 2025.
For FY26, P N Gadgil Jewellers has outlined plans to continue expanding its retail presence. The company expects to open 12–14 new stores in Q4 FY26 through a mix of company-owned and franchisee-operated outlets, with a stated target of reaching 78–80 stores by the end of the financial year.
