P N Gadgil Jewellers Ltd (PNGJL) reported a strong festive-led quarter, with Q2 FY26 revenue from continuing operations (ex-refinery) rising 31% YoY to ₹2,173 crore, while H1 FY26 sales jumped 110% YoY to ₹2,210 crore. Growth was broad-based, led by the Retail and Solar/E-commerce/Franchise push, and aided by new store openings ahead of Ganesh Utsav, Janmashtami, Raksha Bandhan and Navratri.
Key takeaways
- Mix & channels: Retail contributed 72.2% of Q2 revenue; E-commerce up 113% YoY (6.6% mix); Franchise up 105% YoY (15.6% mix).
- Category trends: Gold value +24% (volume +15%); Silver value +92% (volume +59%); Diamond volumes +31% QoQ (stud ratio 9%). SSSG +29% QoQ.
- Network expansion: 8 new showrooms in Q2 (5 COCO, 3 FOCO) including a Mumbai Dadar flagship and first entries into Indore, Kanpur, Lucknow; 63 stores as of Sept 30, 2025. Plan for 13–15 openings in H2, targeting 76–78 stores by FY26-end.
- Refinery exit effect: Refinery contributed ₹343.5 crore in Q2 FY25 and is now discontinued (since Oct 1, 2024). Reported Q2 revenue is therefore ₹2,173 crore vs ₹2,000 crore (Q2 FY25), with the ex-refinery base up 31% YoY.
- Order pipeline & ops: Order pipeline ₹825 crore (to be executed over 12 months). POC completed for “Pulse Box” low-tension distribution system to curb theft and losses.
Outlook
Management continues to prioritize store rollout in Maharashtra/Goa (core strongholds) and expansion in MP, UP, Bihar, while scaling e-commerce and franchise. The company expects festive momentum and network growth to underpin volume-led gains through H2.
Note: Figures are provisional and subject to limited review, as disclosed in the company’s Q2 FY26 update filing.
