P N Gadgil Jewellers reports 52.7% PAT growth in Q2 FY27, revenue up 22.4% on strong retail and brand push

Mumbai: P N Gadgil Jewellers Ltd announced on 29 October 2026 its unaudited financial results for the quarter ended 30 September 2026, reporting a profit after tax (PAT) of ₹1,211.1 million (₹121.11 crore) compared to ₹793.1 million (₹79.31 crore) in the same quarter last year.

Revenue Growth

Revenue from operations for Q2 FY27 stood at ₹26,663.8 million (₹2,666.38 crore), marking a 22.4% increase from ₹21,776.2 million (₹2,177.62 crore) in Q2 FY26. For the half-year ended September 2026, revenue was ₹50,793.6 million (₹5,079.36 crore), up 30.5% year-on-year.

EBITDA Performance

Earnings Before Interest, Taxes, Depreciation, and Amortisation (EBITDA) rose 57.1% to ₹2,246.1 million (₹224.61 crore) in Q2 FY27 from ₹1,429.4 million (₹142.94 crore) in Q2 FY26. The EBITDA margin improved by 186 basis points to 8.4%.

Retail Segment Highlights

Retail sales contributed 77% of total revenue in Q2 FY27, up from 72% in Q2 FY26. Same-Store Sales Growth (SSSG) was 25.5% year-on-year, and the retail stud ratio improved to 11.8% from 9.0% previously.

Brand Initiatives and Acquisitions

The company rebranded its LiteStyle brand to YOOU, which recorded a studded jewellery ratio of 53.1%. P N Gadgil Jewellers also fully acquired Silvostyle, a sterling silver fashion jewellery brand, on 1 October 2026.

Product Category Performance

The diamond category grew 21% in value and 11% in volume. Gold Jewellery value increased by 47% and volume by 4%, while gold bars and coins saw a 24% reduction in value and a 48% reduction in volume.

Adjusted Profitability

Excluding an unhedged gain of ₹50 million (₹5 crore) in Q2 FY27, adjusted PAT was ₹1,174 million (₹117.4 crore), compared to ₹750 million (₹75 crore) in Q2 FY26. This resulted in an adjusted PAT margin of 4.4% for Q2 FY27.

Operational Footprint

As of 30 September 2026, P N Gadgil Jewellers operated 80 retail stores, with 79 in India and one in the U.S.A. The company plans to focus its expansion across Northern and Central India, with most store additions scheduled for the second half of FY27.

Management Commentary

Saurabh Gadgil, chairman and managing director, P N Gadgil Jewellers, stated that the company continued to strengthen its retail business in Q2 FY27. He added that the improvement in retail stud ratio and higher stud ratio in the Northern and Central regions reinforced confidence in the region's growth potential and validated the company’s expansion strategy.

Disclaimer: This story is based on company exchange filings and is for informational purposes only. Investors should evaluate risks before making decisions.