P N Gadgil Jewellers Ltd is set to end FY26 with revenue slightly above its earlier guidance of ₹9,500 crore and closer to ₹10,000 crore, Chairman and Managing Director Saurabh Gadgil has said.
The company had previously guided for revenue of ₹9,000–9,500 crore for FY26. In the first nine months of the fiscal, the retail jeweller has already recorded ₹7,200 crore in topline.
“The market looks good and we’re on strong momentum, so that looks achievable. We had projected and we have exceeded that projection. We are on track to meet or exceed our guidance, with the ongoing wedding season expected to drive further consumer demand,” Mr. Gadgil said.
Looking ahead, the company is targeting 20–25% growth in the next fiscal, which would take revenue to around ₹12,000 crore.
Store Expansion Plans
As of December, PNG operates 67 stores and is confident of closing the fiscal with an addition of 11–12 outlets across Maharashtra and Central India. For the next fiscal, the company plans to add around 25 stores, split evenly between its flagship PNG format and the Litestyle brand.
Both formats will follow a mix of company-owned company-operated (COCO) and franchise-owned company-operated (FOCO) models. Litestyle stores are smaller, typically spanning 1,000–1,500 sq ft, while PNG outlets range between 3,000–4,000 sq ft.
The company plans to accelerate franchise growth in Uttar Pradesh, Bihar and Madhya Pradesh. In Maharashtra, where PNG is already the market leader and has covered most major markets, it does not intend to add many more franchises.
Funding and Strategic Outlook
Mr. Gadgil said the board has approved a Qualified Institutional Placement (QIP) to fund expansion plans. The company is also evaluating the potential positive impact of developments such as the India-US and India-EU trade engagements and broader geopolitical trends.
Litestyle’s Positioning
On the Litestyle brand, Mr. Gadgil said it is positioned as a bridge between traditional PNG customers and the next generation of buyers. The brand focuses on design-oriented, high-fashion jewellery that is lighter on price points, with 35–40% of its merchandise comprising studded jewellery.
Maharashtra remains largely untapped for Litestyle, and the company plans to expand in cities such as Mumbai, Pune, Nashik, Nagpur, Chhatrapati Sambhajinagar and Solapur.
He emphasised that Litestyle and PNG operate as distinct brands, with separate teams for design, merchandising and sourcing, underscoring the significant growth potential of the Lifestyle format