P N Gadgil Jewellers Ltd (PNG Jewellers) has outlined an aggressive growth roadmap, targeting a 25% year-on-year increase in revenue to ₹13,500 crore in FY27, while aiming to improve its EBITDA margin to 7.5%, driven by scale expansion and an improving product mix.
Expansion push gains pace
The company is set to accelerate its retail footprint in the current fiscal with plans to open 25 new stores, taking the total store count to 103.
The expansion strategy will continue to balance company-owned company-operated (COCO) outlets with a strong thrust on franchise-owned company-operated (FOCO) stores, reflecting a calibrated shift towards an asset-light model.
During Q4 FY26, PNG Jewellers added eight COCO stores and four FOCO outlets, taking the total store network to 78 stores. Of this, 57 are COCO stores while 21 operate under the FOCO model.
Strong FY26 performance
PNG Jewellers reported a 40% rise in revenue for FY26 at ₹10,744 crore (provisional and unaudited), compared with the previous year. The growth was largely driven by a stellar fourth quarter, with revenue surging 124% year-on-year.
The retail segment recorded a 102% YoY increase in Q4, supported by strong wedding and festive demand. The non-retail segment, comprising franchise operations, grew by 132% YoY, while the e-commerce business posted a 67% rise, indicating broad-based momentum across channels.
Festive demand lifts sales
Sales during key events remained robust, with Foundation Day contributing ₹365 crore, followed by ₹171 crore during Gudi Padwa and ₹225 crore during Gratitude Day.
Despite elevated gold prices, consumer demand remained resilient. Gold volumes rose 27% YoY, while silver and diamond volumes increased by 37% and 125%, respectively. The sharp rise in diamond sales helped improve the studded jewellery mix, with the stud ratio increasing to 9%.
Same-store growth robust
The company reported same-store sales growth of 86% YoY in Q4, reflecting strong traction across existing outlets and sustained consumer interest during the peak demand season.