Jewellery retailer PNG Jewellers is targeting more than 100 stores by FY27, 140 by FY28 and 170 by FY29 as it expands beyond its core markets through a mix of company-owned and franchise stores.
The company expects to open its 100th store in the coming year, marking a significant milestone for the jewellery retailer, which began its journey on a pavement in Sangli.
Expansion to focus on new geographies
“Our path forward is clear. We will deepen our leadership in our core markets while expanding into high-growth geographies through a calibrated mix of Company-owned and franchise stores,” CMD Saurabh Vidyadhar Gadgil, said in a message to shareholders.
The company plans to enrich its product mix by expanding studded, silver and lightweight jewellery, while scaling its lightweight diamond sub-brand YOOU, which it aims to take to 100 stores across India by 2030.
Revenue crosses ₹10,000 crore
PNG Jewellers crossed the ₹10,000 crore revenue milestone in FY26, driven by the exit from low-margin refinery sales, a richer product mix and the expansion of YOOU.
The company said demand remained broad-based across its core markets, led by gold jewellery, new designs and rising consumer preference for lightweight and studded jewellery, supported by brand recall and customer trust.
Organised players gain ground
The operating environment is shifting in favour of organised and trusted jewellers, supported by mandatory hallmarking, rising digital adoption and growing demand among younger consumers for branded, design-led and lightweight jewellery.
The formalisation of the Indian economy is also accelerating the shift from unorganised players towards established jewellery brands.
Gold prices remain a watchpoint
“Geopolitical tensions have introduced volatility in commodity prices and supply chains, and the revision of the effective import duty on gold to 15% has implications for input costs across the industry,” Gadgil said.
The company said it continues to manage these risks through prudent inventory management, agility in responding to market movements and a robust risk management framework.
₹700 crore QIP strengthens balance sheet
PNG Jewellers completed a Qualified Institutions Placement in August, raising ₹700 crore. The proceeds are expected to strengthen the balance sheet and provide capital for store expansion beyond its core markets.
The company is pursuing four strategic growth pillars — pan-India store expansion, YOOU segment acceleration, franchise-led asset-light growth, and digital and e-commerce acceleration.
FOCO model supports asset-light growth
The company’s asset-light FOCO model is enabling PNG Jewellers to enter new geographies faster while maintaining balance-sheet discipline.
“From Sangli in 1832 to ₹10,739 crore in FY26, this journey reflects not only the growth of PNG Jewellers but also the aspirations and progress of generations of customers whose milestones we have adorned,” Gadgil said.
Focus on national jewellery brand
PNG Jewellers said financial discipline and operational excellence will remain central to its expansion strategy as it seeks to build a nationally recognised jewellery brand.
“Driven by financial discipline and operational excellence, we remain focused on scaling PNG Jewellers into a nationally recognised jewellery brand while delivering sustainable growth, profitability, and long-term shareholder value,” Chief Financial Officer, Deepak Vijay said.