Shares of jewellery retailer P N Gadgil Jewellers traded higher on the bourses on Thursday, rising as much as 3.90 per cent to hit an intraday high of ₹640 per share during early trade on the NSE.
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P N Gadgil Jewellers announces business update
In an exchange filing, P N Gadgil Jewellers reported an exceptional performance for FY26, with revenue rising 40 per cent year-on-year (Y-o-Y) to ₹10,744 crore, marking a significant milestone in its growth journey. The strong showing was aided by an outstanding fourth quarter, during which total revenue surged 124 per cent Y-o-Y.
Foundation Day sales stood at ₹365 crore, with contributions across categories. This was followed by strong festive demand during Gudi Padwa, with sales of ₹171 crore, reflecting a 38 per cent Y-o-Y growth. Gratitude Day sales, commemorating the ₹10,000 crore milestone, came in at ₹225 crore.
Despite rising gold prices, volumes remained strong. Gold volumes increased 27 per cent Y-o-Y, while silver and diamond volumes rose 37 per cent and 125 per cent Y-o-Y, respectively. This drove the studded jewellery mix, with the stud ratio reaching 9 per cent.
Same-store sales growth (SSSG) for the quarter stood at 86 per cent Y-o-Y, indicating robust customer traction across existing locations.
During the quarter, the company added 8 COCO stores (3 Legacy and 5 LiteStyle) and 4 FOCO stores (1 Legacy and 3 LiteStyle), taking the total store count to 78 as of March 31, 2026. The network includes 57 COCO stores (48 Legacy and 9 LiteStyle) and 21 FOCO stores (17 Legacy and 4 LiteStyle).
Expansion efforts included strengthening its presence in Maharashtra and entering new markets in Uttar Pradesh with store openings in Gorakhpur and Varanasi.
Additionally, the company’s long-term rating was upgraded to IND A+/Stable from IND A, while the short-term rating was reaffirmed at IND A1.
The company said it plans to maintain its expansion momentum, targeting the opening of 25 new stores, with a strategic focus on scaling franchise formats alongside company-owned outlets. “We contnue to maintain ongoing expansion momentum, with plans to open 25 new stores, with a strong strategic focus on scaling franchise formats, alongside company-owned stores. This is expected to take our total store count to 103 by the end of the fiscal year. We are targetng revenue of ₹13,500 crore, implying a growth of 25 per cent Y-o-Y and an Ebitda margin of 7.5 per cent,” said the company in an exchange filing.
MOFSL maintains ‘Buy’
Analysts at Motilal Oswal Financial Services have retained their ‘Buy’ rating on the stock following the pre-quarterly update for Q4FY26. The brokerage has set a target price of ₹750 per share, citing a beat on revenue estimates.
The target price implies an upside potential of 17.18 per cent from the current market price.
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