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P N Gadgil Jewellers Q2 results: Profit rises 15% as retail sales and jewellery demand strengthen - Published OnOct 29, 2026 | 16:06 IST - Last Updated OnOct 29, 2026 | 16:06 IST Robust same-store sales growth and rising retail contributions drove sequential profit gains for the jeweller, bolstered by strong demand for studded and gold ornaments. Discover how the newly acquired silver brand and regional expansion plans will shape upcoming quarterly margins. P N Gadgil Jewellers reported a 14.9% quarter-on-quarter increase in profit after tax to ₹121 crore for the September quarter, compared with ₹105.3 crore in the previous quarter, supported by higher revenue and improved operating performance. Revenue rose 10.5% sequentially to ₹2,666.3 crore from ₹2,413 crore. Earnings before interest, taxes, depreciation and amortisation (EBITDA) increased 13.7% to ₹207.3 crore from ₹182.4 crore, while the EBITDA margin expanded to 7.7% from 7.56%. The performance came alongside strong growth in retail sales and jewellery demand. Retail contributed 77% of total revenue in Q2 FY27, up from 72% in Q2 FY26, while same-store sales growth stood at 25.5% year-on-year. Diamond and gold jewellery sales drive growth Among product categories, diamond jewellery sales grew 21% in value and 11% in volume year-on-year. Gold jewellery sales rose 47% in value and 4% in volume. However, gold bars and coins recorded a 24% decline in value and a 48% fall in volume. Silver sales increased 12% in value, although volumes declined 42%. The company's retail stud ratio, which reflects the contribution of studded jewellery to sales, improved to 11.8% from 9% a year ago. In the Northern and Central regions, the ratio stood at 17.4%. Studded jewellery accounted for 53.1% of sales at YOOU by PNG, the rebranded version of LiteStyle. P N Gadgil Jewellers focuses on Northern and Central India P N Gadgil Jewellers said retail revenue from the Northern and Central regions increased to 2.7% of total revenue in Q2 FY27 from 0.7% in the year-ago quarter. The company continues to focus on expanding its presence in these markets, with most planned store additions for FY27 scheduled for the second half of the financial year. Commenting on the performance, Saurabh Gadgil, chairman and managing director of P N Gadgil Jewellers, said the improvement in the retail stud ratio to 11.8%, alongside the higher ratio of 17.4% in the Northern and Central regions, reinforced the company's confidence in the region's growth potential and expansion strategy. He added that the company remained focused on disciplined expansion, particularly across Northern and Central India, with most planned store additions scheduled for the second half of FY27. “Backed by our 194-year legacy, trusted brand and evolving retail capabilities, we remain committed to sustainable, profitable growth and long-term stakeholder value creation,” Gadgil said. The company also acquired sterling silver fashion jewellery brand Silvostyle on October 1, 2026. As of September 30, 2026, it operated 80 stores, including 79 in India and one in the US. Shares of P N Gadgil Jewellers ended at ₹587 on October 29, up 2.63%, or ₹15.05. Also Read: Greaves Cotton Q2 results: Profit plunges 81% to ₹5 crore despite 44% revenue growth
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