Financial Performance Summary

P N Gadgil Jewellers Limited announced unaudited consolidated financial results for Q2 FY27 ended September 30, 2026.

Quarterly Performance (Q2 FY27 vs Q2 FY26):

  • Revenue from Operations: ₹26,663.8 Mn vs ₹21,776.2 Mn, up 22.4% YoY
  • EBITDA: ₹2,246.1 Mn vs ₹1,429.4 Mn, up 57.1% YoY
  • EBITDA Margin: 8.4% vs 6.6%, expansion of 186 bps
  • Profit After Tax: ₹1,211.1 Mn vs ₹793.1 Mn, up 52.7% YoY
  • PAT Margin: 4.5% vs 3.6%, expansion of 90 bps
  • Basic EPS: ₹8.69 vs ₹5.84

Quarterly Performance (Q2 FY27 vs Q1 FY27):

  • Revenue from Operations: ₹26,663.8 Mn vs ₹24,129.8 Mn, up 10.5% QoQ
  • EBITDA: ₹2,246.1 Mn vs ₹1,924.1 Mn, up 16.7% QoQ
  • EBITDA Margin: 8.4% vs 8.0%, expansion of 45 bps
  • Profit After Tax: ₹1,211.1 Mn vs ₹1,053.4 Mn, up 15.0% QoQ
  • PAT Margin: 4.5% vs 4.4%, expansion of 18 bps

Half-Yearly Performance (H1 FY27 vs H1 FY26):

  • Revenue from Operations: ₹50,793.6 Mn vs ₹38,921.8 Mn, up 30.5% YoY
  • EBITDA: ₹4,170.2 Mn vs ₹2,659.8 Mn, up 56.8% YoY
  • EBITDA Margin: 8.2% vs 6.8%, expansion of 140 bps
  • Profit After Tax: ₹2,264.5 Mn vs ₹1,486.5 Mn, up 52.3% YoY
  • PAT Margin: 4.4% vs 3.8%, expansion of 60 bps
  • Basic EPS: ₹16.25 vs ₹10.95

Operational Highlights

Retail Performance:

  • Retail share of total revenue increased to 77% in Q2 FY27 from 72% in Q2 FY26
  • Retail revenue from Northern and Central Regions increased to 2.7% in Q2 FY27 from 0.7% in Q2 FY26
  • Same-Store Sales Growth (SSSG) of 25.5% YoY

Product Mix & Performance:

  • Retail stud ratio improved to 11.8% from 9.0% in Q2 FY26
  • Northern & Central region achieved stud ratio of 17.4%
  • YOOU by PNG recorded studded jewellery ratio of 53.1%
  • Diamond category: 21% growth in value & 11% growth in volume
  • Gold Jewellery: 47% growth in value & 4% growth in volume
  • Gold Bars & Coins: 24% reduction in value & 48% reduction in volume
  • Silver category: 12% increase in value & 42% reduction in volume

Customer Metrics:

  • Footfalls: 178,756
  • Conversion rate: 88.6%
  • Average Transaction Value (ATV): ₹1,22,100
  • Legacy brand: ₹1,22,423
  • YOOU brand: ₹65,320

Strategic Initiatives

Rebranding:

  • Transitioned from LiteStyle to YOOU brand
  • Focus on contemporary, lifestyle-led jewellery targeting younger consumers

Acquisition:

  • Acquired Silvostyle sterling silver fashion jewellery brand on October 1, 2026

Expansion Strategy:

  • Current store network: 80 stores (79 in India, 1 in USA) as of September 30, 2026
  • Focus on Northern and Central region expansion
  • Site identification, franchise partner onboarding, and operational readiness in progress
  • Majority of year's expansion scheduled across Q3 and Q4 FY27

Financial Adjustments & Ratios

Hedging Impact:

  • Current hedging coverage: ~80%
  • Unhedged gain: ₹50 Mn in Q2 FY27 vs ₹60 Mn in Q2 FY26
  • Adjusted EBITDA: ₹2,196 Mn vs ₹1,369 Mn in Q2 FY26
  • Adjusted EBITDA Margin: 8.2% vs 6.3%
  • Adjusted PAT: ₹1,174 Mn vs ₹750 Mn in Q2 FY26
  • Adjusted PAT Margin: 4.4% vs 3.4%

Credit Rating:

  • CRISIL reaffirmed 'A+/Stable' credit rating

Management Commentary

Dr. Saurabh Gadgil, Chairman & Managing Director, commented on the strong retail performance, improved stud ratios, and strategic brand evolution through the YOOU rebranding and Silvostyle acquisition. The company remains focused on disciplined expansion across Northern and Central India with most store additions scheduled for second half of FY27.