P N Gadgil Q4 Gross Margin Contracts 230bps YoY

P N Gadgil Jewellers explains Q4 FY26 gross margin contraction of 230bps YoY due to product mix shifts and strategic investments.
Higher gold bar/coin sales (40% vs 28% mix) contributed 150bps margin dilution while promotional offers added 50bps pressure.
Company provides FY27 guidance targeting 12-13% gross margins, 7-7.5% EBITDA, and 4% PAT, consistent with FY26 performance.
Management characterizes margin compression as one-time, expecting normalization from coming quarters with refinery business fully discontinued.