Financial Performance - Q2FY27 vs Q2FY26

  • Net Revenue from Operations: Rs 540.0 Mn (up 16.3% from Rs 464.5 Mn)
  • Gross Profit: Rs 219.2 Mn (up 16.6% from Rs 188.0 Mn)
  • Gross Profit Margin: 40.6% (improved 12 bps from 40.5%)
  • EBITDA: Rs 140.7 Mn (up 8.1% from Rs 130.1 Mn)
  • EBITDA Margin: 26.1% (declined 196 bps from 28.0%)
  • PBT: Rs 143.9 Mn (up 4.7% from Rs 137.4 Mn)
  • Reported PAT: Rs 107.2 Mn (up 4.3% from Rs 102.7 Mn)
  • PAT Margin: 19.9% (declined 227 bps from 22.1%)
  • Diluted EPS: Rs 10.2 per share (vs Rs 9.9)

Financial Performance - H1FY27 vs H1FY26

  • Net Revenue from Operations: Rs 842.1 Mn (up 14.2% from Rs 737.6 Mn)
  • Gross Profit: Rs 346.8 Mn (up 15.9% from Rs 299.1 Mn)
  • Gross Profit Margin: 41.2% (improved 63 bps from 40.5%)
  • EBITDA: Rs 200.4 Mn (up 3.5% from Rs 193.6 Mn)
  • EBITDA Margin: 23.8% (declined 245 bps from 26.2%)
  • PBT: Rs 211.7 Mn (up 1.4% from Rs 208.8 Mn)
  • Reported PAT: Rs 157.7 Mn (up 1.2% from Rs 155.9 Mn)
  • PAT Margin: 18.7% (declined 241 bps from 21.1%)
  • Diluted EPS: Rs 15.1 per share (vs Rs 15.0)

Balance Sheet Position (as of September 30, 2026)

  • Share Capital: Rs 104.7 Mn (unchanged from March 2026)
  • Reserves & Surplus: Rs 1,472.3 Mn (increased from Rs 1,314.3 Mn)
  • Shareholders' Funds: Rs 1,577.0 Mn (increased from Rs 1,419.0 Mn)
  • Total Non-Current Liabilities: Rs 182.8 Mn (increased from Rs 153.2 Mn)
  • Total Current Liabilities: Rs 407.4 Mn (significantly increased from Rs 102.4 Mn)
  • Total Liabilities: Rs 2,167.2 Mn (increased from Rs 1,674.6 Mn)
  • PPE & Intangible Assets: Rs 70.4 Mn (increased from Rs 53.0 Mn)
  • Inventories: Rs 739.5 Mn (significantly increased from Rs 482.4 Mn)
  • Trade Receivables: Rs 297.7 Mn (significantly increased from Rs 136.3 Mn)
  • Cash and Cash equivalents: Rs 780.9 Mn (increased from Rs 727.5 Mn)
  • Total Current Assets: Rs 1,934.1 Mn (increased from Rs 1,499.6 Mn)
  • Total Assets: Rs 2,167.2 Mn (increased from Rs 1,674.6 Mn)

Cash Flow Performance (H1FY27)

  • Cash generated from Operations: Rs 99.0 Mn
  • Direct taxes paid: Rs -29.7 Mn
  • Net Cash from Operating Activities: Rs 69.3 Mn
  • Net Cash from Investing Activities: Rs -52.2 Mn
  • Net Cash from Financing Activities: Rs -23.9 Mn
  • Net Decrease in Cash: Rs -6.8 Mn

Operational Highlights

  • Exclusive Brand Outlet (EBO) sales contribution increased to 21.44% in H1FY27
  • Current retail footprint: 136 Points of Sale across India as of Q2FY27
  • Added 15 new Point of Sales already in FY27, targeting 20+ for full year
  • Revenue from Maharashtra grew 12.6% YoY to Rs 133 Cr in FY26
  • Revenue from outside Maharashtra grew 104.1% YoY to Rs 16 Cr in FY26
  • Presence in 19 states across India

Product Portfolio Performance

  • Sterling Silver (925 Certified): ~37% of Q2FY27 revenue, price range Rs 500-25,000
  • 14KT Natural Diamond Jewellery: ~57% of Q2FY27 revenue, price range Rs 5,000-2,00,000
  • 9KT Plain Gold Jewellery: ~3% of Q2FY27 revenue, price range Rs 5,000-25,000

Strategic Initiatives

  • Focus on expanding EBO footprint and strengthening brand visibility
  • Premiumization strategy with 14KT diamond-studded collections and 9KT plain gold jewellery
  • Expansion into Southern markets including Hyderabad and Bengaluru
  • Omnichannel integration across EBOs, franchise network, SIS formats, and digital platforms
  • Asset-light, debt-free business model with disciplined capital allocation

Awards and Recognition

  • Won "Best Fashion Jewelry Brand" award at JewelX Global for the second time

Management Team

  • Govind Vishwanath Gadgil: Promoter & Chairman, 40+ years industry expertise
  • Aditya Amit Modak: Co-Founder, COO & CFO of P N Gadgil & Sons, 13+ years experience

Capital Market Information (as of October 28, 2026)

  • BSE Code: 543709
  • CMP: Rs 515
  • Market Cap: Rs 540 Cr
  • Total Outstanding Shares: 1.05 Cr
  • Face Value: Rs 10

Forward-Looking Commentary

  • Demand expected to gain momentum in Q3 and Q4 supported by wedding season, Dussehra, Diwali festive season, and year-end celebrations
  • FY28 target to improve store economics and monetize newly opened POS
  • Continuing expansion toward pan-India presence