During the quarter under review, revenue excluding the refinery segment delivered a YoY growth of 31.15%.
The retail segment of P N Gadgil Jewellers recorded a robust 29% year-on-year growth in Q2 FY26, driven by strong store-level performance and buoyant festive season sales. The segment contributed 72.2% of the company's total revenue for the quarter.
In the non-retail segments, e-commerce revenue surged 113.2% year-on-year, contributing 6.6% to total revenue in Q2 FY26, reflecting the company's successful digital expansion and growing online customer engagement.
Franchise operations also posted a strong performance, with revenue rising 105% YoY and accounting for 15.6% of total revenue, supported by improved franchisee-level execution.
The 'Other' segment, primarily comprising B2B and corporate sales from the head office, contributed 5.6% of total revenue. Notably, the company's refinery business, which had contributed Rs 343.5 crore in Q2 FY25, was discontinued effective 1 October 2024.
The festive season continued to be a key growth driver for P N Gadgil Jewellers in Q2 FY26, with strong contributions from Ganesh Utsav, Janmashtami, Raksha Bandhan, and Navratri. Brand-led campaigns such as the Mangalsutra Mahotsav and Painjan Mahotsav received an exceptional response, further boosting festive sales momentum.
On a product-wise basis, the gold category witnessed a 24% increase in value and a 15% rise in volume, while the silver segment posted a robust 92% growth in value and 59% in volume. Diamond sales also improved significantly, with volume up 31% quarter-on-quarter, pushing the stud ratio to 9%. The company recorded a healthy 29% same store sales growth (SSSG) compared to the previous quarter.
On the operational front, the company capitalized on last year's successful 'Nine Days, Nine Stores' Navratri campaign by further expanding its footprint this festive season. It opened six exclusive PNG Jewellers showrooms along with four LiteStyle shop-in-shop stores, strengthening its presence in both established and emerging markets.
The quarter marked a key milestone in PNG Jewellers' journey toward becoming a leading pan-India player, with the brand entering new markets such as Indore in Madhya Pradesh, Kanpur and Lucknow in Uttar Pradesh, alongside the launch of a flagship store in Dadar, Mumbai. In total, the company opened eight exclusive showrooms during Q2 FY26, including five company-owned outlets (COCO) and three franchise-operated outlets (FOCO), taking the total store count to 63 as of 30 September 2025.
Looking ahead, PNG Jewellers remains focused on accelerating its expansion strategy with plans to open 13'15 new outlets in the second half of FY26. The upcoming store additions'across both COCO and FOCO formats'are expected to bring the network size to 76'78 stores by the end of the fiscal. The company will continue to strengthen its position in key growth markets such as Maharashtra and Goa, while expanding its footprint in high-potential regions like Madhya Pradesh, Uttar Pradesh, and Bihar, which remain central to its long-term growth strategy.
P N Gadgil Jewellers is engaged in retail sales of all kinds of gems, diamonds, semi-precious stones and all types of jewellery made of gold, silver and other metals and all types of precious stones.
The company's consolidated net profit jumped 96.3% to Rs 69.34 crore on 2.8% rise in revenue from operations to Rs 1714.56 crore in Q1 FY26 over Q1 FY25.
Shares of P N Gadgil Jewellers rose 0.47% to Rs 658.45 on the BSE.
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