FY26 Revenue: ₹9,000-9,500 Crore
Management maintained full-year revenue guidance expecting H2 acceleration due to Shravan, Raksha Bandhan, Navratri, and Diwali seasons driving stronger Q3-Q4 performance.
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P N Gadgil Jewellers · forward-looking guidance across the available source record.
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revenue
Store Count: 55 to 77-78 Stores by FY26 End
Plan to add 20-23 stores in remaining three quarters, including stores in Indore, Lucknow, Kanpur, and 7-8 Lifestyle format stores. Target to reach ~64 stores by end of Q2.
PAT Margin: 3.5-4% Sustainable
Studded jewelry mix increasing toward 12-13% (from 10% currently) and lightweight jewelry focus should sustain margins in the guided range.
Lifestyle Revenue: ~₹100 Crore for FY26
New lightweight jewelry brand positioned for non-occasion 'fun shopping' with 25-26% gross margins and 30% studded mix; targeting 10+ stores by year-end.
Q3 FY26 Revenue: ₹3,000-4,000 Crore
October alone crossed ₹1,800 crore; with November-December wedding season, full quarter guidance is ₹3,000-4,000 crore.
FY26 Store Count: 76-78 Stores
14-16 new stores planned for H2 FY26; mix of 6-7 PNG traditional and 7-8 lifestyle stores; 50/50 split between company-owned and franchise.
FY28 Target: 150 Stores Pan-India
Adding 30-35 stores in next two years beyond FY26 target; expansion focused on Central India belt (MP, UP, Bihar, Odisha, Delhi NCR).
EBITDA Margin Run-rate: 5.5-6%
Company expects to sustain EBITDA margins at 5.5-6% level for FY26, with further improvement expected in Q3 due to festive-driven product mix.
FY26 Revenue: ₹9,500-10,000 crores
Company expects to exceed upper end of ₹9,000-9,500 crore guidance, projecting close to ₹10,000 crores for full year FY26 on strong momentum.
FY27 Revenue: ₹11,500-12,000 crores (~20-25% growth)
Management targets 20-25% revenue growth for FY27, implying revenues of ₹11,500-12,000 crores driven by store expansion and same-store growth.
Sustainable Margins: EBITDA 7-7.25%, PAT 3.75-4%
Q3 margins are elevated due to festive season; annualized sustainable margins are EBITDA 7-7.25% and PAT 3.75-4%, with retail-specific PAT of 5-5.5%.
FY27 Store Openings: 25 stores (half PNG, half Lifestyle)
Of 25 planned stores, approximately 12-13 will be PNG format (₹55-60 crore inventory) and balance Lifestyle format (₹10 crore inventory), mix of COCO and franchise.
FY27 Revenue Guidance of ₹13,500 crore
Management guided for FY27 consolidated revenue of ₹13,500 crore, implying ~26% growth over FY26's ₹10,739 crore.
FY27 EBITDA Margin Guidance of 7-7.5%
Management expects EBITDA margin to improve to 7-7.5% in FY27, up from 6.6% in FY26, driven by normalization of product mix.
FY27 PAT Margin Guidance of 4%
Management guided for PAT margin of 4% in FY27, compared to 3.8% in FY26.
Store Expansion Plan for FY27
Plans to open 5 COCO stores (2 legacy, 3 lifestyle) and 20 franchise stores, primarily outside Maharashtra, including new markets like Gujarat.