PNGJL Q2 FY26 earnings call.
A source-linked concall view: reported numbers, management language, guidance, commitments and risks that should carry forward.
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Revenue
₹2,177.6 Cr
verified against source
Revenue YoY
—
reported change
EBITDA
₹142.9 Cr
latest reported figure
Source
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record provenance
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What the record says.
P N Gadgil Jewellers delivered an exceptional Q2 FY26 with consolidated revenue of ₹2,177.6 crore and EBITDA of ₹142.9 crore (up 117% YoY), driven by record-breaking festive demand—Navratri sales hit ₹428.1 crore (up 66% YoY) and October exceeded ₹1,800 crore. Gross margin expanded 510bps to 11.9% while EBITDA margin improved 327bps to 6.6%, reflecting favorable product mix with studded jewelry ratio rising to 9%. The company added 8 stores taking total count to 63, successfully entering MP and UP markets beyond Maharashtra. Management guided Q3 revenue of ₹3,000-4,000 crore with further margin improvement and maintained FY26 store target of 76-78 units, with 150 stores targeted by March 2028. Key risks include execution challenges in new geographies, high gold price sensitivity, and 50% of sales dependent on old gold exchange or scheme-based bookings.
Colored figures show movement against the previous available record.
Guidance to track
- October alone crossed ₹1,800 crore; with November-December wedding season, full quarter guidance is ₹3,000-4,000 crore.
- 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.
- Adding 30-35 stores in next two years beyond FY26 target; expansion focused on Central India belt (MP, UP, Bihar, Odisha, Delhi NCR).
- 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.
Risks flagged
- Stores outside Maharashtra (Indore, Lucknow, Kanpur) require 18-24 months to break even vs 15-18 months for Maharashtra stores. Footfalls are on track but monetization timeline is longer.
- Gold prices up 50%+ YoY; while demand remains buoyant, extended high-price environment could eventually pressure volume growth. 50% of sales depend on old gold exchange.
- Payables elevated on quarter-end dates due to inventory buildup for festive season. Credit cycles normalize post-festive period but create intra-quarter liquidity stress.
- Investor-customer raised concerns about PNG app functionality—users unable to log in despite having accounts. This could impact e-commerce growth which is a key segment (113% YoY growth).
Key quotes
- We have seen positive volume growth at the company level. Consumer interest in jewelry remained strong and now with the upcoming wedding season in the month of December-January, the road looks pretty positive. Rising prices had no impact on consumer demand—both investment demand and jewelry demand have been strong.
- In terms of old gold exchange, 50-60% of entire jewelry purchases very shockingly is happening through old gold, so that is ensuring that volumes are also intact and margins from making charges are on the positive side.
- Marketing will be kept at 1.2% of the total top line. There will not be any huge incremental hike in marketing for the entire year. The company aims to reach 12-13% stud ratio in the next two years.
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