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Revenue
₹3,544 Cr
verified against source
Revenue YoY
40%
reported change
EBITDA
₹704 Cr
latest reported figure
Source
screener in
record provenance
Actual signal trajectory
Where this quarter sits.
Quarter read
What the record says.
P N Gadgil Jewellers delivered a stellar FY26, crossing ₹10,739 crore in consolidated revenue (+40% YoY), driven by robust festive demand and store expansion. Q4 revenue surged 123% YoY to ₹3,544 crore, though gross margins compressed 230bps to 9.7% due to a higher mix of low-margin gold bars/coins (40% of sales vs 28% last year) and one-time promotional discounts. Management expects margins to normalize as gold bar/coin share reverts to ~25% in FY27, aided by the recent import duty hike curbing investment demand. For FY27, they guided ₹13,500 crore revenue with EBITDA margin of 7-7.5% and PAT margin of 4%. Key risks include sustained margin pressure if gold bar/coin demand remains elevated and execution challenges in new geographies like UP and Gujarat.
Colored figures show movement against the previous available record.
Guidance to track
- Management guided for FY27 consolidated revenue of ₹13,500 crore, implying ~26% growth over FY26's ₹10,739 crore.
- Management expects EBITDA margin to improve to 7-7.5% in FY27, up from 6.6% in FY26, driven by normalization of product mix.
- Management guided for PAT margin of 4% in FY27, compared to 3.8% in FY26.
- Plans to open 5 COCO stores (2 legacy, 3 lifestyle) and 20 franchise stores, primarily outside Maharashtra, including new markets like Gujarat.
Risks flagged
- If gold bar/coin sales remain elevated due to investment demand, gross margins could stay compressed, impacting profitability.
- Analyst questioned whether discounts on foundation day and gratitude day are structural; management claims they are one-off, but similar events may recur.
- Expansion into UP, Bihar, MP, and Gujarat carries execution risk; inventory turnover in new stores is still ramping up.
- Hedging at 67% leaves exposure to gold price fluctuations; management aims for 75-80% but higher hedging costs could pressure margins.
Key quotes
- FY26 marks a year in which we cross 10,000 crores of revenue, a milestone for the first time, reporting a full year consolidated revenue of 10,739 crores, a growth of 40% year-over-year.
- We are currently maintaining a guidance of 13,500 crore revenue along with an EBITDA margin of 7 to 7.5% and a PAT margin of 4% for FY27.
- The sale of gold bars and gold coins was again one of the factors which led to a decline in the margins in Q4 as compared to Q3.
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