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Revenue
₹46.18 Cr
verification pending
Revenue YoY
27%
reported change
EBITDA
Pending
latest reported figure
Source
bse pending
record provenance
Actual signal trajectory
Where this quarter sits.
Quarter read
What the record says.
PNGS Gargi Fashion Jewellery delivered a solid Q3 FY26 with revenue of 46.18 cr (up 27% YoY) and PAT of 10.65 cr (up 16.5% YoY). Excluding a one-time prior-year sale, revenue growth was ~53% in 9M FY26. The company opened 16 new stores in the year (vs guided 12), taking total points of sale to 121. Management reiterated a "not less than 35%" revenue growth trajectory and PAT margin of 22.8%, among the best in the industry. Key drivers include a shift to organized retail, brand investments via a promoter-funded ₹10 cr marketing spend, and in-house manufacturing improving COGS. Guidance for FY27 includes 20-30 new store openings and a mainboard listing by September 2026. Risk: Aggressive pan-India expansion may pressure near-term margins if new stores take longer to mature.
Colored figures show movement against the previous available record.
Guidance to track
- Management guided for at least 35% revenue growth in FY27 and beyond, driven by store expansion and market tailwinds.
- Plans to open not less than 20 stores, with an upper range of 25-30, primarily in North India.
- Management expects PAT margin to stay around 22-23% despite higher marketing spend, supported by cost efficiencies.
- Company targets migration to mainboard after meeting profitability criteria, likely by September 2026.
Risks flagged
- New stores outside Maharashtra may take 3-4 years to mature, potentially pressuring near-term profitability if expansion is too aggressive.
- Management acknowledged difficulty in measuring marketing ROI and stated it is a 'spend without expecting anything,' which could weigh on margins if not effective.
- Larger competitors with deeper pockets may increase marketing and discounting, pressuring margins for smaller players like PNGS.
- While silver price impact is mitigated by MRP pricing and in-house manufacturing, a sharp spike could affect cost of goods sold if not passed through.
Key quotes
- I am getting committed myself by saying not less than that is more important for me. So my all commitments in every call earlier call also I commit every number not less than. So my growth will be not less than 35%.
- We have got 190 plus year legacy promoters. All these new people required to spend on marketing which I call as a cash burden. That's why their profitability is low as compared to ours.
- I will not hurry to showcase the numbers but we'll take thorough measures to create profitable locations and indeed a sustainable model to thrive in years to come.
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