Pngs Gargi Fashion Jewellery Ltd

BSE: 543709

₹ 533-4.57%refreshed 23 Oct, 03:30 pm ISTMarket cap: ₹ 558 crNext results: 28 Oct 2026Website: www.gargibypng.comUpdated: 24 Oct 2026

About

Pngs Gargi Fashion Jewellery Ltd sells silver, 14KT diamond and 9KT gold fashion jewellery through its own stores, shop-in-shops at P. N. Gadgil & Sons and Shoppers Stop, and online. FY26 revenue was Rs 149.4 cr. As of FY26 it had 126 points of sale across 21 states and 65 cities.^[1][2]

Product mix

In FY26, silver was about 56% of revenue, 14KT diamond about 34% and 9KT gold about 3%.^[2]
Diamond jewellery was 38% of 9M FY26 sales and silver 57%. Management expects diamond to reach about 45% by H1 FY27.^[3]
Diamond gross margin is about 45-47%, against about 55% for silver (as stated in the Q3 FY26 call).^[3]
9 carat gold launched at Navratri 2025 and is sold only in non-PNG stores. It had sold 1 kg gross weight by the Q3 FY26 call.^[3]
Utsaav, a brass/copper costume and fast-fashion range, launched online on 1 Feb 2025. Items under Rs1,000 sell on Blinkit in Pune and Mumbai.^[4][5]

Store network

The company had 126 points of sale in FY26, up from 96: 38 EBOs, 34 PNG SIS and 54 Shoppers Stop and other third-party SIS.^[2]
It added 32 points of sale in FY26, 18 of them in Q4, and reports no store closures to date.^[2]
It was present in 21 states and 65 cities in FY26.^[2]
Same-store sales growth at PNG SIS stores was at least 25% in 9M FY26. Own stores opened in FY24 grew 20% in FY25.^[3][5]

Customers and channels

The share of sales through the P. N. Gadgil & Sons channel fell to 77-78% in FY25 from 82-85%.^[5]
In FY25, own brand stores were about 10% of sales, online 4.5% (up from ~2%) and Shoppers Stop 6%.^[5]
Revenue from outside Maharashtra grew 104.1% to Rs 16 Cr in FY26. Maharashtra grew 12.6% to Rs133 cr.^[2]

Manufacturing

After the government banned imports of ready-made silver jewellery, the company moved to in-house manufacturing in Maharashtra. COGS fell to 53% in 9M FY26 from 56%.^[3]

Key operating numbers

Gross margin was 42.9% in FY26, against 39.9% in FY25, and 46.1% in Q4 FY26.^[2]
FY25 included a one-time Rs 26 Cr inventory sale to the P. N. Gadgil & Sons SIS on 1 April 2024. Management puts underlying FY26 revenue growth at 49%.^[2]
Marketing spend was about Rs6.75 cr in 9M FY26, against Rs3.64 cr in 9M FY25.^[3]

Expansion plans

The company plans to add 20+ points of sale every year from FY27.^[2]
It plans to expand in South India (Hyderabad, Bengaluru) and has already entered Hyderabad.^[2]
Management says no debt or equity dilution is needed for 18-24 months (from the Q3 FY26 call), and existing liquidity funds at least 25 EBOs.^[3]

Recent developments

A preferential issue of equity shares to promoters and non-promoters was proposed at the 16th AGM on Aug 1, 2025, with no change in control intended.^[6]
Part of the pan-India marketing push is funded by a Rs10 cr preferential infusion from the promoter.^[3]
The company plans to migrate from the SME platform to the main board by about Sep-26, after the FY26 results.^[3]

Market Cap

₹558 Cr

High / Low

₹1,197 / 532

Stock P/E

20.1

Price / Book

4.5

Book Value

₹136

EPS

₹29.9

No. of Shares

1.05 Cr

ROCE

33.4%

ROE

25.9%

OPM

28.0%

Debt / Equity

0.00

Sales

₹149 Cr

Net Profit

₹31 Cr

Promoter holding

68.3%

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