P N Gadgil Jewellers Ltd(PNGJL)

NSE: PNGJLBSE: 544256

₹ 556-2.79%refreshed 26 Oct, 03:30 pm ISTMarket cap: ₹ 8,184 crWebsite: www.pngjewellers.comUpdated: 27 Oct 2026

About

P N Gadgil Jewellers Ltd (PNGJL) is a Maharashtra-origin gold and diamond jewellery retailer operating under the PNG Jewellers and YOOU (formerly LiteStyle) store formats across 80 stores in 36+ cities as of Q2 FY27. The company crossed INR 10,000 crore revenue for the first time in FY26, reporting consolidated revenue of INR 10,739 crores, a 40% YoY increase. It operates through three segments - retail (company-owned), franchise (FOCO), and e-commerce - and is actively expanding from its Maharashtra base into North and Central India.^[1][2][3]

Business segments

Retail (COCO) was ~77.3% of total revenue in Q2 FY27, growing 31.1% YoY; it includes Legacy and YOOU format stores operated directly by the company.^[4]
Franchise (FOCO) grew 34.7% YoY in Q2 FY27 and contributed INR 1,292 crores in FY26 (+83% YoY), supporting asset-light expansion in Tier 2/3 markets.^[4][1]
E-commerce declined 83.6% YoY in Q2 FY27 following a deliberate reduction of low-margin coin sales; the channel had grown 105% YoY to INR 529 crores in FY26.^[4][1]

Products and brands

The core PNG Jewellers (Legacy) format sells gold, diamond, silver and studded jewellery; the YOOU sub-brand (formerly LiteStyle) targets everyday wear and lifestyle jewellery with a stud ratio of 32.9% in Q1 FY27.^[4][5]
Gold bars and coins are sold as a customer-acquisition tool; 53% of bullion buyers converted to jewellery purchases in Q1 FY27, up from 46% in Q1 FY26.^[5]
Polki and Kundan categories were added in 9M FY26, taking the effective studded-plus-semi-precious ratio to ~10% as of December 2025.^[6]
Ranbir Kapoor signed as co-brand ambassador for PNG Jewellers and Sara Tendulkar for YOOU (LiteStyle) to support pan-India positioning.^[6]

Store network and operations

Total store count reached 80 as of 30 September 2026 (Q2 FY27 end), across 36+ cities, with 2 stores added in Q2 FY27 - one Legacy in Gurugram and one YOOU in Amanora Mall, Pune.^[4][3]
At end-FY25, total retail area stood at 1,65,260 sq. ft. across 53 stores (16 COCO + 1 FOCO added in FY25).^[7]
Revenue per square foot was INR 4,51,000 for FY26 and INR 1,01,427 per sq. ft. in Q1 FY27 (quarterly); average revenue per store was INR 137.7 crores for FY26.^[1][5]
Inventory turnover ratio was 3.8x for FY26 and 3.7x (annualised) in Q1 FY27; new UP/Bihar/MP stores achieved annualised turns of 1x in year one, ahead of the 0.8x guidance.^[1][5]

Key operating metrics

SSSG was 25.5% YoY in Q2 FY27, 46% in Q1 FY27, 43% for full-year FY26, and 86% YoY in Q4 FY26.^[4][5][1]
Retail stud ratio improved to 11.8% in Q2 FY27 from 9.0% in Q2 FY26; the northern region led at 17.4% in Q2 FY27.^[4]
Old gold exchange as a share of sales rose to 38% in Q2 FY27 from 29% in Q2 FY26; it was ~40% for full-year FY26.^[4][1]
Gold coin and bar share of retail revenue normalised to ~15.8% in Q2 FY27 from ~23.3% in Q2 FY26; it had peaked at 40% of consolidated revenue in Q4 FY26.^[4][1]
Average transaction value at Legacy stores was ₹92,403 in Q1 FY27 and INR 1,00,225 for FY26.^[5][1]

Customers and distribution

Non-Maharashtra stores contributed 10% of total business as of end-FY26, with the company having entered UP (Lucknow, Kanpur, Gorakhpur, Varanasi), Bihar (Patna), and MP (Indore).^[1]
Indore achieved annualised stock turns of 1.4x in its first year; UP stores ran stud ratios above 18% vs a projected 15%.^[1][5]
Raksha Bandhan sales grew 142% YoY in Q2 FY27; Akshaya Tritiya festive sales reached INR 251.4 crores in Q1 FY27, up 80.3% YoY.^[4][5]

Expansion and store rollout plan

Company targets ~103 total stores by March 2027, requiring ~23 more openings in Q3 - Q4 FY27; 10 store commitments already secured (6 Legacy + 4 YOOU), predominantly in North and Central India.^[4]
FY28 plan adds 37 stores to reach 140 total (86 COCO, 54 FOCO); FY29 plan adds a further 37 to reach 177 stores (113 Legacy + 64 YOOU) by March 2029.^[5]
YOOU (LiteStyle) targeted at 65 - 70 stores by March 2029, with an aspirational target of 100 YOOU stores beyond FY29.^[5]
FY27 revenue target is INR 13,500 crores (~25% YoY growth over FY26 actuals of INR 10,739 crores).^[1][2]
Gold hedging ratio targeted at 80% before Diwali (Q2 FY27) and 90 - 100% in FY28, up from 67% at Q4 FY26 end.^[5][1]

Recent developments

On 1 October 2026, PNGJL acquired 100% stake in Silvostyle Jewellers Limited via 1,50,00,000 equity shares, making it a wholly owned subsidiary.^[8]
LiteStyle sub-brand was rebranded to YOOU in Q2 FY27, repositioned around self-expression, everyday wear and lifestyle jewellery.^[4]
Long-term credit rating upgraded to IND A+/Stable (from A) in Q4 FY26; short-term rating reaffirmed at A1.^[1]
Mr. Deepak Vijay joined as CFO in January 2026, replacing Kiran Firodiya.^[6]
A QIP enabling board resolution is in place to bring promoter holding below 75%; the company will evaluate timing based on market conditions.^[5]

Market Cap

₹8,184 Cr

High / Low

₹735 / 503

Stock P/E

17.4

Price / Book

3.9

Book Value

₹145

EPS

₹30.2

No. of Shares

13.57 Cr

ROCE

21.1%

ROE

23.3%

OPM

6.0%

Debt / Equity

0.80

Sales

₹10,739 Cr

Net Profit

₹410 Cr

Promoter holding

76.6%

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