| PE TTM vs Sector | 19.29x / 48.98xSector discount |
|---|---|
| Market Cap | ₹8,601.78 CrMid-range performer |
| Promoter Holding | 76.62%0% pledged |
| RSI Day | 42.99Neutral zone |
| Metric | Q2-27 | Q1-27 | Q2-26 |
|---|---|---|---|
| Revenue from Operations | 2,666 | 2,413 | 2,178 |
| Other Income | 17.2 | 10.0 | 35.8 |
| Total Income | 2,684 | 2,423 | 2,213 |
| Profit Before Tax | 162 | 141 | 109 |
| Net Profit | 121 | 105 | 79.3 |
| Operating Margin | 6.1% | 5.8% | 4.9% |
| Net Profit QoQ | +15.0% | ||
| Net Profit YoY | +52.7% | ||
| Adj. Profit QoQ | +11.3% | ||
| Adj. Profit YoY | +98.0% | ||
Key highlights
- Net profit increased 52.7% year-on-year to ₹121 crore in Q2 FY27
- Revenue from operations grew 22.4% to ₹2,666 crore compared to ₹2,178 crore in Q2 FY26
- Operating margins expanded to 6.1% from 4.9% in the year-ago quarter
- Completed a Qualified Institutional Placement (QIP) raising ₹700 crore during the period
- Earnings per share (Basic) rose to ₹8.69 for the quarter from ₹5.84 in the prior year period
- Profit Before Tax (PBT) reached ₹162 crore, marking a 48.6% growth over Q2 FY26
Strong Operational Performance Drives Profitability
P N Gadgil Jewellers Limited (PNGJL) delivered a robust operational performance for the quarter ended September 30, 2026, with consolidated revenue from operations surging 22.4% year-on-year to ₹2,666 crore. This growth was accompanied by a sharp 52.7% jump in net profit, which climbed to ₹121 crore from ₹79.3 crore in the corresponding period of the previous fiscal. The company's operating margin improved to 6.1%, up from 4.9% in Q2 FY26, reflecting better cost management and a shift toward higher-margin product categories.
Sequentially, the company saw a 10.5% growth in revenue and a 15.0% rise in net profit compared to the June 2026 quarter.
Margin Drivers and Expense Breakdown
- Cost of materials consumed for the quarter stood at ₹2,326.59 crore, reflecting rising gold prices
- Employee benefit expenses increased to ₹45.53 crore from ₹40.87 crore in the year-ago period
- Finance costs more than doubled to ₹41.85 crore, compared to ₹19.84 crore in Q2 FY26
- Other income moderated to ₹17.2 crore, down from ₹35.8 crore in the same quarter last year
- The company reported a consolidated Profit Before Tax of ₹162 crore for the current quarter
- Total comprehensive income for the period stood at ₹119.54 crore after adjustments
Strategic Capital Utilization From QIP Proceeds
During the half-year ended September 30, 2026, PNGJL successfully completed a Qualified Institutional Placement (QIP), raising ₹700 crore at an issue price of ₹609 per equity share. The filing reveals that the company has already utilized ₹361.31 crore of these funds. Specifically, ₹270 crore has been deployed toward working capital requirements, while ₹128.1 million was spent on issue-related expenses.
The company has earmarked ₹238.87 crore for the setting up of four new stores, which remain unutilized as of the reporting date. This capital infusion is expected to significantly bolster the company's expansion strategy across key markets in India.
Expansion Strategy and Fiscal Guidance
- Management maintains a revenue guidance of ₹13,500 crore for the full fiscal year 2027
- The company targets achieving an annual net profit exceeding ₹500 crore by March 2027
- Commitments for 10 new stores have been secured out of a target of 23 for the current fiscal
- Total store count is projected to reach approximately 103 by the end of FY27
- A new showroom in Prayagraj, Uttar Pradesh, is scheduled for inauguration in November 2026
- Institutional holding increased to 10.88% following the recent QIP and market activity
Operating Segment Perspective
The Chief Operating Decision Maker (“CODM”) of the Company examines the performance from the perspective of the Company as a whole viz. Jewellery business and hence there are no separate reportable segments.
| Date | Announcement | Amount |
|---|---|---|
| 08 Oct 2026 | Q2 FY27 quarterly business update and FY27 store expansion guidanceSource: BSE filing | – |
| 27 Jul 2026 | Q1 FY27 consolidated net profitSource: angelone.in | ₹105.33 Cr |
| 14 May 2026 | FY27 management revenue guidanceSource: ndtvprofit.com | ₹13,500.00 Cr |
| 14 May 2026 | Q4 FY26 consolidated net profitSource: univest.in | ₹90.26 Cr |
| 09 Feb 2026 | Q3 FY26 consolidated net profitSource: scanx.trade | ₹170.91 Cr |
| 12 Nov 2025 | Q2 FY26 consolidated net profitSource: kotakneo.com | ₹79.31 Cr |
What to watch next
- Opening of the Prayagraj showroom in Uttar Pradesh, scheduled for early November 2026
- Progress toward the target of 103 total stores by March 31, 2027
- Deployment of the remaining ₹338.69 crore in unutilized QIP proceeds for store expansion
- Full-year FY27 performance against the ₹13,500 crore revenue guidance
“The company has completed Qualified Institutional Placement (“QIP”) during the period ended September 30, 2026. Pursuant to QIP, the company allotted 1,14,94,252 Equity Shares.”
| Share price | ₹584.35 |
|---|---|
| Market capitalisation | ₹8,601.78 Cr |
| Revenue (annual) | ₹10,739.10 Cr |
| Net profit (annual) | ₹409.82 Cr |
| Revenue (latest quarter) | ₹2,412.98 Cr-31.92% vs previous quarter |
| Net profit (latest quarter) | ₹105.34 Cr+16.71% vs previous quarter |
| P/E (TTM) | 19.29×Sector 48.98× |
| Promoter holding | 76.62%-6.49% QoQ |
| FII holding | 3.83%Current quarter |
Reference market data from a third-party provider, as of the story. Not a valuation or a recommendation.
Exchange filing by P N Gadgil Jewellers Limited announcing its unaudited standalone and consolidated financial results for the quarter and half year ended September 30, 2026. Market figures from a third-party data provider.
