PN Gadgil Jewellers Limited traces its roots back to 1832, establishing itself as one of Maharashtra's oldest and most respected jewellery retailers. As part of the PNG group, the company has cultivated a substantial presence in the gold, silver, and diamond jewellery business across Pune, Mumbai, and other regions of Maharashtra. As of January 2024, PN Gadgil holds the position of the second-largest jewellery player in Maharashtra based on the number of retail outlets.
The core business of PN Gadgil Jewellers revolves around the manufacture and sale of jewellery. This includes retail sales of a wide array of gems, diamonds, semi-precious stones, and all types of jewellery crafted from gold, silver, and other metals. Their diverse product portfolio encompasses precious metal and jewellery items, including gold, silver, platinum, and diamond jewellery, catering to a broad spectrum of price points and design preferences.
PN Gadgil operates under its prominent PNG brand, complemented by a suite of sub-brands such as Saptam, Swarajya, Rings of Love, The Golden Katha of Craftsmanship, Flip, Eiina, PNG Solitaire, Men of Platinum, Evergreen Love, Pratha, and Yoddha. These products are distributed through various sales channels, including a network of retail stores, multiple online marketplaces, and the company's official website.
The company boasts an extensive retail footprint with 53 stores, comprising 52 outlets located in Maharashtra and Goa, and one international store in the United States. These stores collectively span a retail area of 1,65,260 square feet. PN Gadgil is committed to sustained expansion, with plans to launch 20-25 new stores in FY26, further broadening its presence in Uttar Pradesh and other key regions.
As of recent data, PN Gadgil Jewellers commands a market capitalization of ₹8,076 crores. The company's stock is trading at a Price-to-Earnings (P/E) ratio of 37.93 and a Price-to-Book (P/B) ratio of 15.49.
For the full financial year FY24, PN Gadgil reported revenues of ₹61,191 million, a significant increase of 34.2% compared to ₹45,593 million in FY23. The company's net profit stood at ₹1,543 million in FY24, reflecting a robust 64.7% growth over the ₹937 million recorded in FY23.
Q3 FY25 Performance:
In the third quarter of FY25, PN Gadgil announced consolidated revenue of ₹2,435.75 crores, marking a substantial 23.5% year-on-year growth from ₹1,972.16 crores in Q3 FY24. Net profit experienced an impressive 49.4% year-on-year surge, reaching ₹86.04 crores from ₹57.60 crores in the corresponding period of the previous year.
Q4 FY25 Business Update:
During Q4 FY25, the company's consolidated revenue grew by 5.1% compared to the same quarter in the prior financial year. This performance contributed to a full-year revenue growth of 25.9%. The retail segment, which accounts for 81.5% of total revenue, demonstrated strong momentum with a 50% growth in Q4 FY25 compared to Q4 FY24.
PN Gadgil Jewellers made its debut on the stock market on September 17, 2024, listing at ₹834 per share, an impressive 73.75% premium over its issue price of ₹480. The company's Initial Public Offering (IPO) garnered significant investor interest, achieving a subscription rate of 59.41 times. The IPO was open for subscription from September 10-12, 2024, with a price band of ₹456-₹480 per share.
The stock has recorded a 52-week high of ₹848 and a 52-week low of ₹473.80. As of March 2025, the company's promoters held a substantial 83.11% stake in PN Gadgil Jewellers, with no shares being pledged.
PN Gadgil Jewellers has witnessed significant growth in its e-commerce segment, with revenue increasing by 243.8% year-on-year in Q4 FY25. E-commerce now contributes 5.7% to the total revenue. During Q3 FY25, e-commerce sales saw a 97.9% year-on-year growth, reaching ₹70.5 crores.
The franchise business has also been a key growth driver, expanding by 37.2% year-on-year in Q4 FY25. This segment now accounts for 11.7% of the total revenue. In Q3 FY25, franchise business revenue grew by 86.6% year-on-year to ₹226.4 crores.
PN Gadgil achieved record festive sales during Gudi Padwa, with total sales amounting to ₹123.5 crores, a remarkable 40.4% increase from the previous year. The company also recorded its highest-ever monthly revenue, exceeding ₹1,050 crores in October 2024, underscoring strong consumer demand during the festive season.
Analysts maintain a positive outlook on PN Gadgil Jewellers stock. 100% of analysts currently recommend a 'BUY' rating, with an average target price of ₹825. In February 2025, Motilal Oswal projected a target price of ₹950 per share, indicating a potential upside of 75%.
The outlook for FY26 appears promising, buoyed by the traditionally high-demand periods of Akshaya Tritiya and the wedding season. Management anticipates continued resilience in consumer demand and rising disposable incomes to support future growth.
