Mumbai: P N Gadgil Jewellers has recently announced its quarterly results. The Company delivered a strong performance in Q1 FY27, reporting robust revenue growth of 41% YoY. The Retail segment grew 56% YoY, with robust same-store sales growth (SSSG) of 46% YoY as the primary driver, indicating that the growth was substantially organic in nature, driven by deeper customer engagement at existing stores. As a result, the Retail segment contributed around 78% of the total revenue, which is meaningfully higher on a YoY basis.
Franchise and E-com business grew by 8% & 20% respectively YoY.
Share of gold bullion sales in Retail revenue is normalized and on a stable level of ~ 22% as compared to a higher share in the previous quarter. The consistent reduction in the lower-margin bullion business, alongside the rising contribution of retail and studded jewellery, continues to drive a structural improvement in the overall quality of revenue.
Product Mix:
The Company recorded strong growth across categories. Diamond jewellery growth reflects the growing consumer preference for studded jewellery across its existing and new markets. As a result, the studded jewellery mix improved, with the retail stud ratio rising to 10.9%.
Notably, the recently launched stores across Northern and Central India, though still contributing around 3.4% of Retail sales, are already recording a meaningfully higher stud ratio than our established network in Maharashtra and Goa. This early evidence validates its strategy of expanding into new geographies where the preference for studded jewellery is structurally stronger. As the contribution of these stores rises with the planned expansion over the coming quarters, this mix advantage is expected to scale meaningfully at the company level.
Operational Highlights:
During the quarter, the Company’s focus remained on strengthening the performance of the existing network, advancing site identification and franchise partner onboarding for upcoming launches, and building the operational readiness required to execute the expansion pipeline for the remainder of the year.
The total store count as of June 30th, 2026, stood at 78 (77 in India and 1 in the U.S.A.), with the store rollout for the year planned from the subsequent quarters onwards, in line with our phased expansion calendar.
Outlook for FY27:
Financial performance for the quarter remains in line with previously stated Gross margin and EBITDA margin guidance for FY27, and the Company remains confident of delivering on the same.
Further, the Company remains on track with its stated plan of opening ~25 new stores during the fiscal year, taking the total store count to ~103 by the end of FY27. The rollout will be phased across the remaining three quarters of the year, with a progressively accelerating launch calendar and a franchise-led approach across both Legacy and LiteStyle formats; deepening the Company’s presence in Maharashtra while progressively expanding into Uttar Pradesh, Bihar, Central India and the NCR region.
