P N Gadgil Jewellers Posts Strong Q1 Growth as Premium Jewellery Demand Gains Momentum

India’s organised jewellery sector continued to demonstrate resilience in the first quarter of FY27, with P N Gadgil Jewellers (PNG Jewellers) reporting strong growth across revenue, profitability and retail sales despite elevated gold prices.

For the quarter ended 30 June 2026, the company reported revenue of ₹24,130 million, marking a 41% year-on-year increase, while EBITDA rose 57% and profit after tax (PAT) increased 52% over the corresponding quarter last year.

The results reflect a broader trend emerging across India’s jewellery industry: consumers continue to spend on jewellery, but are becoming increasingly selective in what they buy.

Retail remained the company’s primary growth engine, contributing 78% of total revenue, up from 70% a year earlier. Same-store sales grew 46.1%, supported by stronger customer footfall and higher transaction volumes.

One of the quarter’s standout performers was the diamond jewellery segment. PNG reported a 29% increase in diamond jewellery value and a 26% rise in volume, signalling sustained consumer interest in studded jewellery even as gold prices remained elevated. Gold jewellery recorded 54% growth in value, while silver sales more than doubled in value during the quarter.

The company also delivered a strong Akshay Tritiya, with festive sales rising 80.3% year-on-year, highlighting continued consumer participation during one of India’s most significant jewellery-buying seasons.

PNG Jewellers welcomed more than 214,000 customers across its stores during the quarter, with transaction volumes increasing 26.3% compared to the previous year. The company attributed the performance to healthy customer demand, improving retail productivity and continued expansion of its organised retail network.

As of 30 June 2026, PNG Jewellers operated 78 stores, including 77 across India and one in the United States. While a limited number of new stores are expected during the second quarter, the company plans to accelerate expansion across Northern and Central India during the second half of the financial year.

Alongside expansion, the retailer continued to strengthen its gold price risk management strategy by increasing hedge coverage, a move aimed at reducing earnings volatility amid fluctuating bullion prices.

Market Insight

PNG Jewellers’ first-quarter performance reflects a wider shift underway in India’s organised jewellery retail market.

Even as gold prices remain historically high, consumer demand has not disappeared—it has evolved. Buyers are increasingly gravitating towards branded retailers, contemporary diamond jewellery and value-conscious purchases rather than reducing spending altogether.

The strong growth in studded jewellery also points to the continuing premiumisation of the market. For organised jewellers, diamonds are becoming an increasingly important driver of profitability, while expanding retail networks into emerging markets suggests confidence in long-term consumer demand beyond traditional metropolitan centres.

As India’s organised jewellery sector continues to consolidate, quarterly earnings are becoming more than financial milestones—they are valuable indicators of changing consumer behaviour and the industry’s future direction.

Source: P N Gadgil Jewellers Q1 FY27 financial results. Edited by the Jewellers Digest editorial team for clarity, style and context.