P N Gadgil Jewellers reported a 22.4 per cent year-on-year increase in revenue for Q2 FY27, despite the shift in the Navratri festive period to the third quarter. Retail revenue grew 31.1 per cent, supported by same-store sales growth of 25.5 per cent, while franchise business revenue increased 34.7 per cent. E-commerce revenue declined 83.6 per cent following a strategic reduction in lower-margin gold coin sales.
Gold revenue grew 23.5 per cent year-on-year during the quarter, followed by diamond revenue growth of 21 per cent and silver growth of 12 per cent. The retail studded jewellery ratio increased to 11.8 per cent, compared with 9 per cent in the year-ago quarter, while the northern region recorded a stud ratio of 17.4 per cent. Gold coin and bar sales accounted for 15.8 per cent of retail revenue, down from 23.3 per cent a year earlier. Old gold exchange as a share of sales rose to 38 per cent, compared with 29 per cent in Q2 FY26.
The company opened two stores during the quarter, including a Legacy-format outlet in Gurugram and a YOOU store at Amanora Mall in Pune. Its total store count stood at 80 as of September 30, comprising 79 stores in India and one in the US. The company also transitioned its LiteStyle brand to YOOU, focusing on contemporary and lightweight jewellery.
PNG Jewellers plans to open around 23 additional stores in FY27, taking its total network to approximately 103 outlets by year-end. Expansion will be driven primarily by franchise-led openings across its Legacy and YOOU formats. The company has secured 10 store commitments, comprising six Legacy and four YOOU outlets, with further opportunities concentrated in northern and central India. The Ayodhya and Prayagraj stores are expected to open by mid-October and early November, respectively.
The company said the quarterly revenue figures are subject to limited review by its statutory auditors, with a detailed update to follow after board approval.
