P N Gadgil Jewellers Limited — Q1FY27 Earnings Call Summary

PNGJL · Q1FY27 · Filed 04 Aug 2026

Key Takeaways

• No cannibalization expected in Maharashtra due to strategic store placement; gaining market share from unorganized players
• Q1 FY27 revenue grew 41% y-y to INR2,413 Cr; EBITDA up 57% to INR192.4 Cr (8% margin); PAT rose 52% to INR105.3 Cr (4.4% margin)
• Gross margin adjusted for hedging gains improved by 40-50 bps; retail gross margin target 12.5%-13.5% with current studded mix
• PAT margin guidance for FY27 around 4.1%-4.25% excluding hedging gains
• Plan to open ~25 stores in FY27, reaching ~103 stores; expansion focused on franchise-led growth in Maharashtra, UP, Bihar, Central India, NCR
• Other expenses controlled, increased only 5% in Q1 due to conservative marketing and no new store openings; annual other expenses guided around INR400 Cr (~3% of sales)
• Borrowings stable at ~INR1,200 Cr excluding gold metal loans; plan to reduce total debt by INR500-600 Cr by FY29 and be debt-free in 4-5 years
• Hedging target: 80% by Q3 FY27, 90-100% by next year; hedging gains expected to normalize
• Promoter shareholding >75%; plans for QIP…
• Retail revenue grew 56% with 46% same-store sales growth; franchise and e-commerce grew 8% and 20% respectively

📄 Source: View original transcript (PDF)

Summary generated by AI from the official transcript filed on BSE/NSE. Not investment advice.