P N Gadgil Jewellers Limited — Q1FY27 earnings call summary

Filed 28 July 2026 · Company audio recording

EBITDA margin guidance maintained at ~7% for FY27; PAT margin targeted at 4.5-4.7% by FY29
Q1 FY27 gross margin at 13.2%, adjusted margin up 40-50 bps YoY excluding hedging gains
Gross margin in lifestyle format currently 18-20%, expected to rise with studded mix doubling to ~50% in 2 years
Elevated gold prices remain a demand headwind, though weddings and festivals support sales
FY27 target to add ~25 stores, reaching ~103 stores by year-end; FY28-29 to add 37 stores annually, targeting 177 stores by FY29
Hedging to increase to ~80% by Q3 FY27 and 90-100% by FY28 to stabilize margins
78 stores at end Q1 FY27; 58 COCO and 20 FOCO stores currently
FY27 expansion skewed to Q3/Q4, with franchisee onboarding underway; 10 franchisees planned in legacy and 5 in lifestyle formats