P N Gadgil Jewellers Limited — Q1FY27 earnings call summary

Filed 04 August 2026 · Official transcript

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