P N Gadgil Jewellers Ltd — Q4 FY26 earnings call
Summary generated by AI from the official transcript P N Gadgil Jewellers Ltd filed with BSE on 22 May 2026. Every statement cites a verbatim quote from that document — open any citation to read it. This is a record of what management said, not a recommendation. How we check these summaries
The short read
P N Gadgil Jewellers reported full year FY26 consolidated revenue of INR10,739 crores, up 40% year-over-year, crossing the INR10,000 crore milestone, while Q4 FY26 revenue grew 123% year-over-year to INR3,544 crores. Management attributed a Q4 gross margin decline of 230 basis points to a higher mix of gold bars and coins, a lower studded jewellery ratio, and one-time festival discounting, while reiterating full year gross margin, EBITDA margin and PAT margin guidance. The company also disclosed a rise in gold hedging to 67% at quarter end, a credit rating upgrade to A+ stable, and raised FY27 revenue guidance to INR13,500 crores.
Numbers mentioned
Consolidated revenue: INR10,739 crores (FY26)
p. 3
“reporting a full year consolidated revenue of INR10,739 crores, a growth of 40% year-over-year”
Saurabh Gadgil, page 3 of the filed PDF · View the filing
Consolidated revenue: INR3,544 crores (Q4 FY26)
p. 3
“the total consolidated revenue grew by 123% year-over-year to INR3,544 crores”
Saurabh Gadgil, page 3 of the filed PDF · View the filing
Gross margin dilution: 230 basis points (Q4 FY26 vs Q4 FY25)
p. 4
“there was a gross margin dilution of almost 2.3%, 230 basis points”
Saurabh Gadgil, page 4 of the filed PDF · View the filing
Share of gold bars and coins in sales mix: 40% (Q4 FY26)
p. 4
“The share of gold bars and coin sales in the overall revenue mix rose 28% in Q4 FY25 to 40% in Q4 FY26”
Saurabh Gadgil, page 4 of the filed PDF · View the filing
Gross profit: INR1,302 crores (FY26)
p. 5
“Gross profit grew 83% year-on-year to INR1,302 crores with gross margin expanding by 280 bps to 12% on a yearly level”
Deepak Vijay, page 5 of the filed PDF · View the filing
EBITDA: INR704 crores (FY26)
p. 5
“EBITDA grew 90% year-on-year to INR704 crores with EBITDA margin improving by 180 bps to 6.6%”
Deepak Vijay, page 5 of the filed PDF · View the filing
PAT: INR410 crores (FY26)
p. 5
“PAT grew 88% year-on-year to INR410 crores while PAT margin expanded by 100 bps to INR3.8 crores in this year versus last year”
Deepak Vijay, page 5 of the filed PDF · View the filing
ROCE and ROE: 30.5% and 21% (FY26)
p. 5
“ROCE and ROE improved to 30.5% and 21% respectively year-on-year on a full year basis”
Deepak Vijay, page 5 of the filed PDF · View the filing
Retail segment revenue: INR8,131 crores (FY26)
p. 5
“our retail segment continued to remain the primary growth driver, reporting a revenue growth of 51% year-on-year to INR8,131 crores”
Deepak Vijay, page 5 of the filed PDF · View the filing
E-commerce revenue: INR529 crores (FY26)
p. 5
“The e-commerce segment delivered robust growth of 105% year-on-year to INR529 crores”
Deepak Vijay, page 5 of the filed PDF · View the filing
Franchisee segment revenue: INR1,292 crores (FY26)
p. 5
“The franchisee segment also demonstrated strong momentum, growing 83% year-on-year to INR1,292 crores”
Deepak Vijay, page 5 of the filed PDF · View the filing
Average transaction value: over INR1 lakh (FY26)
p. 5
“Our average transaction value, ATV, for FY26 stood at over INR1 lakh”
Deepak Vijay, page 5 of the filed PDF · View the filing
Inventory turnover ratio: 3.8x (FY26)
p. 6
“an inventory turnover ratio of 3.8x, together underscoring sustained operational efficiency”
Deepak Vijay, page 6 of the filed PDF · View the filing
Q4 gross profit: INR344 crores (Q4 FY26)
p. 6
“Gross profit for the quarter grew 80% to INR344 crores. Gross margin stood at 9.7%.”
Deepak Vijay, page 6 of the filed PDF · View the filing
Q4 EBITDA: INR166 crores (Q4 FY26)
p. 6
“EBITDA grew 53% year-on-year to INR166 crores with EBITDA margin at 4.7 while PAT grew 46% year-on-year to INR90 crores”
Deepak Vijay, page 6 of the filed PDF · View the filing
Same-store sales growth: 86% year-on-year (Q4 FY26)
p. 6
“Our same-store sales growth for Q4 FY26 stood at a robust 86% year-on-year”
Deepak Vijay, page 6 of the filed PDF · View the filing
Gold volume growth: 27% year-on-year (Q4 FY26)
p. 6
“Gold grew 27% year-on-year by volume in in Q4, silver volumes rose 37% year-on-year, and diamond volumes rose an exceptional 125% year-on-year”
Deepak Vijay, page 6 of the filed PDF · View the filing
Credit rating: A+ stable (upgraded from A) (FY26)
p. 6
“our long-term credit rating was upgraded to A+ stable from A, while the short-term rating was reaffirmed at A1”
Deepak Vijay, page 6 of the filed PDF · View the filing
Total store count: 78 stores (as of March 31, 2026)
p. 4
“taking our total store count to 78 as of March 31st, 2026”
Saurabh Gadgil, page 4 of the filed PDF · View the filing
Gold hedging level: 67% (Q4 FY26)
p. 5
“our hedging as we speak, as of Q4, was around 67%”
Saurabh Gadgil, page 5 of the filed PDF · View the filing
Full year average hedging: around 60% (FY26)
p. 9
“So on an averagely basis, we were at round about 60% for the full year”
Deepak Vijay, page 9 of the filed PDF · View the filing
Full year gold bars and coins share: 32% (FY26)
p. 17
“the in the overall year, my whole the bullion or the gold bar is in the range of 32%”
Deepak Vijay, page 17 of the filed PDF · View the filing
What management said it would do
A record of statements made on the call, in the words management used. Parakho does not forecast, endorse or assess them, and their presence here is not a view on whether they will happen.
FY27 revenue — INR13,500 crores · FY27
stated firmly by Deepak Vijay
p. 6
“we are currently maintaining a guidance of INR13,500 crores revenue along with an EBITDA margin of 7% to 7.5% and a PAT margin of 4% for FY27”
Deepak Vijay, page 6 of the filed PDF · View the filing
Gross margin — 12 to 13% · FY27
stated firmly by Saurabh Gadgil
p. 5
“the company remains committed to the gross margin guidance of around 12 to 13% with the EBITDA of 7 to 7.5% and a PAT of 4%”
Saurabh Gadgil, page 5 of the filed PDF · View the filing
Gold hedging ratio — 75% to 80% · FY27
stated firmly by Deepak Vijay
p. 9
“Further, we plan to take it to 80% to remove the complete volatility in the margins.”
Deepak Vijay, page 9 of the filed PDF · View the filing
A&P spend as percentage of revenue — 1.5%
stated as an aspiration by Saurabh Gadgil
p. 8
“1.5 is what we would stick to or in fact we would try to go a little lower”
Saurabh Gadgil, page 8 of the filed PDF · View the filing
Retail segment revenue — INR9,800 crores · FY27
stated firmly by Deepak Vijay
p. 14
“the next year targets and the guidance for the retail, which we have taken under in our AOP, is around INR9,800 crores, which is a 23% increase”
Deepak Vijay, page 14 of the filed PDF · View the filing
Gold bars and coins share of sales — around 25% · FY27
stated as an aspiration by Saurabh Gadgil
p. 12
“we should be at around 25% for this financial year”
Saurabh Gadgil, page 12 of the filed PDF · View the filing
New store openings — 25 stores · FY27
stated conditionally by Saurabh Gadgil
p. 17
“we'll try to do five to seven COCO and the balance will be FOCO”
Saurabh Gadgil, page 17 of the filed PDF · View the filing
Promoter shareholding compliance to 75% — September 2027
stated firmly by Saurabh Gadgil
p. 18
“we listed in September 2024, so we have time till September end 2027”
Saurabh Gadgil, page 18 of the filed PDF · View the filing
Q&A highlights
Management's answers to analyst questions, in Parakho's words rather than a transcript. Each row names who answered and carries the verbatim quote it was drawn from.
Advance authorisation does not apply to PNG since it is a domestic business; import duty is passed to consumers and may shift demand from bars/coins to jewellery.
Answered by Saurabh Gadgil
Asked by Uchit Shah: Will the customs duty increase and advance authorisation impact sales or margins?
p. 7
“it will not have an impact on the margins, but what it may have a positive rub-off is it may induce people to buy less of bars and coins, which are which typically carry lower margins”
Saurabh Gadgil, page 7 of the filed PDF · View the filing
The impact was from one-time trade discounts during Foundation Day and Gratitude Day tied to making charges, costing INR40-45 crores, not from advertising spend.
Answered by Saurabh Gadgil
Asked by Yash Sonthaliya: What drove the margin impact from discounts, and how will future scheme budgeting work?
p. 7
“we had a fixed making charge of INR399 per gram, which was which costed the company in the range of around INR40 crores to INR45 crores”
Saurabh Gadgil, page 7 of the filed PDF · View the filing
Hedging averaged around 60% for FY26, rising quarter over quarter, with a plan to reach 75-80% in FY27.
Answered by Deepak Vijay
Asked by Bharat Gianani: What was the hedging proportion for all of FY26 and the plan for FY27?
p. 9
“we gradually increased to 63% in quarter three, then to 67% in quarter four. So on an averagely basis, we were at round about 60% for the full year”
Deepak Vijay, page 9 of the filed PDF · View the filing
Strong performance outside Maharashtra, particularly UP, and healthy same-store growth drove the upward revision.
Answered by Saurabh Gadgil
Asked by Anukool Arora: Why was FY27 guidance raised from INR12,000 crores to INR13,500 crores?
p. 11
“we feel looking at these positives, you know, we feel that INR12,500 can be stretched to INR13,500, and that's where the guidance is coming from”
Saurabh Gadgil, page 11 of the filed PDF · View the filing
Management said the discount events were one-time occurrences not part of the annual calendar, and the bars and coins mix was the major driver, expected to normalize.
Answered by Saurabh Gadgil
Asked by Nitin Jain: Are the margin drivers (discounts, franchisee mix, new market discounts) truly one-off or more structural?
p. 13
“This Foundation Day offer, where we offered gold making at INR399 and the gratitude offer, these were only one-time activities. They are not annual calendar activities.”
Saurabh Gadgil, page 13 of the filed PDF · View the filing
Bars and coins operate on very thin margins of half a percent to 1%, while jewellery margins are 12-13%.
Answered by Deepak Vijay
Asked by Jenil Barad: What are the gross margins for gold bars/coins versus regular jewellery?
p. 15
“on the gold bar and coins we operate on a very thin margins in the range of half a percent to 1%. And on the normal jewellery on the gold jewellery which is not studded, which is not non-studded jewellery is in the range of 12% to 13%”
Deepak Vijay, page 15 of the filed PDF · View the filing
Management attributed the decline to change in product mix from higher gold investment demand, similar to trends seen at other large industry players.
Answered by Deepak Vijay
Asked by Paras Kakkar: Why did margins decline more than peers this quarter?
p. 16
“the big players who are leading the industry, the gross margins have dropped for the quarter FY26 versus last year quarter is in the range of 600 bps”
Deepak Vijay, page 16 of the filed PDF · View the filing
Plans include 5 COCO stores, expansion into Gurgaon, Lucknow and Gujarat, with a total of 25 stores planned mostly outside Maharashtra.
Answered by Deepak Vijay
Asked by Sandeep Abange: What is the outlook for new store openings in FY27?
p. 17
“we have planned for 5 COCO stores, 2 PNG legacy stores and 3 LiteStyle stores. The locations which we are venturing into is in Gurgaon, strengthening our position in Lucknow, and we have also venturing into Gujarat”
Deepak Vijay, page 17 of the filed PDF · View the filing
Bullion/gold bars were around 32% of full year sales; promoter shareholding compliance deadline is September 2027, three years from listing.
Answered by Deepak Vijay
Asked by Bharat Gianani: What was the gold bars and coins proportion for full year FY26, and what is the timeline for promoter shareholding compliance?
p. 17
“So, the in the overall year, my whole the bullion or the gold bar is in the range of 32%.”
Deepak Vijay, page 17 of the filed PDF · View the filing
Risks flagged
Elevated share of low-margin gold bars and coins sales compressing gross margins
p. 4
“As this segment operates on a structurally very thin spread, the company's overall core retail jewellery business, the elevated contribution compressed the consolidated gross margins”
Saurabh Gadgil, page 4 of the filed PDF · View the filing
Uncertainty from evolving import duty and geopolitical situation on gold demand
p. 6
“it is still early to fully assess the overall impact of the evolving situation and we continue to calibrate our strategy accordingly”
Deepak Vijay, page 6 of the filed PDF · View the filing
Cash burden from locking in high MCX margins and premiums
p. 9
“the margin and the premiums on the MCX has gone up to 15%, 20%, which was blocking a lot of the cash”
Deepak Vijay, page 9 of the filed PDF · View the filing
Anticipated slowdown in gold bars and coins volume affecting net volume visibility
p. 11
“bars and coins would see a, you know, a slowdown in this year. So, it's very difficult to, you know, talk on the exact volume side”
Saurabh Gadgil, page 11 of the filed PDF · View the filing
Generated by claude-sonnet-5. Source: the transcript as filed with BSE. We link to the exchange's copy; we do not host transcripts. Parakho is a data and screening tool, not an investment adviser — nothing here is a recommendation to buy, sell or hold.