PNGS Gargi Fashion Jewellery Ltd — Q4 FY26 earnings call
Summary generated by AI from the official transcript PNGS Gargi Fashion Jewellery Ltd filed with BSE on 09 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
PNGS Gargi Fashion Jewellery reported Q4 FY26 revenue growth of 30.41% year-on-year with operating profit up about 54% and net profit of INR5.14 crores. For the full year, revenue from operations was INR149.40 crores, up nearly 48% year-on-year including a one-time adjustment, or about 20% on an adjusted basis. Management described retail network expansion to 126 touch points across 58 cities and 19 states, and reiterated a revenue growth target of approximately 35% CAGR over the next few years.
Numbers mentioned
Revenue from operations growth: 30.41% (Q4 FY26)
p. 3
“the revenue from the operations grew at a pace of 30.41% Y-o-Y for Q4”
Aditya Modak, page 3 of the filed PDF · View the filing
Operating profit growth: 54% (Q4 FY26)
p. 3
“our operating profit for Q4 FY '26 has grown by almost 54% with an operating margin of 46%”
Aditya Modak, page 3 of the filed PDF · View the filing
Net profit: INR5.14 crores (Q4 FY26)
p. 3
“Our net profit stood INR5.14 crores in this quarter growing by 25.88% Y-o-Y with a net profit margin of 17.41%”
Aditya Modak, page 3 of the filed PDF · View the filing
Revenue from operations: INR149.40 crores (FY26)
p. 3
“Our revenue from operations for the whole year, when we are talking about the whole year stood at INR149.40 crores, which grew by almost 48% Y-o-Y”
Aditya Modak, page 3 of the filed PDF · View the filing
Operating profit growth: 27% (FY26)
p. 4
“Our operating profit for FY '26 has grown by almost 27% and the operating margins of 42.92% is what we have achieved”
Aditya Modak, page 4 of the filed PDF · View the filing
Liquid balance: INR78 crores (as on date)
p. 4
“we have liquid balance of almost INR78 crores with zero debt on the book”
Aditya Modak, page 4 of the filed PDF · View the filing
Retail touch points: 126 (FY26)
p. 4
“As of FY '26, our retail network expanded to 126 touch points comprising of 38 Exclusive Brand Outlets which were 0 in FY '22, 34 Shop-in-Shop with PNGS grown by almost 17% compared to 29 in FY '22 and 54 SIS formats with Shoppers Shop and other third-party partners compared to 0 in FY '22”
Aditya Modak, page 4 of the filed PDF · View the filing
New store additions: 32 new locations, including 18 in Q4 (FY26)
p. 4
“During FY '26, we expanded our retail footprint by adding 32 new locations, including 18 store additions in Q4 alone”
Aditya Modak, page 4 of the filed PDF · View the filing
Store retention rate: 100% (since inception)
p. 4
“we have maintained 100% store retention rate for EBOs and SISs with PNGS since inception”
Aditya Modak, page 4 of the filed PDF · View the filing
14KT diamond jewellery revenue share: around 35%
p. 13
“14KT diamond jewellery. It is around 35%”
Amit Modak, page 13 of the filed PDF · View the filing
SIS revenue share: 75% to 80%
p. 16
“It is around about 75% to 80% is coming from the SIS”
Amit Modak, page 16 of the filed PDF · View the filing
Silver inventory: around 250 kgs (as on 31st March)
p. 15
“around 250 kgs raw silver, is there in the inventory as on 31st March”
Amit Modak, page 15 of the filed PDF · View the filing
Gold inventory: approximately 7 kg
p. 15
“approximately 7 kg of gold is there in the inventory”
Amit Modak, page 15 of the filed PDF · View the filing
Inventory turnover: around 3x stock turn
p. 15
“Right now, if you see the inventory to turnover, it is almost around 3x stock turn is there”
Amit Modak, page 15 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.
Revenue CAGR — approximately 35% · next few years
stated firmly by Aditya Modak
p. 4
“we continue to maintain our revenue growth guidance shared in previous quarters, targeting a CAGR of approximately 35% over the next few years”
Aditya Modak, page 4 of the filed PDF · View the filing
New store additions — at least 20 new stores · FY27
stated firmly by Aditya Modak
p. 4
“we are targeting additional at least 20 new stores in FY '27, further strengthening our market presence and supporting long-term growth”
Aditya Modak, page 4 of the filed PDF · View the filing
EBO expansion without external funding — at least 25 additional EBOs
stated firmly by Aditya Modak
p. 5
“we have the financial flexibility to expand at least 25 additional EBOs without debt or equity dilution”
Aditya Modak, page 5 of the filed PDF · View the filing
Dependence on SIS with P.N. Gadgil & Sons — around 65% · FY28
stated as an aspiration by Amit Modak
p. 6
“we expect that dependence on the SIS of the P.N. Gadgil & Sons should come down around 65% by FY '28”
Amit Modak, page 6 of the filed PDF · View the filing
FY27 revenue — around INR190 crores · FY27
stated firmly by Amit Modak
p. 6
“that 35% growth for FY '27 from INR149 crores will make around INR190 crores top line”
Amit Modak, page 6 of the filed PDF · View the filing
FY28 revenue — around INR260 crores · FY28
stated conditionally by Amit Modak
p. 6
“So FY '28 is 24 months down the line from today. So, by that time, it should be around INR260 crores”
Amit Modak, page 6 of the filed PDF · View the filing
PAT margin — around 20% · next few days
stated conditionally by Amit Modak
p. 12
“that 20% roundabout PAT margin are likely to be there for the next few days”
Amit Modak, page 12 of the filed PDF · View the filing
EBITDA margin — same range, possibly 100 to 150 basis points higher · FY27 and FY28
stated conditionally by Amit Modak
p. 14
“if earlier stores starts contributing at a higher speed, then that EBITDA margin may be at same level or 100 to 150 basis points higher”
Amit Modak, page 14 of the filed PDF · View the filing
Revenue growth acceleration
stated conditionally by Amit Modak
p. 11
“35% number going up, I'm very much happy to see that, and that will happen if my EBOs or the new added locations, perform better than my expectation”
Amit Modak, page 11 of the filed PDF · View the filing
South market expansion — 4 or 5 locations on stand-alone basis · by next year-end
stated as an aspiration by Amit Modak
p. 17
“by the next year-end, we may be in a position to comment because our at least 4 or 5 locations will be there in the South on the stand-alone basis”
Amit Modak, page 17 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.
Management said market shift from unorganized to organized and SIS SSSG of 30-32% along with new EBOs added during the year would drive growth, with contribution varying by geography and maturity timeline.
Answered by Amit Modak
Asked by Ankit Gupta: How will the 35% growth be driven across EBOs, SIS with PNGS, and Shoppers Stop segments?
p. 5
“there is a market shift is happening from unorganized to organized that is giving the major growth potential”
Amit Modak, page 5 of the filed PDF · View the filing
Management said the split is not fixed and depends on where profitable locations are available, and that FOCO is preferred over third-party franchise.
Answered by Amit Modak
Asked by Ankit Gupta: How many new stores will be in Maharashtra vs outside, and owned vs franchise?
p. 7
“I will not stick to my, what I am right now saying 50%, 50%, it may be 80%, 20% because ultimately, what our aim is to create a top line and bottom line”
Amit Modak, page 7 of the filed PDF · View the filing
Management said EBOs are the main growth focus, split between kiosks and stand-alone shops, with no state-specific pattern.
Answered by Amit Modak
Asked by Taher Hydrabadwala: Where will incremental store growth come from among EBO, SIS, and franchise?
p. 8
“we are more and more concentrating on EBOs”
Amit Modak, page 8 of the filed PDF · View the filing
Management said breakeven takes 15-18 months outside Maharashtra versus 6-9 months within Maharashtra.
Answered by Amit Modak
Asked by Kumar Saurabh: How long do stores outside Maharashtra take to mature or breakeven?
p. 9
“for breakeven point, I can tell you in the month number that it will have breakeven within 15 to 18 months' time”
Amit Modak, page 9 of the filed PDF · View the filing
Management said pricing is adjusted at MRP level with a cushion for price movements, so margins should not be significantly affected.
Answered by Amit Modak
Asked by Kumar Saurabh: What is the impact of a potential correction in gold/silver prices on margins?
p. 11
“we adjust our prices at least INR30,000 to INR40,000 per kg difference is there in the silver price. Then only we adjust our sale price”
Amit Modak, page 11 of the filed PDF · View the filing
Management said better-than-expected performance from new EBOs added recently and during the year could drive growth above 35%.
Answered by Amit Modak
Asked by Dhwanil Desai: What could push growth above the 35% guidance?
p. 11
“that will happen if my EBOs or the new added locations, perform better than my expectation”
Amit Modak, page 11 of the filed PDF · View the filing
Management said SIS and EBO profitability are broadly similar once EBO fixed costs are considered, so margin is unlikely to expand significantly from the mix shift alone.
Answered by Amit Modak
Asked by Shubhanu Dangal: Will margin expand as SIS revenue mix declines from 80% to 60-65%?
p. 13
“more or less, it will be same profitability, even though it will be, whether it will be SIS or it will be EBOs”
Amit Modak, page 13 of the filed PDF · View the filing
Management said expansion accelerates wherever good locations become available, driven by opportunity rather than a change in overall strategy.
Answered by Amit Modak
Asked by Bijal Shah: Why has store expansion pace accelerated compared to earlier guidance of 10-12 stores a year?
p. 13
“Wherever there is opportunity, I'm there”
Amit Modak, page 13 of the filed PDF · View the filing
Management said they are entering South markets on a trial basis with limited data so far, and will be able to comment more definitively after a year.
Answered by Amit Modak
Asked by Kumar Saurabh: Has the company's stance on entering South India changed from previous quarters?
p. 17
“we don't know what results are going to be there out of that. So commenting on that is very difficult right now. It's a very initial stage, and there is no sufficient data to analyze and comment on it”
Amit Modak, page 17 of the filed PDF · View the filing
Risks flagged
Availability of good retail locations is a constraint on expansion
p. 14
“Availability of the good location is a problem in this business. Just availability of shops is not sufficient”
Amit Modak, page 14 of the filed PDF · View the filing
New store additions create short-term drag on profitability until they mature
p. 12
“these new stores are always giving the stress on the financials. Like profitability is lower for the new store, and they are getting combined and contributed with the entire entity”
Amit Modak, page 12 of the filed PDF · View the filing
Government ban on import of ready silver jewellery required sourcing changes
p. 15
“since government has banned the import of ready silver jewellery, we have started establishing more and more local karigars to manufacture the jewellery with fine finishing”
Amit Modak, page 15 of the filed PDF · View the filing
Macroeconomic stress events such as pandemic or war could pressure profitability or cash flows
p. 16
“I experienced the corona. We are experiencing a war situation. So, in such situation, if anything comes as a pressure on the profitability or anything cash flows”
Amit Modak, page 16 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.