P N Gadgil Jewellers Q2 FY26 Earnings Results: PAT Surges 127% YoY

P N Gadgil Jewellers Limited announced its consolidated unaudited financial results for the quarter and half year ended September 30, 2025. The Maharashtra based jewellery retail chain demonstrated exceptional profitability growth driven by robust festive season demand, successful store expansion post IPO and strong same store sales growth across its network spanning Maharashtra and USA operations.

P N Gadgil Jewellers Q2 FY26 Earnings Results

For the quarter ended September 30, 2025, P N Gadgil Jewellers achieved consolidated revenue from operations of ₹2,177.62 crore, registering growth of 9% YoY and 27% QoQ. Total income stood at ₹2,213.43 crore, up 10% YoY and 28% QoQ compared to respective periods.

Profit before tax reached ₹109.15 crore, marking exceptional expansion of 138% YoY and 18% QoQ. Profit after tax stood at ₹79.31 crore, demonstrating outstanding growth of 127% YoY and 14% QoQ. Basic and diluted earnings per share were ₹5.84 for the quarter compared to ₹2.57 in Q2 FY25.

P N Gadgil Jewellers Half Year FY26 Results

For the half year ended September 30, 2025, consolidated revenue from operations reached ₹3,892.18 crore, up 6% from ₹3,669.49 crore in H1 FY25. Total income totalled ₹3,940.87 crore, reflecting 7% growth year on year.

Half year PBT stood at ₹201.88 crore, surging 116% from ₹93.54 crore in the previous year. PAT came to ₹148.65 crore, up 112% from ₹70.24 crore in H1 FY25. Earnings per share for the half year were ₹10.95, up 111% YoY.

Read More: Kalyan Jewellers Q2 FY26 Earnings Results: PAT Up 70% in H1FY26!

Store Network Expansion Post IPO

The company successfully utilised its IPO proceeds of ₹850 crore raised in September 2024 towards funding expenditure for setting up 12 new stores in Maharashtra. The entire allocation of ₹392.57 crore for new store expansion has been fully utilised as of September 30, 2025.

Additionally, ₹300 crore allocated for repayment of borrowings has been fully utilised, while ₹107.20 crore designated for general corporate purposes has been deployed. IPO expenses of ₹50.23 crore have been adjusted against securities premium, with ₹14.68 crore remaining unutilised as at the reporting date.

Working Capital and Inventory Management

Inventories surged to ₹2,883.95 crore as of September 30, 2025, from ₹2,020.88 crore as at March 31, 2025, reflecting strategic stock build up for festive and wedding season demand. Trade receivables stood at ₹191.68 crore while cash and bank balances improved significantly to ₹701.65 crore from ₹528.69 crore at year end.

Debt Position and Capital Structure

Current borrowings stood at ₹1,146.63 crore while non current borrowings declined to ₹10.54 crore as of September 30, 2025. Total equity strengthened to ₹1,700.96 crore from ₹1,553.94 crore at March 31, 2025. The company maintains a well capitalised balance sheet with total assets of ₹4,341.34 crore.

Subsidiary Operations

The consolidated results include subsidiaries Gadgil Diamonds Private Limited in India and PNG Jewelers Inc in the USA. The group operates in a single reportable segment of jewellery business, focusing on gold, diamond and precious stone jewellery across retail formats.

Operational Expenses

Cost of materials consumed for Q2 FY26 was ₹1,919.52 crore compared to ₹1,866.22 crore in Q2 FY25. Employee benefits expense stood at ₹40.87 crore while finance costs were ₹19.84 crore. Other expenses totalled ₹110.11 crore, reflecting costs associated with expanded store network and business operations.

P N Gadgil Jewellers Share Price Performance

On November 12, 2025, P N Gadgil Jewellers share price opened at ₹674.40 on NSE, above the previous close of ₹664.70. During the day, it surged to ₹688.20 and dipped to ₹658.00. The stock closed at ₹671.00 by the end of the day. The stock registered a moderate gain of 0.95%.

Over the past week, it has moved up by 3.88%, over the past month, it has moved up by 1.38%, and over the past 3 months, it has moved up by 15.56%.

Conclusion

P N Gadgil Jewellers demonstrated exceptional consolidated performance in Q2 and H1 FY26 with PAT growing 127% YoY and revenue expanding 9% YoY, powered by successful IPO fund deployment towards store expansion, robust festive season demand, strong same store sales growth and operational leverage benefits from enlarged retail footprint across Maharashtra.

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