P N Gadgil Jewellers reported a mixed performance for the March quarter, with revenue and net profit registering strong year-on-year growth while operating margins declined sharply.
The company benefited from higher demand across gold and silver categories during the quarter, supported by strong value growth and increased sales volumes.
The company reported consolidated revenue of ₹3,544.3 crore for the March quarter, marking a 123.2% increase compared with the corresponding period last year.
Growth in the topline was supported by strong demand across jewellery categories and higher value realisations during the period.
Earnings before interest, tax, depreciation and amortisation (EBITDA) rose 52.5% year-on-year to ₹166.3 crore.
Despite the increase in operating earnings, EBITDA margins declined by 217 basis points to 4.7%. The contraction in margins indicates pressure on operating profitability despite significant growth in sales.
Net profit for the quarter increased 45.6% year-on-year to ₹90.3 crore.
While profitability improved on an absolute basis, the pace of profit growth remained lower than revenue growth due to weaker operating margins during the quarter.
The gold jewellery category recorded 120% growth in value terms and 27% growth in volume during the quarter.
Meanwhile, the silver category posted 246% growth in value and 37% growth in volume, reflecting increased consumer demand and favourable pricing trends.
Shares of P N Gadgil Jewellersdeclined sharply following the quarterly earnings announcement. The stock was trading at ₹573.90 on May 15, down ₹63.75 or 10.00% from the previous closing price of ₹637.65.
Read More: New Import Duties Could Drive Demand for Dubai Gold, Says GTRI.
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P N Gadgil Jewellers reported strong growth in revenue and net profit during the March quarter, supported by robust demand across gold and silver categories. However, the sharp decline in operating margins appeared to influence investor sentiment, resulting in weakness in the company’s share price after the results announcement.
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Published on: May 15, 2026, 11:38 AM IST
Neha Dubey
Neha Dubey is a Content Analyst with 3 years of experience in financial journalism, having written for a leading newswire agency and multiple newspapers. At Angel One, she creates daily content on finance and the economy. Neha holds a degree in Economics and a Master’s in Journalism.
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