The share of studded jewellery increased by 41.6% YoY in Q1 FY26, taking the stud ratio to 10% of retail sales
Pune: Declaring its business results for the quarter ended June 30, 2025, PN Gadgil Jewellers Ltd has reported 19.4% revenue growth in its retail segment in Q1 FY26, as compared to Q1 FY25. The retail segment represents 70.3% of total revenue, and the results reflect a cautious consumer environment and stable store-level operations, according to the jeweller.
In the non-retail segments, e-commerce saw an increase of 126% compared to the same quarter in the previous financial year. This segment contributed 3.9% to total revenue, reflecting the company’s digital expansion and increasing online customer engagement.
The Franchisee Operations segment surged by 109%, compared to the same quarter in the previous financial year, accounting for 15.7% of total revenue, driven by strong franchisee performance and broader market penetration.
Other non-retail segments, excluding refinery, contributed 10.1% of total revenue in Q1 FY26. These consist of B2B and corporate sales.
During the quarter under review, revenue excluding the refinery segment delivered a YoY growth of 30.4%.
Festive sales remain a key driver of growth for the company. “This year, we achieved our highest ever single-day festive sales on Akshaya Tritiya, amounting to Rs 1,395.3 million(Rs 139.53 crore), with a remarkable 35.1% increase over last year,” the brand said in its regulatory filing.
The share of studded jewellery increased by 41.6% YoY in Q1 FY26, taking the stud ratio to 10% of retail sales. This uptick highlights the growing popularity of stud-based Jewellery, aligning with evolving consumer preferences. The Same Store Sales Growth for the quarter ended Q1 FY26 stood at 8%, primarily impacted by the absence of the Gudi Padwa festival during the quarter. The festival, which was part of Q1 in FY25 last year, was preponed in Q4 FY25 this year, thereby affecting Like-for-like comparability.
“In the recently concluded quarter, we expanded our footprint with the launch of our dedicated sub-brand Litestyle, aimed at meeting the growing demand for stylish and lightweight jewellery. Additionally, we launched two new showrooms during the quarter-one company-owned company-operated (COCO) and one franchise owned company operated (FOCO) – taking our total store count to 55,” the brand reported in its filing.
About the outlook for FY26, the company said the focus will remain on accelerating its store rollout plan, with 7 to 9 new launches – a mix of COCO and FOCO outlets- scheduled for Q2 FY26. The broader target is opening 20-25 new stores during the fiscal year.
The company identified its key growth markets as Maharashtra, Uttar Pradesh and Madhya Pradesh, which present strong growth potential.
Established in 1832, P N Gadgil operates 55 retail stores – 54 across Maharashtra and Goa, and 1 in theUnited States, comprising 42 company-owned outlets (COCO) and 13 franchise outlets (FOCO).
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