P N Gadgil Jewellers Limited · NSE:PNGJL
P N Gadgil Jewellers — Q2 FY26 Earnings Presentation
59 slides from P N Gadgil Jewellers's earnings presentation, Nov 12, 2025
Slide 1: Stock exchange cover letter for investor presentation
Date: November 12, 2025 To, To, BSE Limited, National Stock Exchange of India Limited, Phiroze Jeejeebhoy Towers, Exchange Plaza, C-1, Block-G, BKC, Dalal Street, Mumbai – 400001 Bandra (East), Mumbai – 400051 Scrip Code: 544256 Symbol: PNGJL Subject: Investor Presentation Dear Sir/Madam, Pursuant t
Slide 2: P N Gadgil Jewellers Limited Investor Presentation - November 2025
P N Gadgil Jewellers Limited Investor Presentation - November 2025
Slide 3: Disclaimer
Disclaimer This presentation and the accompanying slides (the “Presentation”), which have been prepared by P N Gadgil Jewellers Limited (the “Company”), have been prepared solely for information purposes and do not constitute any offer, recommendation or invitation to purchase or subscribe for any s
Slide 4: Agenda
Agenda 01 02 03 04 05 Company Investment Strategic Q2FY26 Financial Overview Highlights Overview Highlights Overview 3 Investor Presentation – Q2FY26
Slide 5: From 1832 to Today: The Evolution of PNG Jewellers
From 1832 to Today: The Evolution of PNG Jewellers Resilience Shown in Era of Expansion & Rich Legacy Acceleration Phase Covid Phase Recognition 1832 2008-2019 2020-2022 2023-2025 ➢ 1832: Shri Ganesh Narayan Gadgil ➢ 2008: Launched the first ➢ 2020: "MOTHERINDIA", best ad- ➢ 2023: Industry Legend Aw
Slide 6: P N Gadgil Jewellers: Maharashtra's Most Trusted Jewellers
P N Gadgil Jewellers: Maharashtra’s Most Trusted Jewellers Known for embracing consumer One of India’s oldest and most friendly practices like hallmarking and trusted jewellery brands quality standards Caters to diverse occasions, from Family-run business with a weddings to daily wear and legacy of
Slide 7: P N Gadgil Jewellers at a Glance
P N Gadgil Jewellers at a Glance ~193 6th 1,92,548.4 INR Average Revenue per 84,046 Total SKU’s Years of Presence Generations Business Sq Ft for H1 FY26 63 32 617.8 Mn 9% Average Revenue per Approx. Stud Ratio No. of Stores Cities Presence in World Store for H1 FY26 For Q2 FY26 2,02,141 sq ft 90.3 K
Slide 8: Agenda
Agenda 01 02 03 04 05 Company Investment Strategic Q2FY26 Financial Overview Highlights Overview Highlights Overview 7 Investor Presentation – Q2FY26
Slide 9: Brief Overview
Brief Overview P N Gadgil Jewellers is the second largest among the prominent 01 organized jewellery players in Maharashtra, in terms of number of stores Fastest growing jewellery brand amongst the key organized 02 jewellery players in India One-Stop-Shop with wide range of jewellery products includ
Slide 10: Golden Growth: Unlocking the Potential of India's Jewellery Market
Golden Growth: Unlocking the Potential of India's Jewellery Market • Jewellery market contributes 7% to India’s GDP and 15.7% to Share of Organized Jewellery in Retail Market is Rising 2nd 850 Tn India’s total merchandise exports Organised Unorganised Largest gold market in Average gold consumption
Slide 11: Emerging Opportunities and Consumer Preferences in India's Premium Jewellery Market
Emerging Opportunities and Consumer Preferences in India's Premium Jewellery Market Opportunities for growth in India's luxury jewellery sector Factors Driving Preferences For Jewellery Purchases India: A Global Luxury Rising HNI Concentration Post-Pandemic Luxury Bright Spot Fuels Demand Recovery •
Slide 12: Understanding Gold Retail: Insights and Trends
Understanding Gold Retail: Insights and Trends Seasonal and regional factors to drive demand Unique Advantages of Gold Retailing Breakup of gold consumption by jewellery, bars and coins in India (by value) Gold jewellery holds aspirational value in India Marriage Seasons: 34% 38% Gold, whether sold
Slide 13: Shifting Consumer Trends: A Turning Point for the Indian Jewellery Market
Shifting Consumer Trends: A Turning Point for the Indian Jewellery Market Young consumers prefer lightweight jewellery with trendy 01 designs Shift towards “consumption of jewellery” rather than pure 02 “investment” Frequency of purchase by consumers have gone up due to rising 03 disposable income I
Slide 14: Our Focus on Maharashtra - A land of limitless opportunities
Our Focus on Maharashtra - A land of limitless opportunities Maharashtra Is The Preferred Retail Jewellery Market In India Maharashtra leads India in Mumbai has the highest total retail spending, number of BIS-registered gold accounting for around 15% or jewellery stores in India at USD140b in FY23
Slide 15: Maximizing Brand Presence through Strategic Store Placement
Maximizing Brand Presence through Strategic Store Placement Maharashtra Madhya Pradesh Nagpur (Itwari) Akola Jalgaon Nagpur (Abhyankar Nagar) Nashik Nashik - Chatrapati Sambhaji Nagar Sharanpur Road Virar Borivali Shrirampur Beed Bypass Rd (CSN) Chandrapur Vile Parle Indore Goregaon COCO Stores Than
Slide 16: Strategically Selected Store Locations Covering Our Target Consumers
Strategically Selected Store Locations Covering Our Target Consumers Company Stores Location Open Area (sq. ft) Location Open Area (sq. ft) Location Open Area (sq. ft) Laxmi Road (Gold) Feb-58 4,536 Kalyan Sep-15 1,975 Bhandup Oct-24 2,420 Laxmi Road (Silver) Feb-58 1,825 Baramati Jan-16 1,560 Goreg
Slide 17: Strategically Selected Store Locations: Franchise Stores
Strategically Selected Store Locations Covering Our Target Consumers Franchise Stores Location Open Area (sq. ft) Location Open Area (sq. ft) Pimple Saudagar Oct-18 2,660 Chakan Nov-22 1,251 ▪ Laxmi Road is the flagship store of PNG Jewellers ▪ Franchise business model was introduced in 2018 ▪ Total
Slide 18: A Glimpse of Our Current Stores
A Glimpse of Our Current Stores 17 Investor Presentation – Q2FY26
Slide 19: We Dominate Gold Jewellery Segment in our Catchment Markets
We Dominate Gold Jewellery Segment in our Catchment Markets with Growing Momentum in Studded Jewellery Gold Products Diamond Products Silver & Platinum Products Earrings Rings Pendant Earrings Rings Necklace Silver Article Lotus Diya Rakhi Necklace Bracelet Mangalsutra Pendant Mangalsutra Bracelet D
Slide 20: Gold Jewellery Collections Targeting Different Occasions
Gold Jewellery Collections Targeting Different Occasions The Golden Katha of Collections Saptam Swarajya Rings of Love Flip Craftsmanship Retail Stores & Retail Stores & Retail Stores & Retail Stores & Retail Stores & Distributions E-Commerce E-Commerce E-Commerce E-Commerce E-Commerce Collection We
Slide 21: Gold, Diamond & Platinum Jewellery Collections Targeting Different Occasions
Gold, Diamond & Platinum Jewellery Collections Targeting Different Occasions Collections Pratha Yoddha Mangalsutra Antique Eiina PNG Solitaire Retail Stores & Retail Stores & Retail Stores & Retail Stores & Retail Stores & Distributions E-Commerce E-Commerce E-Commerce E-Commerce E-Commerce Collecti
Slide 22: Gold, Diamond & Platinum Jewellery Collections Targeting Different Occasions
Gold, Diamond & Platinum Jewellery Collections Targeting Different Occasions Collections Colors By PNG Fura Polmi Men of Platinum Evergreen Love Retail Stores & Retail Stores & Retail Stores & Retail Stores & Retail Stores & Distributions E-Commerce E-Commerce E-Commerce E-Commerce E-Commerce Collec
Slide 23: Our Brand Ambassadors: Icons of Elegance and Tradition
Our Brand Ambassadors: Icons of Elegance and Tradition Brand Ambassadors Celebrity Endorsements Bhagyashree Limaye Sonalee Kulkarni Shreya Bugade Madhuri Dixit Mukta Barve Swapnil Joshi & Tejaswini Pandit 22 Investor Presentation – Q2FY26
Slide 24: "Customer First" Approach: Offering Top Value-Added Schemes
“Customer First” Approach: Offering Top Value-Added Schemes Future Purchase Plan (FPP) Dajikaka Promise Plan (DPP) Golden Gain Plan (GGP) Suvarna Laxmi Labh Plan (SLLP) Our Future Purchase Plan is The Dajikaka Promise Plan is a The Golden Gain Plan helps The Suvarna Laxmi Labh Plan designed for cust
Slide 25: Streamlined operations with Standardized processes allow us scale new stores
Streamlined operations with Standardized processes allow us scale new stores with quick “time-to-market” Inventory Design Procurement Quality Control Management A constantly evolving design library, Store-Level Procurement Hallmark, finish, polish & PNG Implemented ERP to track end-to- strengthened
Slide 26: Well-Established Brand in Maharashtra
Well-Established Brand in Maharashtra Innovative Designs for Individual Legacy & Heritage Requirements ➢ Strong brand recall and presence in Maharashtra ➢ Regular interactions with team for designes ➢ Leveraged the knowledge and deployed at the Karigars’ understanding of customer preferences to ➢ In
Slide 27: Effective Marketing Strategy with Proven Strong ROI
Effective Marketing Strategy with Proven Strong ROI Advertisement Strategy Branding Strategy Digital Marketing Strategy Location Based Targeting Brand Ambassadors Social Media Presence ➢ Established ‘Parampara Exhibition’ to create brand ➢ Our brand ambassador Madhuri Dixit beautifully ➢ Driving cus
Slide 28: Our Passionate and Experienced Management Team
Our Passionate and Experienced Management Team Dr. Saurabh Gadgil Mr. Kiran Firodiya Mr. Parag Gadgil Mrs. Radhika S Gadgil (Chairman & Managing Director) (Whole Time Director & CFO) (Whole Time Director) (Whole Time Director) • He has been on the Board of our Company since • He has been on the Boar
Slide 29: Our E-commerce Footprint: Present Marketplaces and Future Frontiers
Our E-commerce Footprint: Present Marketplaces and Future Frontiers pngjewellers.com Tata Cliq Amazon Ajio Flipkart Myntra Future Target Channels Click here to explore our website: www.pngjewellers.com 28 Investor Presentation – Q2FY26
Slide 30: Regular Coverage by Top Media Houses in the Country
Regular Coverage by Top Media Houses in the Country Exclusive jewellery brand to bag Great Saptam collection in Loksatta Place to Work award twice Advertisement on Hotstar Advertisement on ZEE 5 29 Investor Presentation – Q2FY26
Slide 31: Regular Coverage by Top Media Houses in the Country
Regular Coverage by Top Media Houses in the Country 30 Investor Presentation – Q2FY26
Slide 32: Recognized with Awards for Retail Growth and Jewellery Excellence
Recognized with Awards for Retail Growth and Jewellery Excellence Key Awards H1 FY26 Rising Star - Chain Store GJC NITE – Preferred Retailers GJC NITE – Preferred Retailers Seasons of Love - 2025 of India - 2025 of India - 2025 Our unwavering commitment to innovation, sustainability, and branding pr
Slide 33: Some of Our Movie Associations
Some of Our Movie Associations 32 Investor Presentation – Q2FY26
Slide 34: Agenda
Agenda 01 02 03 04 05 Company Investment Strategic Q2FY26 Financial Overview Highlights Overview Highlights Overview 33 Investor Presentation – Q2FY26
Slide 35: Scaling New Markets: A Strategic Roadmap for Sustainable Growth
Scaling New Markets: A Strategic Roadmap for Sustainable Growth 1 2 3 Pan India Scaling to Accelerating Digital Expanding our Create a National Expansion & Elevating LiteStyle Segment brand Customer Engagement Personalization, digital tools & design innovation Building on our Trusted Brand & Rich Le
Slide 36: Expanding Horizons with LiteStyle by PNG: Jewellery for the Go-Getters
Expanding Horizons with LiteStyle by PNG: Jewellery for the Go-Getters LiteStyle by PNG Jewellers is created for the modern, ambitious & dynamic generation that's always on the move. Whether conquering boardrooms or networking at social events, this generation needs jewellery that complements their
Slide 37: LiteStyle by PNG – Where Elegance Meets Everyday
LiteStyle by PNG – Where Elegance Meets Everyday EXPAND PAN INDIA PRESENCE BECOME A HOUSEHOLD NAME 1 5 Strengthen offline footprint through Position LiteStyle as the go-to choice exclusive LiteStyle stores, while for modern generations, specifically enhancing digital outreach to capture a working pr
Slide 38: LiteStyle by PNG – Where Elegance Meets Everyday
LiteStyle by PNG – Where Elegance Meets Everyday LiteStyle is a contemporary sub-brand of P N Gadgil Jewellers offering lightweight gold and diamond jewellery tailored for modern, style-conscious professionals, particularly in the 25–35 age group. It combines effortless elegance with everyday practi
Slide 39: Agenda
Agenda 01 02 03 04 05 Company Investment Strategic Q2FY26 Financial Overview Highlights Overview Highlights Overview 38 Investor Presentation – Q2FY26
Slide 40: Financial Performance in Q2 & H1 FY26
Financial Performance in Q2 & H1 FY26 Y-o-Y Y-o-Y Change Q2 FY26 H1 FY26 Change Revenue Revenue 8.8 % 6.1% INR 21,776.2 Mn INR 38,921.8 Mn EBITDA EBITDA 117.0% 101.3% INR 1,429.4 Mn INR 2,659.8 Mn +330 EBITDA Margins EBITDA Margins +310 Bps 6.6 % 6.7 % Bps PAT PAT 127.1 % 111.6% INR 793.1 Mn INR 1,4
Slide 41: Performance Highlights Across Key Metrics – Q2 & H1 FY26
Performance Highlights Across Key Metrics – Q2 & H1 FY26 For Q2 FY26, Revenue excluding the refinery segment delivered a Y-o-Y growth Store Count (Y-o-Y) Store Count (Q-o-Q) of 31.4% +24 +8 Particulars (INR Mn) Q2 FY26 Q2 FY25 Y-o-Y Revenue Excl. Refinery 21,776 16,578 31.4% 16 16 Refinery 3,435 13
Slide 42: Performance Highlights Across Key Metrics – Q2 FY26
Performance Highlights Across Key Metrics – Q2 FY26 Revenue (INR Mn) Gross Profit (INR Mn) EBITDA (INR Mn) PAT (INR Mn) 8.8% 91.1% 117.0% 127.1% 21,776.2 2,581.1 1,429.4 793.1 1,350.9 20,013.1 658.8 349.2 Q2FY25 Q2FY26 Q2FY25 Q2FY26 Q2FY25 Q2FY26 Q2FY25 Q2FY26 Segmental Performance Retail (INR Mn) E
Slide 43: Performance Highlights Across Key Metrics – H1 FY26
Performance Highlights Across Key Metrics – H1 FY26 Revenue (INR Mn) Gross Profit (INR Mn) EBITDA (INR Mn) PAT (INR Mn) 6.1% 76.9% 101.3% 111.6% 2,659.8 38,921.8 4,839.8 1,486.5 2,736.5 1,321.4 36,694.9 702.4 H1FY25 H1FY26 H1FY25 H1FY26 H1FY25 H1FY26 H1FY25 H1FY26 Segmental Performance Retail (INR M
Slide 44: Consolidated Income Statement
Consolidated Income Statement Particulars (INR Mn) Q2 FY26 Q2 FY25 Y-o-Y Q1 FY26 Q-o-Q H1 FY26 H1 FY25 Y-o-Y Revenue from Operations 21,776.2 20,013.1 8.8% 17,145.6 27.0% 38,921.8 36,694.9 6.1% Other Income 358.1 118.0 128.8 486.9 131.9 Total Income 22,134.3 20,131.1 10.0% 17,274.5 28.1% 39,408.7 36
Slide 45: Standalone Income Statement
Standalone Income Statement Particulars (INR Mn) Q2 FY26 Q2 FY25 Y-o-Y Q1 FY26 Q-o-Q H1 FY26 H1 FY25 Y-o-Y Revenue from Operations 21,543.6 20,015.3 7.6% 17,024.2 26.5% 38,567.8 36,494.6 5.7% Other Income 357.4 54.4 128.4 485.7 72.8 Total Income 21,900.9 20,069.7 9.1% 17,152.6 27.7% 39,053.5 36,567.
Slide 46: Consolidated Balance Sheet
Consolidated Balance Sheet Assets (INR Mn) Sep-25 Mar-25 Equity & Liabilities (INR Mn) Sep-25 Mar-25 Non-current assets Shareholders Fund Property, plant and equipment 2,018.2 1,871.0 (a) Equity share capital 1,357.1 1,357.1 (b) Other equity 15,652.6 14,182.3 Capital work‐in‐progress 35.2 35.2 (b) N
Slide 47: Standalone Balance Sheet
Standalone Balance Sheet Assets (INR Mn) Sep-25 Mar-25 Equity & Liabilities (INR Mn) Sep-25 Mar-25 Non-current assets Shareholders Fund Property, plant and equipment 1,963.4 1,812.6 (a) Equity share capital 1,357.1 1,357.1 Capital work‐in‐progress 35.2 35.2 (b) Other equity 15,804.7 14,328.8 Right t
Slide 48: Consolidated Cashflow Statement
Consolidated Cashflow Statement Particulars (INR Mn) Sep-25 Mar-25 Cash Flow from Operating Activities Profit before Tax 2,018.8 935.4 Adjustment for Non-Operating Items 420.7 370.9 Operating Profit before Working Capital Changes 2,439.5 1,306.3 Changes in Working Capital -3,101.9 -3,800.5 Cash Gene
Slide 49: Standalone Cashflow Statement
Standalone Cashflow Statement Particulars (INR Mn) Sep-25 Mar-25 Cash Flow from Operating Activities Profit before Tax 2,009.6 903.9 Adjustment for Non-Operating Items 421.4 344.7 Operating Profit before Working Capital Changes 2,431.0 1,248.6 Changes in Working Capital -3,045.9 -3,782.0 Cash Genera
Slide 50: Q2 FY26: Growing our Store Network with 8 New Stores
Q2 FY26: Growing our Store Network with 8 New Stores, Extending into New Markets 49 Investor Presentation – Q2FY26
Slide 51: Agenda
Agenda 01 02 03 04 05 Company Investment Strategic Q2FY26 Financial Overview Highlights Overview Highlights Overview 50 Investor Presentation – Q2FY26
Slide 52: Financial & Operational Snapshot
Financial & Operational Snapshot Consistent growth in revenues with operational efficiencies leading to increase in EBITDA and PAT Revenue (INR Mn) EBITDA (INR Mn) and EBITDA Margin (%) PAT (INR Mn) and PAT Margin (%) 76,934.7 3,709.6 2,182.7 61,120.2 2,785.0 2,659.8 1,551.5 1,486.5 45,072.6 38,921.
Slide 53: Consolidated Income Statement
Consolidated Income Statement Particulars (INR Mn) FY24 FY25 H1 FY26 Revenue from Operations 61,120.2 76,934.7 38,921.8 Other Income 71.9 351.2 486.9 Total Income 61,192.1 77,285.9 39,408.7 Total Raw Material 55,972.1 69,898.4 34,082.1 Gross Profit 5,148.1 7,036.3 4,839.8 Gross Profit Margin (%) 8.4
Slide 54: Standalone Income Statement
Standalone Income Statement Particulars (INR Mn) FY24 FY25 H1 FY26 Revenue from Operations 60,320.0 76,305.5 38,567.8 Other Income 57.0 298.4 485.7 Total Income 60,377.0 76,603.9 39,053.5 Total Raw Material 55,335.6 69,442.1 33,834.4 Gross Profit 4,984.4 6,863.4 4,733.4 Gross Profit Margin (%) 8.3%
Slide 55: Consolidated Balance Sheet
Consolidated Balance Sheet Assets (INR Mn) Mar-24 Mar-25 Sep-25 Equity & Liabilities (INR Mn) Mar-24 Mar-25 Sep-25 Non-current assets Shareholders Funds Property, plant and equipment 1,502.0 1,871.0 2,018.2 (a) Equity share capital 1,180.0 1,357.1 1,357.1 Capital work‐in‐progress 35.2 35.2 35.2 (b)
Slide 56: Standalone Balance Sheet
Standalone Balance Sheet ASSETS (INR Mn) Mar-24 Mar-25 Sep-25 EQUITY AND LIABILITIES ( (INR Mn) Mar-24 Mar-25 Sep-25 Non-current assets Shareholders Funds Property, plant and equipment 1,457.2 1,812.6 1,963.4 (a) Equity share capital 1,180.0 1,357.1 1,357.1 Capital work‐in‐progress 35.2 35.2 35.2 (b
Slide 57: Consolidated Cashflow Statement
Consolidated Cashflow Statement Particulars (INR Mn) Mar-24 Mar-25 Sep-25 Cash Flow from Operating Activities Profit before Tax 2,094.4 2,931.1 2,018.8 Adjustment for Non-Operating Items 855.2 676.3 420.7 Operating Profit before Working Capital Changes 2,949.6 3,607.3 2,439.5 Changes in Working Capi
Slide 58: Standalone Cashflow Statement
Standalone Cashflow Statement Particulars (INR Mn) Mar-24 Mar-25 Sep-25 Cash Flow from Operating Activities Profit before Tax 2,084.3 2,895.3 2,009.6 Adjustment for Non-Operating Items 649.1 576.5 421.4 Operating Profit before Working Capital Changes 2,733.4 3,471.7 2,431.0 Changes in Working Capita
Slide 59: Thank You
Company : Thank P N Gadgil Jewellers Limited CIN: L36912PN2013PLC149288 Email ID: secretarial@pngadgil.com Tel: +91 020 4478474 Website: www.pngjewellers.com Y U Investor Relations Partner : X-B4 Advisory LLP Rasika Sawant / Gautam Kothari Tel: +91 95944 57518 / +91 79776 16640 Email ID: rasika@x-b4