PN Gadgil Jewellers (PNGJL), the heritage jewellery brand from Maharashtra, posted a good Q4 FY25 update, and the stock rose 4% on 8 April 2025. Shares of PN Gadgil touched an intraday high of INR 528.65 on BSE and closed at INR 523.75, up 0.53% and outperformed the broader market.
PN Gadgil Q4 Revenue up 5.1% YoY, Full Year Growth 25.9%
While the 5.1% YoY Q4FY25 consolidated revenue growth may not look impressive, dig deeper and you will find a good growth story. Full year revenue grew 25.9%, and that’s because of the company’s agile strategy, efficient execution and brand loyalty.
The key driver? 50% YoY growth in retail business, which now accounts for 81.5% of the total sales. This was driven by strong festive demand, especially around Gudi Padwa, when PNGJL achieved an all-time high single-day sale of INR 123.5 crore – up 40.4% YoY.
E-commerce and Franchise Growth
E-commerce and franchise channels were the growth drivers for PN Gadgil Q4 FY25 revenues. E-commerce revenue grew 243.8% YoY and now contributes 5.7% to the total revenue. This is a remarkable growth and shows that PNGJL’s digital transformation and targeted marketing efforts are paying off.
Franchise business also grew 37.2% YoY and now contributes 11.7% to the total revenue. The growth in franchise business is asset-light and signals increased market reach with minimal capital intensity.
The company has phased out its low-margin wholesale business – a strategic move to improve profitability. The shift towards high-value products was also evident with 30.8% YoY growth in the stud ratio to 7.4%, in line with the evolving consumer preferences and improving margins.
Key Highlight in PN Gadgil Q4 FY25 Results – Network Expansion
In the quarter, PNGJL added 5 new stores – 4 COCO and 1 FOCO – taking the total to 53 stores, including 1 in the USA. Renovation of its flagship Laxmi Road store in Pune and the launch of the new corporate office in Mumbai show the company’s commitment to infrastructure development.
Going ahead, the company plans to open 20-25 new stores in FY26 with a focus on Uttar Pradesh and other underpenetrated markets. This geographic diversification will further de-risk the revenue streams and tap into the growing demand in Tier 2 and Tier 3 cities.
PN Gadgil Post-IPO Performance
PN Gadgil made its stock market debut on 17 September 2024, with its IPO listing at a premium of 65.27%. Despite the ongoing market correction, the stock has been performing well.
The good PN Gadgil Q4 FY25 update has brought the company back in investor focus, and the market cap has moved to around INR 6,985 crore. Although it has corrected from its 52-week high of INR 848, the stock is gaining traction as a long-term play.
In February 2025, Motilal Oswal has projected a target price of INR 950 per share, which is a 75% upside in this multibagger stock. Their bullish view is based on PNGJL’s multi-channel approach, brand legacy, operational resilience and seasonal tailwinds.
PN Gadgil FY26 Outlook
The outlook for FY26 appears promising, supported by the Akshaya Tritiya and wedding season, traditionally high-demand periods for jewellery. Management expects continued resilience in consumer demand, rising disposable incomes, and a steady shift toward studded jewellery and diamond alternatives.
Same-store sales growth (SSSG) of 26.3% further highlights strong execution and internal efficiencies, marking PNGJL as a standout performer among peers in the competitive jewellery space.
Conclusion
PN Gadgil Q4 results clearly underscore the brand’s successful evolution from a legacy jeweller to a modern retail force. With strong revenue diversification, a high-margin product mix, and expanding digital and physical footprints, the company is well-positioned to sustain its upward momentum.
For investors, PNGJL offers a rare blend of tradition and transformation — a heritage gem steadily polishing its future through innovation and strategic execution.
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