1. At a Glance
Founded in 1832 and IPO-ed in 2023, PNG Jewellers is a heritage jewellery brand turned national expansion machine. With ₹7,693 Cr in FY25 sales and 52% profit CAGR in 5 years, it’s not your average shaadi-season darling—it’s trying to go Titan-mode… but with 4% margins.
2. Introduction with Hook
Imagine if your great-great-grandfather opened a jewellery store in 1832—and 190 years later, it’s listed, making ₹218 Cr in annual profits… but still doesn’t pay a single rupee in dividends.
P N Gadgil isn’t just a brand—it’s a Marathi emotion. But can this legacy handle the pressure of modern-day public markets, store expansions, QIPs, and aggressive competition from Titan, Senco, and your local showroom that sells “22K + GST free” on Instagram?
- FY25 Net Profit: ₹218 Cr
- ROE: 20.9%
- Dividend: ₹0.00 (because… diamond hands?)
3. Business Model (WTF Do They Even Do?)
PNG is in the retail jewellery business—gold, silver, diamonds, and temple-style nostalgia—across 50 showrooms in 23 cities and 3 states.
Revenue Segments:
- 85%: Gold jewellery (high volumes, low margins)
- 10%: Diamond and designer jewellery (low volumes, better margins)
- 5%: Silver items, puja products, and other assorted “maa ke liye kuch bhi” gifting SKUs
They’ve introduced branded collections, lightweight jewellery, and even “daily wear” gold (aka guilt-free purchases
