01 — At a Glance
192 Years Old, Ranbir Kapoor as Brand Ambassador, and PAT Just Doubled
- 52-Week High / Low₹701 / ₹474
- Q3 FY26 Revenue₹3,303 Cr
- Q3 FY26 PAT₹171 Cr
- Q3 FY26 EPS (₹)₹12.59
- Annualised EPS (Avg Q1–Q3 × 4)₹31.39
- Book Value₹125
- Price to Book4.07x
- Dividend Yield0.00%
- Debt / Equity0.76x
- 6-Month Return-14.6%
The Quick Verdict: PNG Jewellers just delivered ₹3,303 crore in Q3 FY26 — up 35.6% YoY — while PAT nearly doubled to ₹171 crore. October alone was ₹1,800 crore, the highest ever monthly number in the company’s 192-year history. The stock, however, has returned -17.8% in the last 3 months. Markets are essentially saying: nice quarter, very nice actually, but we’re busy panic-selling anyway. At ₹510, the stock trades at 18x its current P/E — against the industry median of 21.6x. The math is just sitting there, quietly polishing itself.
02 — Introduction
A Jewellery Store That’s Been Open Since Before the British Had Railways in India
Let’s start with the absurdity: P N Gadgil Jewellers was founded in 1832. That’s not just before independence — that’s before the telegraph, before the Suez Canal, and before anyone had figured out that maybe selling snake oil to sick people was a bad business model. PNG has been selling gold and diamonds since before half the countries in this article even existed as modern nation-states.
Today, PNG is Maharashtra’s second-largest organised jeweller, with 68 stores across 3 states and 23 cities as of February 28, 2026. They have Ranbir Kapoor and Sara Tendulkar as brand ambassadors — because apparently 192 years of credibility needs a Bollywood face. We don’t make the marketing strategy, we just report on it.
The company went public in September 2024, raised ₹850 crore via IPO, used the money to expand aggressively, and immediately delivered back-to-back quarters of explosive growth. Q3 FY26 revenue of ₹3,303 crore is up 35.6% YoY. PAT is up 101.55%. EBITDA up 109%. This is what “gold price tailwind plus distribution expansion” looks like when executed competently. It’s loud, it’s golden, and it’s happening in Maharashtra — where every wedding is essentially a bulk order.
Concall Note (Feb 2026): Management flagged that October 2025 clocked ₹1,800 crore in monthly sales — the highest ever. Diwali weekend alone did ₹606 crore. Conversion rate: 94%. Average transaction value: ₹1,03,065. This is not a retail store. This is a mint with chandeliers.
03 — Business Model: WTF Do They Even Do?
They Sell Gold. To People Who Will Never Sell It. Forever.
The business is disarmingly simple: buy base metal (gold, silver, diamonds), transform it into jewellery with enough craftsmanship to justify a 20–25% making charge premium, then sell it to Indian families who consider jewellery an investment, a dowry, a status symbol, and a fashion statement simultaneously. It’s like selling a product that is simultaneously real estate, insurance, and FMCG. Only in India.
Revenue breaks down into retail (76.8% of 9M FY26 revenue), franchisee sales, and a fast-growing e-commerce channel (₹377 crore in 9M FY26, up 125.8% YoY). The e-comm story is interesting — management explicitly says it’s a net margin business and acts as an omni-channel funnel: “people browse online but buy offline.” Smart. Use the internet as a showroom, then close the deal in a shop where there’s chai and a velvet-lined tray.
The product mix is shifting importantly toward studded jewellery (diamonds, polki, kundan) — now at 8.4% of Q3 revenue and climbing. Studded carries higher margins than plain gold. Higher studded mix = higher margin = management’s favourite sentence in every concall. They’ve also launched LiteStyle — a separate lightweight jewellery brand with lower price points, designed to capture younger self-purchase buyers who are not planning a wedding but still want to be sparkly.
Retail Sales (9M)76.8%of total revenue
E-Commerce (9M)+125.8%YoY growth
Studded Mix8.4%Q3 FY26
Store Count68as of Feb 28, 2026
Hedging Note: PNG is 100% hedged on gold. Their income is primarily from making charges, not from gold price appreciation. When analysts ask about margin from gold price gains, management’s reply is essentially: “No, we are fully hedged. So there is no effect of the price increase on that.” Which means all that PAT growth is actually real business performance. Strangely refreshing.
💬 Drop a comment: Do you buy jewellery from branded stores like PNG, or still trust that one local jeweller your mother has been visiting for 30 years? Who actually has better quality — science or sentiment?
04 — Financials Overview
Q3 FY26: The Numbers That Made Analysts Sit Up Straight
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