P N Gadgil Jewellers Q1 FY26 Update: Retail segment grows 19.4% YoY, festive sales set new record
Among the non-retail segments, e-commerce stood out with a strong jump of 126% year-on-year. Though it still accounts for a modest 3.9% of overall revenue, the increase highlights the company's growing digital presence. Franchise operations also performed well, rising 109% from the year-ago period and contributing just under 16% to total revenue. Other segments, which include B2B and corporate sales, made up a little over 10% of the revenue this quarter. It's worth noting that the refinery segment, which had generated ₹3,535 million in Q1 FY25, has been discontinued since October 2024, impacting the year-on-year comparison of total revenue.
When excluding refinery figures, the company's revenue grew by 30.4% year-on-year, climbing from ₹13,140 million in Q1 FY25 to ₹17,137 million in Q1 FY26. This gives a more accurate picture of ongoing business performance.
The Akshaya Tritiya festival proved to be a significant driver during the quarter, bringing in the company's highest-ever single-day festive sales of ₹1,395.3 million—up more than 35% from the previous year.
In terms of product trends, studded jewellery has been gaining ground. Its share within retail sales increased to 10%, with a notable 41.6% year-on-year rise. However, overall same-store sales growth was a bit muted at 8%. This was mainly due to a calendar shift—Gudi Padwa, a festival that had supported Q1 sales in the previous year, fell in the previous quarter this year, affecting comparability.
The company also continued to expand its retail footprint. It launched a new sub-brand, Litestyle, aimed at catering to the growing demand for lightweight, fashion-forward jewellery. Two new stores were added during the quarter—one company-owned and one franchise-operated—bringing the total count to 55.
Looking ahead, P N Gadgil Jewellers plans to push forward with its store expansion, targeting 7 to 9 new store openings in the next quarter. The broader aim for the year is to add between 20 and 25 new outlets, focusing particularly on Maharashtra, Uttar Pradesh, and Madhya Pradesh—regions seen as key to future growth.
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Aman Shukla is a post-graduate in mass communication . A media enthusiast who has a strong hold on communication ,content writing and copy writing. Aman is currently working as journalist at BusinessUpturn.com
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