This jewellery stock rallies over 7% as Akshaya Tritiya gold sales hit 122 kg. Is it in your portfolio?
P N Gadgil Jewellers share price today: P N Gadgil Jewellers share price soared 7.2% in intraday trade on Monday, May 5, reaching ₹ 536 apiece after the company reported its highest-ever festive sales on the auspicious occasion of Akshaya Tritiya.
Indian households continued to accumulate jewellery during Akshaya Tritiya despite the unprecedented rise in the yellow metal in 2025, which pushed gold prices past ₹ 1 lakh per 10 grams of 24-karat gold.
The company, in an exchange filing on Saturday, informed investors that it recorded its highest-ever single-day festive sales of ₹ 139.53 crore on Akshaya Tritiya, reflecting a growth of approximately 35% over the previous year's revenue of ₹ 103.26 crore.
In value terms, the gold segment revenue grew by 34% year-over-year, while diamond and silver revenues rose by 23% and 114%, respectively. From a volume perspective, the company said its gold sales jumped by 1.46%, reaching 122 kg compared to 120.24 kg in the previous year. Diamond and silver volumes surged by 31% and 90%, respectively.
Gold prices increased by nearly 31%, which led to a moderation in volume growth. However, overall volume remains higher than the same period last year.
According to the Confederation of All India Traders (CAIT), overall gold and silver sales during Akshaya Tritiya 2025 stood at ₹ 16,000 crore, with gold jewellery-related items alone contributing around ₹ 12,000 crore.
Gold holds a central place in Indian culture—as a store of value, a symbol of wealth and status, and a key component in religious and social rituals.
In the international market, gold prices crossed $3,500 per troy ounce for the first time in April and have gained nearly $700 in under four months of 2025. In the Delhi retail market, prices hit a historic high of ₹ 1 lakh per 10 grams on April 22.
The stellar rally in gold prices was largely driven by continuous buying from global central banks, as they sought to shift their forex reserves away from the US dollar.
Retail buying and strong investment demand also contributed to gold's biggest record-breaking rally in recent history. Prices have corrected slightly in recent sessions due to easing global trade tensions, as China and the U.S. are currently engaged in trade negotiations.
P N Gadgil Jewellers' share price debuted on Dalal Street in September 2024, listing at ₹ 830 apiece compared to the IPO price of ₹ 480. However, the stock couldn't maintain its stellar run in the following months, impacted by a sharp correction in the broader market.
At current levels, the stock is trading 9.4% above its IPO price but is down 36.6% from its all-time high of ₹ 829, reached in December.
In the December quarter (Q3FY25), P N Gadgil Jewellers reported a 23.5% year-on-year (YoY) jump in consolidated revenue to ₹ 2,407 crore. Its EBITDA improved by 37.2% YoY to ₹ 120 crore, while margins expanded by 50 basis points to 5.3%. On the bottom line, net profit surged by 49.4% to ₹ 85 crore.
Disclaimer: The views and recommendations given in this article are those of individual analysts. These do not represent the views of Mint. We advise investors to check with certified experts before taking any investment decisions.
First Published: 5 May 2025, 12:34 PM IST
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