PNG Jewellers Q1 business update: Retail segment grows 19.4% YoY, franchise operations up 109%

P.N. Gadgil Jewellers (PNG Jewellers) on Monday, July 7, announced its first quarter business update for the 2025-26 financial year (Q1FY26), reporting a 19.4% year-on-year (YoY) growth in its retail segment compared to Q1FY25.

The steady growth in its retail segment, which represents 70.3% of its total revenue, reflects a cautious consumer environment and stable store-level operations, the Jeweller said in a regulatory filing.

PNG Jeweller’s franchise operations segment, contributing 15.7% to its total revenue, grew 109% in Q1FY26, compared to the year-ago period, bolstered by strong franchisee performance and broader market penetration.

The company’s e-commerce business, representing 3.9% of total revenue, surged 126% YoY during the quarter under review, as against the corresponding quarter last year. This showcases its “successful digital expansion and increasing online customer engagement”.

Its other segments, including B2B and corporate sales, contributed 10.1% to its total revenue of ₹1,713.7 crore in the quarter under review.

Furthermore, the company discontinued the refinery sale on October 1, which had contributed ₹353.5 crore in the first quarter of the 2024-25 financial year. Thus, its total revenue, excluding refinery, stood at ₹1,713.7 crore, soaring 30.4% YoY from ₹1,314 crore in the year-ago period.

The company’s growth was partially driven by festive sales, with PNG recording the highest-ever single-day festive sales worth ₹139.53 crore on Akshaya Tritya, a 35.1% YoY growth from last year, PNG Jewellers said.

It’s same-store sales for the quarter under review grew at 8%, impacted by the absence of the Gudi Padwa festival sale during the quarter, which was a part of PNG’s Q1FY25 sale, thereby affecting its like-for-like comparability, the jewellery maker added.

On an operational level, the company expanded its footprint with the launch of its sub-brand Lifestyle. Furthermore, PNG also launched two new showrooms in Q1FY26, one COCO (company-owned, company-operated) and another FOCO (franchise-owned, company-operated), taking its total store count to 55.

“Key growth markets such as Maharashtra, where we conƟnue to maintain a leadership position, and other regions such as Uttar Pradesh and Madhya Pradesh, which present strong growth potential, will remain central to our expansion strategy. Our focus on these regions aligns with our goal to deepen market presence and drive incremental demand through enhanced accessibility,” PNG Jewellers said.

Shares of PNG Jewellers closed 2.73% higher at ₹611 apiece on the National Stock Exchange (NSE) on Monday.