PNG Jewellers Q3 Business Updates: Retail revenue soars 46%, Diwali sales up 74% YoY

Shares of P N Gadgil Jewellers (PNG Jewellers) were trading in the negative territory on Thursday, January 8, after reporting its business update for the third quarter of the 2025-26 (Q3FY26).

In a regulatory filing, the jewellery maker posted a 35.61% year-on-year (YoY) increase in its total consolidated revenue to ₹3,302 crore during the quarter under review, compared to ₹2,435 crore logged in the December quarter of the 2024-25 fiscal year (Q3FY25).

Its total revenue, excluding other segments, stood at ₹3,169 crore for the third quarter of FY26, marking a 45.63% annual jump from ₹2,176 crore it logged in the corresponding quarter of the previous fiscal year.

In Q3 of FY26, its retail segment revenue witnessed a sharp 46% YoY growth in comparison to the year-ago period, driven primarily by strong festive and wedding season demand. Its retail revenue accounted for 83.2% of the total revenue.

The company’s e-commerce segment clocked a 138% annual growth during the December quarter of the current fiscal year, contributing 5.1% to total revenue.

The PNG Jewellers franchisee operations segment recorded a 12% YoY increase and accounted for 7.7% of the total revenue, it added.

The firm’s revenue from other segments, primarily comprising B2B bullion sales from the Head Office and corporate segment, declined 48.65% YoY to ₹133 crore for the third quarter of FY26, as against ₹259 crore in Q3FY25. It accounted for 4% of total revenue in the reporting period.

“The studded jewellery contribution for the 9M FY26 increased by 52% YoY, taking the stud ratio to 8.4 %. Further, the Same-store sales growth (SSSG) for the quarter stood at 32%,” it noted.

Festive sales

PNG Jewellers saw its “highest-ever” monthly revenue in October 2025 at ₹1,807 crore, reflecting a 72% annual surge.

While its Dussehra sales soared 64% YoY to ₹190 crore, it registered the highest-ever single-day festive sale in Dhanteras, with revenue at ₹277 crore.

Consequently, the company’s total Diwali sales aggregated to ₹606 crore, registering a robust 74% YoY growth.

Store count

In the reporting quarter, PNG Jewellers launched three exclusive company-owned outlets. Thus, the total store count stood at 66 as of December 31, 2025, the filing stated.

FY26 outlook

On the expansion front, the jewellery maker plans to continue to focus on accelerating its store rollout plan, with 12-14 new openings planned for the fourth quarter of FY26.

The store openings planned for Q4 comprise a mix of company-owned (COCO) and franchisee-operated (FOCO) outlets.

These additions, PNG Jewellers says, will enable them to achieve their target of 78-80 stores by the end of the fiscal year.

Stock performance

Shares of PNG Jewellers opened in green, but later slumped as much as 3.56% to an intraday low of ₹617.10 apiece on the National Stock Exchange (NSE) on Thursday.

At 1:55 pm, the scrip was trading 2.06% lower at ₹13.15 per equity share.

The stock has gained about 5% in the last week and nearly 6% over the month. On a year-to-date basis, it has advanced approximately 5%.

PNG Jewellers has a total market capitalisation of ₹8,544.88 crore, as of January 8, 2026, according to data on the NSE.