PNG Jewellers Shines in Q1 FY26 with Strong Growth & Expansion ✨
PNG Jewellers, a name synonymous with heritage and sparkle, has just unveiled its Q1 FY26 performance. And it looks like they’re starting the fiscal year with some impressive shine! ✨
The company’s retail segment, which accounts for a substantial 70.3% of their total revenue, saw a healthy 19.4% year-over-year growth in Q1 FY26. This indicates stable store-level operations amidst a cautious consumer environment.
But the real showstoppers were the non-retail segments:
- E-commerce sales exploded with a massive 126% jump compared to the same quarter last year, contributing 3.9% to total revenue. This clearly highlights PNG Jewellers’ successful digital expansion and growing online customer engagement. 🚀
- Franchisee Operations weren’t far behind, surging by 109% year-over-year and making up 15.7% of total revenue, driven by strong franchisee performance and broader market penetration.
- The Other segment (comprising B2B and corporate sales) contributed 10.1% to total revenue.
It’s important to note that the company discontinued its refinery sales effective October 1, 2024. This segment had contributed a significant INR 3,535 million in Q1 FY25. So, when we look at the continuing operations, the picture is even brighter!
Here’s a quick look at their revenue from continuing operations:
| Particulars (INR Mn) | Q1 FY'25 | Q1 FY'26 |
|---|---|---|
| Revenue Excl. Refinery | 13,140 | 17,137 |
| Refinery | 3,535 | - |
| Total Revenue | 16,675 | 17,137 |
Excluding the refinery segment, PNG Jewellers saw a robust 30.4% year-over-year growth in revenue! 📈
Festive Cheers & Product Trends
Festive sales continue to be a cornerstone of their success. This Akshaya Tritiya, PNG Jewellers hit their highest-ever single-day festive sales, raking in a dazzling INR 1,395.3 million – a remarkable 35.1% increase over last year! 🥳 On the product front, studded jewellery is clearly gaining traction, with its share increasing by 41.6% YoY in Q1 FY26, now making up 10% of retail sales. This indicates evolving consumer preferences towards more contemporary designs.
The Same Store Sales Growth (SSSG) for the quarter stood at 8%, slightly impacted by the Gudi Padwa festival being preponed to Q4 FY25 this year, which affected like-for-like comparability.
Expanding Footprint & Future Outlook
PNG Jewellers isn’t just growing sales; they’re actively expanding their physical presence too! In Q1, they launched a new sub-brand called Litestyle, catering to the growing demand for stylish, lightweight jewellery. Plus, they added two new showrooms (one company-owned COCO and one franchise FOCO), bringing their total store count to 55.
For FY26, the company is gearing up for even more expansion, targeting 7-9 new store launches (a mix of COCO and FOCO) in Q2 alone, with a broader goal of opening 20-25 new stores for the full fiscal year. Their focus remains on key growth markets like Maharashtra, Uttar Pradesh, and Madhya Pradesh, aiming to deepen market presence and drive incremental demand.
About the Company
For those new to the name, P N Gadgil Jewellers, established in 1832, is a venerable brand and the second-largest organized Jewellery player in Maharashtra by store count. They boast a network of 55 retail stores (54 in India and 1 in the U.S.A.), offering a wide array of gold, silver, platinum, and diamond jewellery crafted for various occasions. You can learn more about their rich heritage and collections on their official website www.pngjewellers.com.
All in all, PNG Jewellers’ Q1 FY26 update paints a picture of strategic growth and strong operational performance across all key segments. It will be exciting to see how their ambitious expansion plans unfold throughout the rest of the year! ✨
source: Corporate Announcement
Join our Telegram for instant updates!