P N Gadgil Jewellers Ltd
Established in 1832, P. N. G Jewellers Ltd is in the retail business of gold, silver,
and diamond jewellery[1]
- Market Cap ₹ 8,996 Cr.
- Current Price ₹ 662
- High / Low ₹ 701 / 498
- Stock P/E 23.7
- Book Value ₹ 126
- Dividend Yield 0.00 %
- ROCE 19.2 %
- ROE 20.3 %
- Face Value ₹ 10.0
Pros
- Company has delivered good profit growth of 42.8% CAGR over last 5 years
Cons
- Though the company is reporting repeated profits, it is not paying out dividend
- Company might be capitalizing the interest cost
* The pros and cons are machine generated. Pros / cons are based on a checklist to highlight important points. Please exercise caution and do your own analysis.
Quarterly Results
Standalone Figures in Rs. Crores / View Consolidated
Profit & Loss
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | TTM | |
|---|---|---|---|---|---|---|---|---|---|
| 2,303 | 2,325 | 2,348 | 1,802 | 2,448 | 4,378 | 5,982 | 7,523 | 8,684 | |
| 2,218 | 2,252 | 2,246 | 1,742 | 2,351 | 4,254 | 5,713 | 7,188 | 8,138 | |
| Operating Profit | 85 | 72 | 102 | 59 | 97 | 124 | 268 | 335 | 547 |
| OPM % | 4% | 3% | 4% | 3% | 4% | 3% | 4% | 4% | 6% |
| 11 | 23 | 10 | 18 | 9 | 7 | 6 | 29 | 87 | |
| Interest | 42 | 39 | 35 | 33 | 32 | 32 | 44 | 42 | 74 |
| Depreciation | 20 | 18 | 23 | 24 | 19 | 19 | 21 | 33 | 51 |
| Profit before tax | 34 | 38 | 53 | 21 | 56 | 80 | 208 | 290 | 509 |
| Tax % | 36% | 35% | 43% | 64% | 28% | 31% | 26% | 26% | |
| 22 | 25 | 30 | 7 | 40 | 55 | 154 | 215 | 376 | |
| EPS in Rs | 3.95 | 4.51 | 5.47 | 1.36 | 7.25 | 10.02 | 13.07 | 15.83 | 27.74 |
| Dividend Payout % | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% |
| Compounded Sales Growth | |
|---|---|
| 10 Years: | % |
| 5 Years: | 26% |
| 3 Years: | 45% |
| TTM: | 15% |
| Compounded Profit Growth | |
|---|---|
| 10 Years: | % |
| 5 Years: | 43% |
| 3 Years: | 75% |
| TTM: | 83% |
| Stock Price CAGR | |
|---|---|
| 10 Years: | % |
| 5 Years: | % |
| 3 Years: | % |
| 1 Year: | 20% |
| Return on Equity | |
|---|---|
| 10 Years: | % |
| 5 Years: | 19% |
| 3 Years: | 22% |
| Last Year: | 20% |
Balance Sheet
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Sep 2025 | |
|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 55 | 55 | 55 | 55 | 118 | 118 | 118 | 136 | 136 |
| Reserves | 96 | 121 | 179 | 187 | 227 | 282 | 434 | 1,433 | 1,580 |
| 409 | 374 | 341 | 294 | 270 | 262 | 426 | 903 | 1,261 | |
| 256 | 450 | 573 | 511 | 501 | 397 | 470 | 651 | 1,326 | |
| Total Liabilities | 816 | 1,000 | 1,149 | 1,047 | 1,116 | 1,059 | 1,448 | 3,122 | 4,303 |
| 129 | 115 | 153 | 173 | 143 | 139 | 199 | 280 | 320 | |
| CWIP | 3 | 3 | 18 | 14 | 38 | 38 | 4 | 4 | 4 |
| Investments | 47 | 66 | 57 | 57 | 57 | 46 | 46 | 54 | 54 |
| 636 | 815 | 921 | 803 | 878 | 836 | 1,199 | 2,785 | 3,926 | |
| Total Assets | 816 | 1,000 | 1,149 | 1,047 | 1,116 | 1,059 | 1,448 | 3,122 | 4,303 |
Cash Flows
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|---|
| 29 | 58 | 113 | 29 | 106 | -3 | -689 | ||
| -26 | -0 | -30 | -18 | -59 | -39 | -417 | ||
| -17 | -77 | -88 | -6 | -47 | 52 | 1,172 | ||
| Net Cash Flow | -13 | -19 | -5 | 5 | 1 | 10 | 66 | |
| Free Cash Flow | 4 | 43 | 79 | 29 | 106 | -24 | -735 | |
| CFO/OP | 62% | 71% | 203% | 39% | 116% | 13% | -181% |
Ratios
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|---|
| Debtor Days | 13 | 7 | 5 | 7 | 6 | 5 | 3 | 3 |
| Inventory Days | 80 | 97 | 124 | 138 | 109 | 52 | 61 | 104 |
| Days Payable | 22 | 14 | 17 | 18 | 25 | 11 | 10 | 13 |
| Cash Conversion Cycle | 72 | 90 | 112 | 126 | 90 | 45 | 54 | 94 |
| Working Capital Days | 49 | 43 | 15 | 18 | 24 | 20 | 22 | 32 |
| ROCE % | 14% | 17% | 10% | 15% | 18% | 31% | 19% |
Insights
In beta| Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|
| Number of Stores Number |
|
||
| Studded Jewellery Ratio % |
|||
| Total Retail Area sq ft |
|||
| Average Revenue per Sq Ft INR |
|||
| Average Revenue per Store INR Million |
|||
| Average Transaction Value INR |
|||
| Same Store Sales Growth (SSSG) % |
|||
Documents
Announcements
-
Compliances-Certificate under Reg. 74 (5) of SEBI (DP) Regulations, 2018
8 Apr - Certificate under Regulation 74(5) of SEBI (DP) Regulations, 2018 for the quarter ended March 31, 2026
-
Quarterly Update - Q4 FY26
8 Apr - P N Gadgil Jewellers reported FY26 revenue of ₹10,744 crore, up 40% YoY, and 78 stores.
-
Disclosure Under Regulation 30 Of SEBI (LODR) Regulations, 2015
31 Mar - IT assessment orders (Mar 30, 2026) demanding Rs 2.26cr, Rs 2.29cr, Rs 2.00cr; company to appeal.
-
Intimation Of Store Opening
29 Mar - Opened two new stores on March 29, 2026 in Mulund (Mumbai) and Nashik; total stores now 78.
-
Shareholder Meeting / Postal Ballot-Scrutinizer"s Report
27 Mar - Shareholders approved appointment of Mr. Aditya Saurabh Gadgil (DIN:10052553) on March 27, 2026; 96.52% in favour.
Annual reports
Concalls
-
Feb 2026Transcript PPT REC
-
Nov 2025Transcript PPT REC
-
Aug 2025TranscriptPPTREC
-
Aug 2025TranscriptAI SummaryPPT REC
-
May 2025Transcript PPT REC
-
Feb 2025Transcript PPT REC
-
Nov 2024TranscriptPPT
Business Overview:[1][2]
PNG Jewellers is one of the oldest Jewellers in Maharashtra. It is a part of the PNG group which is an established player in the gold, silver and diamond jewellery business, with a significant presence in Pune, Mumbai and other parts of Maharashtra. Company provides new jewellery trends in Maharashtra and have introduced Temple Motifs, Contemporary Jewellery designs, Light Weight, Daily Wear and Designer Collections, etc. Currently, it is present in 3 States, 23 Cities with 50 Showrooms