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 ₹ 8,296 Cr.
- Current Price ₹ 611
- High / Low ₹ 701 / 474
- Stock P/E 28.0
- Book Value ₹ 125
- Dividend Yield 0.00 %
- ROCE 19.4 %
- ROE 21.0 %
- Face Value ₹ 10.0
Pros
- Company has delivered good profit growth of 52.1% CAGR over last 5 years
- Company has a good return on equity (ROE) track record: 3 Years ROE 25.7%
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
Consolidated Figures in Rs. Crores / View Standalone
Profit & Loss
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | TTM | |
|---|---|---|---|---|---|---|---|
| 2,458 | 1,901 | 2,539 | 4,488 | 6,061 | 7,586 | 7,916 | |
| 2,355 | 1,846 | 2,428 | 4,366 | 5,790 | 7,249 | 7,482 | |
| Operating Profit | 103 | 55 | 111 | 123 | 271 | 337 | 434 |
| OPM % | 4% | 3% | 4% | 3% | 4% | 4% | 5% |
| 17 | 15 | 31 | 52 | 7 | 34 | 71 | |
| Interest | 43 | 37 | 35 | 35 | 46 | 43 | 57 |
| Depreciation | 27 | 27 | 22 | 22 | 23 | 35 | 47 |
| Profit before tax | 50 | 6 | 85 | 118 | 209 | 293 | 401 |
| Tax % | 46% | 218% | 18% | 21% | 26% | 26% | |
| 27 | -7 | 70 | 94 | 155 | 218 | 297 | |
| EPS in Rs | 4.88 | -1.32 | 10.43 | 13.46 | 13.15 | 16.08 | 21.86 |
| Dividend Payout % | 0% | 0% | 0% | 0% | 0% | 0% |
| Compounded Sales Growth | |
|---|---|
| 10 Years: | % |
| 5 Years: | 25% |
| 3 Years: | 44% |
| TTM: | 11% |
| Compounded Profit Growth | |
|---|---|
| 10 Years: | % |
| 5 Years: | 52% |
| 3 Years: | 56% |
| TTM: | 62% |
| Stock Price CAGR | |
|---|---|
| 10 Years: | % |
| 5 Years: | % |
| 3 Years: | % |
| 1 Year: | -4% |
| Return on Equity | |
|---|---|
| 10 Years: | % |
| 5 Years: | 23% |
| 3 Years: | 26% |
| Last Year: | 21% |
Balance Sheet
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Sep 2025 | |
|---|---|---|---|---|---|---|---|
| Equity Capital | 55 | 55 | 55 | 55 | 118 | 136 | 136 |
| Reserves | 132 | 135 | 191 | 256 | 416 | 1,418 | 1,565 |
| 443 | 361 | 398 | 387 | 455 | 930 | 1,291 | |
| 563 | 469 | 465 | 365 | 475 | 660 | 1,349 | |
| Total Liabilities | 1,192 | 1,020 | 1,110 | 1,063 | 1,465 | 3,144 | 4,341 |
| 184 | 199 | 234 | 208 | 242 | 322 | 361 | |
| CWIP | 56 | 46 | 4 | 4 | 4 | 4 | 4 |
| Investments | 1 | 1 | 1 | 1 | 1 | 9 | 8 |
| 951 | 774 | 872 | 850 | 1,218 | 2,811 | 3,969 | |
| Total Assets | 1,192 | 1,020 | 1,110 | 1,063 | 1,465 | 3,144 | 4,341 |
Cash Flows
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|
| 68 | 146 | 73 | 105 | 6 | -675 | |
| 3 | -26 | -22 | -45 | -49 | -424 | |
| -93 | -127 | -46 | -55 | 51 | 1,167 | |
| Net Cash Flow | -22 | -7 | 5 | 5 | 9 | 68 |
Ratios
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|
| Debtor Days | 9 | 6 | 4 | 3 | 2 | 2 |
| Inventory Days | 126 | 133 | 111 | 53 | 62 | 104 |
| Days Payable | 18 | 15 | 27 | 12 | 10 | 13 |
| Cash Conversion Cycle | 117 | 124 | 89 | 44 | 55 | 94 |
| Working Capital Days | -3 | 6 | 16 | 19 | 21 | 32 |
| ROCE % | 8% | 21% | 23% | 30% | 19% |
Documents
Announcements
-
Compliances-Certificate under Reg. 74 (5) of SEBI (DP) Regulations, 2018
2d - Certificate under Reg 74(5) from Bigshare for quarter ended December 31, 2025.
-
Quarterly Update - Q3 FY26
8 Jan - Q3 consolidated revenue Rs3,302cr; excl-other Rs3,169cr (46% YoY); Diwali Rs606cr; 66 stores; 12-14 planned.
-
Intimation Of Store Opening
4 Jan - New store opened Jan 04, 2026 at Kharghar, Navi Mumbai; total stores now 67.
-
Announcement under Regulation 30 (LODR)-Press Release / Media Release
29 Dec - Sara Tendulkar appointed Litestyle by PNG ambassador; two-year deal from Dec 2025; collections March 2026; 50 stores by FY2028.
-
Closure of Trading Window
24 Dec - Trading window closed from Jan 1, 2026 until 48 hours after results for quarter ended Dec 31, 2025.
Annual reports
Concalls
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Nov 2025Transcript PPT REC
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Aug 2025TranscriptPPTREC
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Aug 2025TranscriptAI SummaryPPT REC
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May 2025Transcript PPT REC
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Feb 2025Transcript PPT REC
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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