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 ₹ 8,430 Cr.
- Current Price ₹ 573
- High / Low ₹ 736 / 503
- Stock P/E 18.8
- Book Value ₹ 145
- Dividend Yield 0.00 %
- ROCE 21.0 %
- ROE 23.5 %
- Face Value ₹ 10.0
Pros
- Company is expected to give good quarter
- Company has delivered good profit growth of 273% 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
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 | Mar 2026 | TTM | |
|---|---|---|---|---|---|---|---|---|
| 2,458 | 1,902 | 2,539 | 4,488 | 6,061 | 7,586 | 10,472 | 11,438 | |
| 2,355 | 1,844 | 2,428 | 4,366 | 5,790 | 7,243 | 9,855 | 10,769 | |
| Operating Profit | 103 | 57 | 111 | 123 | 271 | 343 | 617 | 669 |
| OPM % | 4.2% | 3.0% | 4.4% | 2.7% | 4.5% | 4.5% | 6% | 6% |
| 17 | 14 | 31 | 52 | 7 | 28 | 84 | 101 | |
| Interest | 43 | 38 | 35 | 35 | 46 | 43 | 92 | 107 |
| Depreciation | 27 | 27 | 22 | 22 | 23 | 35 | 57 | 64 |
| Profit before tax | 50 | 7 | 85 | 118 | 209 | 293 | 552 | 600 |
| Tax % | 46% | 201% | 18% | 21% | 26% | 26% | 26% | |
| 27 | -7 | 70 | 94 | 155 | 218 | 410 | 446 | |
| EPS in Rs | 4.88 | 0.19 | 10.43 | 13.46 | 13.15 | 16.08 | 30.20 | 32.84 |
| Dividend Payout % | 0% | 0% | 0% | 0% | 0% | 0% | 0% |
| Compounded Sales Growth | |
|---|---|
| 10 Years: | % |
| 5 Years: | 41% |
| 3 Years: | 33% |
| TTM: | 48% |
| Compounded Profit Growth | |
|---|---|
| 10 Years: | % |
| 5 Years: | 273% |
| 3 Years: | 77% |
| TTM: | 78% |
| Stock Price CAGR | |
|---|---|
| 10 Years: | % |
| 5 Years: | % |
| 3 Years: | % |
| 1 Year: | -15% |
| Return on Equity | |
|---|---|
| 10 Years: | % |
| 5 Years: | 25% |
| 3 Years: | 24% |
| Last Year: | 23% |
Balance Sheet
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|
| Equity Capital | 55 | 55 | 55 | 55 | 118 | 136 | 136 |
| Reserves | 132 | 135 | 191 | 256 | 416 | 1,418 | 1,827 |
| 443 | 402 | 398 | 387 | 455 | 930 | 1,737 | |
| 563 | 422 | 465 | 365 | 475 | 660 | 1,264 | |
| Total Liabilities | 1,192 | 1,014 | 1,110 | 1,063 | 1,465 | 3,144 | 4,964 |
| 184 | 242 | 234 | 208 | 242 | 322 | 410 | |
| CWIP | 56 | 4 | 4 | 4 | 4 | 4 | 0 |
| Investments | 1 | 1 | 1 | 1 | 1 | 9 | 8 |
| 951 | 768 | 872 | 850 | 1,218 | 2,811 | 4,546 | |
| Total Assets | 1,192 | 1,014 | 1,110 | 1,063 | 1,465 | 3,144 | 4,964 |
Cash Flows
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|
| 68 | 147 | 73 | 107 | 6 | -675 | -717 | |
| 3 | -26 | -22 | -47 | -49 | -424 | -54 | |
| -93 | -128 | -46 | -55 | 51 | 1,167 | 719 | |
| Net Cash Flow | -22 | -7 | 5 | 5 | 9 | 68 | -52 |
| Free Cash Flow | 52 | 114 | 68 | 60 | -46 | -728 | -782 |
| CFO/EBITDA Share of operating profit converting into cash: CFO (before tax) / Operating Profit | 80% | 244% | 74% | 117% | 16% | -173% | -95% |
Ratios
Consolidated / View Standalone
| Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|
| Debtor Days | 9 | 6 | 4 | 3 | 2 | 2 | 2 |
| Inventory Days | 126 | 133 | 111 | 53 | 62 | ||
| Days Payable | 18 | 15 | 27 | 12 | 10 | ||
| Cash Conversion Cycle | 117 | 124 | 89 | 44 | 55 | 2 | 2 |
| Working Capital Days | -3 | 4 | 16 | 20 | 21 | 32 | 35 |
| ROCE % | 8% | 21% | 23% | 30% | 19% | 21% |
Insights
In beta| Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|
| Same-Store Sales Growth (SSSG) % ・Standalone data |
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| Gold Volume Sold tonnes |
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| Number of Cities Number |
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| Studded Jewellery Mix (Stud Ratio) % |
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| Total Number of Stores Number |
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| Total Retail Area sq ft |
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| Non-Pune Market Revenue Share % |
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| Total SKUs Number |
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| Average Transaction Value (ATV) INR '000 |
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Extracted by Screener AI
Documents
Announcements
-
Shareholder Meeting / Postal Ballot-Scrutinizer"s Report
- Postal ballot on October 21, 2026 passed ESOP 2026 and Dr. Vaijayanti Pandit’s reappointment.
-
Shareholder Meeting / Postal Ballot-Outcome of Postal_Ballot
- Postal ballot passed ESOP 2026 for company and subsidiaries, plus Dr. Vaijayanti Pandit’s reappointment.
-
Announcement under Regulation 30 (LODR)-Credit Rating
- CRISIL reaffirmed A+/Stable ratings; bank loan facilities enhanced to Rs. 600 crore, fixed deposits Rs. 50 crore.
-
Compliances-Certificate under Reg. 74 (5) of SEBI (DP) Regulations, 2018
- Certificate under Reg 74(5) of SEBI(DP) Regulations, 2018 for the quarter ended September 30, 2026
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Announcement under Regulation 30 (LODR)-Press Release / Media Release
- PNG Jewellers opened its 81st store in Ayodhya on October 11, 2026; Kangana Ranaut inaugurated it.
Concalls
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Aug 2026Transcript PPT REC
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May 2026Transcript PPT REC
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Feb 2026Transcript PPT REC
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Nov 2025Transcript PPT REC
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Aug 2025Transcript PPT REC
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May 2025Transcript PPT REC
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Feb 2025Transcript PPT REC
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Nov 2024Transcript
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 has introduced Temple Motifs, Contemporary Jewellery designs, Light Weight, Daily Wear and Designer Collections, etc.