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 ₹ 7,241 Cr.
- Current Price ₹ 533
- High / Low ₹ 736 / 503
- Stock P/E 17.6
- Book Value ₹ 145
- Dividend Yield 0.00 %
- ROCE 20.9 %
- ROE 23.4 %
- 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 | |
|---|---|---|---|---|---|---|---|
| 2,458 | 1,902 | 2,539 | 4,488 | 6,061 | 7,586 | 10,739 | |
| 2,355 | 1,844 | 2,428 | 4,366 | 5,790 | 7,249 | 10,123 | |
| Operating Profit | 103 | 57 | 111 | 123 | 271 | 337 | 616 |
| OPM % | 4% | 3% | 4% | 3% | 4% | 4% | 6% |
| 17 | 14 | 31 | 52 | 7 | 34 | 85 | |
| Interest | 43 | 38 | 35 | 35 | 46 | 43 | 92 |
| Depreciation | 27 | 27 | 22 | 22 | 23 | 35 | 57 |
| Profit before tax | 50 | 7 | 85 | 118 | 209 | 293 | 552 |
| Tax % | 46% | 201% | 18% | 21% | 26% | 26% | 26% |
| 27 | -7 | 70 | 94 | 155 | 218 | 410 | |
| EPS in Rs | 4.88 | 0.19 | 10.43 | 13.46 | 13.15 | 16.08 | 30.20 |
| Dividend Payout % | 0% | 0% | 0% | 0% | 0% | 0% | 0% |
| Compounded Sales Growth | |
|---|---|
| 10 Years: | % |
| 5 Years: | 41% |
| 3 Years: | 34% |
| TTM: | 42% |
| Compounded Profit Growth | |
|---|---|
| 10 Years: | % |
| 5 Years: | 273% |
| 3 Years: | 77% |
| TTM: | 88% |
| Stock Price CAGR | |
|---|---|
| 10 Years: | % |
| 5 Years: | % |
| 3 Years: | % |
| 1 Year: | -2% |
| 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 | 105 | 6 | -675 | -717 | |
| 3 | -26 | -22 | -45 | -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 | 57 | -46 | -1,109 | -782 |
| CFO/OP | 80% | 244% | 74% | 115% | 16% | -176% | -95% |
Ratios
Consolidated Figures in Rs. Crores / 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 | 104 | 141 |
| Days Payable | 18 | 15 | 27 | 12 | 10 | 13 | 22 |
| Cash Conversion Cycle | 117 | 124 | 89 | 44 | 55 | 94 | 121 |
| Working Capital Days | -3 | 4 | 16 | 19 | 21 | 32 | 34 |
| ROCE % | 8% | 21% | 23% | 30% | 19% | 21% |
Insights
In beta| Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|
| Number of Stores Number |
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| Studded Jewellery Ratio % |
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| Total Retail Area sq ft |
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| Average Revenue per Sq Ft INR |
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| Average Revenue per Store INR Million |
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| Average Transaction Value INR |
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| Same Store Sales Growth (SSSG) % |
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Extracted by Screener AI
Documents
Announcements
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Announcement under Regulation 30 (LODR)-Earnings Call Transcript
22 May - Transcript of Conference Call held on May 15, 2026
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Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Outcome
15 May - Audio recording of Q4 FY26 results conference call shared on May 15, 2026.
- Announcement under Regulation 30 (LODR)-Newspaper Publication 15 May
-
Management Commentary On Gross Margins For Q4 FY26
15 May - Q4 FY26 gross margins fell 230 bps; FY27 guidance set at 12%-13% gross margin, 7%-7.5% EBITDA.
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Announcement under Regulation 30 (LODR)-Monitoring Agency Report
14 May - ICRA monitoring report for quarter ended March 31, 2026 shows IPO proceeds fully utilized with no material deviation.
Annual reports
Concalls
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May 2026Transcript PPT
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Feb 2026Transcript PPT REC
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Nov 2025Transcript PPT REC
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Aug 2025TranscriptPPTREC
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Aug 2025TranscriptPPT 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