All that glitters pays as P N Gadgil’s festive sparkle lifts Q3

MUMBAI: It was a quarter where sparkle translated straight into sales. P N Gadgil Jewellers Limited delivered a glittering Q3 FY26, riding festive cheer, wedding demand and aggressive retail expansion to post robust year-on-year growth across key metrics.

Retail, the company’s crown jewel, grew 46 per cent year on year in Q3 FY26, contributing a dominant 83.2 per cent of total revenue. The surge was largely powered by a buoyant festive and wedding season, underscoring the brand’s strong pull during high-consumption periods.

Non-retail segments added their own shine. E-commerce revenues jumped a sharp 138 per cent compared to the same quarter last year, contributing 5.1 per cent to overall revenue, while franchisee operations grew 12 per cent year on year, accounting for 7.7 per cent of total revenue.

On a consolidated basis, revenue excluding the ‘other segment’ rose 46 per cent year on year to Rs 3,169 crore in Q3 FY26, up from Rs 2,176 crore a year ago. Total consolidated revenue stood at Rs 3,302 crore, compared to Rs 2,435 crore in Q3 FY25. The ‘other segment’, which primarily includes B2B bullion sales from the head office and corporate segment, contributed 4 per cent of total revenue during the quarter.

Festive sales were a clear highlight. Dussehra clocked revenues of Rs 190 crore, marking a strong 64 per cent year-on-year growth. Dhanteras delivered Rs 277 crore, the highest-ever single-day festive sale for the company. Overall Diwali sales aggregated to Rs 606 crore, up a robust 74 per cent year on year. October 2025 emerged as the company’s highest-ever revenue month at Rs 1,807 crore, a 72 per cent jump over last year.

The product mix also continued to evolve. Studded jewellery sales for the nine months ended FY26 rose 52 per cent year on year, taking the stud ratio to 8.4 per cent. Same-store sales growth for the quarter came in at a healthy 32 per cent, reflecting sustained demand across mature outlets.

On the expansion front, the company added three exclusive company-owned outlets during the quarter, taking the total store count to 66 as of December 31, 2025. Looking ahead, P N Gadgil Jewellers plans to open 12 to 14 new stores in Q4 FY26 through a mix of company-owned and franchisee-operated formats, targeting 78 to 80 stores by the end of the financial year.

With festive momentum, digital acceleration and an expanding footprint, the jeweller appears well set to keep its growth story shining into the final quarter of FY26.