AnnouncementSep 2026
Sep 2026 · Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 19 Sep - Company to attend one-to-one virtual investor meeting with ITI Mutual Fund on September 23, 2026.
Source: Bse
P N Gadgil Jewellers Limited (PNGJL)
Micro CapConsumer stocks · Micro cap · NSE
P N Gadgil Jewellers Limited is a multi-generational Indian jewellery brand with ~194 years of heritage, operating 78 stores across 36 cities in India and USA. It offers diversified gold, diamond, silver, and platinum jewellery, expanding its footprint with both Legacy and LiteStyle brands, and a growing e-commerce presence.
Data qualityFresh enough for analysisQuote updated 19 Oct, 03:31 pm ISTDetails
Quote19 Oct, 03:31 pm IST
Base fundamentals14 Oct 2026 · screener
Latest result27 Jul, 08:24 pm IST
Score20 Oct, 04:30 am IST · v4.3-runtime-valuation
Tags04 Oct 2026
Coverage13/14 · 93%
Valuation2026-07-20 · Rf 6.8% · Consumer P/E 22.2 (n=441)
Technical timing lens
Trend score and candlestick chart
40NeutralSMA20 -1.7% / mo · MACD + · sector -3.7pp vs Nifty 500 (3M)
Stock trend: 42
Sector RS: 36
Sector 3M: -9.3% vs Nifty 500 -5.6%
Consumer FPI tailwindNot confirmed
Latest mapped FPI equity flow was not positive. View sector evidence
Technical chart
PNGJLD candles · FIT view-11.5%Latest close ₹589.30 on 2026-10-19
Bar
-2.8%
RSI
46
MACD hist
1.04
52W pos
37%
2026-10-19O ₹606.05H ₹612.00L ₹587.00C ₹589.30Vol 6.6L sh
Up bar
Down bar
EMA 20
EMA 50
Volume + 20D avg
Result date
RSI(14)
MACD / signal
Market context
Relative performance and chart statistics
Adjusted completed-session prices, rebased to 100
PNGJLNifty Consumer DurablesNifty 500
- PNGJL
- -0.1%
- Nifty 500
- -5.6%
- Nifty Consumer Durables
- -9.7%
- Vs Nifty 500
- +5.4 pp
Chart stats
19 Oct 2026- From 52W high
- -20.0%
- 52W range position
- 37%
- ATR (14)
- 3.7%
- Volume vs 20D
- 1.22x
- Avg traded value
- ₹33.1 Cr
- 20D price channel
- ₹571.8 - ₹624
₹736.4
₹503 - ₹736.4
₹21.6
Latest completed session
20-session average
28.1% annualized volatility
Research snapshot
What the evidence says now
Mixed fundamentals, management evidence is still limited to a financial-only Trust Lite signal, price trend argues for patience, and recent execution is consistent.
Suggested next step
Research, do not rush
The evidence is not strongly aligned. Compare peers and wait for a cleaner setup.
U-Score
Legacy · FAIR VALUE59
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
Latest result
Excellent90
Revenue +40.7% · PAT +52.2% YoY
Technical
Neutral40
Price trend and sector-relative-strength timing.
Valuation
Legacy model+46.1%
Legacy margin-of-safety estimate; the revised evidence label remains in shadow validation.
Trust
Limited evidence72
Financial-only signal; management claim evidence is not sufficient yet.
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Latest result
Quarter ended 30 Jun 2026
Excellent · 90/100Rev +41% YoY · PAT +52% YoY · margin expansion · operating leverage
Filed 27 Jul 2026
Open results browser →| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹2,413 Cr | +40.7% | -31.9% |
| EBITDA | ₹182 Cr | +65.5% | +34.8% |
| Operating margin | 8.0% | +200 bps | +420 bps |
| PAT | ₹105 Cr | +52.2% | +16.7% |
| PAT margin | 4.3% | +33 bps | +181 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Fundamentals
Valuation
- P/E
- 19.60
- P/B
- 4.12
- EV/EBITDA
- 14.37
- Market Cap
- 8796.00Cr
Profitability
- ROE
- 23.50%
- ROCE
- 21.00%
- ROA
- 8.98%
- Dividend Y
- —
Growth (CAGR)
- Revenue 5Y
- 41.00%
- EPS 5Y
- 273.00%
- Revenue 3Y
- 33.00%
- EPS 3Y
- 77.00%
Balance Sheet
- Debt/Equity
- 0.88
- Interest Coverage
- 6.25×
- Altman Z
- 5.17
- Book Value
- 145.00
Cash Flow
- FCF Yield
- —
- FCF Positive Y
- 4/5
- OCF
- -717.00 Cr
- EPS TTM
- 32.84
Shareholding
- Promoter Hold
- 76.62%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 41%
Financial History
Updated 19/10/2026
Revenue
₹ CrLatest: 2,413-31.9% vs prev
Net Profit
₹ CrLatest: 105+16.7% vs prev
ROE is shown only in the Annual view — quarterly equity data isn't published.
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Daily technical trend read
Bearish setupTrend is weak — long-term trend down. RSI 46.
- Price below SMA200 (long-term downtrend) — short-term bounces likely countertrend.
- SMA20 falling (~1.8% over last month) — short-term momentum negative.
- RSI(14) at 46 — falling, no extreme reading.
- MACD above signal but histogram contracting — bullish momentum cooling.
- 20% off 52W high · 17% above 52W low.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Nifty 500 leadership
Relative Strength & Trend Stage
49
RS percentile
Stage 1 Base / Transition
1M return
-2.6%
3M return
-0.1%
6M return
-12.5%
1Y return
-11.0%
RS 1D
-1
RS 20D
-8
Sector rank
#9
Industry rank
#22
Stage evidence
- Price is within 1.7% of the 30-week proxy.
- The 30-week proxy changed +1.0% over 20 sessions.
- The moving-average structure does not confirm Stage 2 or Stage 4.
50-DMA
price below
200-DMA
price below
Sector
neutral
Industry
improving
Relative-strength line vs Nifty 500 (base 100)
262 observations
19 Oct 2026Value 102.07-1.31%
RS vs Nifty 500102
Valuation & peers
U-Score 59 · legacy U-Score band FAIR VALUE · valuation evidence and comparable companies
Valuation & peers
U-Score 59 · legacy U-Score band FAIR VALUE · valuation evidence and comparable companies
Growth at Value
Fundamental score breakdown
U band · FAIR VALUEValuation13/30
Growth19/25
Quality15/20
Balance Sheet6/15
Cash Flow3/10
Piotroski
5/9 (+3)
Penalties
0
Raw sum
59
Why this score?
Top U-Score contributors and drags from the latest stored fundamentals.
59/100 · legacy band FAIR VALUE
Positive drivers
- Fair-value margin of safety is positive at 46.1%.
- Growth contributes 19/25 to the score.
- Quality contributes 15/20 to the score.
Main drags
- Cash flow is weaker at 3/10; verify the latest quarterly trend.
- Balance sheet is weaker at 6/15; verify the latest quarterly trend.
- Valuation is weaker at 13/30; verify the latest quarterly trend.
Sector valuation model
Consumer valuation: PE/PEG and brand-quality premium
Consumer franchises can deserve higher multiples, but only when growth quality supports them.
Primary lens
PE and PEG relative to growth, ROE, margins, and brand strength.
Secondary checks
Volume growth, pricing power, distribution, same-store or category growth.
Main risk check
Premium valuation needs durable growth and margin resilience.
PE
19.6
PB
4.1
EV/EBITDA
14.4
ROE
23.5%
ROCE
21.0%
FCF Yield
—
Debt/Equity
0.9
MoS
+46.1%
Score movement
Stored run vs live recompute
This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.
Stored run: 20 Oct 2026
v4.3-runtime-valuation
Final score
59
Previous: 59
Legacy U-Score band
FAIR VALUE
Previous: FAIR VALUE
Margin of safety
+46.1%
Previous: +46.1%
Score history
12 stored score snapshots. Latest stored move: +0 points.
20 Oct 2026
v4.3-runtime-valuation
59
59
59
59
59
59
59
59
59
59
59
59
Factor attribution
No pillar movement versus the latest stored run. Historical score trend will appear after snapshot storage is enabled.
Modelled fair value
Graham Number
₹327.32
-80.0% MoS
Growth-justified P/E
33.3
Growth-justified Value
₹1,093.57
+46.1% MoS
PEG
0.10
Comparable companies
Peers
Business-comparable peers in Consumer — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.
Ticker
Name
Why peer
Score
PE
ROE
MoS
Verdict
SENCO
Micro
Senco Gold Limited
Retail
match 93
74
9.7
25.6%
+71%
UNDERVALUED
VAIBHAVGBL
Micro
Vaibhav Global Limited
Retail
match 91
71
12.0
17.9%
+48%
UNDERVALUED
PCJEWELLER
Micro
PC Jeweller Limited
Retail
match 91
46
18.2
10.0%
+43%
FAIR VALUE
THANGAMAYL
Micro
Thangamayil Jewellery Limited
Retail
match 91
57
38.5
28.1%
-20%
FAIR VALUE
SKYGOLD
Micro
SKY GOLD AND DIAMONDS LIMITED
Retail
match 90
47
44.7
28.9%
-43%
FAIR VALUE
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business and thesis
Where growth can come from, and what can break the case
Thesis intactReviewed 2026-06-10T07:54:55.852Z
Management commentary snapshot
PNGJL reports robust Q4 FY26 performance with Revenue from Operations up 123.2% YoY and PAT up 45.6% YoY. FY26 Revenue from Operations grew 39.6% YoY, with PAT up 87.8% YoY. Gross Profit and EBITDA margins saw QoQ contraction in Q4 but expanded YoY for FY26.
PNGJL demonstrates strong top-line growth driven by retail expansion and e-commerce momentum. While Q4 margins contracted sequentially, full-year margins improved. The asset-light FOCO model and LiteStyle brand are key to scaling, but sustained margin performance amidst aggressive expansion and rising gold prices needs close monitoring.
Current business mix
Breakup of Jewellery by Product Category (FY26)
Latest issuer-disclosed distribution across 3 reported categories.
Gold55.0%
Diamond35.0%
Silver10.0%
Growth engines
Pan-India Store Expansion
Accelerating nationwide store rollout, strengthening presence beyond Western India across key high-growth markets.
LiteStyle Segment Acceleration
Capitalising on rising demand for affordable, minimalist jewellery for daily wear & light occasions, with an inventory-light, margin-accretive FOCO model.
Franchise-Led Asset-Light Growth
Building a healthy mix of FOCO stores to maintain brand control while ensuring capital-efficient expansion, especially in Tier 2/3 markets.
Digital + E-commerce Acceleration
Targeting better volumes on e-commerce marketplaces and quick-commerce platforms, strengthening D2C engagement.
Capacity and execution
Total Store Count
Total 78 stores as of March 31, 2026, up from 53 stores in FY25 (25 net additions YoY). 12 new stores launched in Q4 FY26 (4 Legacy, 8 LiteStyle).
Total Retail Area
Total retail area of 2,37,903 sq ft as of March 31, 2026, up from 165,260 sq ft in FY25.
LiteStyle Store Expansion
13 full format LiteStyle stores and 14 shop-in-shops as of March 31, 2026 (9 COCO, 4 FOCO for full format; all SIS in COCO stores).
Tailwinds
Rising Organized Market Share
India's organized jewellery market share is projected to reach 55% by FY30P, driven by mandatory BIS hallmarking and GST.
Growing Middle Class & Aspirations
India's growing middle class, rising incomes, and aspirations are driving strong demand for gold jewellery.
Credit Access Expansion
31% of online purchases now on BNPL/EMI, unlocking the ₹15K–₹50K bracket, a moat for organized players.
No Inventory Obsolescence Risk
Jewellery retailing carries no inventory obsolescence risk, as products can be recycled and repurposed into new designs.
Risk radar
Gold Price Volatility
Gold price increased exponentially in 5 years; however, jewellery demand fell only 8% by volume, suggesting some price inelasticity.
Competition in Organized Market
Fragmented market with significant headroom for organised players to scale, but top 5 players control 66% of total organized market.
Management accountability
What management said, and what results must prove
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
Analyst reading lens
Compare BOTH
The jewellery business experiences seasonal demand, making YoY comparisons essential for understanding underlying trends. QoQ analysis is also relevant to assess sequential momentum, particularly in store expansion and e-commerce growth.
Sector KPIs management disclosed
Revenue from Operations (FY26)
FY26 Revenue from Operations: INR 1,07,391.0 Mn, up 39.6% YoY from INR 76,934.7 Mn in FY25.
Revenue from Operations (Q4 FY26)
Q4 FY26 Revenue from Operations: INR 35,443.1 Mn, up 123.2% YoY from INR 15,882.2 Mn in Q4 FY25.
Gross Profit Margin (FY26)
FY26 Gross Profit Margin: 12.0%, up 280 bps YoY from 9.2% in FY25.
Gross Profit Margin (Q4 FY26)
Q4 FY26 Gross Profit Margin: 9.7%, down 231 bps YoY from 12.0% in Q4 FY25, and down 464 bps QoQ from 14.4% in Q3 FY26.
Management forward view
Optimistic Outlook
Management is optimistic about maintaining performance with ongoing wedding season, continued expansion into new markets, and focus on compelling designs and value.
National Brand Vision
Scaling from a trusted Maharashtra legacy to a national jewellery brand, built on an asset-light, multi-format growth engine.
Strengthening Leadership Bench
Building a robust 2nd & 3rd-level management team to support multi-state expansion and protect operating quality.
Integrated Brand Marketing
Strengthening marketing, PR, and D2C-led customer engagement through personalized digital experiences and targeted campaigns.
Thesis monitor
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| Gross Profit Margin | FY26: 12.0%; Q4 FY26: 9.7% | Sustained improvement in gross margins, especially from LiteStyle and studded jewellery, offsetting potential gold price volatility. |
| Store Expansion Pace | 78 stores (25 net additions in FY26) | Continued execution of pan-India store rollout, particularly the asset-light FOCO model and LiteStyle format, and their impact on profitability. |
| E-commerce Revenue Contribution | INR 5,290.7 Mn in FY26 (105.2% YoY growth) | Growth in e-commerce volumes and its contribution to overall revenue, indicating success of digital strategies. |
| Retail Stud Ratio | 9.9% for FY26 | Increase in stud ratio, especially from LiteStyle, as it is margin-accretive. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trust Score
72Limited evidence · low confidenceTrust Lite
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Limited evidence: Claim history is still being built. It ranks around the 69th percentile of the scored universe and 71st percentile within Consumer. Main check: cash conversion is weak at 52/100.
This is a financial-behaviour screen, not a claim-tested management reliability verdict.
Computed 05 Sept 2026
management-trust-v1
31 docs text-extracted · 14 concalls text-extracted
Score band
Limited evidence
Financial behaviour is scored, but management claims do not yet have enough outcome checks.
Relative rank
69th percentile
overall median 67 · Consumer: 71st pctile, median 66 · Micro: 50th pctile, median 73
Evidence depth
Financial-only
31 documents have extracted text, but claim history is not strong enough yet.
Claim delivery
Outcome history still building
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Limited evidence · low confidenceWhat it measures
Reliability of management and financial delivery, using financial behaviour only.
Confidence
Treat this as an early read until more concalls and outcomes are matched.
Investor use
Acceptable, but check the weakest sub-score before increasing exposure.
Read Trust alongside U-Score, result consistency, and technical trend. A cheap stock with weak Trust needs a larger margin of safety; a high Trust score does not make an expensive stock attractive by itself.
Forensic breakdown
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Promoter
68
acceptable · holding, pledge, alignment
Cash flow
52
watch · profit to cash conversion
Balance sheet
81
strong · leverage and solvency
Discipline
80
strong · capital discipline
Results
87
strong · quarterly consistency
Trust positives
- ▸Promoter holding is 76.6%.
- ▸Promoter pledge is zero.
- ▸4 years of positive FCF.
- ▸ROCE is 20.9%.
Trust risks
- ▸Promoter holding fell 6.5%.
- ▸Operating cash flow is negative at ₹-717 Cr.
- ▸ROCE trend is -2.4%.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Continue researching P N Gadgil Jewellers Limited
Important announcements & filings
Latest exchange and company disclosures found within the past two years.
Open source ↗
Annual reportSep 2026
Sep 2026 · Letter To Shareholders - Weblink Of The Annual Report For The Financial Year 2025-26 5 Sep - AGM scheduled for September 28, 2026; annual report web-link sent to shareholders without registered emails.
Source: Bse
AnnouncementSep 2026
Sep 2026 · Announcement under Regulation 30 (LODR)-Acquisition 20 Aug - Board approved 100% acquisition of Silvostyle Jewellers Limited for Rs 27.96 crore; AGM on September 28, 2026.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Newspaper Publication 22 Sep
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Acquisition 19 Sep - Board approved PNG ESOP 2026, Dr. Vaijayanti Pandit reappointment, and up to USD 6.5 million investment in US subsidiary.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Change in Directorate 19 Sep - Board approved PNG ESOP 2026, director reappointment, and up to USD 6.5 million investment in US subsidiary.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Newspaper Publication 7 Sep - Newspaper Publication for the Notice of 13th Annual General Meeting and Remote E-Voting Information
Source: Bse
Concall transcriptAug 2026
Aug 2026 · Transcript
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Press Release / Media Release 8 Aug - PNG rebrands Litestyle as YOOU; plans 100 new stores by 2030.
Source: Bse
Credit rating
Announcement under Regulation 30 (LODR)-Credit Rating 16 Jul - India Ratings affirmed/assigned IND A+/Stable/IND A1 for INR 5,000 million bank loan facilities.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Newspaper Publication 15 May
Source: Bse
AnnouncementQ4 2026
Q4 2026 · 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.
Source: Bse
All information is for study purposes only. For investment decisions, consult your financial advisor. See Playbook for methodology.