Gargi by PNGS adds two kiosks in Hyderabad and Delhi, reaching 46 points of sale
Fashion jewellery brand Gargi by PNGS opened kiosks in Hyderabad and West Delhi, lifting its network to 46 points of sale. The brand is pursuing capital-light mall expansion, targeting 20 new stores and ~35% revenue CAGR in FY27, after ~49% YoY growth to ₹149.47 crore in FY26.
What happened
Fashion jewellery brand Gargi by PNGS opened two new kiosks in Hyderabad and West Delhi, taking its network to 46 points of sale, as it pursues capital-light
Key facts
- 2 new kiosks
- 46 points of sale
- FY26 revenue ₹149.47 crore
- ~49% YoY growth
- 32 new stores FY26
- 126 points of sale
- 65 cities
- 21 states
- FY27 target 20 new stores
- ~35% revenue CAGR
Why this matters
Gargi's push toward 20 new stores and a 46-point network makes it an increasingly relevant consolidation or partnership candidate in the fragmented fashion jewellery space.
What to watch
- Quarterly store-count additions vs the 20-store FY27 pace
- Same-store sales growth and revenue per point of sale
- Gold/silver input cost trends affecting fashion jewellery margins
- Competitive expansion by Mia, CaratLane, Melorra in the same malls
- Any move toward franchise or asset-heavy flagship formats
- Cluster new kiosks in high-footfall malls across metros before shifting to tier-2 cities
- Convert best-performing kiosks into larger store formats to lift per-point revenue
- Deepen design/SKU refresh cadence to defend against organized fashion-jewellery rivals
- Leverage parent PNGS brand equity for cross-selling and marketing efficiency