Gargi by PNGS opens Delhi & Hyderabad kiosks, targets 20 new stores in FY27
The debt-free fashion jewellery brand posted Rs 149.47 crore FY26 revenue on 49% YoY growth, adding 32 stores to reach 126 points of sale across 65 cities and 21 states. Its metro-clustering play now eyes 20 new stores in FY27 against a 35% revenue CAGR target.
What happened
Fashion jewellery brand Gargi by PNGS opened two kiosks in Hyderabad and Delhi malls, part of a metro-clustering expansion. The debt-free brand posted Rs 149.47
Key facts
- 2 new kiosks
- Rs 149.47 crore FY26 revenue
- 49% YoY growth
- 32 new stores FY26
- 126 points of sale
- 65 cities
- 21 states
- 20 new stores targeted FY27
- 35% revenue CAGR target
- 46 current points of sale
Why this matters
PNGS's Gargi is building a defensible multi-city fashion jewellery footprint (126 POS across 21 states), making it a credible consolidation or partnership target in the fragmented segment.
What to watch
- FY27 quarterly store-add pace vs 20-store guidance
- Same-store sales growth and revenue-per-store trend
- Gross margin and inventory-days movement
- Any shift off debt-free balance sheet or new fundraise
- Competitor kiosk/store openings in same metro clusters
- Expansion beyond 21 states signaling next-phase geography
- Lock high-footfall mall/high-street sites in Delhi-NCR and Hyderabad before rents rise
- Standardize kiosk fit-out and inventory SKUs to keep per-store capex low
- Deepen private-label and design refresh cadence to defend against organized competitors
- Layer omnichannel/click-and-collect to leverage new metro clusters
- Report same-store sales growth to prove clustering isn't cannibalizing