PN Gadgil raises FY26 guidance: revenue to top ₹10,000 cr, PAT margin near 4%
PNG lifts FY26 targets above earlier ₹9,500 cr/3.75% PAT after Q3 revenue jumped 35.6% YoY to ₹3,302.6 cr and PAT doubled to ₹170.9 cr. SSSG crossed 33% in December. Store count to reach 80 by March 2026 and 105 by March 2027, with sustainable EBITDA guided at 7–7.5%.
What happened
PN Gadgil Jewellers guides FY26 revenue above ₹10,000 cr and ~4% PAT margin, beating earlier targets. Q3FY26 revenue rose 35.6% to ₹3,302.6 cr, PAT doubled to
Key facts
- FY26 revenue >₹10,000 cr
- PAT margin ~4%
- earlier guidance ₹9,500 cr & 3.75% PAT
- SSSG >33% (Dec)
- 80 stores by Mar 2026
- 105 stores by Mar 2027
- Mcap ₹8,026.47 cr
- stock +10% YoY
- Q3FY26 revenue ₹3,302.6 cr (+35.6% YoY)
- Q3 EBITDA ₹244.17 cr vs ₹122.5 cr
- EBITDA margin 7.4% vs 5%
- PAT ₹170.9 cr vs ₹86 cr
- silver/platinum inventory gains ₹20-25 cr
- platinum ≤₹2 cr
- silver volume +50% Q3
- sustainable EBITDA 7-7.5%
- FY26 debt ₹1,000-1,100 cr
- net debt ₹450-500 cr
- 10% studded share met
Why this matters
PNG's aggressive 80→105 store rollout through FY27 tightens the regional jewellery M&A window—scout sub-scale western/southern chains now before PNG's footprint closes white space.