P N Gadgil Jewellers Limited (PNG Jewellers) reported a 41% year-on-year increase in revenue for the first quarter of FY27, with the retail business emerging as the primary growth driver. The company said its retail segment recorded 56% year-on-year growth, supported by same-store sales growth (SSSG) of 46%, resulting in retail contributing around 78% of total revenue during the quarter.

The company stated that franchise and e-commerce businesses grew by 8% and 20% year-on-year, respectively. It also noted that the share of gold bullion sales in retail revenue stabilized at around 22%, compared to a higher proportion in the previous quarter. According to the company, the lower contribution from bullion sales, alongside increased sales of retail and studded jewellery, continued to improve the overall revenue mix.

Diamond jewellery recorded growth during the quarter, contributing to an increase in the retail stud ratio to 10.9%. The company said recently opened stores in Northern and Central India contributed around 3.4% of retail sales while reporting a higher stud ratio than its established stores in Maharashtra and Goa.

Notably, our recently launched stores across Northern and Central India, though still contributing around 3.4% of Retail sales, are already recording a meaningfully higher stud ratio than our established network in Maharashtra and Goa. This early evidence validates our strategy of expanding into new geographies where the preference for studded jewellery is structurally stronger.

As of June 30, 2026, PNG Jewellers operated 78 stores, including 77 in India and one in the United States. During the quarter, the company focused on strengthening its existing network, identifying new store locations, onboarding franchise partners and preparing for planned expansion.

The company reiterated that it remains on track to open around 25 new stores in FY27, taking its total network to approximately 103 stores by the end of the fiscal year. The expansion will follow a phased rollout across the remaining three quarters, with a franchise-led approach covering both Legacy and LiteStyle formats in Maharashtra, Uttar Pradesh, Bihar, Central India and the NCR region. It added that its Q1 financial performance remains in line with its previously stated gross margin and EBITDA margin guidance for FY27.