P N Gadgil Jewellers Q3 FY26: Festive Demand Drives Growth with Measured Expansion

P N Gadgil Jewellers delivered a strong operating performance in Q3 FY26, supported by robust festive and wedding season demand across key markets. The quarter was marked by healthy same-store sales growth, improving product mix, and disciplined execution, reinforcing the company’s steady growth trajectory in the organised jewellery space.

Festive and Wedding Demand Fuels Strong Revenue Growth

Q3 FY26 witnessed sharp growth in retail revenues, driven by record festive sales during Dussehra, Dhanteras, and Diwali. October 2025 emerged as the highest-ever monthly revenue period for the company, highlighting the strength of festive-led jewellery consumption and strong brand recall among customers.

The performance reflects effective conversion of festive footfalls into sales, supported by a well-curated product portfolio and targeted festive campaigns.

Healthy Same-Store Sales Signal Strong Underlying Demand

A key highlight of the quarter was robust same-store sales growth, indicating that growth was driven not only by network expansion but also by improving productivity across the existing store base. Demand remained broad-based, with consistent traction across price points and categories.

Notably, studded jewellery recorded strong growth, pointing to a gradual shift in consumer preference shifting from the precious metals. This improving mix is supportive of long-term margin sustainability.

E-commerce Emerges as a High-Growth Channel

The company’s e-commerce segment posted outsized growth in Q3 FY26, enhancing overall channel diversification. Growing online traction reflects increasing digital adoption among jewellery buyers and the company’s ability to integrate digital touchpoints with its physical retail presence.

At the same time, disciplined control over non-core segments helped maintain revenue quality and focus on core retail operations.

Calibrated Retail Expansion Strategy

P N Gadgil Jewellers continues to pursue a measured and disciplined expansion strategy. During the quarter, the company maintained a balanced approach toward store additions, prioritising profitability and operational efficiency.

Looking ahead, multiple store openings are planned in Q4 FY26 across both company-owned and franchise formats. This calibrated rollout is expected to strengthen brand presence, improve market penetration in key regions, and support sustainable growth.

Margin Focus and Long-Term Growth Outlook

Management remains focused on long-term margin sustainability, supported by improving product mix, operating leverage from higher store productivity, and controlled expansion. With strong brand equity, a favourable demand environment, and a steady rollout plan, P N Gadgil Jewellers appears well-positioned to sustain growth momentum.

The company is on track to achieve its targeted store count by the end of FY26, supported by strong festive demand, rising premiumisation, and growing omni-channel presence.

Conclusion

P N Gadgil Jewellers’ Q3 FY26 performance highlights the benefits of festive-led demand, strong same-store growth, and disciplined execution. With a measured expansion strategy and increasing traction in higher-value categories and e-commerce, the company is well-placed to capitalise on evolving consumer preferences while maintaining operational and financial discipline.

Source: Company Filings