The company reported revenue from operations of Rs 149.4 crore in FY26, rising nearly 48 per cent year-on-year
Fashion jewellery retailer PNGS Gargi Fashion Jewellery said it expects to sustain around 35 per cent annual revenue growth over the next few years as the company accelerates store expansion beyond its core Maharashtra market, backed by strong cash reserves and rising demand from younger consumers.
The company added 32 new locations in FY26, including 18 stores in the March quarter alone, taking its total retail network to 126 touchpoints across 58 cities and 19 states.
“We continue to maintain our revenue growth guidance shared in previous quarters, targeting a CAGR of approximately 35 per cent over the next few years,” Director Aditya Modak said during the company’s post-earnings conference call.
Management said the growth outlook will be supported by same-store sales growth, continued retail expansion and a rising shift from unorganised jewellery retailers to organised brands.
The company reported revenue from operations of Rs 149.4 crore in FY26, rising nearly 48 per cent year-on-year after adjusting for a one-time exceptional sale booked in the previous fiscal. Even without the adjustment, revenue grew around 20 per cent year-on-year.
Operating profit for the year rose around 27 per cent, while Ebitda margin stood at 42.92 per cent. Net profit in the March quarter increased 25.88 per cent year-on-year to Rs 5.14 crore.
Focus Shifts Towards Standalone Retail Expansion
Management said the company is increasingly scaling its standalone retail network outside Maharashtra through Exclusive Brand Outlets (EBOs) and kiosk formats, while gradually reducing dependence on shop-in-shop (SIS) stores linked to parent group stores.
“Our aim is to keep lesser dependency on the SIS store of the P.N. Gadgil & Sons and that we are achieving step by step,” Non-Executive Director Amit Modak said.
According to the company, around 75–80 per cent of current revenue still comes from SIS formats, though this dependence is expected to gradually decline over the next few years.
“Now it’s not a state-centric. It is becoming a pan-India in a real sense,” Amit Modak said.
The company plans to add at least 20 more stores in FY27, with a sharper focus on FOCO-led EBO expansion.
“Growth is coming from the EBOs and this kiosk type of setup,” he said, adding that North India remains a key focus market while the company is also evaluating standalone expansion in Bengaluru and Chennai.
Strong Cash Position To Fund Growth
PNGS Gargi said it ended FY26 with nearly Rs 78 crore in liquid cash and zero debt, giving the company flexibility to continue expansion without immediate fundraising.
“Supported by strong cash position and healthy liquidity, we have the financial flexibility to expand at least 25 additional EBOs without debt or equity dilution,” Aditya Modak said.
Management also indicated that the company is maintaining a conservative financial approach amid global uncertainty.
“I experienced the corona. We are experiencing a war situation. So, in such situation, if anything comes as a pressure on the profitability or anything cash flows, we are there self-sufficient without borrowing,” Amit Modak said.
Betting On Gen Z, Organised Jewellery Trend
The company said it is benefiting from a broader shift toward organised fashion jewellery, particularly among millennials and Gen Z consumers seeking lightweight and affordable products.
“Consumer preferences are increasingly shifting towards innovation, lightweight and personalised jewellery that blends traditional craftsmanship with contemporary designs,” Aditya Modak said.
The company added that demand is being driven by increasing preference for branded jewellery over unorganised local players.
Management also highlighted its focus on affordability-driven diamond jewellery. Around 35 per cent of revenue currently comes from 14KT diamond-studded jewellery, according to the company.
PNGS Gargi also said recent restrictions on imported ready-made silver jewellery have accelerated its localisation strategy.
“We have started establishing more and more local karigars to manufacture the jewellery with fine finishing,” Amit Modak said.
The company expects domestic manufacturing partnerships to help reduce making costs and support margins even as expansion and marketing expenses rise.
Despite rapid expansion, management said the company has maintained a 100 per cent store retention rate for its EBO and SIS formats since inception.
“The story is yet to unfold,” Amit Modak said.
