Buoyed by festive demand and surging gold prices, PNG posts 65% YoY festive growth and sets new benchmarks in gold, diamond, and silver sales.
A Golden Dussehra for PN Gadgil Jewellers
PN Gadgil Jewellers Ltd. delivered a stellar performance this Dussehra, reporting its highest-ever single-day sales of ₹190 crore — a 64% increase over last year’s Dussehra sales.
- The milestone came on the final day of Navratri, capping a festive period in which PNG posted ₹428 crore in total Navratri sales, up 66% YoY.
- The surge was driven by a strong demand for gold, despite a sharp rise in prices this year.
Gold Remains King, But Diamonds and Silver Sparkle Too
While gold continues to dominate PNG’s sales, the company reported notable volume growth across other segments as well:
- Gold sales volume reached 456 kg, up 10% from last year’s festive season.
- Diamond volume sales surged 53%, and silver grew 64%.
- In revenue terms:
- Gold sales rose 64% YoY.
- Diamond revenues increased 47%.
- Silver sales skyrocketed 133%.
Notably, gold prices have surged 50% YoY and 18% sequentially, yet consumer demand has remained resilient, underscoring the asset’s emotional and investment appeal during festivals.
Leadership Comments & Outlook
Saurabh Gadgil, Chairman and Managing Director of PNG Jewellers, called the performance a proud milestone:
“This is the result of the festive spirit and the enduring bond we share with our customers. Gold once again emerged as the leader of growth, with Diamond and Silver also contributing significantly.”
He added that PNG’s focus remains on contemporary design, customer trust, and expanding presence across India:
“We see this as a strong beginning to the festive quarter and are confident of building on this momentum.”
Financial Performance Supports Growth Story
PNG’s festive sales momentum builds on an already strong financial year:
- Net profit in the June quarter rose 96.3% YoY to ₹69.3 crore.
- Revenue grew 2.8% to ₹1,714.5 crore.
- EBITDA jumped 71.5% to ₹109.9 crore, while margins expanded 340 basis points to 6.4%.
This improvement highlights operational efficiency and healthy demand, even in a high-inflation environment.
Stock Performance Reflects Investor Optimism
- Shares of PN Gadgil Jewellers closed 3.43% higher at ₹627.95 apiece on the NSE.
- This is significantly above its IPO issue price of ₹480, indicating robust market confidence.
