PN Gadgil Jewellers Ltd.

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pngjewellers.comBSE: 544256NSE: PNGJL

Market Cap₹ 9,030 Cr.

Current Price

High / Low₹ 736 / 503

Stock P/E20.7

Book Value₹ 188

Price to Book3.63

Dividend Yield0.00 %

ROCE21.5 %

ROE22.7 %

Face Value₹ 10

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ABOUT

AI Sector View

AI GENERATED

Consumer Durables

Buy

Urban discretionary demand is mixed but investable. Credit card transactions rose 27.0% YoY (2026-06), urban CMIE sentiment was 109.5 (2026-07), and consumer spending remained large at INR 44743 billion (Jun/26), even though formal consumer confidence fell to 88.3 points (Jul/26) and debit card transactions were -9.0% YoY (2026-06). Heavy sector inflows of INR 13175 crore over 3 months to 2026-08-31 indicate strong investor positioning behind the theme.

Confidence

76%

View full sector analysis →

PROS

Company has delivered good profit growth of 121.7% CAGR over last 5 years
Company has a good return on equity (ROE) track record: 3 Years ROE 25.9%
Company has a healthy return on capital (ROCE) of 24.5%
Company has delivered good sales growth of 42.6% CAGR over last 5 years
Latest quarter profit grew 51.0% YoY, showing strong momentum

CONS

Operating cash flow has been negative in recent years
Poor cash conversion - profits are not backed by operating cash flow (CFO/PAT -1.72x)
Free cash flow has been persistently negative
Equity base is being diluted - shares outstanding up 145.8%
Total debt has risen sharply - up 93.8% year on year

* The pros and cons are machine generated based on quantitative rules.

Peer comparison

Consumer DurablesRetailingRetailing

Part ofNIFTY MICROCAP250 NIFTY TOTAL MKT

S.No.	Name
1.	DMART	3667.65	78.22	239221.00	0.00	860.44	11.34	18794.53	14.88	18.03	7.98
2.	TRENT	2789.70	82.24	148761.10	0.14	518.07	21.98	5754.71	17.84	36.73	19.45
3.	VMM	103.30	54.26	48394.07	0.00	258.77	25.57	3727.01	18.68	19.24	14.61
4.	METROBRAND	953.35	63.94	25987.63	0.63	95.26	-3.58	720.36	14.66	35.77	29.85
5.	ABLBL	83.94	58.21	10245.06	0.60	29.02	20.62	2045.74	11.15	27.34	15.06
6.	PNGJL	613.45	20.26	9030.14	0.00	105.33	51.91	2412.98	40.73	21.80	7.56
7.	V2RETAIL	218.55	44.61	7969.15	0.00	41.85	69.70	997.20	57.73	38.43	13.99
8.	MEDPLUS	658.55	37.59	7911.63	0.00	33.17	-21.67	1879.60	21.84	22.22	7.09
9.	AVL	604.25	56.15	7803.17	0.21	77.22	39.99	1192.68	26.85	20.82	10.44
10.	EMIL	192.05	35.84	7389.10	0.00	120.64	458.07	2418.95	39.07	11.84	9.88
11.	ETHOSLTD	2684.65	69.15	7183.50	0.00	28.66	50.71	461.71	33.32	13.70	12.97
12.	VMART	816.95	47.24	6500.91	0.12	47.21	40.51	1088.81	23.00	23.56	14.75

Detailed Comparison with:

Quarterly Results

Standalone Figures in Rs. Crores / View Consolidated

	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	1,237	1,359	1,939	1,498	1,648	2,002	2,407	1,574	1,702	2,154	3,253	3,531	2,381
	1,192	1,315	1,847	1,410	1,585	1,944	2,287	1,481	1,595	2,048	3,015	3,400	2,253
Operating Profit	44	44	92	88	63	57	120	94	108	107	238	131	128
OPM %	3.57%	3.22%	4.74%	5.86%	3.83%	2.85%	4.98%	5.95%	6.33%	4.95%	7.33%	3.71%	5.38%
	1	2	1	2	2	5	8	15	13	36	24	31	10
Interest	10	10	11	12	12	13	6	11	19	19	25	27	34
Depreciation	5	6	5	5	6	7	8	12	11	13	15	16	17
Profit before Tax	30	30	77	73	47	43	114	85	91	110	223	119	138
Tax %	27.02%	28.11%	25.74%	25.09%	26.19%	24.93%	25.35%	26.57%	25.49%	27.24%	25.48%	26.68%	25.51%
Net Profit	22	22	57	55	35	32	85	62	68	80	166	87	103
	4.00	3.90	10.34	7.64	2.96	2.39	6.28	4.60	5.02	5.87	12.25	6.41	7.58

Profit & Loss

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	TTM
	1,802	2,465	4,398	6,032	7,631	10,641	11,319
	1,746	2,367	4,273	5,764	7,290	10,038	10,715
Operating Profit	56	97	126	268	340	603	604
OPM %	3.09%	3.95%	2.85%	4.45%	4.46%	5.67%	5.33%
	23	9	6	6	24	85	101
Interest	34	32	33	44	42	90	105
Depreciation	24	19	19	21	33	55	62
Profit before Tax	21	56	79	208	290	543	589
Tax %	64.00%	28.39%	30.35%	26.02%	25.78%	26.10%	26.05%
Net Profit	7	40	55	154	215	401	436
EPS	1.30	3.39	4.69	13.07	15.83	29.55	—
Dividend Payout %	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	—

COMPOUNDED SALES GROWTH

10 Years:: —
5 Years:: 43%
3 Years:: 34%

COMPOUNDED PROFIT GROWTH

10 Years:: —
5 Years:: 122%
3 Years:: 94%

STOCK PRICE CAGR

10 Years:: —
5 Years:: —
3 Years:: —
1 Year:: 2%

RETURN ON EQUITY

10 Years:: —
5 Years:: 22%
3 Years:: 26%
Last Year:: 23%

Balance Sheet

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	55	55	55	118	136	136
	187	227	282	434	1,433	1,836
	233	276	271	398	887	1,679
Trade Payables	81	156	124	145	249	567
	491	428	367	412	547	838
Total Liabilities	1,047	1,142	1,100	1,507	3,252	5,055
	184	178	173	199	280	371
Capital Work in Progress	4	4	4	4	4	0
	57	57	46	46	54	53
	614	670	574	937	1,996	3,612
	0	0	0	43	55	67
Cash & Bank	21	44	43	75	522	498
	169	190	260	203	342	454
Total Assets	1,047	1,142	1,100	1,507	3,252	5,055

Cash Flows

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	120	38	143	-3	-689	-635
Cash from Investing	-30	-18	-59	-39	-417	-53
Cash from Financing	-88	-6	-47	52	1,172	637
	-5	5	1	10	66	-51

Ratios

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026

Shareholding Pattern

Numbers in percentages

	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	83.11	83.11	83.11	83.11	83.11	83.11	83.11	83.11
	3.80	1.93	0.65	0.64	0.91	0.75	0.73	0.48
	5.80	5.34	5.49	5.34	4.99	4.80	4.72	4.76
Government	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Public	7.30	9.60	10.76	10.91	10.98	11.34	11.45	11.64

Documents

Corporate disclosures, annual reports, credit ratings, and concall transcripts

2026-09-07

Copy of Newspaper Publication

2026-09-07 - P N Gadgil Jewellers Limited has informed the Exchange about Copy of Newspaper Publication

2026-09-05

Updates

2026-09-05 - P N Gadgil Jewellers Limited has informed the Exchange regarding 'Letter to Shareholders - Weblink of the Annual Report for the Financial Year 2025-26'.

2026-09-05

Updates

2026-09-05 - P N Gadgil Jewellers Limited has informed the Exchange regarding 'Business Responsibility and Sustainability Report for the Financial Year 2025-26'.

2026-09-05

Shareholders meeting

2026-09-05 - P N Gadgil Jewellers Limited has informed the Exchange regarding Notice of Annual General Meeting to be held on September 28, 2026

2026-08-31

Copy of Newspaper Publication

2026-08-31 - P N Gadgil Jewellers Limited has informed the Exchange about Copy of Newspaper Publication

2026-08-20

Acquisition

2026-08-20 - P N Gadgil Jewellers Limited has informed the Exchange about Acquisition

2026-08-20

Outcome of Board Meeting

2026-08-20 - P N Gadgil Jewellers Limited has informed the Exchange regarding Revised Outcome of Board Meeting held on August 20, 2026.

2026-08-20

Acquisition

2026-08-20 - P N Gadgil Jewellers Limited has informed the Exchange about Acquisition

2026-08-20

Outcome of Board Meeting

2026-08-20 - P N Gadgil Jewellers Limited has informed the Exchange regarding Outcome of Board Meeting held on August 20, 2026.

News

Recent coverage and analyst commentary for PNGJL

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