Focus on another gold jewellery stock ahead of Diwali and Dhanteras shopping – Motilal Oswal has maintained its Buy rating on PN Gadgil Jewellers, with a target price of Rs 825, implying an upside of 24% from current levels. The brokerage house stated that the festive season boosted retail demand.
Motilal Oswal on PN Gadgil: Store expansion in Q2
The company’s same-store sales growth (SSSG) stood at 29% QoQ. The gold category registered a 24% increase in value and a 15% increase in volume. The silver category delivered a strong performance, with 92% growth in value and 59% growth in volume.
Similar to last year’s Navratri campaign, ‘Nine Days, Nine Stores,’ the company further expanded its presence during this year’s Navratri, opening six Exclusive PNG Jewellers showrooms and four LiteStyle shop-in-shop stores.
The company launched eight exclusive showrooms, five company-owned outlets on a company-owned, company-operated (COCO) model and three franchise outlets on a franchise-owned, company-operated (FOCO) model, taking the total store count to 63 as of September 2025. PN Gadgil plans to open 13-15 new stores in the second half of FY26 (COCO + FOCO) as it targets 76-78 stores for FY26.
Motilal Oswal on PN Gadgil: Expansion in new geographies
During Q2 FY26, the company entered Indore in Madhya Pradesh and Kanpur and Lucknow in Uttar Pradesh, along with the launch of a flagship store in Dadar, Mumbai.
PN Gadgil Q2 FY26 business update
PN Gadgil posted an increase of 8.63% year-on-year in total revenue to Rs 2,173.3 crore for the second quarter of FY26, up from Rs 2,000.6 crore in the same period last year. The company’s revenue, excluding the refinery segment, delivered a 31.15% growth YoY.
The retail segment of the gems and jewellery stock recorded a rise of 29% YoY in Q2 FY26. The segment contributed 72.2% of the company’s total revenue for the quarter.
PN Gadgil stock performance
The share price of PN Gadgil has delivered 3% return in the last five trading sessions. The stock has risen 13% in the past one month and 24% in the last six months. However, PN Gadgil’s stock price has corrected 12% over the last one year.
