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P N Gadgil Jewellers Limited (PNGJL) · mywealthgrid

P N Gadgil Jewellers Limited

NSE:PNGJL BSE:PNGJL

Consumer DiscretionaryConsumer DurablesNIFTY MICROCAP 250 +1

₹582.0

-1.39%1 Oct close

Mkt cap

₹7,897 Cr

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About

P N Gadgil Jewellers operates a retail gems, jewelry and watches business within the consumer discretionary sector. With a market cap of ₹8,287.2 Cr and quarterly revenues spanning ₹2,154 to ₹3,544 Cr, it is a significant mid-scale retailer. The company generates strong returns on equity at 23.28%, though operating margins swing sharply across quarters from 3.71% to 7.56%.

Face value: ₹10

Market cap

₹7,897 Cr

P/E

17.7×

P/B

4.0×

Dividend yield

ROE

23.3%

ROCE

34.3%

Debt / equity

0.8

OPM

5.7%

EPS (TTM)

₹32.9

Book value

₹144.6

52-week high

—

52-week low

Key insights

Company research notes and source-linked reviews

Key risks

Margin volatility is pronounced: operating profit margin swings from 3.71% (Mar 2026) to 7.56% (Jun 2026), translating into EPS swings from ₹5.87 to ₹12.59. Verify root causes—seasonality, mix, promotions, or operational inconsistency.
Revenue seasonality spans ₹2,154 Cr (Sep 2025) to ₹3,544 Cr (Mar 2026), a 65% range. Assess whether this reflects a predictable cycle or exposure to discretionary consumption pressures.
Concentrated ownership with limited institutional interest: promoter holds 83.11%, FII only 0.49%, DII 4.76%. Verify whether this reflects retail positioning or signals weak institutional confidence.
Debt-to-equity of 0.8 is moderate, but with Mar 2026 margins at 3.71%, verify whether Jun 2026's rebound to 7.52% is sustainable or if leverage could stress if margins revert.

Generated analysis · source review pending

Growth drivers

Jun 2026 operating margins of 7.52–7.56% have recovered from Mar 2026's 3.71%, and if sustained, EPS should stabilize in the ₹7.58–7.76 range, supporting revaluation from the current PE of 18.59.
ROE of 23.28% indicates strong capital efficiency; reinvestment of retained earnings at this rate compounds book value, though verify whether ROE is sustainable across cycles or peaked in high-margin quarters.
Quarterly revenues around ₹2.4–3.5 Cr show the business has reached defensible scale; verify whether organized-sector consolidation is driving volume growth into mid-scale retailers like PNGJL.

Generated analysis · source review pending

502 historical price candles were omitted because the exchange source has not been verified.

₹582.0-0.5%1Y

Quick read

rule-based

Pros

+Strong return on equity of 18.7% (3-yr avg)
+High return on capital employed of 27.3%
+High promoter holding of 83.1% with no pledge

Cons

−Thin operating margin of 5.7%

Research score

Structured signal from quality, growth, valuation and momentum.

75/100

Business quality: 55
Growth: 100
Valuation: 69

Revenue & net profit

₹ crore, by fiscal year

RevenuePAT

Margins

% of revenue, by fiscal year

OPMPAT margin

Peers

Comparable companies from the narrowest available industry classification.

Part ofNIFTY MICROCAP 250 NIFTY TOTAL MARKET

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Financials

Reported profit and loss, balance sheet, cash flow and growth history.

Annual Quarterly

Consolidated Standalone

Consolidated figures · ₹ crore

₹ Cr	Mar 2025	Mar 2026
	7,693	10,739
COGS	6,990	9,437
Gross profit	704	1,302
	368	686
	336	616
OPM %	4.4%	5.7%
Depreciation	35	57
Interest	43	92
	35	85
Profit before tax	293	552
Tax	75	142
Tax %	25.5%	25.7%
	218	410
PAT margin %	2.8%	3.8%
EPS (₹)	17.1	30.2
EPS adjusted (₹)	16.1	30.2
Annual report	Annual report for Mar 2025	—

₹ Cr	Mar 2025	Mar 2026
Equity capital	136	136
Reserves	1,418	1,827
	823	1,580
	767	1,422
Total equity & liabilities	3,144	4,964
	322	410
CWIP	4	0
Investments	9	8
	2,811	4,546
Total assets	3,144	4,964

₹ Cr	Mar 2024	Mar 2025	Mar 2026
	0	-675	-717
	-0	-424	-54
	0	1,167	719
Net cash flow	0	68	-52
Free cash flow	—	-728	-782
CFO / Operating profit %	—	-201.1%	-116.4%

Compounded sales growth

7 years: —
5 years: —
3 years: —
1 year: 40%

Compounded profit growth

7 years: —
5 years: —
3 years: —
1 year: 88%

Return on equity

7 years: —
5 years: —
3 years: —
Last year: 21%

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Ratios

Annual operating, return, leverage and working-capital ratios.

Consolidated Standalone

Consolidated figures

Ratio	Mar 2025	Mar 2026
Margins
Gross margin %	9.1%	12.1%
EBITDA margin %	4.4%	5.7%
EBIT margin %	3.9%	5.2%
PAT margin %	2.8%	3.8%
Working capital
Receivable days	2	2
Inventory days	106	141
Payable days	13	22
NWC days	95	121
Leverage
Current ratio	1.8	1.53
Debt to EBITDA	2.45	2.56
Debt to equity	0.53	0.8
Interest coverage	7.8	7.1
Asset turnover	2.45	2.16
Return ratios
Return on assets %	6.9%	8.3%
Return on capital employed %	20.2%	34.3%
Return on equity %	14%	20.9%

Derived from reported annual statements. ROCE uses EBIT over capital employed (total assets less current liabilities). Day counts average the opening and closing balance; receivables turn on revenue, inventory and payables on cost of goods sold.

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Shareholding

Quarterly ownership, named holders, insider transactions and disclosed deals.

Quarterly Annual

Every quarter filed · % of equity

Holder (%)	Jun 2024	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%	83.11%
	2.74%	3.8%	1.94%	0.65%	0.64%	0.91%	0.75%	0.72%	0.49%
	5.52%	5.8%	5.35%	5.48%	5.34%	4.99%	4.8%	4.71%	4.76%
Government	0%	0%	0%	0%	0%	0%	0%	0%	0%
	8.63%	7.29%	9.6%	10.76%	10.91%	10.99%	11.34%	11.46%	11.64%
No. of shareholders	—	—	—	—	—	1,83,826	1,70,297	1,64,589	1,53,617

Promoter holding up 0 percentage points since Jun 2024.

2 deals · 17 Sept 2024 – 17 Sept 2024

Date	Client	Type	Venue	Side	Quantity	Price	Value
17 Sept 2024	NK SECURITIES RESEARCH PRIVATE LIMITED	Bulk	NSE	Sell	10,85,761	₹811.88	₹88.15 Cr
17 Sept 2024	NK SECURITIES RESEARCH PRIVATE LIMITED	Bulk	NSE	Buy	10,85,761	₹811.40	₹88.10 Cr

1–2 of 2

1 / 1

Bulk deals are a client trading over 0.5% of the equity in a session, aggregated across their trades; block deals are single negotiated trades in the exchange’s block window. Each is reported by the exchange it was crossed on, so NSE and BSE rows are separate trades rather than the same trade twice.

Mr. Saurabh Vidyadhar GadgilExecutive Director-Chairperson related to Promoter-MD
Mr. Parag Yashwant GadgilExecutive Director
Mrs. Radhika Saurabh GadgilExecutive Director
Mr. Aditya Saurabh GadgilNon-Executive - Non Independent Director
Mr. Yashwant Ramchandra GaikwadNon-Executive - Independent Director
Mrs. Vaijayanti Ajit PanditNon-Executive - Independent Director
Mrs. Shaswati VaishnavNon-Executive - Independent Director
Mr. Susmit Ajit RanadeNon-Executive - Independent Director
Mr. Purushottam Sharad BedekarNon-Executive - Independent Director
Mr. Deepak Kumar VijayChief Financial Officer
Mr. Prakhar GuptaCompany Secretary & Compliance Officer

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F&O

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Fund holders

Mutual-fund schemes that disclosed a holding in the company.

Portfolio month

Schemes holding

across 4 fund houses

Held by these funds

0.87%

of the company's equity

All mutual funds

4.52%

shareholding pattern, Jun 2026

Portfolios as of

August 2026

compared with July 2026

6 schemes · 4 fund houses

		Shares
Momentum Fund	Axis Mutual Fund	7.1 L	41.46	4.51%	0.523%	-0
(Investment Manager for Motilal Oswal Mutual Fund)	Motilal Oswal Mutual Fund	2.95 L	17.24	0.21%	0.218%	-6.58 L
(Investment Manager for Motilal Oswal Mutual Fund)	Motilal Oswal Mutual Fund	89,760	5.24	0.21%	0.066%	+28,674
(LIVE SCHEMES)	ITI Mutual Fund	89,353	5.22	1.13%	0.066%	-0
IB18-Groww Nifty Total Market Index Fund	Groww Mutual Fund	614	0.04	0.01%	0%	+207
(Investment Manager for Motilal Oswal Mutual Fund)	Motilal Oswal Mutual Fund	68	0	0.01%	0%	-0

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Documents

Annual reports, exchange filings, offer documents, ratings and earnings-call material.

Announcements

Annual reports

Annual Report FY2025from bse Summary

Credit ratings

Investor Presentation and earnings call

Jul 2026TranscriptAI SummaryPPT REC
May 2026Transcript AI Summary PPT

Documents link to external sources (exchange filings, company investor pages).

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Events

Upcoming dates and the company’s corporate-action history.

1

Board meeting to consider results27 Jul 2026

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Announcements

Latest exchange announcements, filings and downloadable documents.

1 month 3 months 6 months 1 year All

40 announcementsExport CSV

1 Oct 2026, 5:57 pmCompany Update

Announcement under Regulation 30 (LODR)-Updates on Acquisition

Acquisition PDF

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Ratio	Mar 2025	Mar 2026
Margins
Gross margin %	9.1%	12.1%
EBITDA margin %	4.4%	5.7%
EBIT margin %	3.9%	5.2%
PAT margin %	2.8%	3.8%
Working capital
Receivable days	2	2
Inventory days	106	141
Payable days	13	22
NWC days	95	121
Leverage
Current ratio	1.8	1.53
Debt to EBITDA	2.45	2.56
Debt to equity	0.53	0.8
Interest coverage	7.8	7.1
Asset turnover	2.45	2.16
Return ratios
Return on assets %	6.9%	8.3%
Return on capital employed %	20.2%	34.3%
Return on equity %	14%	20.9%

Company	Mkt Cap	EV	Revenue	EBITDA	OPM	PAT	NPM	ROCE	ROE	WC Days
Kalyan Jewellers India LimitedKALYANKJILKALYANKJIL	₹54,578 Cr	₹55,102 Cr	₹39,063 Cr	₹2,616 Cr	7%	₹1,435 Cr	3.8%	31.5%	24.3%	136
Lalithaa Jewellery Mart LimitedLALITHAALALITHAA	₹21,708 Cr	₹23,312 Cr	₹25,024 Cr	₹1,674 Cr	6.7%	₹1,010 Cr	4%	54.3%	41.6%	—
Thangamayil Jewellery LimitedTHANGAMAYLTHANGAMAYL	₹15,118 Cr	₹15,943 Cr	₹9,606 Cr	₹621 Cr	6.6%	₹391 Cr	4.1%	39.1%	27.9%	142
Sky Gold And Diamonds LimitedSKYGOLDSKYGOLD	₹12,557 Cr	₹13,426 Cr	₹7,176 Cr	₹520 Cr	6.9%	₹343 Cr	4.5%	45.9%	29.3%	77
Pc Jeweller LimitedPCJEWELLERPCJEWELLER	₹12,449 Cr	₹13,522 Cr	₹3,505 Cr	₹785 Cr	20%	₹775 Cr	21.3%	11.7%	9.9%	1,082
Bluestone Jewellery And Lifestyle LimitedBLUESTONEBLUESTONE	₹12,008 Cr	₹12,753 Cr	₹2,681 Cr	₹442 Cr	16%	₹56 Cr	0.5%	9.8%	1.1%	659
P N Gadgil Jewellers LimitedPNGJLPNGJL	₹7,897 Cr	₹9,477 Cr	₹11,438 Cr	₹669 Cr	5.7%	₹446 Cr	3.8%	34.3%	23.3%	121
Timex Group India LimitedTIMEXTIMEX	₹7,368 Cr	₹7,370 Cr	₹419 Cr	₹32 Cr	7.7%	₹21 Cr	5%	32.7%	29.4%	—
Ethos LimitedETHOSLTDETHOSLTD	₹6,785 Cr	₹6,786 Cr	₹1,728 Cr	₹223 Cr	12.9%	₹106 Cr	6%	10.4%	7.7%	180
Senco Gold LimitedSENCOSENCO	₹5,199 Cr	₹6,769 Cr	₹9,660 Cr	₹999 Cr	11.5%	₹571 Cr	6.8%	38%	25.6%	259
Kddl LimitedKDDLKDDL	₹4,811 Cr	₹4,967 Cr	₹2,322 Cr	₹335 Cr	14.3%	₹97 Cr	6.3%	11.9%	8.8%	192
D. P. Abhushan LimitedDPABHUSHANDPABHUSHAN	₹4,273 Cr	₹4,433 Cr	₹2,340 Cr	₹100 Cr	4.3%	₹62 Cr	2.6%	40.8%	29.4%	—

Date	Category	Subject	Filing
1 Oct 2026, 5:57 pm	Company Update Acquisition	Announcement under Regulation 30 (LODR)-Updates on Acquisition	PDF
29 Sept 2026, 7:12 pm	AGM/EGM AGM	Shareholder Meeting / Postal Ballot-Scrutinizer''s Report	PDF
28 Sept 2026, 7:16 pm	AGM/EGM AGM	Shareholder Meeting / Postal Ballot-Outcome of AGM	PDF
22 Sept 2026, 3:32 pm	Company Update Newspaper Publication	Announcement under Regulation 30 (LODR)-Newspaper Publication	PDF
21 Sept 2026, 4:48 pm	AGM/EGM Postal Ballot	Shareholder Meeting / Postal Ballot-Notice of Postal Ballot	PDF
19 Sept 2026, 6:21 pm	Company Update Analyst / Investor Meet	Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation	PDF
19 Sept 2026, 4:44 pm	Company Update Acquisition	Announcement under Regulation 30 (LODR)-Acquisition	PDF
19 Sept 2026, 4:38 pm	Company Update Change in Directorate	Announcement under Regulation 30 (LODR)-Change in Directorate	PDF

P N Gadgil Jewellers Limited

About

Key insights

Key risks

Growth drivers

Quick read

Pros

Cons

Research score

Revenue & net profit

Margins

Peers

Financials

Profit & loss

Balance sheet

Cash flow

Compounded returns

Compounded sales growth

Compounded profit growth

Return on equity

Ratios

Ratio timeline

Shareholding

Quarterly record

Bulk & block deals

Board and management

F&O

Not in the F&O segment

Fund holders

Documents

Announcements

Annual reports

Credit ratings

Investor Presentation and earnings call

Events

Board meetings1

Announcements

Board meetings1

Ratio timeline

Not in the F&O segment

Announcements

Annual reports

Credit ratings

Investor Presentation and earnings call

Quarterly record

Bulk & block deals

Board and management

Profit & loss

Balance sheet

Cash flow

Compounded returns

Compounded sales growth

Compounded profit growth

Return on equity

1

1