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PNG Jewellers Targets 27–30% Value Growth In FY26

CMD Saurabh Gadgil highlighted that sentiment for the industry remains strong, with no significant selling pressure despite high prices.

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PN Gadgil Jewellers Ltd. is targeting an overall value growth of 27% to 30% in FY26 (Photo: PNG Jewellers/X)

PN Gadgil Jewellers Ltd. is targeting an overall value growth of 27% to 30% in the current financial year, according to Chairperson Saurabh Gadgil.

Once prices stabilise, the investment demand, which was primarily fuelled by the high rising prices, will move back to jewellery, the managing director said in a conversation with NDTV Profit on Friday.

"Jewellery volume growth would be, maybe, 15% to 16%. And I'm expecting 10% to 12% value growth. So, all in all, put together, value growth should be in the range of 27% to 30%," he added.

The CMD highlighted that sentiment for the industry remains strong, with no significant selling pressure despite high prices. "Wedding season is looking strong. And I think the India growth story, the consumption story is here to stay," he said.

PNG Jewellers' consolidated net profit rose 13% to Rs 62 crore in the fourth quarter for fiscal 2025, while revenue increased 5% to Rs 1,588 crore.

"It has been a good quarter in spite of high prices. We have seen good conversions. Our conversion ratio stands at more than 93% or 92.3%," the top executive said.

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The company's same-store sales growth stood at over 26%, while volume growth was around 3% to 4%. PNG Jewellers achieved a record-breaking single-day sale of Rs 135 crore during Gudi Padwa in late March.

Gadgil said bullion sales now account for 30% of the company's revenue, with jewellery still dominating at 70%. Despite the absence of discounts in the post-Deepavali quarter, the company maintained robust sales, supported by a 40% rise in footfalls. However, the average ticket value dropped from Rs 85,000 to Rs 77,000.

He highlighted the growing trend of customers shifting from unorganised to organised retail. "And that's why we are seeing the ticket values remaining constant all day, but the number of customers increasing."

Shares of PNG Jewellers closed 4.26% lower at Rs 543.4 apiece on the BSE on Friday, compared to a 0.24% decline in the benchmark Sensex.

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