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'Buy' PN Gadgil Shares Reiterates Motilal Oswal — Here's Why
Motilal Oswal reiterates Buy rating on PNG with a target price of Rs 825, valuing the stock at 30 times Mar’27E earnings per share.
09 Jul 2025, 03:30 PM IST 
With a better product mix, operating leverage, and efficient sourcing, PNG is well-positioned to expand Ebitda margins to 5.1%-5.2% over FY26- 27.
(Photo Source: X/PNG Jewellers)
PNG continues to expand its retail footprint, with 22-25 new store openings planned in FY26, including eight PNG (company owned-company operated) and 12-13 LiteStyle outlets. Retail revenue is expected to grow >35% in FY26, aided by incremental contribution from FY25 store additions and the upcoming launches. Franchisee and ecommerce channels are projected to grow ~45% and ~35%, respectively.
