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PN Gadgil Q3 Review — Motilal Oswal Retains 'Buy' On Successful Store Rollouts, Effective Gold Hedging Policy
With the successful execution of store rollouts, an effective gold hedging policy, and margin expansions, the brokerage reiterates Buy on the stock with a target price of Rs 950 at 35x Dec-26 EPS
14 Feb 2025, 06:38 PM IST 
PN Gadgil Jewellers delivered consolidated revenue growth of 24% YoY to Rs 24.4 billion in Q3 FY25, led by strong festive demand during Navratri and Diwali.
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PNG has strengthened its balance sheet by reducing debt, having repaid Rs 3 billion from IPO proceeds. It has also implemented a robust hedging strategy through Gold Metal Loans, with 84% hedged by Dec’24 and now fully covered.
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