As of 6 Nov 2026, P N Gadgil Jewellers trades at 16.6× trailing earnings, below the industry P/E of 19.6×, and the shares are 20% below their 52-week high. Sales and net profit grew 34% and 77% a year over 3 years, with ROCE of 30% and ROE of 21%. Debt is 0.75× equity. It is a small-cap company with a market cap of ₹8,679 Cr, ranked 8th of 82 Luxury Goods companies by market cap; the shares fell 9.7% over the past year.
- ₹596.00
- ₹608.95
- ₹586.15
- ₹600.90
- 7 L
Health check
- ReturnsBehind
−9.7% over a year, better than 0 of 7 peers.
- Price tagCheaper
P/E 16.6 vs industry 19.6.
- GrowthSteady
Sales +33.6%, profit +76.7% a year over 3 years.
- ProfitabilityAverage
ROCE 30.0% vs peer median 34.2%.
- Balance sheetFair
Debt 0.75× equity, interest covered 7.8×.
- Red flags1 to check
Promoter stake down from 83.1% to 76.6%.
Small cap
Defensive
Key metrics
- Market cap
- ₹8,679 Cr
- Small cap
- P/E
- 16.6
- Industry 19.6
- Price to book
- 2.87
- Peers 8.57
- Dividend yield
- 0.00%
- ROE
- 21.4%
- Peers 29.3%
- ROCE
- 30.0%
- Peers 34.2%
- Debt to equity
- 0.75
- Debt ₹2,140 Cr
- EPS (TTM)
- ₹35.49
- Face value ₹10
- OPM (TTM)
- 6.5%
- Net margin 4.1%
- Sales growth
- +22.4%
- Latest quarter vs a year ago
- Profit growth
- +52.7%
- Latest quarter vs a year ago
- Price to sales
- 0.73
- EV/EBITDA 12.2
Strengths and risks
Strengths
- Return on equity of 21.4%.
- Return on capital employed of 30.0%.
- Quarterly profit up 52.7% on a year ago.
- Quarterly sales up 22.4% on a year ago.
Risks to check
- Promoter stake down from 83.1% to 76.6%.
About P N Gadgil Jewellers
P N Gadgil Jewellers Limited, together with its subsidiaries, engages in the retail sale of gems, diamonds, semi-precious stones, and jewellery products in India and the United States. It sells gold, silver, platinum, and diamond jewellery, including earrings, rings, necklaces, pendants, mangalsutras, bracelets and bangles, and nosepins, as well as naths, chains, and bullions. The company sells its products through retail stores and various online…
- Headquarters
- Pune
- Employees
- 2,950
- Sector
- Consumer Cyclical
- ISIN
- INE953R01016
- Website
- pngjewellers.com
Price range
- Avg volume (3M)
- 5.1 L
- 1-year return
- minus 9.7%
- From 52-week high
- minus 19.9%
Peers · Luxury Goods
| Company | ||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| TITANTitan Company | 5,000.00 | plus 3.42% | 4,43,656 | 63.1 | 24.30 | 38.4% | 37.1% | 11.6% | 29.2% | 16.0% | 0.30% | plus 26.8% |
| KALYANKJILKalyan Jewellers India | 590.75 | plus 5.49% | 61,010 | 42.6 | 9.66 | 26.7% | 24.3% | 6.7% | 36.4% | 46.1% | 0.42% | plus 7.2% |
| LALITHAALalithaa Jewellery Mart | 373.50 | plus 0.50% | 20,905 | 21.9 | 6.37 | 46.1% | 41.6% | 5.7% | 23.4% | 61.8% | 0.00% | plus 50.3% |
| PCJEWELLERPC Jeweller | 15.77 | plus 1.35% | 15,467 | 17.1 | 1.65 | 10.3% | 10.8% | 24.6% | 10.7% | – | 0.00% | plus 29.0% |
| SKYGOLDSKY GOLD AND DIAMONDS | 951.95 | plus 0.31% | 14,743 | 37.3 | 10.49 | 35.9% | 33.0% | 7.5% | 76.0% | 145.4% | 0.00% | plus 164.3% |
| THANGAMAYLThangamayil Jewellery | 4,148.20 | minus 4.32% | 12,893 | 32.9 | 8.57 | 34.2% | 29.3% | 6.5% | 39.2% | 64.0% | 0.43% | plus 42.6% |
| BLUESTONEBlueStone Jewellery and Lifestyle | 710.85 | minus 2.09% | 10,867 | 102.6 | 5.92 | 7.7% | 5.8% | 17.0% | 46.8% | – | 0.00% | plus 2.0% |
| PNGJLP N Gadgil Jewellers | 589.60 | minus 1.88% | 8,679 | 16.6 | 2.87 | – | 21.4% | 6.5% | 33.6% | 76.7% | 0.00% | minus 9.7% |
| Median of 7 peers | – | 0.50% | 15,467 | 37.3 | 8.57 | 34.2% | 29.3% | 7.5% | 36.4% | 61.8% | 0.00% | 29.0% |
Quarterly results
| ₹ Cr | Sep 25 | Dec 25 | Mar 26 | Jun 26 | Sep 26 |
|---|---|---|---|---|---|
| 2,178 | 3,303 | 3,544 | 2,413 | 2,666 | |
| 2,070 | 3,058 | 3,409 | 2,231 | 2,459 | |
| 107 | 244 | 135 | 182 | 207 | |
| 4.9% | 7.4% | 3.8% | 7.6% | 7.8% | |
| 35.8 | 27.4 | 31.1 | 10 | 17.2 | |
| 19.8 | 25.1 | 27.6 | 34.1 | 41.8 | |
| 13.9 | 15.2 | 16.9 | 17.8 | 20.2 | |
| – | −3.4 | – | – | – | |
| 109 | 228 | 122 | 141 | 163 | |
| 27.3% | 25.1% | 26.0% | 25.1% | 25.5% | |
| 79.3 | 171 | 90.3 | 105 | 121 | |
| 5.84 | 12.59 | 6.65 | 7.76 | 8.69 |
Profit & loss
- Sales CAGR 3Y
- +33.6%
- Profit CAGR 3Y
- +76.7%
- EPS CAGR 3Y
- +76.7%
- ROE
- 21.4%
| ₹ Cr | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|
| 4,508 | 6,112 | 7,693 | 10,739 | |
| – | +35.6% | +25.9% | +39.6% | |
| 4,324 | 5,834 | 7,348 | 10,121 | |
| 183 | 278 | 345 | 618 | |
| 4.1% | 4.5% | 4.5% | 5.8% | |
| 5.4 | 0.3 | 21.5 | 33.5 | |
| 34.1 | 39.8 | 36 | 80.7 | |
| 21.5 | 23.2 | 34.8 | 57.2 | |
| −15.1 | −5.5 | −2.7 | 38.4 | |
| 118 | 209 | 293 | 552 | |
| 20.6% | 25.9% | 25.5% | 25.7% | |
| 74.3 | 155 | 218 | 410 | |
| – | +108.9% | +40.7% | +87.8% | |
| 5.47 | 11.43 | 17.10 | 30.20 |
Forecast
Balance sheet
| ₹ Cr | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|
| 55.2 | 118 | 136 | 136 | |
| 318 | 416 | 1,418 | 1,827 | |
| 324 | 455 | 930 | 1,737 | |
| 365 | 475 | 660 | 1,264 | |
| 1,063 | 1,465 | 3,144 | 4,964 | |
| 185 | 212 | 298 | 383 | |
| 3.5 | 3.5 | 11.9 | 7.8 | |
| 4.7 | 4.5 | 101 | 136 | |
| 22.9 | 26.1 | 93.6 | 41.7 | |
| 846 | 1,219 | 2,639 | 4,396 | |
| 1,063 | 1,465 | 3,144 | 4,964 |
Cash flow
| ₹ Cr | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|
| 105 | 6.3 | −675 | −717 | |
| −45 | −48.8 | −424 | −53.6 | |
| −54.6 | 51 | 1,167 | 719 | |
| 5.2 | 8.5 | 67.5 | −51.9 | |
| −48 | −30.5 | −52.5 | −65 | |
| 56.8 | −24.2 | −728 | −782 |
Shareholding pattern
- Promoters76.62%
- Public23.38%
| Quarter | Split | Promoters | Public | Promoter change |
|---|---|---|---|---|
| 30 Sep 2026 | 76.62% | 23.38% | 0.00 | |
| 4 Aug 2026 | 76.62% | 23.38% | minus 6.49 | |
| 30 Jun 2026 | 83.11% | 16.89% | 0.00 | |
| 31 Mar 2026 | 83.11% | 16.89% | 0.00 | |
| 31 Dec 2025 | 83.11% | 16.89% | – |
Major shareholders
Filings & events
News
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