Gargi by P. N. Gadgil & Sons Posts Robust Q4, Full-Year Revenue Soars 48%

PNGS Gargi Fashion Jewellery Limited, India’s fast-growing branded fashion jewellery retailer backed by the 190+year legacy of the P. N. Gadgil & Sons Group, reported strong business performance for Q4FY26 and the full financial year FY2025-26, clocking revenue from operations of ₹29.55 crore in Q4, a 30.27% year-on-year jump, and ₹149.47 crore for the full year, reflecting 48.58% growth on a comparable basis (excluding one-time exceptional sales in FY25).

KEY FINANCIAL HIGHLIGHTS

*FY25 Revenue from Operations excludes exceptional one-time sale of ₹25.75 crore arising from the transition of Shop-in-Shop (SIS) locations from FOCO to FOFO model in April 2024. Revenue figures are subject to limited review by the Statutory Auditors.

OPERATIONAL HIGHLIGHTS

• Store expansion: Gargi added 32 new stores (Points of Sale) in FY26, including 18 in Q4 alone, taking its total network to 126 stores across 65 cities and 21 states as on 31 March 2026. Formats span Exclusive Brand Outlets (EBO), Shop-in-Shop (SIS), and Franchise stores.
• Portfolio breadth: The brand offers a diversified range, including 925 sterling silver jewellery, 14KT natural diamond jewellery, the newly introduced 9KT plain gold jewellery, fashion jewellery, and gifting products.
• Debt-free balance sheet: The Company carries zero debt and maintains a healthy funds position, giving it the financial headroom to self-fund its expansion plans.

GROWTH OUTLOOK

• Gargi targets a Revenue CAGR of approximately 35% over the next couple of years, driven by robust Same-Store Sales Growth (SSSG) and an ongoing store rollout programme.
• The Company has set a target of 20 new store openings in FY27.
• Industry tailwinds remain favourable: double-digit market growth and a significantly underpenetrated organised jewellery segment continue to provide structural growth opportunities.

“This has been a landmark year for Gargi. Growing revenue by nearly 49% on a comparable basis while simultaneously adding 32 new stores across 21 states reflects the strength of both our brand proposition and our execution engine. What gives us particular confidence is the quality of this growth — it is SSSG-led, organically funded, and built on a zero-debt balance sheet. Customers across tier-2 and tier-3 cities are increasingly seeking branded, trust-backed fashion jewellery, and Gargi is well-positioned to be their first choice. With 20 new stores planned for FY27 and a target Revenue CAGR of 35%, we are entering the new financial year with strong momentum and a clear runway ahead.” — Aditya Modak, Director, PNGS Gargi Fashion Jewellery Limited