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PNGS Gargi Fashion Jewellery Ltd (Gargi), a leading name in India’s affordable fashion jewellery market, has posted strong financial results for the first quarter of FY26. The company recorded a 20.4% year-on-year increase in sales, reaching ₹27.31 crore, and a 29.3% rise in net profit to ₹5.31 crore.
This growth is attributed to improved operational efficiency and a successful shift in its business model. As of April 2024, Gargi transitioned its Shop-in-Shop (SIS) outlets with P. N. Gadgil & Sons Ltd from a FOCO (Franchisee-Operated-Company-Owned) model to a FOFO (Franchisee-Owned-Franchisee-Operated) model, enhancing scalability and performance.
Gargi now operates 98 retail touchpoints across India, including 33 SIS stores with PNGS, 51 SIS stores with other partners, and 14 exclusive brand outlets. Its product range spans over 15,000 SKUs, catering to a wide range of tastes and occasions.
CEO and Co-founder Aditya Modak said, “We are proud to report healthy growth in both revenue and profitability. Being debt-free and with a planned preferential equity issue, we are well-positioned to accelerate our retail expansion and product innovation.”
The company plans to issue 90,000 equity shares to promoters and 22,500 to non-promoters at ₹970 per share to fund growth initiatives. Gargi also saw a 35% increase in customer response during its recent Monsoon Offer campaign, underlining its strong market connect.
With festive demand ahead and strategic investments in place, Gargi is poised for continued momentum.
