The retail segment grew 31.1% YoY, driven primarily by same-store sales growth (SSSG) of 25.5%. The company said the growth was substantially organic, driven by deeper customer engagement at existing stores. Retail contributed around 77.3% of total revenue, higher on a YoY basis.
The franchise business grew 34.7% YoY, while e-commerce revenue declined 83.6% YoY. The company said the decline was primarily due to a strategic recalibration of its product mix, with a deliberate reduction in low-margin coin sales and a shift towards higher-margin jewellery products.
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The share of gold coin and bar sales in retail revenue fell to around 15.8% in Q2 FY27 from around 23.3% in the year-ago quarter. The company said the moderation in the lower-margin gold coin business, along with a higher contribution from retail and studded jewellery, is improving the quality and profitability of its revenue mix.
During the Raksha Bandhan festive period, Rakhi sales grew 114% in terms of pieces sold and 142% in value compared with the same quarter last year.
Gold, Diamond And Silver Sales
Gold revenue grew 23.5% YoY, while diamond revenue increased 21% and silver revenue rose 12% during the quarter.
The company said the growth in diamond sales reflects growing consumer preference for studded jewellery across its existing and new markets. The retail stud ratio increased to 11.8% in Q2 FY27 from 9% in the year-ago quarter.
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The northern region recorded a retail stud ratio of 17.4% during the quarter.
The share of old gold exchange as a percentage of sales increased to 38% in Q2 FY27 from 29% in Q2 FY26. The company said this indicates growing consumer participation in gold exchange and recycling, with more customers bringing existing gold to upgrade to new jewellery.
YOOU Brand, Store Expansion
During the quarter, the company transitioned LiteStyle to YOOU, marking a shift towards a more distinctive and contemporary brand identity. YOOU is positioned around self-expression, everyday wear and lifestyle-led jewellery, while leveraging the trust, heritage and credibility of PNG Jewellers.
The company opened two new stores during the quarter — one Legacy store in Gurugram and one YOOU store at Amanora Mall in Pune.
As of September 30, 2026, the total store count stood at 80, comprising 79 stores in India and one in the US.
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The company said its focus during the quarter remained on strengthening the performance of its existing store network, accelerating site identification and franchise partner onboarding for upcoming launches, and improving operational readiness for its expansion pipeline.
FY27 Store Target
P N Gadgil Jewellers remains on track to open around 23 new stores during FY27, taking its total store count to around 103 stores by year-end.
The rollout will be phased over the remaining two quarters, with launches expected to accelerate primarily through a franchise-led expansion strategy across Legacy and YOOU stores. The Ayodhya store is expected to open by mid-October, while the Prayagraj store is expected to open by early November.
The company has already secured 10 store commitments, comprising six Legacy and four YOOU stores. It said several more opportunities are in the pipeline, predominantly across the northern and central regions of India.
The company is continuing to strengthen its operations in Maharashtra while expanding its presence across the Northern and Central regions of India, with a focus on building a scalable footprint in these markets.
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Shares of P N Gadgil Jewellers Ltd ended at ₹587.35, down by ₹9.25, or 1.55%, on the BSE.