PNG Jewellers Aims for 27–30% Revenue Surge in FY26
Backed by strong retail performance, rapid digital expansion, and an aggressive strategy for opening new stores, PNG Jewellers is aiming for substantial double-digit value growth in the financial year 2026.
Strong Finish to FY25 Sets the Stage
PNG Jewellers closed FY25 with impressive numbers. Consolidated revenue rose by 25.9% for the year, with a 5.1% increase in Q4 alone. The retail segment, which forms over 80% of the company’s business, surged by 50% in the last quarter, while e-commerce sales more than doubled, now contributing nearly 6% of total revenue. Franchise operations also saw robust growth, reflecting successful market penetration and brand strength.
The company’s net profit for Q4 FY25 climbed 13% to ₹62 crore, even as margins narrowed due to rising gold prices and competitive pressures. PNG achieved its highest-ever single-day sales of ₹123.5 crore during Gudi Padwa, a 40% increase over the previous year, underscoring the power of festive demand.
FY26 Growth Targets and Expansion Plans
Chairperson Saurabh Gadgil and CFO Kiran Firodiya have both outlined ambitious plans for FY26. The company is aiming for overall value growth of 27–30%, combining expected jewellery volume growth of 15–16% and value growth of 10–12%. This target is underpinned by:
• Aggressive Store Expansion: PNG plans to open 20–25 new retail outlets in FY26, focusing on high-potential markets like Uttar Pradesh and further strengthening its presence in Maharashtra and Goa. The brand presently runs 53 outlets, encompassing a mix of company-owned and franchised locations.
• Digital and E-commerce Push: E-commerce sales grew by over 240% in Q4 FY25, and this channel is expected to be a significant growth driver going forward.
• Franchise Network Scaling: Franchise operations contributed nearly 12% of total revenue, with a 37% year-on-year increase, indicating successful brand replication in new geographies.
Market Drivers: Weddings, Festive Demand, and Consumer Shifts
The wedding season and festivals like Akshaya Tritiya are expected to provide a strong start to FY26, with consumer sentiment remaining upbeat despite elevated gold prices. PNG’s leadership notes that the India consumption story is robust, and the trend of customers moving from unorganized to organized retail continues to accelerate. This shift is reflected in higher footfalls, a strong conversion rate (over 92%), and consistent same-store sales growth above 26%.
Navigating Market Challenges
While gold prices remain volatile due to geopolitical uncertainty and policy changes, PNG Jewellers is confident about its growth trajectory. The company is leveraging platforms like IIBX for gold imports and adapting its product mix to favor lightweight, high-margin jewellery. Recent government moves, such as custom duty adjustments, have also influenced pricing and sourcing strategies.
Despite a drop in average ticket size (from ₹85,000 to ₹77,000), the overall number of customers has risen sharply, compensating for this decline and contributing to revenue growth. The company’s emphasis on high-end, studded jewellery is yielding positive results, as the studded jewellery ratio climbed to 7.4% in Q4 FY25.
Outlook: Confidence in Sustained Growth
Looking forward, PNG Jewellers remains confident in sustaining its upward growth trajectory.
The combination of new store launches, digital innovation, and a loyal customer base positions the company well for FY26. The management is also betting on continued demand from weddings, festivals, and a broader shift toward branded jewellery purchases.
Conclusion
PNG Jewellers is aiming for a 27–30% increase in value for FY26, building on solid results from FY25, planned expansion efforts, and keen insight into shifting consumer preferences.
As the company continues to invest in retail, digital, and franchise channels, it is poised to capture a larger share of India’s growing jewellery market, even amid external challenges.
The image added is for representation purposes only
