PN Gadgil Jewellers
#PNGJL
#PNGadgil

#Q1FY25

Usually, H2 heavy business with usual QoQ margin fluctuations

Not exactly comparable QoQ

Let's see how Q2FY25 trends

Expecting it to be a strong end to Q2

Rev at 1667cr vs 1256cr⏫33%
Q1 at 1512cr

Other expenses at 52cr vs 26cr

PBT at 47.7cr vs 30.3cr⏫57%
Q4 at 73cr

Good margin expansion YoY

PAT at 35cr vs 22cr⏫59%

Motilal Oswal initiates on PN Gadgil

PN Gadgil Jewellers
#PNGJL
#PNGadgil

Strengthening retail presence
48 stores(12 additions in FY25)
8 new stores in H2FY25

Rev/EBITDA/PAT CAGR of 23%/31%/36% during FY24-27E

30% store CAGR

PN Gadgil Jewellers
#PNGadgil
#PNGJL

24% consolidated revenue growth for Q3FY25

Retail segment rev ⏫42%

Franchisee segment growth of 87%

Ecommerce ⏫98%

Diamond category rev⏫40%

Plans to open 3 new stores in Q4FY25