🪙PN Gadgil ~ 1100 Cr IPO opens today

Fresh Issue - 850 Cr | OFS - 250 Cr
Mcap ~ 6514 Cr at the upper band

✅Applying for this one, looks like an interesting bet

FY24
- REV: 6119 Cr
- PAT: 154 Cr
- RoE & RoCE > 25%

FY27
- Guiding for REV 10,000 Cr
- Double-digit margins
- Increase in studded ratio to 15% (vs 10 %)

Maharashtra-based Jewellery company
Currently 36 stores
60 stores by FY27
Long-term guidance : 100-120 stores

Valued at 42 P/E on a TTM basis
Peers are trading at higher valuations

Can grow at 20+% CAGR for the next few years
PAT growth will be higher due to operating leverage

All jewellery retailers have given multifold returns since IPO ~ Senco, Kalyan.

A lot of institutions in the anchor book
~ HDFC, Nippon, Axis, Mirae, MOFSL, Bandhan...

GMP at 51%
Will hold for the long term if I get the allotment

#PNGagdil #PNG