P N Gadgil Jewellers Limited — Investor Meet, 22-05-2026: Analysts/Institutional Investor Meet/Con. Call Updates

PNG Jewellers delivered strong Q4 FY26 revenue up 123% YoY to 3,544 Cr, with full-year revenue surpassing 10,000 Cr for the first time, growing 40% YoY to 10,739 Cr. Full-year PAT rose 88% to 410 Cr. Q4 gross margins moderated to 9.7% due to increased gold bar/coin sales (40% of revenue) and promotional discounts, viewed by management as temporary. Inventory hedging increased to 67% in Q4 FY26, targeting 75-80% for FY27. FY27 revenue guidance is now 13,500 Cr (up from 12,000 Cr), with EBITDA 7-7.5% and PAT 4%. The company plans asset-light expansion, encouraging old-for-new gold exchanges and exploring lightweight jewellery in response to market shifts and import duties.