PN Gadgil Jewellers Q2 FY27 Results: Consolidated Net Profit ₹121 Crore on Total Income of ₹2,684 Crore
Earnings
jewellery
Blacklitt Research3 min read
Unknown author, via Wikimedia Commons (CC0). Illustrative image.
PN Gadgil Jewellers (NSE: PNGJL) reported consolidated total income of ₹2,683.58 crore and net profit of ₹121.11 crore for the quarter ended 30 Sep 2026. Standalone total income was ₹2,642.60 crore and net profit ₹119.73 crore, the company said in a filing on 29 Oct 2026.
Key highlights
Consolidated
Including its subsidiaries
Total income: ₹2,683.58 crore, up 21.2% YoY and 10.8% QoQ
Net profit and EPS: ₹121.11 crore, up 52.7% YoY; basic EPS ₹8.69
Finance costs: ₹41.85 crore, up 110.9% YoY from ₹19.84 crore
Standalone
The company on its own, without its subsidiaries
Total income: ₹2,642.60 crore, up 20.7% YoY and 10.5% QoQ
Net profit and EPS: ₹119.73 crore, up 50.2% YoY; basic EPS ₹8.59
Finance costs: ₹40.69 crore, up 110.1% YoY from ₹19.37 crore
Summary
Consolidated ₹ crore
Particulars
Q2 FY27
Q2 FY26
YoY
Q1 FY27
QoQ
2,683.58
2,213.43
+21.2%
2,423.02
+10.8%
Revenue from operations
2,666.38
2,177.62
+22.4%
2,412.98
+10.5%
Other income
17.20
35.81
-52.0%
10.04
+71.3%
121.11
79.31
+52.7%
105.33
+15.0%
Profit before tax
162.54
109.15
+48.9%
140.59
+15.6%
Finance costs
41.85
19.84
+110.9%
34.06
+22.9%
Depreciation
20.22
13.95
+45.0%
17.76
+13.9%
Tax expense
41.43
29.84
+38.8%
35.26
+17.5%
Net profit margin
4.51%
3.58%
+0.93 pp
4.35%
+0.17 pp
EPS, basic (₹)
8.69
5.84
+48.8%
7.76
+12.0%
Figures are in ₹ crore; YoY compares with Q2 FY26 and QoQ with Q1 FY27. Click Total income or Net profit to see the rows behind them.
Net profit grew faster than income in the consolidated results. Net profit rose 52.7% to ₹121.11 crore while total income rose 21.2%, and revenue from operations rose 22.4%. Other income fell 52.0% to ₹17.20 crore, so the gain is in sales rather than in other income, which is 10.6% of profit before tax of ₹162.54 crore.
Finance costs more than doubled, from ₹19.84 crore to ₹41.85 crore, and are now 1.6% of total income and 25.7% of profit before tax. Depreciation rose 45.0% to ₹20.22 crore. Tax of ₹41.43 crore is 25.5% of profit before tax. The statement shows no exceptional items for the quarter, nor for the same quarter a year earlier.
Standalone ₹ crore
Particulars
Q2 FY27
Q2 FY26
YoY
Q1 FY27
QoQ
2,642.60
2,190.09
+20.7%
2,390.59
+10.5%
Revenue from operations
2,625.41
2,154.36
+21.9%
2,380.57
+10.3%
Other income
17.19
35.74
-51.9%
10.02
+71.6%
119.73
79.70
+50.2%
102.86
+16.4%
Profit before tax
160.93
109.55
+46.9%
138.07
+16.6%
Finance costs
40.69
19.37
+110.1%
33.87
+20.1%
Depreciation
19.66
13.42
+46.4%
17.16
+14.5%
Tax expense
41.20
29.84
+38.1%
35.22
+17.0%
Net profit margin
4.53%
3.64%
+0.89 pp
4.30%
+0.23 pp
EPS, basic (₹)
8.59
5.87
+46.3%
7.58
+13.3%
Figures are in ₹ crore; YoY compares with Q2 FY26 and QoQ with Q1 FY27. Click Total income or Net profit to see the rows behind them.
The standalone figures follow the same pattern. Net profit of ₹119.73 crore rose 50.2% against total income growth of 20.7%, and profit before tax rose 46.9% to ₹160.93 crore. Other income of ₹17.19 crore is 10.7% of profit before tax, down from ₹35.74 crore a year earlier.
The consolidated figures sit slightly above the standalone ones: consolidated net profit is ₹1.38 crore higher and total income ₹40.98 crore higher. The consolidated group includes Gadgil Diamonds Private Limited (India) and PNG Jewelers, Inc. (USA). Standalone finance costs rose 110.1% to ₹40.69 crore, close to the consolidated figure.
The company completed a Qualified Institutional Placement in the half year, allotting 1,14,94,252 equity shares of ₹10 face value at ₹609 a share, aggregating ₹700 crore. Of the proceeds, ₹361.31 crore, or 51.6%, was utilised by 30 Sep 2026, leaving ₹338.69 crore unutilised against four new stores, working capital and general corporate purposes.
Share premium of ₹688.51 crore was credited to the securities premium reserve. Actual issue-related expenses to 30 Sep 2026 were ₹22.19 crore, against ₹13.23 crore in the placement document estimate, and the notes say any difference on final expenses will be adjusted against the securities premium reserve when finalised.
Inference
The board approved both sets of results on 29 Oct 2026, and the auditor's review of the consolidated results carries an unmodified conclusion, with other auditors' reports relied on for two subsidiaries.
The unutilised QIP proceeds of ₹338.69 crore and the timing of the four new stores are noted in the filing, but the filing does not say when the stores will open, whether any dividend has been declared or recommended, or why the actual issue expenses exceeded the estimate.
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