Pune-based fashion jewellery brand Gargi by P N Gadgil & Sons has wrapped up its financial year with a flurry of store openings, launching four new outlets in March — three in Pune and one in Hyderabad.
The new stores, located in Pune’s Ravet, Baner, and Paud Road neighbourhoods, as well as DSL Mall in Hyderabad, open as Gargi reports some of its strongest financial results yet. The brand posted nine-month revenues of Rs 119 crore for FY2025–26, with Q3 revenues crossing Rs 46 crore — a 27% jump year-on-year. Net profit for the same quarter grew over 15%, and the company has remained profitable every quarter since inception.
With an EBITDA margin of around 31%, a debt-free balance sheet, and a market capitalisation exceeding Rs 800 crore on the BSE, Gargi has carved out a distinctive financial profile in a jewellery market still largely dominated by unorganised players.
The Hyderabad opening at DSL Mall is part of a deliberate push into South India, a market the brand has been building over the past two years. The three Pune stores, meanwhile, reflect the brand’s deepening presence in its home market — particularly in fast-growing residential corridors like Ravet and Baner.
Speaking about the milestone, Aditya Modak, Co-founder and Director, Gargi by PNGS, said: “March has always been a defining month for us — it’s when the year’s effort becomes visible. These four launches are not just stores; they are proof of what we set out to build. Ravet, Baner, and Paud Road reflect how deeply Pune continues to trust and embrace Gargi, while Hyderabad tells us our South India story is only getting stronger. As we close this financial year, we are proud to say that we are building not just a bigger brand, but a more meaningful one — one neighbourhood, one customer, one conversation at a time.”
Earlier in the financial year, Gargi opened 12 exclusive brand outlets and entered new markets including Aurangabad, Indore, Delhi’s Pitampura, and Noida’s Spectrum Metro Mall. The brand now operates across 40+ cities through a mix of exclusive outlets, franchise stores, and shop-in-shop formats.
Looking ahead, Gargi has set a target of at least one new store opening per month through FY2026–27 — a pace that, if sustained, would represent a significant acceleration from prior years.
The brand offers 925 sterling silver, 9kt to 18ct gold, and certified natural diamond jewellery, positioned at accessible price points for everyday wear.
