PNGS Gargi Fashion Jewellery Ltd. posted revenue of Rs 149.4 crore for the financial year ended March 31, 2026, an 18.2% increase over the previous year, the company announced on Monday. Profit after tax came in at Rs 31.3 crore, a 21% margin that the Pune-based firm said places it among the more profitable players in India’s organized fashion jewellery market.
EBITDA for the year stood at Rs 39.6 crore, a 26.5% margin, while return on capital employed reached 37%. The company remains debt-free, with shareholders’ funds of Rs 141.9 crore.
The fourth quarter was particularly strong. Revenue grew 30.4% year-on-year to ₹29.6 crore, gross margins expanded by 706 basis points to 46.1%, and PAT rose 25.1% to Rs 5.1 crore.
The results cap a sharp three-year run. Since FY23, revenue has grown at a compound annual rate of 73.4% — from Rs 28.7 crore to Rs 149.4 crore — while PAT has compounded at 88.3% over the same period.
Expanding fast
Gargi ended FY26 with 126 retail touchpoints across 21 states and 65 cities, adding 32 new locations during the year — 18 of them in Q4 alone, its fastest quarterly expansion to date. The network spans 38 exclusive brand outlets, 34 shop-in-shop locations within P.N. Gadgil & Sons stores, and 54 shop-in-shop formats with Shoppers Stop and other partners. Since inception, no store has been closed.
Revenue from outside Maharashtra more than doubled, rising 104.1% to Rs 16 crore, as the brand pushes deeper into new geographies. The company recently opened in Hyderabad and has Bengaluru next on its list.
Lean model, strong returns
Gargi operates through a franchisee-owned, franchisee-operated structure that keeps capital costs low. The company generated Rs 149.4 crore in revenue on a fixed asset base of just Rs 5.29 crore. Store-level capex averages around ₹50 lakh, compared to Rs 1–2 crore for traditional jewellery retailers.
Diamond jewellery, sold under its sub-brand Utsaav, now accounts for 34% of revenues, up from a smaller base, and has helped push full-year gross margins up 307 basis points to 42.9%. The company raised Rs 10 crore through a preferential allotment at Rs 970 per share to fund marketing and store expansion.
Aditya Amit Modak, Co-Founder, PNGS Gargi Fashion Jewellery Ltd. said, “With the Indian fashion jewellery market expected to grow from ₹10,000 crore to ₹30,000 crore by 2030, and the organized segment still less than 10% penetrated, the runway ahead is immense. As we look to FY27 and beyond, our focus remains clear — accelerate our store rollout, deepen our presence in South India, premiumize our product portfolio, and build a truly iconic, next-generation fashion jewellery brand rooted in the 193+ year trust of the Gadgil legacy.”
For FY27, the company is targeting 20 or more new store openings annually and a revenue CAGR of around 35%.
PNGS Gargi is listed on BSE SME under the scrip code 543709.
