P N Gadgil Jewellers stock hits 10% upper circuit after Q3 earnings, up 30% from IPO price

Shares of P N Gadgil Jewellers, a leading name in the Indian jewellery industry, were locked at the 10% upper circuit limit at ₹620.80 apiece in today’s trade on February 13, after investors were impressed by the company’s December quarter numbers, released post-market hours on Wednesday.

The company reported a 23.5% year-on-year (YoY) jump in consolidated revenue to ₹2,407 crore. Its EBITDA improved by 37.2% YoY to ₹120 crore, while margins expanded by 50 basis points to 5.3%. On the bottom line, net profit surged by 49.4% to ₹85 crore.

Revenue per store stands at approximately ₹127.2 crore, while net profit per store reached ₹3.26 crore.

The retail segment, contributing 77% of total sales, continues to lead, achieving a 41.8% revenue growth, an EBITDA margin of 6.8%, and a PAT margin of 4.6%. Meanwhile, the e-commerce segment posted even stronger growth, with revenue rising to ₹70.5 crore, up 97.9% YoY.

Franchise revenue also grew significantly to ₹226.4 crore, marking an 86.6% increase for Q3 FY25. Strong Same-Store Sales Growth (SSSG) of 25.7% continues to drive sustained expansion, underlining the successful performance of existing showrooms for FY25 year-to-date.

The festive season contributed significantly to the company’s performance, with Navratri sales growing by 18.0% and Diwali sales surging by over 52.7%.

The company launched nine showrooms across nine consecutive days during Navratri, taking its total store count to 48, with plans to reach 53 by Q4 FY25. It stated that the growth across all segments—retail, e-commerce, and franchise—reinforces its strategy and positions the company for sustained momentum in the coming quarters.

Stock up 30% from IPO price but 25% below recent highs

Shares of the company, which debuted on Dalal Street in September 2024, are currently trading 30% above the issue price of ₹480 apiece. However, from its all-time high of ₹829, reached in December, the stock remains 25% lower.

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