During the quarter under review, revenue excluding the refinery segment delivered a YoY growth of 46.63%.

The retail segment delivered robust revenue growth of 46% in Q3 FY26 compared with the corresponding period of the previous financial year, accounting for 83.2% of total revenue. This growth was primarily driven by strong demand during the festive and wedding seasons.

In the non-retail segments, the e-commerce business recorded a robust 138% year-on-year growth in Q3 FY26 compared with the same quarter of the previous financial year, contributing 5.1% to total revenue.

Franchisee operations also showed steady growth, rising 12% YoY and accounting for 7.7% of overall revenue.

The ‘Other’ segment accounted for 4% of total revenue in Q3 FY26, primarily driven by B2B bullion sales from the Head Office and corporate segment.

Festive sales remained robust in Q3 FY26, with Dussehra revenue reaching Rs 190 crore, reflecting a strong 64% year-on-year growth. Dhanteras sales surged to Rs 277 crore, marking the highest-ever single-day festive revenue for the company.

Overall, total Diwali sales aggregated Rs 606 crore, registering an impressive 74% YoY increase. October 2025 also recorded the company’s highest-ever monthly revenue of Rs 1,807 crore, representing a significant 72% year-on-year growth.

In terms of product mix, the contribution from studded jewellery for 9M FY26 increased 52% year-on-year, raising the stud ratio to 8.4%. The company also reported strong same-store sales growth (SSSG) of 32% for the quarter. On the operational front, three new exclusive company-owned outlets were launched during the quarter, bringing the total store count to 66 as of 31 December 2025.

Looking ahead to FY26, the company remains focused on accelerating its store expansion strategy, with 12–14 new openings planned in Q4 FY26, comprising a mix of company-owned (COCO) and franchise-operated (FOCO) outlets. These additions are expected to help the company achieve its target of 78–80 stores by the end of the fiscal year.

P N Gadgil Jewellers is engaged in retail sales of all kinds of gems, diamonds, semi-precious stones and all types of jewellery made of gold, silver and other metals and all types of precious stones.

The company’s consolidated net profit jumped 127.1% to Rs 79.31 crore on 8.8% rise in revenue from operations to Rs 2,177.62 crore in Q2 FY26 over Q2 FY25.

Shares of P N Gadgil Jewellers fell 1.78% to Rs 628.65 on the BSE.