MoneyWorks4Me

PN Gadgil Jewellers Ltd (PNGJL)

Share Analysis – Quality, Valuation Zone, Price Trend & DeciZen Rating BSE: 544256 NSE: PNGJL Retailing | Small Cap | PN Gadgil Jewellers Share Price

₹613.50 0.05 (0.01%)

As on 11-Sep'26 16:59

PN Gadgil Jewellers Ltd (PNGJL)

Share Analysis – Quality, Valuation Zone, Price Trend & DeciZen Rating BSE: 544256 NSE: PNGJL Retailing | Small Cap | PN Gadgil Jewellers Share Price

₹613.50 0.05 (0.01%)

As on 11-Sep'26 16:59

Key Metrics
Valuation Multiples
Market Cap
₹9,031 Cr.
Current Price
₹613.5
52-Week Low / High
₹503 / 735
TTM EPS
₹30.3
TTM Sales
₹11,438 Cr.
Book Value per Share
₹188
P/E Ratio
20.26
Lower than its 5-year historical median
Industry PE
62.6
Price to Book (P/B)
3.26
Lower than its 5-year historical median
Price to Sales (P/S)
0.79
Lower than its 5-year historical median
EV/EBITDA
13.07
Lower than its 5-year historical median
Dividend Yield
0%
Profitability Efficiency
Return on Equity (ROE)
23.31%
Outperforms industry median
Return on Capital Employed (ROCE)
21.80%
Outperforms industry median
Return on Assets (ROA)
9.79%
Operating Profit Margin
4.5%
Net Profit Margin
3.82%
Gross Profit Margin
5.7%
Growth Momentum
1-yr vs 3-yr growth
Sales Growth (1 Year)
Slowing versus 3-year growth rate
26.5%
Operating Profit Growth (1 Year)
Improving versus 3-year growth rate
79.77%
Net Profit Growth (1 Year)
Improving versus 3-year growth rate
87.76%
Asset Quality
Promoter Holding
83.11%
Pledged shares (%) of Promoter's holding (%)
0.00%
Reserves
₹2,621 Cr.
Equity
₹147.2 Cr.
Face Value
₹10
All Time Low / High
₹474.00 / 843.80

PN Gadgil Jewellers stock performance

Key Ratios
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Quality

Somewhat Good

Valuation

Fair

Price Trend

Semi Strong
Q.1 Is PN Gadgil Jewellers Ltd a good quality company?
PN Gadgil Jewellers Ltd is a average quality company, based on a somewhat consistent multi-year financial track record.

This assessment is based on company’s performance on Revenue growth, ROCE, Equity and Assets, key margin ratios, cash conversion cycle, and debt to cash flow from operations and how it compares with its long term averages.

We have analysed the performance of the company on the following:

  • How has it performed on generating Profits?

    By checking its Revenue growth, Gross, Operating and Net Margins compared to its last 5-year median.

  • How efficiently has it utilized Capital?

    By checking its ROCE, ROA, ROE and its Cash Conversion Cycle.

  • How is it managing its Debt?

    By checking its Debt to Equity and Cash Flow from Operations.

How does PN Gadgil Jewellers Ltd performance compare with that of its Peers?
Q.1 Revenue growth of PN Gadgil Jewellers Ltd vs industry peers?
PN Gadgil Jewellers Ltd revenue CAGR is 0.00%, compared to the industry median CAGR of 0%, indicating stable growth and maintaining its market share.
Q.1 Promoter shareholding and pledge status of PN Gadgil Jewellers Ltd?
Promoters hold 83.11% of the PN Gadgil Jewellers Ltd, with 0.00% of their stake pledged, indicating no pledge risk.
Q.1 Stock return of PN Gadgil Jewellers Ltd over the last decade?
Over the last 1 year(s), the stock has delivered a CAGR of 3.37% based on the current price.

10 Year X-Ray :

Analysis of Financial Track Record (Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end)

Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end

Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end.

Financial track record gives insight into the company's performance on key parameters over the past ten years. MoneyWorks4me’s proprietary colour codes make it easy for retail investors to gauge the company’s past performance.
PN Gadgil Jewellers Ltd has performed well in some of the past ten years indicating its past ten year financial track record is somewhat good

Value Creation

Mar'21Mar'22Mar'23Mar'24Mar'25TTM
ROCE % 10.2%15.2%17.6%31.8%20.1%-
Value Creation
Index
-0.20.10.31.40.5-

Growth Parameters

Sales 1,8022,4654,3986,0327,63111,319
Sales YoY Gr.-36.8%78.5%37.2%26.5%-
Adj EPS 1.47.49.813.215.929.6
YoY Gr.-430.2%32.8%34.5%20.7%-
BVPS (₹) 43.951.161.146.8115.6188.5
Adj Net
Profit
7.740.754.1155216436
Cash Flow from Ops. 11328.7106-3.4-689-
Debt/CF from Ops. 29.42.5-111.5-1.2-

CAGR

9 Years 5 Years 3 Years 1 Years
Sales NANA45.8%26.5%
Adj EPS NANA29.2%20.7%
BVPSNANA31.2%147.2%
Share Price - - - 3.5%

Key Financial Parameters

Mar'21Mar'22Mar'23Mar'24Mar'25TTM
Return on
Equity %
2.512.514.532.620.319.5
Op. Profit
Mgn %
3.142.94.54.55.8
Net Profit
Mgn %
0.41.71.22.62.83.9
Debt to
Equity
0.80.80.70.70.5-
Working Cap
Days
012270618668
Cash Conv.
Cycle
08343416424

Valuation of PN Gadgil Jewellers - Consolidated

YTD 1Y 3Y 5Y 10Y Max
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YTD 1Y 3Y 5Y 10Y Max
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YTD 1Y 3Y 5Y 10Y Max
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YTD 1Y 3Y 5Y 10Y Max
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Analyst's Notes

data not found
No data found!

Management X-Ray

Shareholding Pattern

Promoter's Holding & Share Pledging

Pledged *0.000.000.000.000.000.000.000.00
* Pledged shares as % of Promoter's holding (%)

Financials

PARTICULARSMar'21Mar'22Mar'23Mar'24Mar'25Mar'26
Sales1,9302,5564,5086,1127,69310,739
Operating Expenses + 1,8772,4434,3835,8397,35010,121
Manufacturing Costs88910810
Material Costs1,7452,3064,1455,5976,9839,437
Employee Cost 3842536292133
Other Costs 8587176170268542
Operating Profit 53113124273344618
Operating Profit Margin (%) 2.8%4.4%2.8%4.5%4.5%5.8%
Other Income + 19315272988
Exceptional Items 00000-3
Interest 393736474593
Depreciation 272222233557
Profit Before Tax 785118209293552
Tax 1316245475142
Profit After Tax -77094155218410
PAT Margin (%) -0.4%2.7%2.1%2.5%2.8%3.8%
Adjusted EPS (₹)0.210.413.513.216.130.2
Dividend Payout Ratio (%)0%0%0%0%0%0%
PARTICULARSMar'21Mar'22Mar'23Mar'24Mar'25Mar'26

Equity and Liabilities

Shareholders Fund + 2533093745341,5541,963
Share Capital 118118118118136136
Reserves 1351912564161,4181,827
Debt +2712722633758231,580
Long Term Debt47769492810
Short Term Debt2241961692848151,569
Minority Interest-39-27-8000
Trade Payables74170132149256576
Others Liabilities 467403343466641977
Total Liabilities 1,0251,1271,1041,5243,2745,094

Fixed Assets

Net Fixed Assets +242234208242322410
Gross Block302316331313431576
Accumulated Depreciation608212271109165
CWIP 444440
Investments 111198
Inventories6387045979592,0213,655
Trade Receivables342939385063
Cash Equivalents 22454980529504
Others Assets 86112205201341453
Total Assets 1,0251,1271,1041,5243,2745,094
PARTICULARSMar'21Mar'22Mar'23Mar'24Mar'25Mar'26
Cash Flow From Operating Activity + 147731056-675-717
PBT 785118209293552
Adjustment 65531048668106
Changes in Working Capital 68-56-81-251-953-1241
Tax Paid 7-9-36-38-83-134
Cash Flow From Investing Activity + -26-22-45-49-424-54
Capex -34-5-48-30-53-65
Net Investments 7-181-22-389-28
Others 11231839
Cash Flow From Financing Activity + -128-46-55511,167719
Net Proceeds from Shares 00008504
Net Proceeds from Borrowing -1093018-2-842
Interest Paid -33-31-31-41-35-79
Dividend Paid 000000
Others 14-44-4195436792
Net Cash Flow -755968-52
PARTICULARSMar'21Mar'22Mar'23Mar'24Mar'25Mar'26
Ratios
ROE (%)-3.5331.8433.6436.7120.923.31
ROCE (%)8.2321.0724.532.3620.4321.8
Asset Turnover Ratio1.882.374.044.653.212.57
PAT to CFO Conversion(x)N/A1.041.120.04-3.1-1.75
Working Capital Days
Receivable Days6.404.502.802.302.101.90
Inventory Days120.7095.8052.7046.5070.7096.50
Payable Days15.5019.3013.309.2010.6016.10

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Announcements

PN Gadgil Jewellers Ltd FAQs

The current trading price of PN Gadgil Jewellers on 11-Sep-2026 16:59 is ₹613.5.

Market capitalization or market cap is determined by multiplying the current market price of a company's shares with the total number of shares outstanding. As of 10-Sep-2026 the market cap of PN Gadgil Jewellers stood at ₹9,030.9 Cr

The latest P/E ratio of PN Gadgil Jewellers as of 10-Sep-2026 is 20.72.

The latest P/B ratio of PN Gadgil Jewellers as of 10-Sep-2026 is 3.25.

The 52-week high of PN Gadgil Jewellers is ₹735.0 and the 52-week low is ₹503.2.

The TTM revenue is Trailing Twelve Months sales. The TTM revenue/sales of PN Gadgil Jewellers is ₹11,319 ( Cr.) .

Past 10 year's financial track record analysis by Moneyworks4me indicates that PN Gadgil Jewellers Ltd is a average quality company.

The key valuation ratios of PN Gadgil Jewellers Ltd's currently when compared to its past seem to suggest it is in the Fair zone.

The Price Trend analysis by MoneyWorks4Me indicates it is Semi Strong which suggest that the price of PN Gadgil Jewellers Ltd is likely to Rise-somewhat in the short term. However, please check the rating on Quality and Valuation before investing.

About PN Gadgil Jewellers Ltd

The company was originally incorporated as ‘P N Gadgil Jewellers Private Limited’, a private limited company under the provisions of the Companies Act, 1956, pursuant to a certificate of incorporation dated October 28, 2013, issued by the Registrar of Companies, Maharashtra at Pune (the RoC). The name of the company was subsequently changed to ‘P N Gadgil Jewellers Limited’, upon conversion of the company from a private limited to a public limited company, pursuant to a board resolution dated February 16, 2023, and a shareholders’ resolution dated March 10, 2023, and a fresh certificate of incorporation was issued on April 5, 2023, by the RoC.  

P N Gadgil Jewellers is the fastest growing jewellery brand amongst the key organised jewellery players in India. The ‘PNG’ brand derives its legacy from the ‘P N Gadgil’ brand, which has a rich heritage dating back to 1832 and a legacy of over a century. Leveraging the legacy and heritage of the ‘PNG’ brand, the company has created a strong brand recall and presence in Maharashtra offering a wide range of precious metal / jewellery products including gold, silver, platinum and diamond jewellery, across various price points and designs which cover the need of its customers and include collections that are specifically designed for special occasions, such as weddings, engagements, anniversaries and festivals, as well as everyday wear jewellery. Its products are primarily sold under its flagship brand, ‘PNG’, and various sub - brands, through multiple channels, including its retail stores and various online marketplaces, including its website. 

Owing to the company’s multi-channel approach, it complements its in - store experience with its digital presence through its own website and other major online marketplaces. Additionally, it has launched its mobile application ‘PNG Jewellers’, in March 2022. Its digital presence allows it to keep its customers updated on new designs and collections and familiarise them with its product portfolio, which enhances its customers’ in-store experience. It regularly interacts with a team of designers deployed at the Karigars’ facilities for introducing new and innovative design for its jewelleries. Its design team also helps customize jewellery catering to individual requirements in terms of design, size, polish and weight. The manufacturing of all its jewellery is carried out by many experienced and skilled artisans in and outside Maharashtra (Karigars). Its brand presence and stores in Maharashtra has helped it gaining access to, and maintaining a long-standing relationship with, the Karigars, who have been working with the company for several years.

Business area of the company

The company offers a wide range of precious metal/ jewellery products, including gold, silver, platinum and diamond jewellery under its brand name 'PNG' in various price ranges and designs. 

Awards, accreditations, and recognition

  • 2016: Received the ‘Times Retail Icon 2017 for International Presence’ award for the financial year 2016-2017 awarded by Optimal Media Solutions, a Times Group Company.
  • 2016: Received the ‘Best Electronic Media Campaign Award - GJTCI Excellence Award’, for the financial year 2016 awarded by the Gem and Jewellery Trade Council of India.
  • 2017: Received the ‘National Jewellery Award 2017 - Best Traditional Gold Jewellery i.e. Paramparik Jewellery Award 2017’ awarded by GJF and SWAROVSKI Gemstone.
  • 2017: Received the ‘IMP - India's Most Preferred Jewellers 2017-18’ award issued by UBM India Private Limited.
  • 2018: Received the award for the ‘Most Innovative Marketing Campaign – Radio’ awarded by Retail Jewellers Guild Awards, UBM India Private Limited.
  • 2019: Received the award for ‘Best Chain in Retail Stores – International’ awarded by Indian Bullion and Jewellers Association Limited.
  • 2019: Received the ‘Best Gold Jewellery Collection 2019 in the Times Retail Icon Category’ award awarded by Optimal Media Solutions. 
  • 2021: Received the ‘India's Coolest Store 2021’ award powered by HRD Antwerp, in association with Couture India, a venture by IJ Magazine.
  • 2022: Global Digital Marketing Awards for Best Social Media Marketing Campaign for 'Pratha Collection' awarded by the World Digital Marketing Congress, Mumbai.
  • 2022: Received ‘The Retail Jewellers Guild awards for the Most Innovative Marketing Campaign - Social Media’ awarded by Informa Markets – Green Lab Diamonds.
  • 2022: Received the ‘Maharashtra State Best Employer of the Year Awards 2022’ awarded by Employer Branding Institute India.
  • 2022: Received the ‘National Jewellery Award 2022 - Single Store of the Year - West’ awarded by All India Gem and Jewellery Domestic Council India.
  • 2023: Received the award for ‘Being Inspiring Leader of Indian Jewellery Retail’ awarded by the All India Gem and Jewellery Domestic Council India.
  • 2023: Received the ‘Iconic Retailer of West India Award 2023’ awarded by JewelBuzz.
  • 2024: Received the ‘MD & CEO Awards 2024 - Excellence in Leadership Winner in Regional Chain of the Year West - PNG Jewellers’ awarded by Retail Jeweller India Awards 2024.

Major events and milestones

  • 2013: Incorporated as P N Gadgil Jewellers Private Limited, as a private limited company under the Companies Act, 1956.
  • 2013: Acquired the business of designing, manufacturing, and selling gold, silver, bullion, and jewellery from P N Gadgil Jewellers via a Business Transfer Agreement.
  • 2015: Inaugurated the first store of the Company outside Maharashtra at Panaji, Goa.
  • 2016: Inaugurated the 10th store of the Company at Ahmednagar, Maharashtra.
  • 2016: Inaugurated the 20th store of the Company at Pimpri, Maharashtra.
  • 2019: Inaugurated the 30th store of the Company at Vashi, Maharashtra.
  • 2022: Launch of the PNG Jewellers mobile application.
  • 2023: Engaged Madhuri Dixit Nene as the brand ambassador for various sub-brands launched by the Company.
  • 2023: Conversion into a public limited company under the name ‘P N Gadgil Jewellers Limited on April 5, 2023. 


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