3 Regional Jewellery Stocks With a Strong Future Roadmap: PN Gadgil Jewellers, Sky Gold and Diamonds and Tribhovandas Bhimji Zaveri
- October 7, 2026
- Posted by: Ankit Jaiswal
- Category: Best Stocks
PN Gadgil Rs 588.60, P/E 19.44. Sky Gold Rs 857.65, P/E 38.75. TBZ Rs 608.85, P/E 19.04. Closing prices of 6 Oct 2026.
Quick Answer
Regional jewellery stocks with the clearest long-term roadmaps today include PN Gadgil Jewellers in gold, silver and diamond jewellery sold through its showroom network, Sky Gold and Diamonds in gold jewellery made for retailers and sold through wholesale channels and Tribhovandas Bhimji Zaveri in gold and diamond jewellery through a long-established showroom chain. FY26 revenue growth was 40.2% at PN Gadgil, 76.8% at Sky Gold and 22.3% at TBZ. P/E stands at 19.44 for PN Gadgil (industry 47.25), 38.75 for Sky Gold (industry 47.25) and 19.04 for TBZ (industry 47.25). Demand cycles, input costs and valuation decide how much of that growth the market keeps paying for, so each company’s risks need equal attention.
Regional jewellery stocks give investors exposure to gold retailers and makers that are growing outside the biggest national chains. Results depend on gold prices, showroom additions and working capital, which is why inventory and cash flow matter as much as headline growth.
This list covers three gold jewellery stocks: PN Gadgil Jewellers for gold, silver and diamond jewellery sold through its showroom network, Sky Gold and Diamonds for gold jewellery made for retailers and sold through wholesale channels and Tribhovandas Bhimji Zaveri for gold and diamond jewellery through a long-established showroom chain. Every figure comes from the latest reported financials and the 6 October 2026 market close. Companies without complete current figures were left out.
Click Here – Get Free Investment Predictions
What Are Regional Jewellery Stocks?
Regional jewellery stocks are shares of jewellery retailers and manufacturers that built strong brands in particular regions or channels before expanding. Results depend on gold prices, store growth, making charges and inventory handling, so disciplined working capital separates the stronger names.
Regional Jewellery Stocks at a Glance
The table compares size, valuation, return on equity and debt for the three regional jewellery stocks as of the 6 October 2026 close.
| Company | CMP (Rs) | Market Cap (Rs Cr) | P/E | Industry P/E | ROE | Debt to Equity |
|---|---|---|---|---|---|---|
| PN Gadgil Jewellers | 588.60 | 8,667 | 19.44 | 47.25 | 20.88% | 0.89 |
| Sky Gold and Diamonds | 857.65 | 13,301 | 38.75 | 47.25 | 22.97% | 0.73 |
| Tribhovandas Bhimji Zaveri | 608.85 | 4,070 | 19.04 | 47.25 | 24.14% | 1.06 |
Among gold jewellery stocks, all three trade below their industry P/E multiples.
Why Do Regional Jewellery Stocks Have a Strong Roadmap in India?
Regional jewellery stocks have a strong roadmap in India because gold stays central to savings and weddings, organised retail is taking share from local jewellers and regional brands can add stores quickly. Three drivers stand out.
- Gold as a household asset: Weddings, festivals and savings keep demand steady.
- Shift to organised retail: Branded showrooms win share from small local jewellers.
- Store expansion: Regional chains add showrooms in nearby cities.
PN Gadgil Jewellers: Showroom Growth in Home Markets Anchors the Roadmap
PN Gadgil’s roadmap rests on gold, silver and diamond jewellery sold through its showroom network, with new showrooms adding volume in its home markets.
Revenue grew from Rs 2,586.30 crore in FY22 to Rs 10,827.18 crore in FY26, a 318.6% rise, and FY26 revenue was 40.2% higher than FY25. FY26 net profit rose 87.8% to Rs 409.82 crore. Over four years, net profit rose from Rs 69.52 crore in FY22 to Rs 409.82 crore. In Q1 FY27, revenue grew 40.3% to Rs 2,423.02 crore, and net profit rose 51.9% to Rs 105.34 crore. Operating margin was 6.52% in FY26 and 7.97% in Q1 FY27 against 7.17% a year earlier.
Debt to equity is 0.89 and return on equity is 20.88%. FY26 operating cash flow was negative at Rs 716.90 crore against capital expenditure of Rs 65.02 crore. At a P/E of 19.44 against an industry P/E of 47.25, the stock trades below its industry multiple.
What to watch: Net profit margin is only 3.8%, so small cost changes move earnings. Operating cash flow was negative in FY26; debt to equity of 0.89 deserves tracking.
Sky Gold and Diamonds: Wholesale Jewellery and Retail Chain Orders Drive the Pipeline
Sky Gold’s roadmap rests on gold jewellery made for retailers and sold through wholesale channels, with larger orders from retail chains lifting volumes.
Revenue grew from Rs 796.26 crore in FY22 to Rs 6,331.28 crore in FY26, a 695.1% rise, and FY26 revenue was 76.8% higher than FY25. FY26 net profit rose 112.4% to Rs 281.83 crore. Over four years, net profit rose from Rs 16.95 crore in FY22 to Rs 281.83 crore. In Q1 FY27, revenue grew 77.9% to Rs 2,020.74 crore, and net profit rose 140.7% to Rs 104.90 crore. Operating margin was 7.50% in FY26 and 8.18% in Q1 FY27 against 6.69% a year earlier.
Debt to equity is 0.73 and return on equity is 22.97%. FY26 operating cash flow was negative at Rs 44.92 crore against capital expenditure of Rs 95.31 crore. At a P/E of 38.75 against an industry P/E of 47.25, the stock trades below its industry multiple.
What to watch: Net profit margin is only 4.5%, so small cost changes move earnings. Operating cash flow was negative in FY26; debt to equity of 0.73 deserves tracking.
Tribhovandas Bhimji Zaveri: A Trusted Brand and New Stores Build the Next Leg
TBZ’s roadmap rests on gold and diamond jewellery sold through a long-established showroom chain, with a trusted brand and store additions supporting sales.
Revenue grew from Rs 1,851.62 crore in FY22 to Rs 3,210.30 crore in FY26, a 73.4% rise, and FY26 revenue was 22.3% higher than FY25. FY26 net profit rose 195.8% to Rs 202.31 crore. Over four years, net profit rose from Rs 20.18 crore in FY22 to Rs 202.31 crore. In Q1 FY27, revenue grew 34.7% to Rs 842.63 crore, and net profit rose 50.8% to Rs 33.92 crore. Operating margin was 11.73% in FY26 and 8.80% in Q1 FY27 against 8.80% a year earlier.
Debt to equity is 1.06 and return on equity is 24.14%. FY26 operating cash flow was Rs 29.69 crore against capital expenditure of Rs 14.12 crore. TBZ paid a dividend of Rs 2.5 per share for FY26, a yield of 0.41%. At a P/E of 19.04 against an industry P/E of 47.25, the stock trades below its industry multiple.
What to watch: Q1 FY27 net profit growth of 50.8% is well below the 195.8% of FY26. Debt to equity of 1.06 deserves tracking.
Best Regional Jewellery Stocks in India: PN Gadgil vs Sky Gold vs TBZ on Key Financials
Among the best regional jewellery stocks in India, TBZ leads on FY26 operating margin and return on equity; Sky Gold leads on Q1 FY27 revenue growth and five-year revenue growth. The table puts the numbers side by side.
| Metric | PN Gadgil | Sky Gold | TBZ |
|---|---|---|---|
| FY26 revenue (Rs Cr) | 10,827.18 | 6,331.28 | 3,210.30 |
| FY26 revenue growth | 40.2% | 76.8% | 22.3% |
| Revenue growth FY22 to FY26 | 318.6% | 695.1% | 73.4% |
| FY26 net profit (Rs Cr) | 409.82 | 281.83 | 202.31 |
| FY26 net profit growth | 87.8% | 112.4% | 195.8% |
| FY26 operating profit margin | 6.52% | 7.50% | 11.73% |
| Q1 FY27 revenue growth (YoY) | 40.3% | 77.9% | 34.7% |
| Q1 FY27 net profit growth (YoY) | 51.9% | 140.7% | 50.8% |
| Return on equity | 20.88% | 22.97% | 24.14% |
| P/E ratio | 19.44 | 38.75 | 19.04 |
| Debt to equity | 0.89 | 0.73 | 1.06 |
| Dividend yield | 0.00% | 0.00% | 0.41% |
| FY26 operating cash flow (Rs Cr) | -716.90 | -44.92 | 29.69 |
Jewellery earnings follow gold prices and store growth, so full-year numbers and quarterly trends together give a better view.
How to Evaluate Jewellery Retail and Manufacturing Stocks to Buy Before You Invest
A short checklist keeps the research consistent when you screen regional jewellery stocks and shortlist jewellery retail and manufacturing stocks to buy.
- Compare each stock’s P/E with its industry P/E, which is 47.25 for all three here.
- Track operating margin across several quarters, because input costs can move faster than prices.
- Check whether revenue growth is turning into profit growth, not only sales.
- Read operating cash flow against capital expenditure to see how growth is funded.
- Watch debt to equity and interest cover before sizing a position.
- Spread exposure across companies and business lines instead of one demand cycle.
Check the Univest Screener for live data on these regional jewellery stocks
Risks to Consider Before Investing in Regional Jewellery Stocks
- Gold prices: Sharp price moves change demand and the value of inventory.
- Cash flow: PN Gadgil and Sky Gold both had negative operating cash flow in FY26.
- Debt: PN Gadgil and TBZ carry debt to equity of 0.89 and 1.06.
- Thin margins: Operating margins of about 6% to 12% leave little room for cost slips.
Download the Univest iOS App or Univest Android App to track PN Gadgil, Sky Gold and TBZ live.
Final Take: Which Stock Has the Strongest Roadmap?
These three jewellery retail and manufacturing stocks cover showroom-led jewellery retail, wholesale jewellery manufacturing, and a heritage jewellery chain. TBZ leads on FY26 operating margin and return on equity; Sky Gold leads on Q1 FY27 revenue growth and five-year revenue growth.
Across gold jewellery stocks, each roadmap still has to turn growth into steady profit, so independent research and position sizing matter. Investors should consult a SEBI-registered advisor before acting on any of the jewellery retail and manufacturing stocks to buy discussed here.
Disclaimer: Data and figures in this article are sourced from publicly available information. These may or may not be accurate. Please verify all data with the official NSE (nseindia.com) and BSE (bseindia.com) websites before making any investment decision. Investments in securities are subject to market risk. This content is for educational purposes only and is not investment advice by Univest (SEBI RA INH000013776).
FAQs on Regional Jewellery Stocks
Which are the best regional jewellery stocks in India with a strong roadmap?
Ans. PN Gadgil Jewellers, Sky Gold and Diamonds and Tribhovandas Bhimji Zaveri stand out for their roadmaps in regional gold and diamond jewellery. FY26 revenue growth was 40.2% at PN Gadgil, 76.8% at Sky Gold and 22.3% at TBZ, and return on equity ranges from 20.88% to 24.14%.
Is PN Gadgil Jewellers a good stock to buy now?
Ans. PN Gadgil Jewellers has a debt to equity ratio of 0.89, a return on equity of 20.88% and a P/E of 19.44 against an industry P/E of 47.25. Gold prices, cash flow and debt move results. This article is not investment advice, so consult a SEBI-registered advisor before deciding.
What is the P/E ratio of PN Gadgil, Sky Gold and TBZ?
Ans. The P/E ratio is 19.44 for PN Gadgil (industry 47.25), 38.75 for Sky Gold (industry 47.25) and 19.04 for TBZ (industry 47.25). All three trade below the industry multiple.
Which of these regional jewellery stocks has the highest return on equity?
Ans. Tribhovandas Bhimji Zaveri has the highest return on equity at 24.14%, followed by Sky Gold and Diamonds at 22.97% and PN Gadgil Jewellers at 20.88%.
What are the risks of investing in regional jewellery stocks?
Ans. The main risks are gold price swings, negative operating cash flow at two of the three companies, high debt at one and thin margins. TBZ carries debt to equity of 1.06.
How did PN Gadgil, Sky Gold and TBZ perform in Q1 FY27?
Ans. PN Gadgil Jewellers reported revenue of Rs 2,423.02 crore, up 40.3% year on year, and net profit rose 51.9% to Rs 105.34 crore. Sky Gold and Diamonds reported revenue of Rs 2,020.74 crore, up 77.9% year on year, and net profit rose 140.7% to Rs 104.90 crore. Tribhovandas Bhimji Zaveri reported revenue of Rs 842.63 crore, up 34.7% year on year, and net profit rose 50.8% to Rs 33.92 crore.
Do regional jewellery stocks pay dividends?
Ans. Dividend payouts differ across the three companies. The dividend yield is 0.00% for PN Gadgil, 0.00% for Sky Gold and 0.41% for TBZ, based on dividends declared for FY26.
How can I invest in regional jewellery stocks in India?
Ans. You can buy regional jewellery stocks through a demat and trading account on NSE or BSE after checking each company’s financials, margins and valuation. The Univest Screener lets you compare fundamentals before placing an order. Investments in securities are subject to market risk, so consider your risk profile first.
