PN Gadgil Jewellers Share Price: Q2 Revenue Growth of 22.4% Slows From 40.7% in Q1 as the Opening Gain Fades
- October 9, 2026
- Posted by: Ankit Jaiswal
- Category: News
PN Gadgil Jewellers share price Rs 589 (+0.46%). Q2 revenue +22.4% vs +40.7% in Q1. P/E 19.34. Market cap Rs 8,625 crore. Opened near Rs 610. Data 10:23 am IST, 9 Oct 2026.
Quick Answer
PN Gadgil Jewellers share price is Rs 589 on the NSE at 10:23 am, up 0.46%, after the company reported 22.4% revenue growth for the September quarter, helped by retail strength and festive demand. The stock opened near Rs 610, about 4% higher, but gave up most of the gain as the quarter’s growth came in well below the 40.7% reported for the June quarter. At a P/E of 19.34 against an industry average of 45.91, the valuation is lower than peers, but debt-to-equity of 0.89 and gold price swings are risks. This is a business update, so profit and margin details will come with the full results.
PN Gadgil Jewellers share price opened strongly on Friday but could not hold the gain. The stock gapped up to Rs 609.90, touched Rs 614.90 and then fell as low as Rs 578.30 before settling near Rs 589. The trigger was a business update showing revenue growth of 22.4% for the September quarter.
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The headline looks healthy, but it is slower than the 40.7% growth in the June quarter. This note explains the numbers, what festive demand means for jewellery retailers, and where the PN Gadgil Jewellers share price stands on valuation, charts and risks.
What Did PN Gadgil Jewellers Report for Q2?
The company said revenue rose 22.4% in the September quarter, driven by strength in its retail business and festive demand. This was a business update, not a full results release, so profit, margins and the absolute revenue figure were not part of the headline.
The June quarter gives a useful comparison. Revenue then rose 40.7% to Rs 2,413 crore, same-store sales grew 46.1%, and retail contributed 78% of revenue against 70% a year earlier. Profit after tax rose 51.9% to Rs 105.3 crore, and the EBITDA margin was 8.0%.
Q2 growth is 18.3 percentage points slower than Q1. A 22.4% rise is still solid for a jewellery retailer, but the slower pace helps explain why the PN Gadgil Jewellers share price did not hold its opening gain. Media reports also described the same quarter last year as a strong festive period, which sets a high base.
PN Gadgil Jewellers Share Price Data
| Metric | Value |
|---|---|
| Company | PN Gadgil Jewellers Ltd. |
| PN Gadgil Jewellers share price (NSE) | Rs 589.00 (+0.46%) |
| Previous close | Rs 586.30 |
| Open / high / low today | Rs 609.90 / Rs 614.90 / Rs 578.30 |
| 52-week low / high | Rs 503 / Rs 736.40 |
| Market capitalisation | Rs 8,625 crore |
| P/E ratio (industry P/E) | 19.34 (45.91) |
| Price to book value | 3.24 |
| Return on equity | 20.88% |
| Debt to equity | 0.89 |
The PN Gadgil Jewellers share price trades at a P/E about 58% below the industry average of 45.91, while the return on equity of 20.88% is respectable. The company pays no dividend at present, according to its dividend yield of 0.00%.
Why Did the PN Gadgil Jewellers Share Price Fade After a Strong Open?
The stock opened 4.0% above Thursday’s close of Rs 586.30 and reached Rs 614.90, a gain of 4.9%. It then fell to Rs 578.30, which is 1.4% below the previous close, before recovering to Rs 589. Of the opening gain of Rs 23.60, about 89% was given up by 10:23 am.
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That pattern often reflects traders booking profit on news, but it also shows investors comparing 22.4% with the 40.7% reported for Q1. About 13.4 lakh shares had changed hands by 10:23 am, so the move in the PN Gadgil Jewellers share price was not on thin volume.
Store Expansion and Festive Demand
The company had 78 stores at 30 June 2026, of which 77 are in India and one is in the United States. It said a few launches were planned in Q2, with most of the year’s expansion in Q3 and Q4 of FY27. New stores added later in the year will therefore contribute more to growth in the second half, which is what the PN Gadgil Jewellers share price needs to see.
The festive season matters because Diwali falls in the October to December quarter, which is the third quarter of the financial year. Jewellery retailers typically see a large share of annual sales around that period, so the festive quarter is the next test for the PN Gadgil Jewellers share price.
Gold hedging is the other lever behind the PN Gadgil Jewellers share price. The company said it had about 70% hedge cover and aimed for 80% or more in the near term. Higher cover reduces margin swings when gold prices move.
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Technical View: Chart Levels to Know
The chart for the PN Gadgil Jewellers share price is neutral to weak. The 14-day RSI is 43.47, the MACD line of -6.02 is just below its signal line of -5.97, and the SuperTrend band at Rs 633.85 is above the price.
Reference levels for the PN Gadgil Jewellers share price are the 20-day average at Rs 596.44 and the SuperTrend band at Rs 633.85 on the upside, and today’s low of Rs 578.30, the lower SuperTrend band at Rs 565.18 and the 52-week low of Rs 503 on the downside. These are chart references, not a recommendation.
Is the Stock Attractively Valued?
| Company | CMP (Rs) | P/E | Market cap | Debt to equity |
|---|---|---|---|---|
| PN Gadgil Jewellers | 589.00 | 19.34 | Rs 8,625 crore | 0.89 |
| Kalyan Jewellers India | 555.00 | 39.88 | Rs 57,214 crore | 0.97 |
PN Gadgil trades at roughly half the P/E of Kalyan Jewellers, with a much smaller market capitalisation and a similar debt level. Lower valuation can reflect slower expected growth, smaller scale and lower liquidity, so the PN Gadgil Jewellers share price should not be read as an automatic discount.
Risks to the PN Gadgil Jewellers Share Price
The first risk is slowing growth. If the full Q2 results show weaker margins than the 8.0% in Q1, the market may re-rate the PN Gadgil Jewellers share price lower.
The second is gold. A sharp rise or fall in gold prices changes customer demand and inventory values, and hedging covers only part of the exposure.
The third is debt and size. Debt to equity of 0.89 and a market capitalisation of Rs 8,625 crore mean the stock can swing sharply on small changes in sentiment. Finally, expansion plans depend on execution, and store launches can slip.
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Conclusion
The PN Gadgil Jewellers share price of Rs 589 reflects a mixed message: revenue growth of 22.4% is healthy, but it is well below the 40.7% of the June quarter and the opening gain of 4% did not last. The valuation is lower than peers, while the chart remains below its SuperTrend band.
Investors tracking the PN Gadgil Jewellers share price may wait for the full Q2 results, watch the Rs 578 and Rs 565 support levels, use a stop-loss, and consult a SEBI-registered adviser.
Disclaimer: Data and figures in this article are sourced from publicly available information. These may or may not be accurate. Please verify all data independently 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).
Frequently Asked Questions
What is the PN Gadgil Jewellers share price today?
Ans. The PN Gadgil Jewellers share price was Rs 589 on the NSE at 10:23 am on 9 October 2026, up 0.46%. It opened at Rs 609.90 and has traded between Rs 578.30 and Rs 614.90 today.
What was PN Gadgil Jewellers’ Q2 revenue growth?
Ans. PN Gadgil Jewellers reported revenue growth of 22.4% for the September quarter, helped by retail strength and festive demand. The update did not include profit or margin figures.
Why did the PN Gadgil Jewellers share price fall from its high today?
Ans. The stock gave up most of its 4% opening gain, likely as traders booked profit and compared 22.4% growth with 40.7% in the June quarter. Volume was heavy at about 13.4 lakh shares by 10:23 am.
How does Q2 growth compare with Q1 for PN Gadgil Jewellers?
Ans. Q2 revenue grew 22.4% while Q1 revenue grew 40.7% to Rs 2,413 crore, so growth slowed by 18.3 percentage points. Q1 profit after tax rose 51.9% to Rs 105.3 crore.
Is the PN Gadgil Jewellers share price undervalued?
Ans. The stock trades at a P/E of 19.34 against an industry average of 45.91, which is lower. A lower P/E can reflect smaller size and slower growth, so the PN Gadgil Jewellers share price is not automatically undervalued.
What are the 52-week high and low of PN Gadgil Jewellers?
Ans. The 52-week high is Rs 736.40 and the 52-week low is Rs 503. At Rs 589 the stock is about 20% below the high and about 17% above the low.
What are the risks of investing in PN Gadgil Jewellers?
Ans. The main risks are slowing growth, gold price swings, debt to equity of 0.89, small-cap volatility and expansion delays. The company said it had about 70% hedge cover on gold.
Should I buy PN Gadgil Jewellers shares now?
Ans. Whether to buy depends on your risk limit and horizon. Many investors wait for the full Q2 results, use a stop-loss and consult a SEBI-registered adviser before buying a small-cap stock.
