PNGS Gargi Q1FY27: Revenue Up, Margins Softer, Expansion Intact

Net revenue from operations was 302.2 million INR in Q1FY27, up 10.6 percent year on year from 273.1 million INR.

EBITDA was 59.7 million INR in Q1FY27 versus 63.5 million INR in Q1FY26, while reported PAT was 50.5 million INR versus 53.1 million INR.

The presentation states revenue share of about 67 percent from 925 sterling silver, about 22 percent from 14KT natural diamond jewellery, and about 6 percent from 9KT plain gold jewellery in Q1FY27.

The company reports 135 Points of Sale post 9 new additions during Q1FY27 and shows a split of 47 Exclusive Brand Outlets, 53 SIS with Shoppers Stop and other third parties, and 35 SIS with the parent.

The presentation states a target of 20 plus new Point of Sales additions annually and a target of about 35 percent revenue CAGR for FY27 and beyond.

It describes an asset light FOFO and FOCO led expansion supported by franchisees and SIS partnerships, and states store capex of around 50 lakh INR versus 1 to 2 crore INR for peers.