P N Gadgil Jewellers Ltd
PNGJLP N Gadgil Jewellers Ltd's earnings have outrun its stock. EPS grew +87.8% in a year against a +3.4% price move.
The sharpest disagreement: profits are rising, but only −177% of the last 3 years' profit arrived as operating cash — the gap between the P&L and the bank account is the thing to watch.
The price is in a downtrend (12 weeks in) while the P/E sits at the 26th percentile of its own 2-year range. Underneath, the last four quarters read improving — profit +52.2% year on year, and −177% of the last 3 years' profit arrived as cash. What settles it: whether the cash starts following the profit.
Price story Before the numbers, the tape. A stock price moves through four repeating seasons: a flat base (stage 1), an advance (2), a top (3), a decline (4). Where the price sits in that cycle frames everything below.
P N Gadgil Jewellers Ltd trades at ₹613, in a downtrend and 12 weeks into that stage. That is +2.1% against its own 200-day average. It sits at 43% of a 52-week range of ₹526 to ₹728. On relative strength it has been ahead of the NIFTY 500 on a trailing-13-week view for 9 straight weeks.
Today the stock is in a downtrend — week 12 of stage 4. At ₹613 it trades +2.1% versus its 200-day average and sits at 43% of its 52-week range (₹526–₹728).
Against the market, two honest reads. Cumulative: over the last 2.0 years the stock moved −16% while the NIFTY 500 moved −6% — behind the index over the full window. Recent form: on a trailing-13-week view the stock has been ahead for 9 straight weeks — the ribbon below is that same metric, week by week.
What would end the trend, mechanically: two Friday closes in a row below the 200-day line. That is the exit rule — no debates.
Story check
P N Gadgil Jewellers Ltd's story is not scored yet against the markers our research file set on 17 May 2026. Where it sits in its own cycle: EXPANSION_WITH_MARGIN_VOLATILITY.
Our read, 17 May 2026. Maharashtra-dominant jeweller crossing 10K Cr milestone — but management credibility is eroding faster than the growth story is compounding.
From the numbers. PE compressed 58% from Sep 2024 peak of 55.9x to current 23.5x. 13th percentile of own history. EPS more than doubled across the last 4 quarters. Earnings-driven multiple compression — price lagged earnings. FII holding…
From the price. Price stage 4, week 12 — above its 200-day line, relative strength rising.
From the research. Maharashtra-dominant jeweller crossing 10K Cr milestone — but management credibility is eroding faster than the growth story is compounding.
🚨 Where they disagree. PE compressed 58% from Sep 2024 peak of 55.9x to current 23.5x. 13th percentile of own history. EPS more than doubled across the last 4 quarters. Earnings-driven multiple compression — price lagged earnings. FII holding declined from 3.8% (Sep 2024) to 0.73% (Mar 2026) — institutional de-risking, but promoter holding stable at 83.11%.
What is proven. Maharashtra-dominant jeweller crossing 10K Cr milestone — but management credibility is eroding faster than the growth story is compounding.
What is not proven yet. Four material cross-call contradictions in the latest concall: hedging 100% vs actual 67%, Litestyle 5-6% vs 0.7%, margin floor 13-14% vs 12-13%, FY27 guidance Rs 12,000 vs Rs 13,500 Cr unreconciled.
The test written in advance. Management Credibility — Cascading Inconsistencies — Management Credibility — Cascading Inconsistencies Q1 FY27 hedging ratio (must show 70%+ to validate progression); Litestyle revenue disclosure (must reconcile) by the next result.
The test written in advance. Gold Price Sustained Elevation — Bullion Mix Stickiness — Gold Price Sustained Elevation — Bullion Mix Stickiness Q1 FY27 bullion share (must decline from 40% toward <25% to validate) by the next result.
The test written in advance. SSSG Deceleration on High Base — SSSG Deceleration on High Base Q1 FY27 SSSG — if below 20%, retail growth guidance at risk by the next result.
| Dial | Now | Was | Why it matters | Watch line |
|---|---|---|---|---|
| Geographical Expansion (North India… | HIGH | — | New states contributing 10% of FY26 revenue with Bihar/UP stores delivering 1.0-1.4x inventory turns in months 6-8 vs 0.8x… | Q1 FY27 hedging ratio (must show 70%+ to validate progression); Litestyle revenue disclosure (must reconcile) |
| Market Share Gains from Unorganized Sector | HIGH | — | SSSG 43% FY26, 86% Q4 FY26 — organized players absorbing consumer migration from unorganized segment driven by trust + GST… | Q1 FY27 hedging ratio (must show 70%+ to validate progression); Litestyle revenue disclosure (must reconcile) |
| Bullion-to-Jewelry Mix Normalization (Post… | MEDIUM_HIGH | — | Gold bars/coins surged to 40% of Q4 revenue (0.5-1% margin) vs jewelry at 12.5-13% — customs duty hike expected to shift mix… | Q1 FY27 hedging ratio (must show 70%+ to validate progression); Litestyle revenue disclosure (must reconcile) |
| Operating Leverage from Retail Scale | MEDIUM | — | Store network 78 across 36 cities; revenue per store Rs 137.7 Cr, net profit per store Rs 5.25 Cr, revenue per sqft Rs 4,51,000… | Q1 FY27 hedging ratio (must show 70%+ to validate progression); Litestyle revenue disclosure (must reconcile) |
| E-commerce Channel Hypergrowth | MEDIUM | — | E-commerce revenue FY26 Rs 529 Cr (+105% YoY) — digital channel profitable at 1.5-2% margin, scaling with online browse +… | Q1 FY27 hedging ratio (must show 70%+ to validate progression); Litestyle revenue disclosure (must reconcile) |
| Studded Jewelry Mix Expansion (DEFERRED) | MEDIUM_DEFERRED | — | Target was 10-13% studded ratio in 2 years (Aug 2025 call); actual 9.9% FY26 full-year, 8.4% in Q3 — timeline pushed to 3-4… | Q1 FY27 hedging ratio (must show 70%+ to validate progression); Litestyle revenue disclosure (must reconcile) |
Lever 10 · New geographies — BUILDING. New states contributing 10% of FY26 revenue with Bihar/UP stores delivering 1.0-1.4x inventory turns in months 6-8 vs 0.8x baseline — store maturation accelerating. What proves it keeps working: Geographical Expansion (North India: Bihar, UP, MP). It stops working if Q1 FY27 hedging ratio (must show 70%+ to validate progression); Litestyle revenue disclosure (must reconcile).
Lever 2 · Value-added mix — BUILDING. SSSG 43% FY26, 86% Q4 FY26 — organized players absorbing consumer migration from unorganized segment driven by trust + GST compliance. What proves it keeps working: Market Share Gains from Unorganized Sector. It stops working if Q1 FY27 hedging ratio (must show 70%+ to validate progression); Litestyle revenue disclosure (must reconcile).
Lever 4 · Paying down debt — BUILDING. Store network 78 across 36 cities; revenue per store Rs 137.7 Cr, net profit per store Rs 5.25 Cr, revenue per sqft Rs 4,51,000 — fixed cost absorption improving as store base matures. What proves it keeps working: Operating Leverage from Retail Scale. It stops working if Q1 FY27 hedging ratio (must show 70%+ to validate progression); Litestyle revenue disclosure (must reconcile).
Lever 3 · Management change — BUILDING. E-commerce revenue FY26 Rs 529 Cr (+105% YoY) — digital channel profitable at 1.5-2% margin, scaling with online browse + offline purchase model. What proves it keeps working: E-commerce Channel Hypergrowth. It stops working if Q1 FY27 hedging ratio (must show 70%+ to validate progression); Litestyle revenue disclosure (must reconcile).
Sources: our stock research file (17 May 2026) · quarterly results through Jun 26 · the company’s own earnings calls. The story check is re-scored every results season; the record below never changes.
Revenue Revenue is the top line: everything the company billed its customers in the period.
P N Gadgil Jewellers Ltd reported ₹2,413 Cr of revenue in the Jun 26 quarter, +40.7% year on year. That is the 9th straight quarter of year-on-year growth. Over 6 years it has compounded at 27.9% a year. The last full year, FY26, came in at ₹10,739 Cr. The last four reported quarters add to ₹11,438 Cr.
Why this happened. PNG has moved beyond its Maharashtra stronghold, adding Bihar, UP, Madhya Pradesh, Goa. Non-Maharashtra revenue is now 10% of FY26 revenue. The key signal is that new-market stores are delivering 1.0-1.4x inventory turns 6-8 months after opening vs management's conservative 0.8x first-year baseline. FY27 plan adds 25 stores (5 CoCo outside Maharashtra, 20 franchise in Tier 2/3). This driver is structural — North/Central India is naturally weighted toward studded/diamond jewelry vs Maharashtra gold-centric preference, creating a dual lever of volume + margin as the mix matures.
FY26 revenue came in at ₹10,739 Cr (+41.6% on the year), capping 6 years at 27.9% compound. The latest quarter (Jun 26) printed ₹2,413 Cr, +40.7% year on year — the 9th consecutive quarter of year-over-year growth.
Pace check: the last four quarters averaged +52.1% growth against the decade's 27.9% — the current year is running faster than its own long-run rate.
Acceleration check: trailing-twelve-month revenue grew +47.8% over the last 4 quarters against +32.4%/yr over the last 8 — accelerating; TTM profit +76.6% vs +61.8%/yr — accelerating.
Operating margin Operating margin is what is left of every ₹100 of sales after running the business, before interest and tax. It is the cleanest read on pricing power and cost control.
P N Gadgil Jewellers Ltd's operating margin is 8.0% in the Jun 26 quarter, +2.0 percentage points against the same quarter a year ago. That is the widest this company has ever printed on a full-year basis. Across 7 fiscal years the operating margin has ranged 2.7% to 6.0%.
Why this happened. SSSG of 43% FY26 significantly outpaces the underlying market. Management attributes this to market share gains from unorganized players on trust, compliance, and hallmarking. The 94% conversion rate and 70% repeat-customer base validate brand stickiness. Old gold exchange at 40% of FY26 business (targeting 50%+ FY27) creates structural lock-in.
The latest quarter's operating margin is 8.0%, +2.0 pp against the same quarter a year ago. Across 7 fiscal years the operating margin has ranged 2.7%–6.0%, and FY26's 6.0% is the top of that band — a record year.
Why the margin moved: operating margin went +1.1 pp year on year while gross margin went +0.1 pp — the gain came mostly below the gross line: operating leverage, with costs spread over a bigger revenue base.
Worth repeating from the valuation section: cheap against its own history on record margins is not the same thing as cheap — a record margin flatters every ratio built on top of it.
Net profit Net profit is what survives every cost, interest and tax — the number EPS, dividends and book value all grow from.
P N Gadgil Jewellers Ltd earned ₹105 Cr of net profit in the Jun 26 quarter, +52.2% year on year. It is the 9th consecutive quarter of growth. Full-year FY26 profit was ₹410 Cr. The 6-year compound rate is 57.4%. That is 4.4% of the quarter's revenue. The same quarter a year earlier earned ₹69.0 Cr.
Jun 26 profit was ₹105 Cr, +52.2% year on year — the 9th consecutive quarter of growth. On the full year, FY26 printed ₹410 Cr (+88.1%), and the 6-year compound rate is 57.4%.
Why profit moved: revenue contributed +40.7% and the margin +2.0 pp — the quarter was margin-led: most of the profit growth came from keeping more of each sale.
Pace comparison, last four quarters: profit +80.5% vs revenue +52.1%. Profit is growing faster than sales — fixed costs are being spread over a bigger base, and each extra rupee of revenue drops more to the bottom line.
Cash flow — the router The P&L says what was earned; the cash-flow statement says what actually arrived. Operating cash flow (CFO) against profit is the cleanest lie detector in the accounts.
Over the last 3 fiscal years −177% of P N Gadgil Jewellers Ltd's reported profit arrived as operating cash — a gap worth watching. In FY26 that was ₹−717 Cr of operating cash against ₹410 Cr of profit. After ₹141 Cr of capital spending, ₹−858 Cr was left as free cash.
FY26: operating cash of ₹−717 Cr against reported profit of ₹410 Cr, leaving free cash of ₹−858 Cr after ₹141 Cr of capital spending. Across the last 3 fiscal years the conversion rate is −177% of profit.
Cash-flow readings here are annual — that is the resolution our series carries, so this section moves once a year.
🚨 Why conversion sits at −177%: the cash cycle held roughly steady between FY21 and FY26 — so conversion tracks profitability rather than the cycle. Less than 70% of profit arriving as cash is the thing to watch on this page.
Router verdict: the bigger cash user is investment — capital spending ran 2.7× depreciation over three years, so the next section's job is to check what that build-out is buying.
Where the cash goes Working capital is the cash tied up between paying suppliers and getting paid: debtor days (customers owe), inventory days (stock waits), and the cash conversion cycle (the whole loop, in days of sales).
P N Gadgil Jewellers Ltd's cash conversion cycle runs 121 days in FY26, down from 124 days in FY21. Capital spending ran ₹313 Cr over the last 3 years. At FY26 sales of ₹10,739 Cr each day of that cycle holds about ₹29.4 Cr, so roughly ₹3,560 Cr sits inside the business at any moment.
FY26: debtors at 2 days, inventory at 141 days — roughly 4.6 months of stock waiting to sell; that is where the cash sits while it waits — for a full cycle of 121 days, tighter than FY21's 124.
The full loop: cash goes out to suppliers and production on day 0; stock waits 141 days to sell; customers pay about 2 days after that; and suppliers themselves are paid at 22 days — netting out to the 121-day cycle.
In money terms: at FY26 sales of ₹10,739 Cr, each day of the cycle holds about ₹29.4 Cr — so the 121-day loop keeps roughly ₹3,560 Cr sitting inside the business at any moment.
On the investment side: capital spending of ₹313 Cr over the last 3 fiscal years against ₹115 Cr of depreciation — the company is building well ahead of wear-and-tear. Capital work-in-progress stands at ₹0.0 Cr (FY26) — capacity paid for but not yet earning.
The synthesis: the cash is going into capacity, not disappearing into the cycle — the question becomes whether the new capacity earns.
Return on capital Return on capital employed (ROCE) is the profit the whole business earns on all the money in it — equity and debt together. It is the single best test of whether growth creates value or just size.
P N Gadgil Jewellers Ltd earns a ROCE of 21% in FY26. That is up from a trough of 8% in FY21. Return on invested capital clears the cost of that capital by +1.5 percentage points, so growth here adds value rather than only size. The wiring behind it is 3.8% net margin on 2.16× asset turns.
FY26 ROCE is 21%, recovered from a FY21 trough of 8% — the full ladder below shows the fall and the climb, undoctored.
Why the return is what it is — the wiring (FY26): 3.8% net margin × 2.16× asset turns × 2.53× balance-sheet leverage ≈ 20.8% on equity. Margin does its share; leverage is a meaningful part of the equation.
The capstone test — ROIC − WACC: 13.5% − 12.0% = a +1.5 pp spread. The 12.0% is a standing assumption for the cost of capital in India, not a per-stock estimate — read the sign and the size of the spread, not the decimals. Positive but thin — value creation with little room for error.
Debt Debt-to-equity says how much of the business is funded by borrowings. Low is the safe corner; the trend matters as much as the level.
P N Gadgil Jewellers Ltd carries total debt of ₹1,737 Cr against shareholder equity of ₹1,963 Cr as of Mar 26, a debt-to-equity of 0.88. On the annual view that ratio went from 0.85 in FY24 to 0.88 in FY26. Read the returns elsewhere on this page with that leverage in mind.
Why this happened. From 53 stores at FY25 start to 78 at FY26 end, adding 25 in FY26 alone. As the 25 new stores ramp from 6-8 months to 2-3 years maturity, incremental revenue flows through at higher margins given fixed overhead base. EBITDA margin guidance of 7-7.5% FY27 vs 6.6% FY26 is underwritten by this lever.
Mar 26: total debt of ₹1,737 Cr against shareholder equity of ₹1,963 Cr — a debt-to-equity of 0.88. On the annual view, debt-to-equity went from 0.85 (FY24) to 0.88 (FY26). Read the returns on this page with that leverage in mind.
Ownership Who owns the stock, quarter by quarter: promoters (the controlling owners), foreign and domestic institutions, and the public. Steady accumulation by people close to the numbers is a signal; a quiet register is also an answer.
Promoters cut 6.5 points of P N Gadgil Jewellers Ltd over 8 quarters, the biggest move on the register. That takes promoters to 76.6% of the company. Domestic institutions moved +2.1 points over the same window, to 7.9%. The register is read on the four disclosed classes only; nothing is inferred between filings.
Why this happened. Digital was immaterial two years ago; now 4.9% of FY26 revenue and growing at 2x the company rate. E-commerce carries lower asset intensity (no store capex/inventory per-location) and the online-browse/offline-purchase model reduces return rates. High-margin if properly scaled.
The register over the last two years — Promoters: −6.5 points over 8 quarters to 76.6%; Domestic institutions: +2.1 points over 8 quarters to 7.9%; Foreign institutions: +0.9 points over 8 quarters to 4.7%.
🚨 Why the register moved: promoters drove it (−6.5 points), absorbed on the other side by domestic institutions (+2.1 points) — distribution into the market’s bid.
Safety line The Z-score estimates how far a company sits from balance-sheet distress — above roughly 3 is safe, below roughly 1.8 is the danger zone. It was built for manufacturers, so it is not applied to banks and lenders.
P N Gadgil Jewellers Ltd: the Z-score is not available for this stock, so we say so rather than invent one. It is a distance-to-distress estimate from the balance sheet, not a forecast of failure. The debt, cash-flow and return sections above carry the balance-sheet evidence this page does hold, and each of them states its own reporting date.
The safety line in one sentence: the Z-score is not available for this stock, so we say so rather than invent one.
Valuation P/E is the price of ₹1 of annual profit: how many rupees the market pays for each rupee the company earns in a year.
P N Gadgil Jewellers Ltd trades at 20.1× P/E, near the bottom of its own range — cheaper only 26% of the time. Its long-run median P/E is 30.9×, measured across 2.0 years of weekly readings. This places the multiple against the stock’s own record, and says nothing about what the business is worth.
Today's P/E of 20.1× is near the bottom of its own range — cheaper only 26% of the time, against a long-run median of 30.9× measured over 2.0 years of weekly readings. This is a comparison against the stock's own history — not a claim about what it is worth.
One caveat before moving on: margins are the best this company has ever printed — cheap against its own history on record margins is not the same thing as cheap. If profitability mean-reverts, today's multiple is higher than it looks.
Why the multiple sits where it does: over the past year annual EPS moved +87.8% against a +3.4% price move — earnings outran the price, pushing the multiple DOWN its own range.
Put together: the multiple is low against its own past, so the story rests on the earnings line underneath it, not the multiple.
What the price assumes This reading works the multiple backwards. It asks one question: what yearly rate of profit growth is a buyer at the market price already paying for? The number is the growth rate that makes eleven years of profit — six years growing, then five fading — add up to that day's market price, once each year is discounted at 11% a year.
Solved at its 13 June 2026 price, P N Gadgil Jewellers Ltd was paying for profit growth of about 8.9% a year. Profit itself has compounded 57.4% a year over the past 6 years. Today the market pays 20.1× P/E, the 26th percentile of its own 2-year range.
What the two numbers say together. The multiple is low against its own past, and the growth the price is paying for is below what this company has actually delivered.
How to hold this number: it is a reading of one day's price, taken on 13 June 2026, not a running figure — every other number on this page, the multiple included, is read off the live quote as of 11 September 2026. A higher price is paying for more growth and a lower price for less, so it moves whenever the price does, and this page does not restate it between measurements.
Stage: Mixed Every business sits somewhere on a fundamental arc, and this page names the spot before anything else. The last twelve quarters of revenue, profit and EPS growth — plus the return the business earns on its capital — are read as curves: Deteriorating (the curves are falling), Turning around (a trough has just formed and the last few quarters lift off it), Improving (the climb off the trough is sustained), Consistent (steadily positive with healthy returns), Topping out (still high but decelerating from the peak). When the curves genuinely disagree the read is Mixed; too little history is No read. CAGR (compound annual growth rate) is the smooth yearly pace that turns the starting value into the latest one — the fairest way to compare growth across different time spans. Read the columns together: if the 1-year number towers over the 10-year, recent growth is running hotter than the long-run trend. A dash means that window is not held, or the base year was a loss (where a growth rate is not meaningful).
P N Gadgil Jewellers Ltd reads as mixed on its fundamental arc. Mixed — revenue growth is rising at +40.7% (single-quarter readings) while profit growth is decelerating from its peak at +52.2% (single-quarter readings) — the curves disagree, so the per-curve reads carry the story. The read is built from 9 quarters across 3 curves, on partial evidence.
Why it matters: when the curves disagree, the per-curve reads above matter more than any single verdict.
One or more growth curves carry a base-effect spike — a large year-on-year move off a near-zero or loss-making comparable quarter. Those spikes are capped before the classifier reads the trajectory, and shown pinned on the chart, so a single distorted quarter does not drive the stage call.
A partial read: at least one curve is short, or the returns curve is not the computed quarterly series — hold the stage word a little more loosely.
| 1yr | 3yr | 5yr | 10yr | |
|---|---|---|---|---|
| Revenue | +41.6% | +33.8% | +41.4% | — |
| Profit | +88.1% | +63.4% | — | — |
| EPS | +87.8% | +30.9% | +175.6% | — |
| Share price | +3.4% | — | — | — |
4-Factor Sector Score
50.7/100 — rank 17 of 26 in Diamond, Gems & Jewellery · 93% evidence confidence
P N Gadgil Jewellers Ltd scores 50.7 out of 100 against the 26 companies it is compared with in Diamond, Gems & Jewellery, ranking 17. Acceleration candidate, not a confirmed leader: earnings are strong but sector-relative strength is -22.7% and the one-year return is 2.7%. Do not upgrade until sector-relative strength is above zero and another reported period confirms growth.
The four contributions add to the total exactly: 26 + 12.2 + 7.9 + 4.6 = 50.7. This is the SAME number shown on the sector comparison — it is computed once, for the whole peer set, and read here.
What would change it: The read weakens if profit growth turns negative or margin improvement reverses while sector-relative strength deteriorates.
Said versus delivered
What P N Gadgil Jewellers Ltd's management promised, set against what actually arrived — 4 tracked promises on the record. Read straight from the company’s own earnings calls. A promise that slipped stays on this page after it is met.
Franchise Expansion Plan · 28 July 2026. In May 2026, management planned 20 franchise openings within the FY27 target of 25 stores. In July 2026, management cited only 15 planned franchise stores, a 25% reduction with no explanation; moreover, the latest call's target of 63 COCO stores from a base of 58 and 103 total stores implies 20 FOCO additions, which is inconsistent with the separate 15-store franchise statement.
Litestyle Revenue Contribution - 5-6% Prior Claim vs 0.7% Actual · 15 May 2026. In the Feb 2026 call, management described Litestyle as contributing 5-6% of total sales, implying approximately 165-198 crores on Q3 FY26 revenue of 3,302 crores. When an analyst in the May 2026 call cited this same 5-6% figure, management corrected the full-year FY26 Litestyle contribution to only 70 crores or 0.7% of total revenue - a near 8x discrepancy with no reconciliation offered for why the prior estimate was so materially overstated.
Hedging Policy - 100% Effective Claim vs Disclosed 67% Hedge Ratio · 15 May 2026. In both prior calls, management explicitly confirmed 100% effective hedging on gold inventory, a key pillar supporting margin stability assurances given to investors. The May 2026 call directly contradicts this by disclosing the hedge ratio was only 67% at end of Q4 FY26 and approximately 62% on a full-year average, and also acknowledges gains from the unhedged portion of sales as a factor behind margin compression across multiple quarters - materially undermining the 100% effective hedging claims made on two prior occasions.
FY27 Revenue Guidance Raised by 12-17% Without Explicit Reconciliation · 15 May 2026. In the Feb 2026 call, management guided FY27 revenue at INR 11,500 to INR 12,000 crores, described as a 20-25% growth target over an expected FY26 of around 10,000 crores. The May 2026 call presents a materially higher FY27 guidance of INR 13,500 crores without acknowledging the prior guidance figure or explicitly explaining what changed in the underlying growth assumptions, leaving analysts unable to assess whether the revision reflects a higher base, a changed growth rate assumption, or both.
Every quote above is taken word for word from the company’s own earnings calls.
| Company | Score | Price stage | Growth & earnings/35 | Capital efficiency/25 | Valuation/20 | Relative strength/20 |
|---|---|---|---|---|---|---|
| 1Tribhovandas Bhimji Zaveri LtdTBZ | 73.1/100Favorable setup87% evidence | LEADER | 25.6/35 Revenue 29.1% · PAT 100% · OPM change 0 pp 95% evidence | 14.8/25 ROCE 21.9% · OPM 9% 95% evidence | 12.7/20 P/E 16.4× · PEG — 50% evidence | 20.0/20 RS sector 115.4% · RS bench 178.1% · 1Y 186.8%12 of 12 weeks ahead 100% evidence |
| Exact sum: 25.6 + 14.8 + 12.7 + 20 = 73.1 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 2Khazanchi Jewellers Ltd543953 | 70.1/100Favorable setup76% evidence | BREAKING OUT | 26.9/35 Revenue 24.4% · PAT 100% · OPM change 2 pp 95% evidence | 17.5/25 ROCE 34.8% · OPM 7% 76% evidence | 11.7/20 P/E 18.3× · PEG — 50% evidence | 14.0/20 RS sector 13.2% · RS bench 9.9% · 1Y 27.3%7 of 10 weeks ahead 70% evidence |
| Exact sum: 26.9 + 17.5 + 11.7 + 14 = 70.1 · Decision use: Confirmed research leader: earnings, capital efficiency and relative strength agree. Move to management, catalyst and risk diligence. | ||||||
| 3Sky Gold & Diamonds LtdSKYGOLD | 68.5/100Favorable setup100% evidence | LEADER | 28.2/35 Revenue 81.4% · PAT 100% · OPM change 2 pp 100% evidence | 15.7/25 ROCE 27% · OPM 8% 100% evidence | 7.1/20 P/E 38.2× · PEG 1.71 100% evidence | 17.5/20 RS sector 45.6% · RS bench 88% · 1Y 196.6%12 of 12 weeks ahead 100% evidence |
| Exact sum: 28.2 + 15.7 + 7.1 + 17.5 = 68.5 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 4D.P. Abhushan LtdDPABHUSHAN | 68.3/100Favorable setup100% evidence | BREAKING OUT | 25.3/35 Revenue 30.8% · PAT 94.3% · OPM change 1 pp 100% evidence | 18.2/25 ROCE 39.6% · OPM 11% 100% evidence | 15.0/20 P/E 12.8× · PEG 0.68 100% evidence | 9.8/20 RS sector -18.8% · RS bench 7.9% · 1Y -15%9 of 12 weeks ahead 100% evidence |
| Exact sum: 25.3 + 18.2 + 15 + 9.8 = 68.3 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 5Utssav CZ Gold Jewels LtdUTSSAV | 64.7/100Thin evidence · provisional56% evidence | LEADER | 19.7/35 Revenue — · PAT — · OPM change 0 pp 26% evidence | 18.1/25 ROCE 28.8% · OPM 7% 95% evidence | 9.5/20 P/E 21.7× · PEG — 15% evidence | 17.4/20 RS sector 43.3% · RS bench 84.4% · 1Y 183.4%12 of 12 weeks ahead 100% evidence |
| Exact sum: 19.7 + 18.1 + 9.5 + 17.4 = 64.7 · Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral. | ||||||
| 6Thangamayil Jewellery LtdTHANGAMAYL | 60.4/100Mixed-positive evidence100% evidence | FADING | 26.9/35 Revenue 83.2% · PAT 100% · OPM change -1 pp 100% evidence | 14.0/25 ROCE 25.5% · OPM 5% 100% evidence | 10.1/20 P/E 40.6× · PEG 0.77 100% evidence | 9.4/20 RS sector -0.1% · RS bench 30.2% · 1Y 133.4%10 of 12 weeks ahead 100% evidence |
| Exact sum: 26.9 + 14 + 10.1 + 9.4 = 60.4 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 7PC Jeweller LtdPCJEWELLER | 59.3/100Mixed-positive evidence100% evidence | BREAKING OUT | 20.1/35 Revenue 36.5% · PAT 32.7% · OPM change 10 pp 100% evidence | 6.8/25 ROCE 9.6% · OPM 28% 100% evidence | 15.8/20 P/E 17.2× · PEG 0.26 100% evidence | 16.6/20 RS sector 2.4% · RS bench 36.2% · 1Y 3.4%7 of 12 weeks ahead 100% evidence |
| Exact sum: 20.1 + 6.8 + 15.8 + 16.6 = 59.3 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 8RBZ Jewellers LtdRBZJEWEL | 58.3/100Mixed-positive evidence87% evidence | BREAKING OUT | 17.5/35 Revenue 30.3% · PAT 54% · OPM change -2.3 pp 95% evidence | 16.7/25 ROCE 22% · OPM 14.8% 95% evidence | 13.7/20 P/E 12.3× · PEG — 50% evidence | 10.4/20 RS sector -4.8% · RS bench 26% · 1Y 26.8%9 of 12 weeks ahead 100% evidence |
| Exact sum: 17.5 + 16.7 + 13.7 + 10.4 = 58.3 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 9Senco Gold LtdSENCO | 56.8/100Mixed-positive evidence100% evidence | TURNING | 24.8/35 Revenue 43.1% · PAT 100% · OPM change -3 pp 100% evidence | 12.4/25 ROCE 21.2% · OPM 7% 100% evidence | 15.1/20 P/E 9.9× · PEG 1.35 100% evidence | 4.5/20 RS sector -20.6% · RS bench 5.3% · 1Y -10%5 of 12 weeks ahead 100% evidence |
| Exact sum: 24.8 + 12.4 + 15.1 + 4.5 = 56.8 · Decision use: Acceleration candidate, not a confirmed leader: earnings are strong but sector-relative strength is -20.6% and the one-year return is -10%. Do not upgrade until sector-relative strength is above zero and another reported period confirms growth. | ||||||
| 10Uday Jewellery Industries Ltd539518 | 56.7/100Mixed-positive evidence78% evidence | 27.2/35 Revenue 100% · PAT 100% · OPM change 3 pp 83% evidence | 14.2/25 ROCE 22.4% · OPM 7% 76% evidence | 12.0/20 P/E 13.7× · PEG — 50% evidence | 3.3/20 RS sector -18.9% · RS bench -3.8% · 1Y -13.9%3 of 4 weeks ahead to 2026-07-19 100% evidence | |
| Exact sum: 27.2 + 14.2 + 12 + 3.3 = 56.7 · Decision use: Acceleration candidate, not a confirmed leader: earnings are strong but sector-relative strength is -18.9% and the one-year return is -13.9%. Do not upgrade until sector-relative strength is above zero and another reported period confirms growth. | ||||||
| 11Titan Company LtdTITAN | 56.0/100Mixed-positive evidence100% evidence | BREAKING OUT | 26.9/35 Revenue 45% · PAT 55.1% · OPM change 3 pp 100% evidence | 13.2/25 ROCE 20.5% · OPM 14% 100% evidence | 8.3/20 P/E 76.2× · PEG 1.43 100% evidence | 7.6/20 RS sector -9.2% · RS bench 20.1% · 1Y 36.6%6 of 12 weeks ahead 100% evidence |
| Exact sum: 26.9 + 13.2 + 8.3 + 7.6 = 56 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 12Shanti Gold International LtdSHANTIGOLD | 55.0/100Mixed-positive evidence74% evidence | BREAKING OUT | 17.8/35 Revenue 100% · PAT 100% · OPM change -8 pp 95% evidence | 16.5/25 ROCE 37% · OPM 10% 95% evidence | 10.9/20 P/E 12.7× · PEG — 15% evidence | 9.8/20 RS sector -7.1% · RS bench 23% · 1Y 12.1%10 of 12 weeks ahead 70% evidence |
| Exact sum: 17.8 + 16.5 + 10.9 + 9.8 = 55 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 13Kalyan Jewellers India LtdKALYANKJIL | 54.9/100Mixed-positive evidence100% evidence | BREAKING OUT | 22.4/35 Revenue 45.8% · PAT 79.3% · OPM change -1 pp 100% evidence | 12.0/25 ROCE 21.2% · OPM 6% 100% evidence | 4.9/20 P/E 42.4× · PEG 2.19 100% evidence | 15.6/20 RS sector 0% · RS bench 31.7% · 1Y 19.8%9 of 12 weeks ahead 100% evidence |
| Exact sum: 22.4 + 12 + 4.9 + 15.6 = 54.9 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 14Vaibhav Global LtdVAIBHAVGBL | 52.0/100Mixed-positive evidence100% evidence | ASLEEP | 19.3/35 Revenue 10.4% · PAT 73.8% · OPM change 3 pp 100% evidence | 12.8/25 ROCE 16.4% · OPM 11% 100% evidence | 18.7/20 P/E 12.5× · PEG 0.33 100% evidence | 1.2/20 RS sector -29.8% · RS bench -6.7% · 1Y -1.8%6 of 12 weeks ahead 100% evidence |
| Exact sum: 19.3 + 12.8 + 18.7 + 1.2 = 52 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 15Radhika Jeweltech LtdRADHIKAJWE | 51.5/100Mixed-positive evidence87% evidence | BREAKING OUT | 11.2/35 Revenue 16.9% · PAT 27% · OPM change -6 pp 95% evidence | 18.2/25 ROCE 25.1% · OPM 20% 95% evidence | 10.8/20 P/E 12.4× · PEG — 50% evidence | 11.3/20 RS sector -10.1% · RS bench 19.8% · 1Y -11.5%6 of 12 weeks ahead 100% evidence |
| Exact sum: 11.2 + 18.2 + 10.8 + 11.3 = 51.5 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 16Golkunda Diamonds & Jewellery Ltd523676 | 51.5/100Thin evidence · provisional57% evidence | 13.6/35 Revenue 1.3% · PAT -12.4% · OPM change -0.8 pp 53% evidence | 13.2/25 ROCE 19.9% · OPM 9.7% 57% evidence | 8.6/20 P/E 16× · PEG — 50% evidence | 16.1/20 RS sector 61.7% · RS bench 52.8% · 1Y 63.4%9 of 12 weeks ahead to 2026-03-29 70% evidence | |
| Exact sum: 13.6 + 13.2 + 8.6 + 16.1 = 51.5 · Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral. | ||||||
| 17P N Gadgil Jewellers Ltdthis pagePNGJL | 50.7/100Mixed-positive evidence93% evidence | BREAKING OUT | 26.0/35 Revenue 47.8% · PAT 76.6% · OPM change 2 pp 100% evidence | 12.2/25 ROCE 20.9% · OPM 8% 100% evidence | 7.9/20 P/E 20.1× · PEG 1.77 65% evidence | 4.6/20 RS sector -22.7% · RS bench 2.8% · 1Y 2.7%4 of 12 weeks ahead 100% evidence |
| Exact sum: 26 + 12.2 + 7.9 + 4.6 = 50.7 · Decision use: Acceleration candidate, not a confirmed leader: earnings are strong but sector-relative strength is -22.7% and the one-year return is 2.7%. Do not upgrade until sector-relative strength is above zero and another reported period confirms growth. | ||||||
| 18Manoj Vaibhav Gems N Jewellers LtdMVGJL | 50.2/100Mixed-positive evidence87% evidence | TURNING | 13.5/35 Revenue 21.5% · PAT 22% · OPM change -1 pp 95% evidence | 11.2/25 ROCE 15.8% · OPM 6% 95% evidence | 15.0/20 P/E 8× · PEG — 50% evidence | 10.5/20 RS sector -12% · RS bench 17.3% · 1Y 0.1%2 of 12 weeks ahead 100% evidence |
| Exact sum: 13.5 + 11.2 + 15 + 10.5 = 50.2 · Decision use: Cheap but unconfirmed: require improving earnings before treating the valuation as an opportunity. | ||||||
| 19Bluestone Jewellery & Lifestyle LtdBLUESTONE | 48.8/100Thin evidence · provisional59% evidence | BREAKING OUT | 23.5/35 Revenue 40% · PAT 100% · OPM change 3.4 pp 74% evidence | 4.7/25 ROCE 6.8% · OPM 14.5% 100% evidence | 8.6/20 P/E 242× · PEG — 15% evidence | 12.0/20 RS sector — · RS bench 56.3% · 1Y 47.3%9 of 10 weeks ahead 25% evidence |
| Exact sum: 23.5 + 4.7 + 8.6 + 12 = 48.8 · Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral. | ||||||
| 20Motisons Jewellers LtdMOTISONS | 48.3/100Mixed-negative evidence87% evidence | BREAKING OUT | 16.4/35 Revenue 10.7% · PAT 50% · OPM change 0 pp 95% evidence | 13.4/25 ROCE 17.9% · OPM 15% 95% evidence | 11.8/20 P/E 27.1× · PEG — 50% evidence | 6.7/20 RS sector -17.9% · RS bench 9.1% · 1Y -17.4%7 of 12 weeks ahead 100% evidence |
| Exact sum: 16.4 + 13.4 + 11.8 + 6.7 = 48.3 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 21Shringar House of Mangalsutra LtdSHRINGARMS | 46.5/100Mixed-negative evidence74% evidence | BREAKING OUT | 15.1/35 Revenue 65.1% · PAT 65.8% · OPM change -3 pp 95% evidence | 15.5/25 ROCE 26.8% · OPM 9% 95% evidence | 10.1/20 P/E 17.3× · PEG — 15% evidence | 5.8/20 RS sector -23% · RS bench 2.4% · 1Y 14.6%6 of 12 weeks ahead 70% evidence |
| Exact sum: 15.1 + 15.5 + 10.1 + 5.8 = 46.5 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 22PNGS Gargi Fashion Jewellery Ltd543709 | 46.1/100Mixed-negative evidence76% evidence | BASING | 7.9/35 Revenue 18.3% · PAT 8.7% · OPM change -3.5 pp 95% evidence | 19.9/25 ROCE 33.8% · OPM 19.8% 76% evidence | 10.6/20 P/E 20.3× · PEG — 50% evidence | 7.7/20 RS sector -2.3% · RS bench -29% · 1Y -30.4%0 of 10 weeks ahead 70% evidence |
| Exact sum: 7.9 + 19.9 + 10.6 + 7.7 = 46.1 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 23Rajesh Exports LtdRAJESHEXPO | 31.4/100Adverse evidence91% evidence | TURNING | 18.0/35 Revenue 79.5% · PAT 100% · OPM change 0 pp 74% evidence | 4.6/25 ROCE 1.9% · OPM 0% 100% evidence | 6.5/20 P/E 13.7× · PEG 1.74 100% evidence | 2.3/20 RS sector -56.8% · RS bench -41.5% · 1Y -56.7%0 of 12 weeks ahead 100% evidence |
| Exact sum: 18 + 4.6 + 6.5 + 2.3 = 31.4 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 24Asian Star Company LtdASTAR | 20.1/100Adverse evidence87% evidence | BASING | 5.7/35 Revenue -3.8% · PAT -23.3% · OPM change -0.9 pp 95% evidence | 7.1/25 ROCE 3.6% · OPM 2.1% 95% evidence | 6.1/20 P/E 28.2× · PEG — 50% evidence | 1.2/20 RS sector -31.2% · RS bench -7.9% · 1Y -20.1%0 of 12 weeks ahead 100% evidence |
| Exact sum: 5.7 + 7.1 + 6.1 + 1.2 = 20.1 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 25PNGS Reva Diamond Jewellery LimitedPNGSREVA | 59.2/100Thin evidence · provisional43% evidence | BREAKING OUT | 22.9/35 Revenue — · PAT — · OPM change 7 pp 45% evidence | 16.5/25 ROCE 22% · OPM 29% 95% evidence | 9.8/20 P/E 19.2× · PEG — 15% evidence | 10.0/20 RS sector — · RS bench — · 1Y —6 of 9 weeks ahead 0% evidence |
| Exact sum: 22.9 + 16.5 + 9.8 + 10 = 59.2 · Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral. | ||||||
| 26SJ Corporation Ltd504398 | 46.0/100Thin evidence · provisional33% evidence | 19.1/35 Revenue — · PAT — · OPM change 16.7 pp 17% evidence | 6.0/25 ROCE 0.1% · OPM 10.7% 76% evidence | 8.5/20 P/E 807× · PEG — 15% evidence | 12.4/20 RS sector — · RS bench 135.6% · 1Y —4 of 4 weeks ahead 25% evidence | |
| Exact sum: 19.1 + 6 + 8.5 + 12.4 = 46 · Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral. | ||||||
Missing observations are not scored as bad. Their missing weight lowers confidence and pulls the final score toward neutral. PEG is not shown when the ratio cannot mean anything: the company must be making a profit, its price-to-earnings must be positive, and its three-year earnings growth must fall between 5% and 60%. Dividing a price multiple by a loss, or by growth measured off a tiny base, produces a number that looks precise and tells you nothing. Under relative strength, one mark per week shows the last 12 weeks: a mark is filled where the company led NIFTY 500 by 5% or more over the 13 weeks ending that week, which is the same test used everywhere on this site. Price stage places the company on the same six-step curve the sector itself is placed on — basing, turning, breaking out, leader, fading, asleep — read from how many weeks running it has led NIFTY 500 and whether that lead is widening or shrinking. It describes where the PRICE stands, not the earnings trajectory and not a recommendation, and it is left blank for a company whose weekly history is too short or too stale to read.
Frequently asked questions
What is P N Gadgil Jewellers Ltd's share price today?
P N Gadgil Jewellers Ltd trades at ₹613, +3.4% over the past year. The company is valued at ₹9,026 Cr. The stock sits at 43% of its 52-week range of ₹526–₹728, +2.1% versus its 200-day average. On the tape, the price is in a downtrend, 12 weeks in. — as of 11 September 2026.
What were P N Gadgil Jewellers Ltd's latest quarterly results?
P N Gadgil Jewellers Ltd reported revenue of ₹2,413 Cr and net profit of ₹105 Cr for the Jun 26 quarter. Revenue rose 40.7% and profit rose 52.2% year on year. Earnings per share were ₹7.76. The operating margin was 8.0%, 2.0 pp higher than a year earlier. — as of 11 September 2026.
What is P N Gadgil Jewellers Ltd's revenue?
P N Gadgil Jewellers Ltd reported revenue of ₹2,413 Cr in the Jun 26 quarter, +40.7% year on year. For the full FY26 fiscal year, revenue was ₹10,739 Cr (+41.6%). Over the last 6 years revenue compounded at 27.9% a year. — as of 11 September 2026.
What is P N Gadgil Jewellers Ltd's profit?
P N Gadgil Jewellers Ltd earned ₹105 Cr of net profit in the Jun 26 quarter, +52.2% year on year — the 9th straight quarter of growth. Full-year FY26 profit was ₹410 Cr. The operating margin ran 8.0% in the latest quarter. — as of 11 September 2026.
What is P N Gadgil Jewellers Ltd's market cap?
P N Gadgil Jewellers Ltd's market capitalisation is ₹9,026 Cr at a share price of ₹613. Market cap is the share price multiplied by shares outstanding, so it is restated whenever the price moves. — as of 11 September 2026.
What is P N Gadgil Jewellers Ltd's P/E ratio?
P N Gadgil Jewellers Ltd trades at a P/E of 20.1×, at the 26th percentile of its own 2-year range, against a long-run median of 30.9×. This is a comparison with the stock's own history, not a value call — as of 11 September 2026.
Does P N Gadgil Jewellers Ltd pay a dividend?
No — P N Gadgil Jewellers Ltd has recorded a dividend payout of 0% of profit in each of its last 7 reported fiscal years, so there is no payout history to quote. That is a reading of the filed annual statements, not an estimate. — as of 11 September 2026.
Is P N Gadgil Jewellers Ltd overvalued?
On its own history, P N Gadgil Jewellers Ltd looks cheap: its P/E of 20.1× has been cheaper only 26% of the time in 2 years (long-run median 30.9×). That is a percentile read against the stock's own past, not a price opinion or a direction call. One caveat: margins are the best this company has ever printed — cheap on record margins is not the same thing as cheap. — as of 11 September 2026.
Is P N Gadgil Jewellers Ltd growing?
Yes — P N Gadgil Jewellers Ltd is growing: latest-quarter revenue +40.7% year on year, profit +52.2%, and the margin +2.0 pp at 8.0%. The 6-year compound rates are 27.9% (revenue) and 57.4% (profit). The earnings engine currently reads: improving — as of 11 September 2026.
How is P N Gadgil Jewellers Ltd performing?
P N Gadgil Jewellers Ltd is in a downtrend, 12 weeks in. Its latest quarter's revenue rose 40.7% and profit rose 52.2% year on year. Against the NIFTY 500 it has been ahead on a trailing-13-week view for 9 weeks. This describes what the data did, not a rating. — as of 11 September 2026.
What stage is P N Gadgil Jewellers Ltd in?
Mixed — revenue growth is rising at +40.7% (single-quarter readings) while profit growth is decelerating from its peak at +52.2% (single-quarter readings) — the curves disagree, so the per-curve reads carry the story. The read comes from the last 12 quarters of growth (revenue growth +40.7% latest, profit growth +52.2% latest) plus the ROCE curve, classified by deterministic rules — a trajectory read, not a buy or sell call — as of 11 September 2026.
Is P N Gadgil Jewellers Ltd in an uptrend?
No — the price is in a downtrend (week 12 of stage 4), trading +2.1% versus its 200-day average and at 43% of its 52-week range. Price stages cycle base → advance → top → decline, and the stage names where this stock sits in that cycle — as of 11 September 2026.
Is P N Gadgil Jewellers Ltd beating the market?
On recent form, yes — P N Gadgil Jewellers Ltd has been ahead of the NIFTY 500 on a trailing-13-week view for 9 straight weeks, the same metric the week-by-week ribbon on this page draws. Separately, on the cumulative view: over the last 2.0 years the stock moved −16% against the NIFTY 500's −6% — behind the index over the full window. — as of 11 September 2026.
Will P N Gadgil Jewellers Ltd's share price go up?
This page publishes no price forecast for P N Gadgil Jewellers Ltd. What it measures instead: the share price is ₹613, the price is in a downtrend 12 weeks in. Its P/E of 20.1× sits at the 26th percentile of its own 2-year range. — as of 11 September 2026.
Who owns P N Gadgil Jewellers Ltd?
Promoters hold 76.6% of P N Gadgil Jewellers Ltd, foreign institutions 4.7%, domestic institutions 7.9% and the public 10.8% (latest quarter). The biggest move on the register over the last two years: Promoters cut 6.5 points over 8 quarters. — as of 11 September 2026.
Does P N Gadgil Jewellers Ltd have too much debt?
It is moderate — P N Gadgil Jewellers Ltd's debt-to-equity is 0.88, and operating profit covers the interest bill 7×. FY26 borrowings were ₹1,737 Cr against equity of ₹1,963 Cr. Read the returns on this page with that leverage in mind — as of 11 September 2026.
What is P N Gadgil Jewellers Ltd's capex?
P N Gadgil Jewellers Ltd spent ₹313 Cr on capital expenditure over the last 3 fiscal years, a figure derived from the change in fixed assets plus depreciation. In FY26 alone that was ₹141 Cr, with ₹0.0 Cr in capital work-in-progress — capacity paid for but not yet earning. — as of 11 September 2026.
What is P N Gadgil Jewellers Ltd's cash flow?
P N Gadgil Jewellers Ltd consumed ₹717 Cr of operating cash in FY26 — cash flowed out rather than in (free cash flow: ₹−858 Cr). Operating cash was negative while the company reported a profit of ₹410 Cr. Cash-flow resolution for India is annual. — as of 11 September 2026.
Is P N Gadgil Jewellers Ltd's profit real cash?
No — operating cash was negative over the last 3 fiscal years: P N Gadgil Jewellers Ltd consumed cash while reporting profit. In FY26, operating cash was ₹−717 Cr against reported profit of ₹410 Cr. Cash-flow resolution is annual — as of 11 September 2026.
Where is P N Gadgil Jewellers Ltd in its business cycle?
P N Gadgil Jewellers Ltd's FY26 operating margin was 6.0%, against a 7-year band of 2.7%–6.0%: the top of the band — a record year. Record profitability is late-cycle territory: every ratio flatters at the top, and the story leans on margins holding. The latest quarter ran 8.0%. Profitability versus a company's own long band is the cleanest cycle clock this page holds — as of 11 September 2026.
What growth does P N Gadgil Jewellers Ltd's price assume?
At its price on 13 June 2026, P N Gadgil Jewellers Ltd was priced for profit growth of about 8.9% a year. Profit itself has compounded 57.4% a year over the past 6 years. The figure reads the multiple backwards: the growth a buyer at that price was already paying for. — as of 11 September 2026.
What could break the P N Gadgil Jewellers Ltd story?
The sharpest disagreement: profits are rising, but only −177% of the last 3 years' profit arrived as operating cash — the gap between the P&L and the bank account is the thing to watch. Mechanically, two Friday closes in a row below the 200-day average would end the price trend — that is the exit rule this page tracks — as of 11 September 2026.
Is P N Gadgil Jewellers Ltd a stock worth studying right now?
This is not investment advice. The machine read: P N Gadgil Jewellers Ltd's earnings have outrun its stock. EPS grew +87.8% in a year against a +3.4% price move. The sharpest open question: whether the cash starts following the profit. Every number on this page is drawn deterministically from the raw series, with no forecasts and no price opinions — as of 11 September 2026.
Not SEBI Registered !! Not Investment advice !!