# P N Gadgil Jewellers share price today (P N Gadgil Jewellers Ltd, NSE: PNGJL)

> P N Gadgil Jewellers share price today: ₹581.60 at the NSE close on 4 November 2026, down 10.8% in a year. P N Gadgil Jewellers (NSE: PNGJL) is worth ₹8,554 crore, trades at a P/E of 17.5 and has closed between ₹525.70 and ₹727.90 over the past 52 weeks. > P N Gadgil Jewellers Ltd's earnings have grown faster than its share price. Earnings per share grew +87.8% in a year while the price moved −10.8%. PNGJL · Diamond, Gems & Jewellery · data as of 4 November 2026. Page: https://www.sectoralpha.in/stocks/p-n-gadgil-jewellers-ltd

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## Key numbers

- Business trend: Mixed, from fewer quarters than usual
- Price: ₹581.60 (−10.8% in a year)
- P/E: 17.5× (lower than 98% of the last 2.1 years)
- Revenue (Sep 2026): ₹2,666 Cr (+22.4% on a year ago)
- Profit (Sep 2026): ₹121 Cr (+53.2% on a year ago)
- Operating margin: 8.0% (+3.1 points on a year ago)
- ROCE: 21%, FY26
- ROIC: 15.2%, against a 12.0% cost of capital: +3.2 points

The main question: profits are rising, but only −177% of the last 3 years' profit came in as cash from operations. The gap between reported profit and actual cash is the thing to watch. ## What is the P N Gadgil Jewellers share price today? P N Gadgil Jewellers Ltd's share price was ₹581.60 at the close on 4 November 2026. It has been stalling near its high for 4 weeks. That is 2.6% below its average price over the last 200 trading days. In the last 52 weeks it traded between ₹526 and ₹728, and at that close it sat 28% of the way up from that low. Over the past 13 weeks it has done better than the NIFTY 500, and it has stayed ahead for 1 week in a row. Over the last 2.1 years the share price moved −20% while the NIFTY 500 moved −10%, so it is behind the index over that whole period. The chart above shows the 13-week comparison for every week. This page treats a rise as over when the price closes below its 200-day average on two Fridays in a row. ## What changed at P N Gadgil Jewellers this quarter? 1 points on a year earlier. 1. Revenue up on a year earlier for 10 quarters in a row (every quarter we can compare) In the September 2026 quarter revenue was ₹2,666 crore, +22.4% on a year earlier. Why: Revenue rose because its own shops sold much more and made up a bigger share of sales. Next results: check whether the Navratri demand and festive wedding bookings that moved to the December quarter turn into jewellery sales. From the earnings call on 30 Oct 2026. 2. Profit up on a year earlier for 10 quarters in a row (every quarter we can compare) In the September 2026 quarter profit was ₹121 crore, +53.2% on a year earlier. Why: Profit rose faster than revenue because it sold more jewellery with stones set in it and more through its own shops. Next results: check whether the full year profit margin stays in the 4% to 4.2% range management repeated. From the earnings call on 30 Oct 2026. 3. Operating margin up 3.1 points on a year earlier 8% in the September 2026 quarter, from 4.9%. Why: Margin rose because the company sold more jewellery with stones set in it and more through its own shops, which lifted the profit left after the cost of the goods. Next results: check whether more studded jewellery in northern and central stores keeps lifting margin. From the earnings call on 30 Oct 2026. ## What are P N Gadgil Jewellers' latest quarterly results? For July to September 2026 (the quarter ended 30 September 2026), P N Gadgil Jewellers reported revenue of ₹2,666 crore, up 22.4% from ₹2,178 crore a year earlier, and a profit of ₹121 crore, up 53.2% from ₹79.0 crore. ### P N Gadgil Jewellers results: July to September 2026 against a year earlier

| Measure | July to September 2026 | July to September 2025 | Change |
| --- | --- | --- | --- |
| Revenue | ₹2,666 crore | ₹2,178 crore | +22.4% |
| Profit | ₹121 crore | ₹79.0 crore | +53.2% |
| Earnings per share | ₹8.23 | ₹5.84 | +40.9% |
| Operating margin | 8.0% | 4.9% | +3.1 points |

The next results, for October to December 2026, are due by 14 February 2027: listed companies must publish quarterly results within 45 days of the quarter's end (60 days for the January to March quarter). P N Gadgil Jewellers' management discussed these results on a call held on 30 October 2026; what it said is further down this page. (From the company's reported quarterly results (quarter ended 30 September 2026). Revenue and profit in ₹ crore.)

## What is the P N Gadgil Jewellers share price history? P N Gadgil Jewellers closed at ₹581.60 on 4 November 2026, down 10.8% from ₹652.25 a year earlier (7 November 2025). Its highest weekly close since September 2024 was ₹769.20 on 6 December 2024. ### P N Gadgil Jewellers share price: then and now

| When | Close | Change to 4 Nov 2026 |
| --- | --- | --- |
| 1 week ago · 30 Oct 2026 | ₹558.55 | +4.1% |
| 1 month ago · 1 Oct 2026 | ₹581.95 | −0.1% |
| 6 months ago · 8 May 2026 | ₹727.90 | −20.1% |
| 1 year ago · 7 Nov 2025 | ₹652.25 | −10.8% |
| Earliest weekly close in our records · 20 Sep 2024 | ₹731.40 | −20.5% |
| Highest weekly close since September 2024 · 6 Dec 2024 | ₹769.20 | −24.4% |
| Lowest weekly close since September 2024 · 2 May 2025 | ₹500.75 | +16.1% |
| 52-week high (weekly close) · 8 May 2026 | ₹727.90 | −20.1% |
| 52-week low (weekly close) · 22 May 2026 | ₹525.70 | +10.6% |

Weekly closing prices. Each change is the move from that price to the 4 Nov 2026 close. A day's intraday high or low can go beyond these weekly closes. (118 weekly closes from 20 September 2024 to 4 November 2026.)

## What is the latest news on P N Gadgil Jewellers? 4 Nov 2026: P N Gadgil Jewellers closed at ₹581.60, up 4.1% on the week and down 0.1% on the month. 30 Oct 2026: P N Gadgil Jewellers held its results call for July to September 2026. Management guided: FY27 revenue ₹13,000 crore plus at company level achievable on current trends. ### Earlier

- Results for July to September 2026: Revenue up 22.4% and profit up 53.2% on a year earlier. - Our read, 17 May 2026: Maharashtra-dominant jeweller crossing 10K Cr milestone, but management credibility is eroding faster than the growth story is compounding. ### Our read of the business

Latest quarter: 10K Cr milestone crossed; bullion avalanche compresses Q4 margins. (Our read after the latest results, written 17 May 2026.)

## What dividend does P N Gadgil Jewellers pay? P N Gadgil Jewellers has paid no dividend on the NSE since its first NSE close in our records (20 September 2024), the start of the period we checked. No. P N Gadgil Jewellers Ltd paid out 0% of its profit as dividends in each of its last 7 reported years, so there is no payout history to show. That comes from the filed annual statements, not an estimate. (From the NSE corporate-actions record, read 5 November 2026.)

## What did P N Gadgil Jewellers management say on the latest results call? On the call for July to September 2026, held on 30 October 2026, P N Gadgil Jewellers' management guided: FY27 revenue ₹13,000 crore plus at company level achievable on current trends. > “Profits grew more than twice as fast as revenue, reflecting a richer product mix, a higher retail share, and growing operating leverage.”
> Dr. Saurabh Gadgil, on the call for July to September 2026

### What management guided

- FY27 profit margin 4% to 4.2% at company level per earlier view reiterated. - FY27 net addition around 23 stores to about 103 by year-end with 8-10 in Q3 and balance in Q4 led by franchisee. - FY29 aspirational revenue ₹17,000 crore plus to around ₹21,000 crore on around 25% yearly growth over FY27 to FY29. - Mature-store growth 7-8% excluding gold surge with new-store turns 1x in year one to 1.8-2x in year two to 2.5x in year three. Management’s own plans and goals, from our notes of the call. A plan is not a result. Source: [the call transcript](https://files.tijoristack.ai/concall/transcript/57981-30-Oct-2026.pdf). (From the call for July to September 2026, 30 October 2026.)

## What is the future of P N Gadgil Jewellers? What is changing in the business? What is changing at P N Gadgil Jewellers, from the latest results and calls: geographical expansion (north india: bihar, up, mp), market share gains from unorganized sector and bullion-to-jewelry mix normalization (post customs duty). - Geographical Expansion (North India: Bihar, UP, MP). 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. ⚠ estimate
- Market Share Gains from Unorganized Sector. SSSG 43% FY26, 86% January to March 2026, organized players absorbing consumer migration from unorganized segment driven by trust + GST compliance. ⚠ estimate
- Bullion-to-Jewelry Mix Normalization (Post Customs Duty). 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 back to 20-22%, recovering 200-300 basis points gross margin. ⚠ estimate
- Operating Leverage from Retail Scale. Store network 78 across 36 cities; revenue per store ₹137.7 crore, net profit per store ₹5.25 crore, revenue per sqft ₹4,51,000, fixed cost absorption improving as store base matures. ⚠ estimate

We check 16 kinds of change in every company, such as costs spread over more sales, higher-value products, new orders, new regions or falling debt, against its reported numbers and what management said on its calls. Only changes the numbers back are shown. (Our read after the latest results, written 17 May 2026.)

## What could change the P N Gadgil Jewellers story? What are the risks? 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 ₹12,000 vs ₹13,500 crore unreconciled. ### The main risks

- Management Credibility, Cascading Inconsistencies: 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 ₹12,000 vs ₹13,500 crore unreconciled. ✓ fact
- Gold Price Sustained Elevation, Bullion Mix Stickiness: If geopolitical risk keeps gold elevated, bars/coins demand stays above 30% of mix, management's 20-22% normalization assumption fails and 7-7.5% operating profit guidance misses. ✓ fact
- SSSG Deceleration on High Base: FY26 SSSG of 43% creates a demanding comp for FY27. Management's ₹9,800 crore retail goal (+23%) anchored on 43% base-year SSSG from mature stores, any demand softness breaks the math. ✓ fact
- SEBI Promoter Dilution Overhang (QIP): Promoter at 83.11% must dilute to 75% within 3-year SEBI window; QIP board approval valid through August 2026, creates supply overhang. ✓ fact

(Our read after the latest results, written 17 May 2026.)

## What to watch in P N Gadgil Jewellers' next results? When P N Gadgil Jewellers reports October to December 2026, these are the 3 checks that show whether the story is still on course. First: Q3 conversion of shifted Navratri demand and festive wedding bookings into jewellery-led retail growth per early indications. - What to check (from the call)
- Q3 conversion of shifted Navratri demand and festive wedding bookings into jewellery-led retail growth per early indications. - Northern and Central studded premium having above company average as early stores mature toward guided mix uplift. - Year-end rollout delivery on franchisee-led phasing with net borrowing path after adjusting deposits for metal loans. ## Which stock lists is P N Gadgil Jewellers on? P N Gadgil Jewellers is on one of our India lists: Gold & silver stocks. [Gold & silver stocks Group on the list: Jewellery makers and shops](https://www.sectoralpha.in/gold-stocks-india)

## Is P N Gadgil Jewellers profitable? P N Gadgil Jewellers Ltd earned ₹121 Cr of net profit in the Sep 2026 quarter, +53.2% on the same quarter a year earlier. That is the 10th quarter in a row of profit growth. Full-year FY26 profit was ₹410 Cr. Over 6 years profit has grown 57.4% a year on average. That is 4.5% of the quarter's revenue. The same quarter a year earlier earned ₹79.0 Cr. For the full year, FY26 profit was ₹410 Cr (+88.1% on the year before). Why profit moved: revenue changed +22.4% on a year earlier and the margin moved +3.1 percentage points. Most of the change came from keeping more of each sale. On average over the last four quarters, profit changed +62.3% and revenue +55.5%. Profit is growing faster than sales: fixed costs are spread over more sales, so each extra rupee of revenue adds more to profit. ## How much revenue does P N Gadgil Jewellers make, and is it growing? P N Gadgil Jewellers Ltd reported ₹2,666 Cr of revenue in the Sep 2026 quarter, +22.4% on the same quarter a year earlier. That is the 10th quarter in a row with growth on the year before. Over 6 years it has grown 27.3% a year on average. The last full year, FY26, came in at ₹10,472 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. The last four reported quarters add to ₹11,926 Cr. FY26 revenue was ₹10,472 Cr, +38.0% on the year before. Recent pace: the last four quarters grew +55.5% on average, against 27.3% a year over the longer run, so this year is growing faster than its own long-run rate. Is growth speeding up? Revenue over the last 12 months grew +50.6%, against +29.1% a year over the last 8 quarters (accelerating); profit over the last 12 months grew +64.5%, against +63.1% a year (stabilising). ## How much of every ₹100 of sales does P N Gadgil Jewellers keep? P N Gadgil Jewellers Ltd's operating margin was 8.0% in the Sep 2026 quarter, 3.1 percentage points higher than the same quarter a year ago. Its latest full-year margin is the highest it has ever reported. Across 7 years it has been between 2.7% and 6.0%. The latest quarter is above every full year in that period. 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 (aiming for 50%+ FY27) creates structural lock-in. Why the margin moved: operating margin changed +2.9 percentage points on the year while gross margin changed +0.9 points. So the gain came mostly from costs below the gross margin, such as staff and overheads, measured against sales. As noted under valuation: when margins are at a record, every ratio built on profit looks better than usual, so a low multiple can mislead. ## Is P N Gadgil Jewellers' profit turning into cash? Over the last 3 years P N Gadgil Jewellers Ltd's operations used more cash than they brought in, so cash conversion was −177%, a gap worth watching. In FY26 its operations used ₹717 Cr of cash, against ₹410 Cr of profit. After ₹141 Cr of spending on assets, free cash was −₹858 Cr: it spent more than its operations brought in. Cash-flow figures here are yearly, because quarterly cash statements are not published, so this section changes once a year. Why −177% of profit came in as cash: the cash cycle got 122 days shorter between FY21 and FY26, so cash that used to wait in the business now arrives sooner. When less than 70% of profit comes in as cash, it is the thing to watch on this page. What to look at next: the bigger use of cash is spending on new assets, at 2.7× depreciation over three years. The next section checks what that spending is building. ## Where does P N Gadgil Jewellers' cash go? P N Gadgil Jewellers Ltd's cash cycle, the days between paying suppliers and getting paid by customers, was 2 days in FY26, down from 124 days in FY21. It spent ₹313 Cr on assets over the last 3 years. Customers take 2 days to pay, and stock sits for 141 days on average. At FY26 sales of ₹10,472 Cr, each day of that cycle ties up about ₹28.7 Cr, so roughly ₹57.0 Cr is tied up in the business at any time. FY26: customers took 2 days to pay and stock sat for 141 days, about 4.6 months of sales sitting as stock, for a full cycle of 2 days, shorter than FY21's 124. The full loop: cash goes out to suppliers and production on day 0. Stock sits for 141 days. Customers pay about 2 days after that. Suppliers are paid at 22 days. Together that makes the 2-day cycle. Spending on assets: ₹313 Cr over the last 3 years, against ₹115 Cr of depreciation (the yearly wear and tear on existing assets). So it is building well beyond replacing what wears out. Work still in progress is ₹0.0 Cr (FY26): assets paid for that are not earning yet. In short: the cash is going into new capacity, not getting stuck in the daily cycle. The question is whether the new capacity earns. ## What is P N Gadgil Jewellers' P/E ratio, and how does it compare with its own history? P N Gadgil Jewellers Ltd's P/E is 17.5×, about the lowest it has ever been. Its usual P/E (the middle reading) is 30.6×, over 2.1 years of weekly prices. This compares the share price with the company’s own past. It does not say what the business is worth. The P/E here, and its history, use a profit figure that can leave out one-off items, so it can differ from a P/E worked out on the quarterly results. Those results' earnings per share for the four quarters to Sep 2026 add up to ₹35.23. Keep one thing in mind: margins are the best this company has ever reported. A multiple that looks low against its own past can mislead when profit is at a record. If margins fall back, today's multiple is higher than it looks. Why the multiple is where it is: over the past year earnings per share moved +87.8% while the price moved −10.8%. Earnings did better than the price, which pulled the multiple down within its own range. In short: the multiple is low against its own past, so the earnings trend underneath matters more than the multiple. ## Is the P N Gadgil Jewellers business getting better or worse? P N Gadgil Jewellers Ltd's business is giving mixed signals. Growth is slowing from a very fast pace: revenue growth has eased from +40.7% at its peak to +22.4% (from single-quarter figures), but the business is still expanding, with ROCE falling at 31.9%. This is based on 11 quarters of 3 measures, with some gaps. Why it matters: when the lines disagree, each line above matters more than any single label. One or more growth lines have an extreme jump caused by comparing with a near-zero or loss-making quarter. Those jumps are capped before reading and drawn at the edge of the chart, so one odd quarter does not decide the result. This reading has some gaps: at least one line is short, or the return line is not the quarterly series, so treat it with a little more caution. ## What is the P N Gadgil Jewellers story, and has it been checked? P N Gadgil Jewellers Ltd's story is not scored yet against the checks our research set on 17 May 2026. Where it sits in its own cycle: EXPANSION WITH MARGIN VOLATILITY. Still open: 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. 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. 13th percentile of own history. EPS more than doubled across the last 4 quarters. FII stake…

From the price. Price stage 3, week 4, below its 200-day line, relative strength falling. 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. 13th percentile of own history. EPS more than doubled across the last 4 quarters. FII stake declined from 3.8% (Sep 2024) to 0.73% (Mar 2026), institutional de-risking, but promoter stake 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. Measured by: 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. Measured by: 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. Measured by: SSSG Deceleration on High Base Q1 FY27 SSSG, if below 20%, retail growth guidance at risk by the next result. 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 Sep 2026 · the company’s own earnings calls. The story check is re-scored every results season; the record below never changes. ## Did P N Gadgil Jewellers management deliver what it promised? What P N Gadgil Jewellers Ltd's management promised, against what actually happened: 4 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. Deleveraging Goal Appears Weaker · 30 October 2026. Both Jul 2026 and May 2026 described reducing total debt of roughly INR1,500-INR1,550 crores by INR500-INR600 crores by FY29, bringing it below INR1,000 crores, and becoming debt-free within four to five years. In Oct 2026, management instead stated only a 20%-25% reduction by 2030, without reconciling this less ambitious trajectory with the earlier absolute reduction and debt-free goals. COCO/FOCO Expansion Mix Changed · 30 October 2026. Jul 2026 laid out a next-year plan ending at 86 COCO and 54 FOCO stores after adding approximately 37 stores. In Oct 2026, management changed the stated approach to a 50-50 COCO/FOCO allocation from the following year, materially changing the capital allocation assumptions for expansion without explaining the departure from the earlier plan. Franchise Expansion Plan · 28 July 2026. In May 2026, management planned 20 franchise openings within the FY27 goal of 25 stores. In July 2026, management cited only 15 planned franchise stores, a 25% reduction with no explanation; moreover, the latest call's goal 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. Every quote above is taken word for word from the company’s own earnings calls. ## How much does P N Gadgil Jewellers earn on its capital? P N Gadgil Jewellers Ltd earned a ROCE of 21% in FY26. That is up from a low of 8% in FY21. Its return on capital used (ROIC) is 3.2 percentage points above its cost of capital, so growth here adds value, not just size. It comes from a 3.9% net margin and 2.11× asset turnover (sales divided by assets). Why the return is what it is (FY26): a 3.9% net margin × 2.11× asset turnover × 2.53× leverage (assets divided by equity) ≈ 20.8% on equity. The margin does its share; borrowing is a big part of it. The key test, return on capital used minus the cost of capital: 15.2% − 12.0% = +3.2 percentage points. The 12.0% is a standard assumption for the cost of capital in India, not an estimate for this company. Read the sign and size of the gap, not the decimals. Positive but thin: it creates value with little room for error. The 15.2% ROIC above is the latest reading, as reported. The yearly chart below shows FY26 at 13.8%, and the quarterly chart works out each 12-month window from the quarterly figures, so the readings differ by date, not by method. ## Does P N Gadgil Jewellers have too much debt? P N Gadgil Jewellers Ltd has total debt of ₹2,140 Cr against shareholder equity of ₹2,865 Cr as of Sep 2026, so its debt is 0.75× its equity. Year by year, that ratio went from 0.85 in FY24 to 0.88 in FY26. Keep that borrowing in mind when reading the returns on this page. 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. ## What is the P N Gadgil Jewellers shareholding pattern? Promoters cut their stake in P N Gadgil Jewellers Ltd by 6.5 percentage points over 8 quarters, the biggest change among its owners. Promoters now own 76.6% of the company. Foreign institutions moved +1.9 points over the same period, to 3.8%. This uses the four owner groups that companies report every quarter; nothing is guessed 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. Over the last two years: Promoters: −6.5 points over 8 quarters, to 76.6%; Foreign institutions: +1.9 points over 8 quarters, to 3.8%; Domestic institutions: +1.7 points over 8 quarters, to 7.0%. Why the owners changed: promoters drove it (−6.5 points), with the other side taken by foreign institutions (+1.9 points). They reduced their stake. ## How far is P N Gadgil Jewellers from balance-sheet trouble? For P N Gadgil Jewellers Ltd, the Z-score is not available, so we say so rather than guess one. It estimates how far the balance sheet is from trouble; it is not a forecast of failure. The debt, cash-flow and return sections show the balance-sheet figures we do have, each with its own date. ## How does P N Gadgil Jewellers rank in its industry? 52.1 out of 100, rank 13 of 28 in Diamond, Gems & Jewellery, with 93% of the evidence available. P N Gadgil Jewellers Ltd scores 52.1 out of 100 against the 28 companies it is compared with in Diamond, Gems & Jewellery, ranking 13. Earnings are strong; relative strength in its sector is -28.6% and the one-year return is -13.8%. The four parts add up to the total exactly: 24.3 + 13.4 + 10.7 + 3.7 = 52.1. This is the same number shown on the industry page; it is worked out once for the whole group and read here. What would change it: The score would fall if profit growth turns negative or margins stop improving while the share price lags its sector. ## Which companies is P N Gadgil Jewellers compared with? P N Gadgil Jewellers ranks 13 of 28 Diamond, Gems & Jewellery companies on the 4-Factor Sector Score, with 52.1 out of 100. 1. [D.P. Abhushan Ltd](https://www.sectoralpha.in/stocks/dp-abhushan-ltd) DPABHUSHAN · leader · Most evidence points up · 96% evidence 72.9 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 24.5/35 · Revenue 30.8% · Profit 94.3% · Operating margin change 1 points · 88% evidence Capital efficiency 19.0/25 · ROCE 39.6% · Operating margin 11% · 100% evidence Valuation 12.1/20 · P/E 18.5× · PEG 0.74 · 100% evidence Relative strength 17.3/20 · Lead over its industry 14.3% · Lead over NIFTY 500 53.2% · 1 year 37.4% · 100% evidence · 12 of 12 weeks ahead Exact sum: 24.5 + 19 + 12.1 + 17.3 = 72.9 · What this means: Earnings, capital efficiency and relative strength all agree. The open questions are about management, upcoming events and risks. 2. [Sky Gold & Diamonds Ltd](https://www.sectoralpha.in/stocks/sky-gold-diamonds-ltd) SKYGOLD · leader · Most evidence points up · 100% evidence 71.1 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 29.1/35 · Revenue 73.1% · Profit 100% · Operating margin change 1 points · 100% evidence Capital efficiency 18.8/25 · ROCE 26.9% · Operating margin 8% · 100% evidence Valuation 6.9/20 · P/E 34.1× · PEG 1.71 · 100% evidence Relative strength 16.3/20 · Lead over its industry 36.4% · Lead over NIFTY 500 76.3% · 1 year 147.5% · 100% evidence · 12 of 12 weeks ahead Exact sum: 29.1 + 18.8 + 6.9 + 16.3 = 71.1 · What this means: Earnings, capital efficiency and relative strength all agree. The open questions are about management, upcoming events and risks. 3. [PNGS Reva Diamond Jewellery Limited](https://www.sectoralpha.in/stocks/pngs-reva-diamond-jewellery-limited) PNGSREVA · breaking out · Most evidence points up · 63% evidence 70.4 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 39.2/43.75 · Revenue 100% · Profit 100% · Operating margin change 5 points · 100% evidence Capital efficiency 19.0/31.25 · ROCE 22% · Operating margin 24% · 100% evidence Valuation 12.2/25 · P/E 20.8× · PEG n/a · 15% evidence Relative strength: no reading this week · its 20 points are shared across the other three Exact sum: 39.2 + 19 + 12.2 = 70.4 (no relative-strength reading this week; its 20 points are shared across the other three) · What this means: There is no relative-strength reading for this week, so the score is built from earnings, capital efficiency and valuation alone. 4. [Shanti Gold International Ltd](https://www.sectoralpha.in/stocks/shanti-gold-international-ltd) SHANTIGOLD · breaking out · Most evidence points up · 71% evidence 67.8 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 23.1/35 · Revenue 100% · Profit 100% · Operating margin change -3 points · 83% evidence Capital efficiency 18.5/25 · ROCE 33.9% · Operating margin 10% · 76% evidence Valuation 10.9/20 · P/E 12.2× · PEG n/a · 15% evidence Relative strength 15.3/20 · Lead over its industry 1.1% · Lead over NIFTY 500 35% · 1 year 24% · 100% evidence · 12 of 12 weeks ahead Exact sum: 23.1 + 18.5 + 10.9 + 15.3 = 67.8 · What this means: Earnings, capital efficiency and relative strength all agree. The open questions are about management, upcoming events and risks. 5. [Tribhovandas Bhimji Zaveri Ltd](https://www.sectoralpha.in/stocks/tribhovandas-bhimji-zaveri-ltd) TBZ · leader · Most evidence points up · 100% evidence 67.3 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 21.6/35 · Revenue 24.1% · Profit 100% · Operating margin change -2 points · 100% evidence Capital efficiency 15.3/25 · ROCE 21.9% · Operating margin 7% · 100% evidence Valuation 10.9/20 · P/E 20.6× · PEG 0.72 · 100% evidence Relative strength 19.5/20 · Lead over its industry 100.6% · Lead over NIFTY 500 148.9% · 1 year 237.9% · 100% evidence · 12 of 12 weeks ahead Exact sum: 21.6 + 15.3 + 10.9 + 19.5 = 67.3 · What this means: The evidence is balanced: no factor stands out, so another reported quarter is needed before the picture is clearer. 6. [Khazanchi Jewellers Ltd](https://www.sectoralpha.in/stocks/khazanchi-jewellers-ltd) KHAZANCHI · breaking out · Most evidence points up · 71% evidence 66.8 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 26.5/35 · Revenue 24.4% · Profit 100% · Operating margin change 2 points · 88% evidence Capital efficiency 16.3/25 · ROCE 34.8% · Operating margin 7% · 100% evidence Valuation 13.4/20 · P/E 17.5× · PEG n/a · 50% evidence Relative strength 10.6/20 · Lead over its industry n/a · Lead over NIFTY 500 6.8% · 1 year 7.3% · 25% evidence · 5 of 5 weeks ahead Exact sum: 26.5 + 16.3 + 13.4 + 10.6 = 66.8 · What this means: The evidence is balanced: no factor stands out, so another reported quarter is needed before the picture is clearer. 7. [PC Jeweller Ltd](https://www.sectoralpha.in/stocks/pc-jeweller-ltd) PCJEWELLER · breaking out · Evidence leans up · 100% evidence 62.6 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 20.9/35 · Revenue 29.3% · Profit 45.7% · Operating margin change 7 points · 100% evidence Capital efficiency 10.3/25 · ROCE 9.6% · Operating margin 29% · 100% evidence Valuation 13.2/20 · P/E 16.9× · PEG 0.32 · 100% evidence Relative strength 18.2/20 · Lead over its industry 14.7% · Lead over NIFTY 500 54.2% · 1 year 33.2% · 100% evidence · 12 of 12 weeks ahead Exact sum: 20.9 + 10.3 + 13.2 + 18.2 = 62.6 · What this means: The evidence is balanced: no factor stands out, so another reported quarter is needed before the picture is clearer. 8. [RBZ Jewellers Ltd](https://www.sectoralpha.in/stocks/rbz-jewellers-ltd) RBZJEWEL · breaking out · Evidence leans up · 96% evidence 61.7 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 18.7/35 · Revenue 30.3% · Profit 54% · Operating margin change -2.3 points · 88% evidence Capital efficiency 14.6/25 · ROCE 22% · Operating margin 14.8% · 100% evidence Valuation 16.4/20 · P/E 12.2× · PEG 0.23 · 100% evidence Relative strength 12.0/20 · Lead over its industry -8.2% · Lead over NIFTY 500 24.1% · 1 year 16.7% · 100% evidence · 12 of 12 weeks ahead Exact sum: 18.7 + 14.6 + 16.4 + 12 = 61.7 · What this means: The evidence is balanced: no factor stands out, so another reported quarter is needed before the picture is clearer. 9. [Titan Company Ltd](https://www.sectoralpha.in/stocks/titan-company-ltd) TITAN · losing its lead · Evidence leans up · 96% evidence 56.8 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 26.0/35 · Revenue 45% · Profit 55.1% · Operating margin change 3 points · 88% evidence Capital efficiency 14.1/25 · ROCE 20.5% · Operating margin 14% · 100% evidence Valuation 9.8/20 · P/E 67.5× · PEG 1.43 · 100% evidence Relative strength 6.9/20 · Lead over its industry -21.5% · Lead over NIFTY 500 7.2% · 1 year 18.8% · 100% evidence · 8 of 12 weeks ahead Exact sum: 26 + 14.1 + 9.8 + 6.9 = 56.8 · What this means: Earnings are strong; relative strength in its sector is -21.5% and the one-year return is 18.8%. 10. [Thangamayil Jewellery Ltd](https://www.sectoralpha.in/stocks/thangamayil-jewellery-ltd) THANGAMAYL · quiet · Evidence leans up · 96% evidence 55.3 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 25.8/35 · Revenue 83.2% · Profit 100% · Operating margin change -1 points · 88% evidence Capital efficiency 13.6/25 · ROCE 25.5% · Operating margin 5% · 100% evidence Valuation 9.5/20 · P/E 35.3× · PEG 0.78 · 100% evidence Relative strength 6.4/20 · Lead over its industry -20.4% · Lead over NIFTY 500 7% · 1 year 105.3% · 100% evidence · 3 of 12 weeks ahead Exact sum: 25.8 + 13.6 + 9.5 + 6.4 = 55.3 · What this means: Earnings are strong; relative strength in its sector is -20.4% and the one-year return is 105.3%. 11. [Senco Gold Ltd](https://www.sectoralpha.in/stocks/senco-gold-ltd) SENCO · quiet · Evidence leans up · 96% evidence 53.0 out of 100 Growth Capital Valuation Relative
12. [Shringar House of Mangalsutra Ltd](https://www.sectoralpha.in/stocks/shringar-house-of-mangalsutra-ltd) SHRINGARMS · breaking out · Evidence leans up · 73% evidence 52.2 out of 100 Growth Capital Valuation Relative
13. P N Gadgil Jewellers Ltd this page PNGJL · quiet · Evidence leans up · 93% evidence 52.1 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 24.3/35 · Revenue 50.6% · Profit 64.5% · Operating margin change 3.1 points · 100% evidence Capital efficiency 13.4/25 · ROCE 21% · Operating margin 8% · 100% evidence Valuation 10.7/20 · P/E 16.8× · PEG 1.39 · 65% evidence Relative strength 3.7/20 · Lead over its industry -28.6% · Lead over NIFTY 500 -1.8% · 1 year -13.8% · 100% evidence · 8 of 12 weeks ahead Exact sum: 24.3 + 13.4 + 10.7 + 3.7 = 52.1 · What this means: Earnings are strong; relative strength in its sector is -28.6% and the one-year return is -13.8%. 14. [Kalyan Jewellers India Ltd](https://www.sectoralpha.in/stocks/kalyan-jewellers-india-ltd) KALYANKJIL · losing its lead · Evidence leans down · 96% evidence 49.9 out of 100 Growth Capital Valuation Relative
15. [Motisons Jewellers Ltd](https://www.sectoralpha.in/stocks/motisons-jewellers-ltd) MOTISONS · breaking out · Evidence leans down · 96% evidence 48.0 out of 100 Growth Capital Valuation Relative
16. [PNGS Gargi Fashion Jewellery Ltd](https://www.sectoralpha.in/stocks/pngs-gargi-fashion-jewellery-ltd) basing · Evidence leans down · 72% evidence 48.0 out of 100 Growth Capital Valuation Relative
17. [Bluestone Jewellery & Lifestyle Ltd](https://www.sectoralpha.in/stocks/bluestone-jewellery-lifestyle-ltd) BLUESTONE · losing its lead · Too little evidence to rank firmly · 59% evidence 46.9 out of 100 Growth Capital Valuation Relative
18. [Manoj Vaibhav Gems N Jewellers Ltd](https://www.sectoralpha.in/stocks/manoj-vaibhav-gems-n-jewellers-ltd) MVGJL · losing its lead · Evidence leans down · 96% evidence 45.8 out of 100 Growth Capital Valuation Relative
19. [Radhika Jeweltech Ltd](https://www.sectoralpha.in/stocks/radhika-jeweltech-ltd) RADHIKAJWE · quiet · Evidence leans down · 96% evidence 45.6 out of 100 Growth Capital Valuation Relative
20. [Vaibhav Global Ltd](https://www.sectoralpha.in/stocks/vaibhav-global-ltd) VAIBHAVGBL · quiet · Evidence leans down · 100% evidence 43.7 out of 100 Growth Capital Valuation Relative
21. [SJ Corporation Ltd](https://www.sectoralpha.in/stocks/sj-corporation-ltd) breaking out · Too little evidence to rank firmly · 57% evidence 42.4 out of 100 Growth Capital Valuation Relative
22. [Rajesh Exports Ltd](https://www.sectoralpha.in/stocks/rajesh-exports-ltd) RAJESHEXPO · quiet · Evidence leans down · 88% evidence 36.7 out of 100 Growth Capital Valuation Relative
23. [Asian Star Company Ltd](https://www.sectoralpha.in/stocks/asian-star-company-ltd) ASTAR · turning · Most evidence points down · 78% evidence 28.4 out of 100 Growth Capital Valuation Relative
24. [Utssav CZ Gold Jewels Ltd](https://www.sectoralpha.in/stocks/utssav-cz-gold-jewels-ltd) UTSSAV · leader · Too little evidence to rank firmly · 47% evidence 63.7 out of 100 Growth Capital Valuation Relative
25. Uday Jewellery Industries Ltd Too little evidence to rank firmly · 47% evidence 62.2 out of 100 Growth Capital Valuation Relative
26. [Advit Jewels Ltd](https://www.sectoralpha.in/stocks/advit-jewels-ltd) RAMBHAJO · turning · Too little evidence to rank firmly · 45% evidence 58.9 out of 100 Growth Capital Valuation Relative
27. [Grover Jewells Ltd](https://www.sectoralpha.in/stocks/grover-jewells-ltd) GJL · Too little evidence to rank firmly · 34% evidence 52.9 out of 100 Growth Capital Valuation Relative
28. [Golkunda Diamonds & Jewellery Ltd](https://www.sectoralpha.in/stocks/golkunda-diamonds-jewellery-ltd) Too little evidence to rank firmly · 43% evidence 45.9 out of 100 Growth Capital Valuation Relative

Missing figures are not scored as bad. They lower the confidence and pull the final score toward the middle. Relative strength counts only when the company has a reading for this week; with no reading, that factor is left out and its 20 points are shared across the other three in proportion. 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 path the industry 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 growing or shrinking. It describes where the share price stands, not the direction of earnings, and it is not a recommendation; it is left blank for a company whose weekly history is too short or too stale to read. The figures in this ranking come from the industry comparison: results through the Sep 2026 quarter, and the P/E at that quarter's end. The sections above use the latest weekly price, so a P/E or return there can differ a little from the one here. The stage words in this ranking (such as losing its lead or breaking out) describe the lead over the index, not the price phase in the price section. Related companies: [Diamond, Gems & Jewellery](https://www.sectoralpha.in/sectors/diamond-gems-jewellery), all 28 compared on one page. ## Which companies are close to P N Gadgil Jewellers in size? P N Gadgil Jewellers is the 7th largest of 27 Diamond, Gems & Jewellery companies on Sector Alpha by market value (scores of 30 October 2026). Just above it: Thangamayil Jewellery, Sky Gold & Diamonds and Bluestone Jewellery & Lifestyle. Just below it: D.P. Abhushan, Senco Gold and Tribhovandas Bhimji Zaveri. ### Diamond, Gems & Jewellery companies close in size

1. [Thangamayil Jewellery Ltd](https://www.sectoralpha.in/stocks/thangamayil-jewellery-ltd) ₹13,847 crore
2. [Sky Gold & Diamonds Ltd](https://www.sectoralpha.in/stocks/sky-gold-diamonds-ltd) ₹13,678 crore
3. [Bluestone Jewellery & Lifestyle Ltd](https://www.sectoralpha.in/stocks/bluestone-jewellery-lifestyle-ltd) ₹10,312 crore
4. P N Gadgil Jewellers Ltd ₹8,222 crore
5. [D.P. Abhushan Ltd](https://www.sectoralpha.in/stocks/dp-abhushan-ltd) ₹4,990 crore
6. [Senco Gold Ltd](https://www.sectoralpha.in/stocks/senco-gold-ltd) ₹4,803 crore
7. [Tribhovandas Bhimji Zaveri Ltd](https://www.sectoralpha.in/stocks/tribhovandas-bhimji-zaveri-ltd) ₹4,056 crore

[All 27 Diamond, Gems & Jewellery companies, largest first](https://www.sectoralpha.in/sectors/diamond-gems-jewellery#all-companies)

### Companies close in size in other industries

1. [Omnitech Engineering Ltd](https://www.sectoralpha.in/stocks/omnitech-engineering-ltd) ₹8,255 crore · Engineering - Light - General
2. [Brainbees Solutions Ltd](https://www.sectoralpha.in/stocks/brainbees-solutions-ltd) ₹8,236 crore · New age - Platform - E-Retail
3. P N Gadgil Jewellers Ltd ₹8,222 crore
4. [Banco Products (India) Ltd](https://www.sectoralpha.in/stocks/banco-products-indialtd) ₹8,206 crore · Auto Ancillaries - Engine Parts
5. [Alkyl Amines Chemicals Ltd](https://www.sectoralpha.in/stocks/alkyl-amines-chemicals-ltd) ₹8,132 crore · Speciality Chemicals

## What else do people ask about P N Gadgil Jewellers? ### What is P N Gadgil Jewellers's share price today? P N Gadgil Jewellers Ltd's share price is ₹581.60, −10.8% over the past year. The whole company is worth ₹8,554 Cr on the market. In the last 52 weeks it traded between ₹526 to ₹728; today it is 28% of the way up from the low, 2.6% below its 200-day average (as of 4 November 2026). ### What were P N Gadgil Jewellers's latest quarterly results? P N Gadgil Jewellers Ltd reported revenue of ₹2,666 Cr and net profit of ₹121 Cr for the Sep 2026 quarter. Revenue rose 22.4% and profit rose 53.2% compared with a year earlier. Earnings per share were ₹8.23 (as of 4 November 2026). ### What is P N Gadgil Jewellers's market cap? P N Gadgil Jewellers Ltd's market capitalisation is ₹8,554 Cr at a share price of ₹581.60. Market cap is the share price times the number of shares, so it changes whenever the price moves (as of 4 November 2026). ### How is P N Gadgil Jewellers performing? P N Gadgil Jewellers Ltd's share price has been stalling near its high for 4 weeks. In its latest quarter, revenue rose 22.4% and profit rose 53.2% compared with a year earlier. Over the past 13 weeks it has done better than the NIFTY 500, for 1 week running (as of 4 November 2026). ### Will P N Gadgil Jewellers's share price go up? This page does not forecast P N Gadgil Jewellers Ltd's share price. What it shows instead: the share price is ₹581.60, and it has been stalling near its high for 4 weeks. Its P/E of 17.5× is higher than 2% of its own last 2 years (as of 4 November 2026). ### Who owns P N Gadgil Jewellers? Promoters own 76.6% of P N Gadgil Jewellers Ltd, foreign institutions 3.8%, domestic institutions 7.0% and the public 12.5% (latest quarter). The biggest change over the last two years: Promoters cut their stake by 6.5 percentage points over 8 quarters (as of 4 November 2026). ### Does P N Gadgil Jewellers have too much debt? P N Gadgil Jewellers Ltd has a moderate amount of debt: its debt is 0.88× its equity, and its operating profit is 7 times its interest bill. FY26 borrowings were ₹1,737 Cr against equity of ₹1,963 Cr. Keep that borrowing in mind when reading the returns on this page (as of 4 November 2026). ### Where is P N Gadgil Jewellers in its business cycle? P N Gadgil Jewellers Ltd's FY26 operating margin was 6.0%, against a 7-year range of 2.7% to 6.0%: the top of its range, a record year. When profit is at a record, every ratio looks better than usual, and the story depends on margins staying high. The latest quarter was 8.0%. Comparing margins with a company's own long history is a good way to see where it is in its cycle (as of 4 November 2026). ### What could break the P N Gadgil Jewellers story? The main question: profits are rising, but only −177% of the last 3 years' profit came in as cash from operations. The gap between reported profit and actual cash is the thing to watch. On price, this page treats a rise as over when the share price closes below its 200-day average on two Fridays in a row (as of 4 November 2026). ### Is P N Gadgil Jewellers a stock worth studying right now? What the numbers show: P N Gadgil Jewellers Ltd's earnings have grown faster than its share price. Earnings per share grew +87.8% in a year while the price moved −10.8%. The main open question: whether the cash starts to follow the profit. Every number on this page is worked out by code from the published figures, with no forecasts and no price opinions (as of 4 November 2026). ### Is there a P N Gadgil Jewellers share price forecast for 2026? What management itself guided: FY27 revenue ₹13,000 crore plus at company level achievable on current trends. What is changing at P N Gadgil Jewellers, from the latest results and calls: geographical expansion (north india: bihar, up, mp), market share gains from unorganized sector and bullion-to-jewelry mix normalization (post customs duty). What would change the story: 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 ₹12,000 vs ₹13,500 crore unreconciled. ## Lists

- Gold & silver stocks: https://www.sectoralpha.in/gold-stocks-india

This is research, not advice. We’re not SEBI-registered.