Slides
Page 1
E A R N I N G S P R E S E N T A T I O N O C T O B E R 2 0 2 6 P N Gadgil Jewellers Limited “Stars who wear our Story”
Page 2
Earnings Presentation - Q2 FY27 This presentation and the accompanying slides (the “Presentation”), which have been prepared by P N Gadgil Jewellers Limited (the “Company”), have been prepared solely for information purposes and do not constitute any offer, recommendation or invitation to purchase or subscribe for any securities, and shall not form the basis or be relied on in connection with any contract or binding commitment whatsoever. No offering of securities of the Company will be made except by means of a statutory offering document containing detailed information about the Company. This Presentation has been prepared by the Company based on information and data which the Company considers reliable, but the Company makes no representation or warranty, express or implied, whatsoever, and no reliance shall be placed on, the truth, accuracy, completeness, fairness and reasonableness of the contents of this Presentation. This Presentation may not be all inclusive and may not contain all of the information that you may consider material. Any liability in respect of the contents of, or any omission from, this Presentation is expressly excluded. Certain matters discussed in this Presentation may contain statements regarding the Company’s market opportunity and business prospects that are individually and collectively forward-looking statements. Such forward-looking statements are not guarantees of future performance and are subject to known and unknown risks, uncertainties and assumptions that are difficult to predict. These risks and uncertainties include, but are not limited to, the performance of the Indian economy and of the economies of various international markets, the performance of the industry in India and world- wide, competition, the company’s ability to successfully implement its strategy, the Company’s future levels of growth and expansion, technological implementation, changes and advancements, changes in revenue, income or cash flows, the Company’s market preferences and its exposure to market risks, as well as other risks. The Company’s actual results, levels of activity, performance or achievements could differ materially and adversely from results expressed in or implied by this Presentation. The Company assumes no obligation to update any forward-looking information contained in this Presentation. Any forward-looking statements and projections made by third parties included in this Presentation are not adopted by the Company and the Company is not responsible for such third-party statements and projections. All Maps used in the presentation are not to scale. All data, information, and maps are provided "as is" without warranty or any representation of accuracy, timeliness or completeness. Safe Harbour 2
Page 3
Earnings Presentation - Q2 FY27 P N Gadgil Jewellers: At a Glance - Q2 FY27 3 * Average retail revenue per sq. ft. = Retail revenue / Retail area in sq. ft. 80 No. of Stores 37 Cities Presence in World 207,219 Total COCO store area (sq. ft.) 41,634 Total FOCO store area (sq. ft.) 2,961 Employees 44,032 Total SKU’s LEGACY 25.5% SSSG for Q2 FY27 ₹15.1 Mn Net profit per store YOOU – Modern Fine Jewellery ₹419.4 Mn Average Retail Revenue per store 11.7% Retail stud ratio 3.7x Inventory turnover ratio (annualized) ~60 Crs Investment per Store (Inventory + Capex) ₹106.2K Average retail revenue per sq. ft.* ₹122.4K Average transaction value ₹6.1 Mn Average Retail Revenue per store 53.1% Retail stud ratio 0.8x Inventory turnover ratio (annualized) ~4 Crs Investment per Store (Inventory + Capex) ₹4.5K Average retail revenue per sq. ft.* ₹65.3K Average transaction value
Page 4
Earnings Presentation - Q2 FY27 From 1832 to Today: The Evolution of PNG Jewellers 4 O U R J O U R N E Y · 1 8 3 2 T O T O D A Y | 194 years of legacy, built to scale 1832 Shri Ganesh Narayan Gadgil incepted jewellery store in Sangli, Maharashtra 1958 To expand the business further, Shri Dajikaka Gadgil established “Purushottam Narayan Gadgil & Co” in Laxmi Road, Pune 2008 International Presence - Opened a store in Sunnyvale, California, USA 2013 P N Gadgil Jewellers Private Limited was officially incorporated 2014 Launched official website and e- commerce business 2015 Launched first store outside Maharashtra, in Goa 2018 Started franchisee operations through FOCO model 2019 Awarded Best Gold Jewellery Collection 2019 in the Times Retail Icon category 2021 India’s coolest store 2021 award by HRD Antwerp 2022 “Pratha Collection” campaign won the Best Social Media Marketing Campaign Award; Maharashtra State Best Employer of the Year Awards 2022 by Employer Branding Institute of India for 2 consecutive years 2023 Appointed Madhuri Dixit as brand ambassador 2024 Listed on the BSE at a premium of 73.8% and on the NSE at a premium of 72.9% 2025 Launched “LiteStyle by PNG” and expanded beyond Maharashtra and Goa, entering Madhya Pradesh, Uttar Pradesh and Bihar 2026 T O D A Y ◆ Appointed Ranbir Kapoor as brand ambassador & Sara Tendulkar as brand ambassador for YOOU by PNG ◆ Raised INR 700 Crs through QIP ◆ Rebranded “LiteStyle” to “YOOU by PNG” ◆ Completed the acquisition of Silvostyle on 1st October 2026. ◆ Recognized among India’s Top 10 Best Places to Work in Retail & eCommerce (2026) for the third consecutive year; also certified as a Great Place to Work for the fourth year in a row 3.5 decades of devotion Partnered with Shrimant Dagadusheth Halwai Trust, Chaturshrungi Trust and many other holy places across Maharashtra I • I • • I I :::z::z::z::z:z•, ./ ., ./ ., ./ ., ./ ., ./ ., / •:z:z::z:=e . . . . . I
Page 5
Earnings Presentation - Q2 FY27 P N Gadgil Jewellers: Evolving into a Pan-India Retail Brand 5 H e r i t a g e & C o n s u m e r T r u s t ~194 years 6 generations One of India’s oldest and most trusted jewellery brands, evolving from a family- run jeweller into an organized national retail brand, built on heritage, trust and transparency. CRISIL A+ Stable (Reaffirmed) INR 700 Crs Successful QIP Oversubscribed around 1.5x 100+ Karagir Associations 180+ Vendor Associations Fastest Growing Organized retail jewellery brand O N E H O U S E , T H R E E B R A N D S Grandparent to grandchild – YOOU and Silvostyle engage the next generation PNG Jewellers - Legacy G O L D · DIAM O ND · SIL VE R · PL ATINUM A heritage of trust and craftsmanship since 1832, PNG Legacy carries forward generations of excellence and the faith of loyal customers. YOOU by PNG C O NTE M PO RARY · L IG HTWE IG HT Lightweight diamond jewellery reflecting the evolving identities of modern women. Rooted in PNG’s legacy of trust, YOOU celebrates individuality, confidence and self-expression, every day. Silvostyle by PNG FASHIO N SIL VE R A 925-sterling silver fashion jewellery brand (wholly-owned subsidiary) built with bold, young and trendy designs for modern, everyday wear. [ ■
Page 6
Earnings Presentation - Q2 FY27 Brand Transformation: LiteStyle → YOOU B E F O R E LiteStyle A F T E R YOOU Often misconstrued as “Lifestyle” Distinctive “YOOU” spelling – memorable and easy to own Generic, category-led name with limited differentiation Built around Attitude – a distinctive brand territory Lacked a distinctive and ownable brand identity Puts the consumer at the centre of the brand proposition Higher investment requirements Higher stud contribution; leaner investment with potential for stronger returns An identity built around a feature rather than a distinctive consumer proposition Interlocking “O”s echo the parent PNG identity – linking heritage with youthful expression Where YOOU Plays Fast-fashion imitation Y O O U Weight Light Light Style Lacks design integrity Design-first, contemporary Substance Lacks brand prestige Fine jewellery, PNG- assured Occasion Casual wear Everyday moments Yoou Is Built On Four Strategic Pillars Design-First Positioning Contemporary, fashion-forward jewellery that combines lightweight comfort with premium aesthetics. 9 · 14 · 18 · 22 KT gold Engaging New Consumer Cohorts Targeted at younger professionals and modern consumers who view jewellery as an extension of their personality and lifestyle. Modern & Younger Generation Celebrating Everyday Moments Moving beyond traditional occasions to serve consumers seeking jewellery for work, social gatherings and daily self- expression. Work · Social · Celebrations Trust of PNG Jewellers Leveraging nearly two centuries of heritage, craftsmanship and quality assurance while adopting a fresh, progressive identity. “by PNG Jewellers” assured THE BRAND’S POSITIONING “Lightweight diamond jewellery that takes fashion seriously” Stylish, versatile and wearable – without compromising on craftsmanship or authenticity A lightweight diamond jewellery brand for younger, style-conscious consumers, across 9, 14, 18 and 22 karat gold 6 0 0 0 0 0 • C) > 0 > 0 > 0 > 0 0
Page 7
Earnings Presentation - Q2 FY27 Silvostyle: High-Growth Fashion Silver Brand 7 18 Independent stores ~68 Shop-in-shops at PNG & YOOU 5 States of presence Portfolio broadening Adds 925 sterling silver fashion jewellery for first- time buyers, millennials and Gen-Z Operational synergies Leverages PNG’s retail network; Silvostyle already present as SIS in ~65 group stores 64% Turnover CAGR FY24 – FY26 99% PAT CAGR FY24 – FY26 Silvostyle business performance (₹ Cr) 27.1 40.4 72.8 1.6 3.7 6.1 FY24 FY25 FY26 Revenue PAT PAT margin (%) 5.9% 9.0% 8.4% • 8 NG ■ ■ □
Page 8
Earnings Presentation - Q2 FY27 Pan-India Expansion of PNG’s Strategic Store Network 8 Store network as on 30th September 2026 · PNG Jewellers (Legacy + YOOU) with Silvostyle shown separately Explore Maharashtra city clusters 69 M A H A R A S H T R A GOA 3 UTTAR PRADESH 4 MADHYA PRADESH 1 BIHAR 1 HARYANA 1 Core: Maharashtra & Goa 72 stores Expansion states 7 stores 80 PNG Jewellers stores 59 COCO · 21 FOCO 6 States Presence & International Presence in Sunnyvale, California 90% Stores in core market 72 of 80 in MH & Goa 18 Silvostyle stores* 3 COCO · 15 FOCO State-wise Store Network Explore Maharashtra city clusters M A H A R A S H T R A Core market · since 1832 69 COCO FOCO Total Legacy 39 17 56 YOOU 9 4 13 Silvostyle* 3 15 18 *Silvostyle: wholly-owned subsidiary; not in PNG store count G O A since 2015 3 Legacy 2 COCO Panaji · Margao YOOU 1 COCO Porvorim 100% COCO EXPANSION RUNWAY: New states since 2025 · All company-owned (COCO) Uttar Pradesh 4 Legacy · COCO Lucknow · Kanpur · Gorakhpur · Varanasi Madhya Pradesh 1 Legacy · COCO Indore Bihar 1 Legacy · COCO Patna Haryana 1 Legacy · COCO Gurugram USA · since 2008 1 Legacy · COCO Sunnyvale, California Asset-right expansion: Every new-market store is company-owned (7 of 7 COCO), while all 21 franchise (FOCO) stores deepen the Maharashtra core INDIA *Acquisition of Silvostyle completed on 1 October 2026. • • • • -1------ . --•-----~ • •
Page 9
Earnings Presentation - Q2 FY27 Consistent Retail Network Expansion Across Formats 9 Store Count Growth (Y-o-Y) 47% 2-year CAGR 25 41 57 5911 12 21 21 36 53 78 80 FY24 FY25 FY26 H1 FY27 COCO FOCO Total Store Area (Sq Ft) Growth (Y-o-Y) 53% 2-year CAGR 1,01,347 1,65,260 2,37,903 2,48,853 FY24 FY25 FY26 H1 FY27 Sq ft COCO FOCO FY24 84,648 16,699 FY25 1,44,811 20,449 FY26 1,99,065 38,838 H1 FY27 Stores by Format 82% 18% 80 stores 66 Legacy 14 YOOU COCO Stores 83% 17% 59 stores 49 Legacy 10 YOOU FOCO Stores 81% 19% 21 stores 17 Legacy 4 YOOU YOOU: formerly LiteStyle. CAGR computed on FY24–FY26 store count and total area. H1 FY27 2,07,219 41,634■ • • ■ ( ___ ) ---, ■ ■ • • ( ___ ) • •
Page 10
Earnings Presentation - Q2 FY27 Q2 FY27: Added 2 New Stores, Expanding into New Markets 10 Amanora & Gurugram Stores Launched
Page 11
Earnings Presentation - Q2 FY27 Our Market-Entry Playbook: Choose the Ground, Then Build on It FIVE STEPS | Repeated in every new city, with local relevance from day one 01 Channel check Demand, competition, local tastes and trending designs, studied on the ground with exhibitions 02 Tailored strategy Location, format, COCO or FOCO model and a locally tailored product mix 03 Regional hubs Regional offices manage inventory locally, sharpening operating efficiency 04 Launch big A local celebrity face, a strong ad campaign and BTL activations 05 Continuous improvement Store insights keep refining the assortment; adjacent stores build regional density ↻ Adjacent stores follow, and the cycle repeats city after city EVERY NEW STORE’S PRODUCT MIX 80% Regional designs 20% PNG Classics Locally preferred designs lead; PNG bestsellers anchor the brand Why It Works ? Lower launch risk, faster footfall and a playbook we can repeat in every new city, with local relevance from day one 11
Page 12
Earnings Presentation - Q2 FY27 OUR EXPANSION VISION Scaling from a trusted Maharashtra legacy to a national jewellery brand, built on an asset-light, multi-format growth engine 1 Pan-India Store Expansion 2 YOOU & Silvostyle* Sub-brand Acceleration 3 Franchise-Led Asset-Light Growth 4 Digital + E-commerce Acceleration Expansion & Geographic Diversification Accelerating nationwide store rollout through annual expansion plans while strengthening presence beyond Western India across key high-growth markets including, Haryana, Uttar Pradesh, Madhya Pradesh, Delhi NCR, and Bihar. Strengthening leadership bench Building a robust 2nd & 3rd-level management team to support multi- state expansion and protect operating quality Riding the daily wear demand wave YOOU by PNG taps rising demand for lightweight, design-first jewellery for daily wear & micro-occasions Silvostyle: fashion silver play 925 sterling silver fashion jewellery for first-time buyers, millennials & Gen-Z; SJL acquired in October 2026 Capex-light footprint scale-up YOOU and Silvostyle rollout in strategically chosen locations - reach without heavy capital lock-in FOCO-Led Mix Building a healthy mix of FOCO (franchise - owned, company - operated) stores to maintain brand control while ensuring an asset - light, capital-efficient expansion strategy Tier 2/3 market unlock Asset-light franchise model lets PNG enter Tier-2 & Tier-3 cities and reach wider customer base. Growth Validation & FOCO Scaling Establishing COCO stores in new regions to assess regional growth potential and consumer demand, followed by scalable expansion through an asset-light FOCO franchise model across Legacy, YOOU & Silvostyle formats. Integrated Brand Marketing & D2C Engagement Strengthening marketing, PR, and D2C-led customer engagement through personalized digital experiences and targeted campaigns, with a sharp focus on enhancing brand visibility, customer experience, and ROI on marketing spend. Higher E-com & QC volumes Targeting better volumes on e- commerce marketplaces and major quick-commerce platforms - making PNG accessible across digital touchpoints Inventory - light, margin - accretive model Faster stock turns, efficient capital deployment and stronger profitability through improved margins Transforming a Trusted Legacy into a Scalable National Brand 12*Acquisition of Silvostyle completed on 1 October 2026. ~,, - -- -- - --- --- ------- ---- - -- - -- - -- --- -- - -- - ----- -- - --- - - ----- -- --- -- - -- - -- --- -- - --- --- ---- - - --- --- - -- -- --- -- - -- - -- - ---- - --- --- ----- -- - - - - - -- - - - - - ' I ' ' ' : i ~ ! - - - -- - - - - - - - - - - - - - - - - - --- - --- ---- - -- - - - - -- - - - - - - - - - -- - - - - - - ------ - - - - --- - - -- - -- - -- - - - - -- - - - - - - --- - - -- ---- - --- - - - -- --- - - - -- - - - - ---- - --- - - - - --- ---- --- - - - - -- --- - - - -- - --- ---- - --- --- - --- --- -- - - - - - - -- - -- - - - --- --- ----- - - ---- - --- -- - - - - -- _,.' • 0 e I 0 e • • e 0 0
Page 13
Earnings Presentation - Q2 FY27 Performance Highlights Across Key Metrics – Q2 FY27 21,776.2 26,663.8 Q2 FY26 Q2 FY27 Revenue (INR Mn) 22.4% Segmental Performance Gross Profit (INR Mn) 31.7% 2,581.1 3,398.1 Q2 FY26 Q2 FY27 EBITDA (INR Mn) 57.1% 1,429.4 2,246.1 Q2 FY26 Q2 FY27 PAT (INR Mn) 52.7% 793.1 1,211.1 Q2 FY26 Q2 FY27 Retail (INR Mn) 15,719.7 20,610.6 Q2 FY26 Q2 FY27 31.1% Franchisee (INR Mn) 3,408.9 4,592.0 Q2 FY26 Q2 FY27 34.7% Other (INR Mn) 1,212.4 1,225.1 Q2 FY26 Q2 FY27 1.0% E-Commerce(INR Mn) 1,435.1 236.0 Q2 FY26 Q2 FY27 -83.6% 13 T
Page 14
Earnings Presentation - Q2 FY27 Performance Highlights Across Key Metrics – H1 FY27 38,921.8 50,793.6 H1 FY26 H1 FY27 Revenue (INR Mn) 30.5% Segmental Performance Gross Profit (INR Mn) 36.3% 4,839.8 6,594.4 H1 FY26 H1 FY27 EBITDA (INR Mn) 56.8% 2,659.8 4,170.2 H1 FY26 H1 FY27 PAT (INR Mn) 52.3% 1,486.5 2,264.5 H1 FY26 H1 FY27 Retail (INR Mn) 27,773.1 39,461.5 H1 FY26 H1 FY27 42.1% Franchisee (INR Mn) 6,101.8 7,498.4 H1 FY26 H1 FY27 22.9% Other (INR Mn) 2,950.6 2,804.1 H1 FY26 H1 FY27 -5.0% E-Commerce(INR Mn) 2,096.4 1,029.5 H1 FY26 H1 FY27 -50.9% 14 T
Page 15
Earnings Presentation - Q2 FY27 Particulars (INR Mn) Q2 FY27 Q2 FY26 Y-o-Y Q1 FY26 Q-o-Q H1 FY27 H1 FY26 Y-o-Y Revenue from Operations 26,254.1 21,543.6 21.9% 23,805.7 10.3% 50,059.8 38,567.8 29.8% Other Income 171.9 357.4 100.2 272.0 485.7 Total Income 26,426.0 21,900.9 20.7% 23,905.9 10.5% 50,331.8 39,053.5 28.9% Cost of Material Consumed 22,937.3 19,009.8 20,689.4 43,626.6 33,834.4 Gross Profit 3,316.8 2,533.8 30.9% 3,116.4 6.4% 6,433.2 4,733.4 35.9% Gross Profit Margin (%) 12.6% 11.8% 80 bps 13.1% -50 bps 12.9% 12.3% 60 bps Employee Expenses 433.0 384.1 489.2 922.2 706.0 Other Expenses 842.9 1,083.7 836.3 1,679.2 1,881.4 EBITDA 2,212.8 1,423.4 55.5% 1,891.0 17.0% 4,103.8 2,631.7 55.9% EBITDA Margin (%) 8.4% 6.6% 180 bps 7.9% 50 bps 8.2% 6.8% 140 bps Depreciation 196.6 134.2 171.6 368.2 241.2 EBIT 2,016.2 1,289.2 56.4% 1,719.4 17.3% 3,735.6 2,390.5 56.3% EBIT Margin (%) 7.7% 6.0% 170 bps 7.2% 50 bps 7.5% 6.2% 130 bps Finance Cost 406.9 193.7 338.7 745.6 380.9 Exceptional items 0.0 0.0 0.0 0.0 0.0 Profit before Tax 1,609.3 1,095.5 46.9% 1,380.7 16.6% 2,990.0 2,009.6 48.8% Tax 412.0 298.4 352.2 764.2 531.4 Profit After Tax 1,197.3 797.0 50.2% 1,028.6 16.4% 2,225.9 1,478.2 50.6% PAT Margin (%) 4.6% 3.7% 90 bps 4.3% 30 bps 4.4% 3.8% 60 bps Basic EPS 8.59 5.87 7.58 15.97 10.89 Diluted EPS 8.59 5.87 7.58 15.97 10.89 Standalone Income Statement 15
Page 16
Earnings Presentation - Q2 FY27 Equity & Liabilities (INR Mn) Sep-26 Mar-26 Shareholders Funds (a) Equity share capital 1,472.0 1,357.1 (b) Other equity 27,233.9 18,360.0 Total Equity 28,705.9 19,717.1 Non-current liabilities Financial liabilities (i) Borrowings 504.3 0.0 (ii) Lease liabilities 1,353.2 1,199.5 (iii) Other financial liabilities 94.7 90.6 Deferred tax liabilities (net) 20.6 41.3 Provisions 31.2 33.2 Other non-current liabilities Total non-current liabilities 2,003.9 1,364.6 Current liabilities Financial liabilities (i) Borrowings 18,835.9 15,500.6 (ii) Lease liabilities 379.4 347.2 (iii) Trade payables (a) Dues to micro and small enterprises 506.2 44.0 (b) Dues to creditors other than MSMEs 6,737.4 5,622.8 (iii) Other financial liabilities 509.8 374.7 Provisions 267.9 68.0 Current tax liabilities (net) 108.5 133.3 Other current liabilities 6,126.7 6,075.6 Total current liabilities 33,471.7 28,166.3 Total equity and liabilities 64,181.5 49,248.0 Assets (INR Mn) Sep-26 Mar-26 Non-current assets Property, plant and equipment 2,255.8 2,248.9 Capital work‐in‐progress 48.6 0.0 Right to use assets 1,602.2 1,436.9 Goodwill Other intangible assets 21.2 19.3 Intangible assets under development Financial Assets (i) Investments 941.7 534.2 (ii) Other financial assets 1,256.3 1,728.9 Other non-current assets 85.9 77.7 Total non-current assets 6,211.6 6,046.0 Current assets Inventories 43,746.4 36,123.8 Financial assets (i) Trade receivables 1,858.0 666.5 (ii) Cash and cash equivalents 460.1 354.3 (iii) Other Bank Balances 10,564.8 4,627.5 (iv) Loans 1.7 2.1 (v) Other financial assets 185.0 647.6 Current tax assets (net) Other current assets 1,153.8 768.6 Total current assets 57,969.9 43,190.4 Asset held for sale 0.0 11.6 Total Assets 64,181.5 49,248.0 Standalone Balance Sheet 16
Page 17
Earnings Presentation - Q2 FY27 Particulars (INR Mn) Sep-26 Sep-25 Cash Flow from Operating Activities Profit before Tax 2,990.0 2,009.6 Adjustment for Non-Operating Items 877.2 421.4 Operating Profit before Working Capital Changes 3,867.3 2,431.0 Changes in Working Capital -6,304.8 -3,045.9 Cash Generated/Used from Operations -2,437.5 -614.9 Less: Direct Taxes paid -804.6 -392.3 Net Cash from Operating Activities -3,242.1 -1,007.2 Cash Flow from Investing Activities -6,352.5 -1,623.5 Cash Flow from Financing Activities 9,700.3 2,819.1 Net Increase/(Decrease) in Cash and Cash equivalents 105.8 188.4 Standalone Cashflow Statement 17
Page 18
Earnings Presentation - Q2 FY27 Particulars (INR Mn) Q2 FY27 Q2 FY26 Y-o-Y Q1 FY26 Q-o-Q H1 FY27 H1 FY26 Y-o-Y Revenue from Operations 26,663.8 21,776.2 22.4% 24,129.8 10.5% 50,793.6 38,921.8 30.5% Other Income 172.0 358.1 100.4 272.4 486.9 Total Income 26,835.8 22,134.3 21.2% 24,230.2 10.8% 51,066.0 39,408.7 29.6% Cost of Material Consumed 23,265.7 19,195.2 20,933.5 44,199.2 34,082.1 Gross Profit 3,398.1 2,581.1 31.7% 3,196.3 6.3% 6,594.4 4,839.8 36.3% Gross Profit Margin (%) 12.7% 11.9% 89 bps 13.2% -50 bps 12.9% 12.3% 60 bps Employee Expenses 455.3 408.7 516.2 971.5 753.4 Other Expenses 868.6 1,101.1 856.5 1,725.1 1,913.6 EBITDA 2,246.1 1,429.4 57.1% 1,924.1 16.7% 4,170.2 2,659.8 56.8% EBITDA Margin (%) 8.4% 6.6% 186 bps 8.0% 45 bps 8.2% 6.8% 140 bps Depreciation 202.2 139.4 177.6 379.8 251.5 EBIT 2,043.9 1,289.9 58.5% 1,746.5 17.0% 3,790.4 2,408.2 57.4% EBIT Margin (%) 7.7% 5.9% 174 bps 7.2% 43 bps 7.4% 6.1% 130 bps Finance Cost 418.5 198.4 340.6 759.1 389.5 Exceptional items 0.0 0.0 0.0 0.0 0.0 Profit before Tax 1,625.4 1,091.5 48.9% 1,405.9 15.6% 3,031.3 2,018.8 50.2% Tax 414.3 298.4 352.5 766.9 532.2 Profit After Tax 1,211.1 793.1 52.7% 1,053.4 15.0% 2,264.5 1,486.5 52.3% PAT Margin (%) 4.5% 3.6% 90 bps 4.4% 18 bps 4.4% 3.8% 60 bps Basic EPS 8.69 5.84 7.76 16.25 10.95 Diluted EPS 8.69 5.84 7.76 16.25 10.95 Consolidated Income Statement 18
Page 19
Earnings Presentation - Q2 FY27 Equity & Liabilities (INR Mn) Sep-26 Mar-26 Shareholders Funds (a) Equity share capital 1,472.0 1,357.1 (b) Other equity 27,176.9 18,270.2 (b) Non-controlling interest Total Equity 28,648.9 19,627.3 Non-current liabilities Financial liabilities (i) Borrowings 610.3 103.7 (ii) Lease liabilities 1,359.6 1,205.7 (iii) Other financial liabilities 94.7 90.6 Deferred tax liabilities (net) 25.6 46.4 Provisions 31.2 33.2 Other non-current liabilities 0.0 0.0 Total non-current liabilities 2,121.4 1,479.5 Current liabilities Financial liabilities (i) Borrowings 19,037.1 15,692.2 (ii) Lease liabilities 392.1 369.4 (iii) Trade payables (a) Dues to micro and small enterprises 506.2 44.0 (b) Dues to creditors other than MSMEs 6,931.9 5,711.3 (iii) Other financial liabilities 509.8 374.7 Provisions 268.9 75.6 Current tax liabilities (net) 113.1 136.7 Other current liabilities 6,146.3 6,131.1 Total current liabilities 33,905.5 28,534.9 Total equity and liabilities 64,675.8 49,641.7 Assets (INR Mn) Sep-26 Mar-26 Non-current assets Property, plant and equipment 2,302.8 2,300.4 Capital work‐in‐progress 48.6 0.0 Right to use assets 1,611.8 1,452.5 Goodwill 332.0 332.0 Other intangible assets 21.2 19.3 Intangible assets under development Financial Assets (i) Investments 489.9 82.4 (ii) Other financial assets 1,257.4 1,730.0 Other non-current assets 85.9 77.7 Total non-current assets 6,149.4 5,994.2 Current assets Inventories 44,330.9 36,554.2 Financial assets (i) Trade receivables 1,815.2 628.3 (ii) Cash and cash equivalents 485.8 417.0 (iii) Other Bank Balances 10,564.8 4,627.5 (iv) Loans 1.7 2.1 (v) Other financial assets 185.0 647.6 Current tax assets (net) 0.0 0.0 Other current assets 1,143.0 759.2 Total current assets 58,526.4 43,635.9 Asset Held for Sale 0.0 11.6 Total Assets 64,675.8 49,641.7 Consolidated Balance Sheet 19
Page 20
Earnings Presentation - Q2 FY27 Particulars (INR Mn) Sep-26 Sep-25 Cash Flow from Operating Activities Profit before Tax 3,031.3 2,018.8 Adjustment for Non-Operating Items 892.6 420.7 Operating Profit before Working Capital Changes 3,923.9 2,439.5 Changes in Working Capital -6,752.0 -3,101.9 Cash Generated/Used from Operations -2,828.1 -662.4 Less: Direct Taxes paid -806.1 -393.8 Net Cash from Operating Activities -3,634.2 -1,056.2 Cash Flow from Investing Activities -6,353.0 -1,624.4 Cash Flow from Financing Activities 10,056.1 2,845.3 Net Increase/(Decrease) in Cash and Cash equivalents 68.9 164.6 Consolidated Cashflow Statement 20
Page 21
Earnings Presentation - Q2 FY27 45,072.6 61,120.2 76,934.7 1,07,391.0 50,793.6 FY23 FY24 FY25 FY26 H1 FY27 30.4% 37.3% 20.2% 30.5% 24.6% FY23 FY24 FY25 FY26 H1 FY27 1,742.6 2,785.0 3,714 7,040.2 4,170.2 3.9% 4.6% 4.8% 6.6% 8.2% FY23 FY24 FY25 FY26 H1 FY27 935.1 1,551.5 2,182.7 4,098.2 2,264.5 2.1% 2.5% 2.8% 3.8% 4.4% FY23 FY24 FY25 FY26 H1 FY27 25.6% 29.0% 14.0% 20.9% 15.8% FY23 FY24 FY25 FY26 H1 FY27 6.9x 7.9x 5.2x 3.8x 3.7x FY23 FY24 FY25 FY26 H1 FY27* Capital Efficiency and Operational Performance Metrics Consistent growth in revenues with operational efficiencies leading to increase in EBITDA and PAT Note: The decline in ROCE and ROE in FY2024–25 was attributable to an increase in equity following the IPO in September 2024. The ratios further moderated in H1 FY27 following the ₹700 crore QIP completed on August 4, 2026, which increased the equity base. While the capital infusion has temporarily impacted these ratios, the funds raised are intended to support the company’s future growth. *H1 FY27 Inventory Turnover Ratio has been annualized. Historical Financial Snapshot 21 Revenue (INR Mn) EBITDA (INR Mn) and EBITDA Margin (%) PAT (INR Mn) and PAT Margin (%) ROCE (%) ROE (%) Inventory Turnover ratio (in times)
Page 22
Thank Y U O U R B R A N D S C O M P A N Y P N Gadgil Jewellers Limited CIN: L36912PN2013PLC149288 Email: Investor.relations@pngadgil.com Tel: +91 020 4478474 Website: www.pngjewellers.com I N V E S T O R R E L A T I O N S P A R T N E R X-B4 Advisory Rasika Sawant / Gautam Kothari Tel: +91 95944 57518 / +91 79776 16640 Email: rasika@x-b4.com / gautam@x-b4.com Website: www.x-b4.com ■ ~ X-B4 ■ I YCIDU PNG '