Interim report
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Date: October 29, 2026 To, BSE Limited, Phiroze Jeejeebhoy Towers, Dalal Street, Mumbai – 400001 Scrip Code: 544256 To, National Stock Exchange of India Limited, Exchange Plaza, C-1, Block-G, BKC, Bandra (East), Mumbai – 400051 Symbol: PNGJL Subject: Outcome of Board Meeting held on October 29, 2026 Dear Sir/ Madam, This is to inform you that pursuant to Regulation 30 and Regulation 33 of Securities and Exchange Board of India (Listing Obligations and Disclosure Requirement) Regulations, 2015, the Board of Directors of the Company at their Meeting held on Thursday, October 29, 2026, has: 1. Considered and Approved the Unaudited Standalone and Consolidated Financial Results of the Company for the quarter and half year ended September 30, 2026. A copy of the Unaudited Financial Results for the quarter and half year ended September 30, 2026, and Limited Review Report issued by Statutory Auditors of the Company are enclosed herewith. The meeting of the Board of Directors of the Company commenced at 12:47 P.M. and concluded at 03:05 P.M. You are requested to take the above information on your records. Thanking You, For P N Gadgil Jewellers Limited Prakhar Gupta Company Secretary & Compliance Officer P N Gadgil Jewellers Limited Registered Office.: PNG House, 694, Narayan Peth, Kunte Chowk, Laxmi Road,Pune, - 411030. Maharashtra, India. Tel. No. +91 20 24435005 I Fax: +91 20 244305011 Toll Free no.: 1800 233 5005 (1 1 A.M. - 7 P.M.) I www.pngjewellers.com I info@pngadgil.com I CIN: L36912PN2013PLC149288 I INDIA I USA
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P N Gadgil Jewellers Limited Registered office: PNG House, 694, K unte Chowk, Laxm i Road, Narayan Peth, Pune - 4 11030 CIN: L36912PN2013PLC149288 Statement of Unaudited Standalone Financial Results for the quarter and half year ended September 30, 2026 {f in Million) For the quarter ended For the half year ended For the year ended Particulars September 30, 2026 June 30, 2026 September 30, 2025 Se11tember 30, 2026 September 30, 2025 March 31, 2026 (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Audited) Income Revenue from operatio ns 26,254.09 23,805.7 1 21,543.58 50,059.80 38,567.76 1,06,407.38 Other income 171.86 100. 17 357.36 272.03 485.75 879.72 Total income : 26 425.95 23,905.88 21 900.94 50 33 1.83 39 053.51 I 07 287.10 Expenses Cost of materials consumed 22,937.29 20,689.35 19,009.78 43,626.64 33,834.36 93,675.83 Empl oyee benefit expense 432.98 489.23 384.09 922.2 1 706.04 1,477.89 Finance costs 406.89 338.67 193.70 745.56 380.90 897.64 Depreciation and amortisation expense 196.56 171 .64 134.22 368.20 24 1.2 1 550.94 Other expenses 842.92 836.26 1,083.70 1,679. 18 1,881.38 5,224. 18 Total expenses : 24 816.64 22,525. 15 20 805.49 47 34 1.79 37 043.89 1 01 826.48 Profit/(Loss) before exce11tional items and tax from 1,609.31 1,380.73 1,095.45 2,990.04 2,009.62 5,460.62 continuing 011erations Excepti onal items - - - - - 33.92 Profit/(Loss) before tax 1,609.31 1,380.73 1,095.45 2,990.04 2,009.62 5,426.70 Tax Ex11ensc (a) Current tax 423.65 356. 14 29 1.10 779.79 53 1.67 1,447.99 (b) Deferred tax ( 11.66) (3.97) 7.3 1 (15.63) (0.24) (3 1. 66) Total tax cx11enscs : 411.99 352.17 298.41 764.15 53 1.43 1,416.33 Profit/ (Loss) for the year/period, net of tax from 1,197.32 1,028.56 797.04 2,225.88 1,478.19 4,010.37 continuing operations Other comprehensive income Items that will not be reclassified to profit or loss (a) Remeasurement of defi ned benefit obligation (4.25) ( 1.40) (0.34) (5.65) (1.74) (3.25) (b) Gain on measurement ofG -Sec at fair value (16.72) 1.99 ( 1.43) ( 14.73) (1.34) (3.75) (ii) Income tax relating to these items (a) Tax relating to remeasurement of the defined 1.07 0.35 0.09 1.42 0.44 0.82 benefit plans (b) Tax relatin g to measurement of equity 4.21 (0.50) 0.36 3.7 1 0.34 0.94 instrum ents at fair Value Other Comprehensive Income for the year/period (15.69 0.44 (1.32) (15.25) (2.30) (5.24 Total comprehen sive income for the ycar/11c1·iod, net 1,181.63 1,029.00 of tax 795.72 2,210.63 1,475.89 4,005.13 Paid up Equity (Face Value of Rs. IO each) 1,472.03 1,357.08 1,357.08 1,472.03 1,357.08 1,357.08 Other Equity - - - - - 18,359.98 Earnings per equity share for profit attributab le to owners Basic (in Rs.) (not annuali sed for the quarter ended) 8.59 7.58 5.87 15.97 10.89 29.55 Diluted (in Rs.) (not annuali sed for the quarter ended) 8.59 7.58 5.87 15.97 10.89 29.55 - &')~ F~l.,t~ s C, ~ 11-ssoc✓.,..,.. I~ c:) ~ ~ vi \!) ~ • * ,,,, j * <::>~" g i ~ ~ i-~ q"ed Acfl>~ •
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P N Gadgil Jewellers Limited Registered office: PNG House, 694, Kunle Chowk , Laxmi Road, Naray an Peth, Pune - 4 11 030 CIN: L36912PN201 31'LC149288 Particulars ASSETS Non-Current Assets Properly, Plant and Equipment Right of Use of Assets Capital work-in-progress Other Intangible Assets Financial Assets i. Investme nts ii. Other Financia l Assets Other No11-Current Assets Total Non-Current Assets Current Assets Inventories Fina ncial Assets i. Trade Recei vables ii. Cas h and Cas h Equ ivalents iii. Bank balances other than (ii) above iv. Loans v. Other Financial Assets Ot her Current Assets Total Current Assets Asse ts held for Sale Total Assets EQUITY AND LIABILITIES Equity Equity Share Ca pital Other Equ ity Total cq uity LIABILITIES Non-Current Liabilities Fi nancial Liabilities i. Borrowings ii. Lease Liabi lities iii. Other Financial Liabilities Provisions Deferred Tax Liabilities (Net) Total Non-Current Liabilities Current Liabilities Financial Liabilit ies i. Borrow ings ii. Trade Payab les Standalone Balance Sheet as at Septem her 30, 2026 a) Total outstandi ng dues of micro enterprises and small enterprises b) Total outstand ing dues of creditors other than micro enterpri ses and small enterprises iii. Lease Liabi lities iv. Other Financial Liabilities Provisions Current Tax Liabilities (Net) Other Current Liabilities Total Current Liabilities Total Liabilities Total Equity and Liabilities As at Septem bcr 30, 2026 (Unaudited) 2,255.82 1,602.22 48.57 2 1.20 94 1.70 1,256.28 85.85 6,211.64 43,746 .42 1,858.03 460. 12 10,564.77 1.66 185.04 1,153.82 57,969.86 - 64, 181.50 1,472.03 27,233.9 1 28,705.94 504.25 1,353.18 94.69 3 1.16 20.57 2,003.85 18,835.95 506. 15 6,737.38 379.38 509.80 267.88 108.5 1 6, 126.66 33,47 1.71 35,475 .56 64, 181.50 ('! in M illi on) As at March 3 1, 2026 (Audited) 2,248.92 1,436.93 - 19.30 534.22 1,728.94 77.68 6,045.99 36,123.82 666.45 354.30 4,627.53 2 08 64 7.64 768.58 43,190.40 I 15 6 49,247.95 1,357.08 18,359.98 19,7 17.06 - 1, 199.52 90.57 33.22 413 3 1,364.64 15,500.64 44.00 5,622.83 347. 15 374.71 67.99 133.3 1 6,075.62 28,166.25 29,530.89 49,247.95
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P N Gadgil Jewellers Limited Registered office: PNG House, 694, Kunte Chowk, Laxmi Road, Narayan Peth, Pune - 4 r I 030 CIN: L36912PN2013PLC149288 Standalone Cash flow Statement for the half year ended September 30, 2026 Sr. No. Particnlars A Cash flow from operating activities Profit/ (loss) before tax from continning operations Adj nstments for : Add: Depreciation and amortization expense Bad debts written off Loss on sale of asset Interest and other finance cost Balances and Assets written off Less: Net gain on disposal of property, plant and equipment Interest income Gain on Lease Modifications Unwinding of interest Operating profit/(loss) before working capital changes Adj nstments for changes in : (Increase)/ decrease in trade receivables (Increase)/ decrease in inventor ies (Increase)/ decrease in non-current and current financial assets (Increase)/ decrease in other current and non current asset Increase/ (decrease) in trade payables Increase/ (decrease) in financial liablities (others) Increase/ (decrease) in non-current provisions and current provisions lncrease/(decrease) in other current liabilities and non-current liabilities Cash generated from/ (used in) operations before tax Income Taxes paid Net cash inflow/ (outflow) from operating activities B Cash flow from investing activities Capita l expenditure on fixed assets including CWIP Investment in equ ity & other financial instruments Investment in term deposits Proceeds from sale of fixed assets Interest/ income on investment received Net cash flow from/(used in) investing activities C Cash Flow from financing activities Increase/ (decrease) in long term borrowings Increase/ (decrease) in current borrowings Increase/ (decrease) in lease liablities Finance Cost other than Lease Liabilities Issue of equity shares Share premium reserve Share issue and listing expenses Net cash flow from/ (used in) financing activities Net increase/ (decrease) in cash and cash equivalents Opening cash and cash equivalents Cash and cash equivalents at the end of the year Components of Cash i Cash in hand Balances with bank September 30, 2026 Unandited 2,990.04 368.20 000 2.73 745.56 0.69 (231.15) (2.50) (6.30) 877.23 3,867.27 (I , I 91.57) (7,622.60) 932. 12 (381.85) 1,576 72 139.2 1 192. 19 5 1 04 (2,437.47) (804.59) (3,242.06) (225.44) (422.20) (5,937.24) 1.27 231. 15 (6,352.46) 504.25 3,335.3 1 (247.48) (669.99) 114.94 6,885.06 (221.76) 9,700.33 105.81 354.31 460.12 70.98 389.14 (< in Million) September 30, 2025 (Unandited 2,009.62 241.2 1 0.5 1 3.52 380.90 ( 198.82) (5.9 I) 421.40 2,431.02 (1 ,414.69) (8,435.04) 63187 (442.71) 4,382.54 (I 79.23) 442.66 1,968.72 (614.86) (392.31) (1,007.17) (257.37) (1 ,565.00) 198.82 (1,623.55) 3,303.13 ( 156.67) (327.37) 2,819.10 188.38 868.28 1,056.66 74.74 981.92
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P N Gadgil Jewellers Limited Selected explanatory notes to the Statement of Unaudited Standalone Financial Results for the quarter and half year ended September 30, 2026 I. The above unaudited standalone financial results for the quarter and half year ended 30th September 2026 were reviewed by the Audit Committee and approved by the Board of Directors at their respective meetings held on October 29, 2026. 2. The standalone financial results of P N Gadgil Jewellers Limited (the "Company") have been prepared in accordance with the recognition and measurement principles laid down in the Indian Accounting Standard , prescribed under Section 133 of the Companies Act, 2013 ("the Act") read with relevant rules issued thereunder and other accounting principles generally accepted in India and in terms of Regulation 33 of the Securities Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations , 2015. 3. The Chief Operating Decision Maker ("CODM") of the Company examines the performance from the perspective of the Company as a whole viz. Jewellery business' and hence there are no separate reportable segments as per Ind AS I 08 "Operating Segments". 4. The company has completed Qualified Institutional Placement ("QIP") during the period ended September 30, 2026. Pursuant to QIP, the company allotted I, 14,94,252 Equity Shares having Face Value of INR IO each at an issue price INR 609 per Equity Share , to the public aggregating to Rs. 7,000 million. Total share premium arising from QIP amounting to lNR 6,885.06 million has been accounted under securities premium reserve and the QIP related expenses for company amounting to INR 232.26 million has been adjusted against the securities premium reserve as of September 30, 2026. Upon the finalization of total QIP expenses, the difference, if any, between the estimate and actual expenditure will be adjusted against securities premium reserve in the period in which it will be finalized. The Company's share of total expense as disclosed in PPD is Rs. 132.26 million, however the actual issue related expenses incurred till 30th September 2026 amounts to Rs. 22 I .91 million . Object of the Issue Amount Utilized Un utilized (in Million) (in Million) (in Million) Funding expenditure towards 2,388.7 0 2,388.7 setting -up of 4 New Stores Funding our working capital 2,989 .8 2,700 .0 289.8 requirements General corporate purposes 1,489.2 785.0 704.2 Issue related expenses 132.3 128.1 4.2 Total 7,000.0 3,613.1 3,386.9 5. The comparatives for the prior quarters or year have been regrouped I reclassified wherever necessary to conform with the current quarter/ year classification. The impact of such regrouping/ reclassifications are not material to these standalone financial results. 6. The results for the quarter and half ended 30th September 2026, are available on the BSE Limited website (URL: www .bseindia.com/corporates) , the National Stock Exchange of India Limited website (URL: www.nseindia.com/corporates) and on the Company's website. Place: Pune Date: October 29, 2026
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GDA & Associates Chartered Accountants Independent Auditor's Review Report on Unaudited Standalone Financial Results of P N Gadgil Jewellers Limited for Quarter and half year ended September 30, 2026 pursuant to the Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended To The Board of Directors, P N Gadgil Jewellers Limited 1. We have reviewed the accompanying Statement of unaudited standalone financial results of P N Gadgil Jewellers Limited (" the Company"), for the quarter and half year ended September 30, 2026 being submitted by the Company pursuant to the requirements of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended ('the Listing Regulations'). 2. This Statement, which is the responsibility of the Company's Management and approved by the Company's Board of Directors, has been prepared in accordance with the recognition and measurement principles laid down in Indian Accounting Standard 34 "Interim Financial Reporting" ("Ind AS 34"), prescribed under Section 133 of the Companies Act, 2013 read with relevant rules issued thereunder and other accounting principles generally accepted in India and is in compliance with the presentation and disclosure requirements of Regulation 33 of the Listing Regulations. Our responsibility is to express a conclusion on the Statement based on our review. 3. We conducted our review of the Statement in accordance with the Standard on Review Engagements (SRE) 2410 "Review of Interim Financial Information Performed by the Independent Auditor of the Entity" issued by the Institute of Chartered Accountants of India (ICAI). This standard requires that we plan and perform the review to obtain moderate assurance as to whether the Statement is free of material misstatement. A review of interim financial information consists of making inquiries, primarily of the Company's personnel responsible for financial and accounting matters and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with Standards on Auditing specified under Section 143(10) of the Companies Act, 2013 and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion. 4. Based on our review conducted as above, nothing has come to our attention that causes us to believe that the accompany ing Statement prepared in accordance with recognition and measurement principles laid down in the aforesaid Ind AS 34 and other accounting principles generally accepted in India, has not disclosed the information required to be disclosed in terms of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 including the manner in which it is to be disclosed or that it contains any material misstatement. For GDA & Associates Chartered Accountants Firm Registration Number 135780W tv~ ' Kishor V. Karve Partner Membership No.: 142951 Place: Pune Date: October 29,2026 UDIN: 26142951 HBQGJK2597 Office Address: Flat 7, Shashikant Terraces, Tejas Nagar, Kothrud, Pune- 411038 Email: gdaandassociates@gmail.com
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P N Gadg il Jeweller s Limited Registered office: PNG House, 694, Kunte Chowk, Laxm i Road, Narayan Peth, Pune - 4 11 030 CI N: L36912PN20 13PLCl49288 Statement of Unaud ited Consolidated Fin ancia l Results for the quart el' and half year ended Septemb er 30, 2026 (( in Mil/io11) For the q1rnrt er ended For the half year ended For the year ended Particular s Septemb er 30, 2026 Jun e 30, 2026 Se(llember 30, 2025 Sept ember 30, 2026 September 30, 2025 Mnrc h 31 , 2026 (Unaudited) (U naudited) (Unaudited) (Unaudited) (Unaudited) (Audited) Jncom e Re\·enue from operations 26,663.77 24, 129.8 1 2 1,776.22 50,793.58 38,92 1.84 1,07,390.97 Other income 172.00 100.4 1 358.06 272.4 1 486.90 880.82 Tota l income : 26,835.77 24,230.22 22, 134.28 5 1,065.99 39,408.74 1,08 27 1.79 Expenses Cost of materials consumed 23,265.69 20,933.48 19, 195. 16 44,199. 17 34,082.06 94,369 .35 Employee benefit expense 455.32 516. 18 408.66 971.50 753.37 1,57 1.96 Finance costs 4 18.49 340.58 198.40 759.07 389.45 9 15.79 Deprec iati on and amortisation expense 202.23 177.59 139.45 379.82 25 1. 51 57 1.87 Other expenses 868.63 856.49 1, 101.08 1,725.12 1,9 13.56 5,290.27 Tota l expenses: 25 210.36 22 824.32 21 042.75 48 034.68 37 389.95 I 02 719.24 Profit /(Loss) before exceptional items and tux fr om continu ing operat ions 1,625.41 1,405.90 1,091.53 3,031.3 1 2,018.79 5,552.55 Exceptional items . 33.92 Profit /(Loss) before lax 1,625.41 1,405.90 1,091.53 3,031.3 1 2,01 8.79 5,518.63 Tax Expense (a) Current tax 425.97 356.52 29 1.10 782.49 532.49 1,452.09 (b) Deferred lax ( 11.66) (3.97) 7.3 1 ( I 5.63) (0.24) (3 1.66) Totn l tnx ex11enses : 414.3 1 352.55 298.4 1 766.86 532.25 1,420.43 Profit / (Loss) for the year/per iod, net of ta x from continu ing operat ions 1,2 11.10 1,053.35 793,12 2 264.45 1,486.54 4,098.20 Oth er comprehensive income I tcms that will not be reclassifie d to profit or loss (a) Remeasurement of defined benefit obligation (4.25) (1.40) (0.34) (5.65) (1.74) (3.25) {b) Gain 0 11 measurement of G-Sec at fair value ( 16.72) 1.99 (1.43) (14.73) (1.34) (3.75) (ii) Income t:1x relatin g to these items (a) Tax relating to remeasurement of the defined benefit plans 1.07 035 0.09 1.42 0.44 0.82 (b) Tax rela1ing to measurement of equity instrumenls al fa ir Value 4.2 1 (0.50) 0.36 3.71 0.34 0.94 Ot her Compr ehensive Income for the yea r/period (1 5.69 0,44 (1.32) (1 5,251 12.30) (5.24) Totnl compr eher.ish,e income for the yea r/period, net of tax 1,195.41 1,053.79 791.80 2,249.20 1,484.24 4,092.96 Profit Attr ibut able to: i) Sharel10lders of the Company 1,2 11.10 1,053 .35 793. 12 2,264.45 1,486.54 4,098.20 ii ) No11-co11trolling interests . Totn l Com1>rehensive Income Attribut able to: i) Shareholders of the Company 1,195.4 1 1,053.79 79 1.80 2,249.20 1,484.24 4,092.96 ii) Non-controlling interests . Paid up Equity (Face Value of Rs. I O each) 1,472.03 1,357.08 1,357.08 1,472.03 1,357.08 1,357.08 Other Equity . 18,270 .18 Ea n1ings per· eq uity share for profit att ribut able to owners Basic (in Rs.) (not annualised for the qua11er ended) 8.69 7.76 5.84 16.25 10.95 30.20 Diluted (in Rs.) (not annualised for the ~ ended ) 8.69 7.76 5.84 16.25 10.95 30.20 ,/'.;.wr:,:--.. ~~~-0~ <::itJ'b-~SSOc/,,;,~ I~ tf c:) C) ~ c.::, r./1 ~- ~~....., * • * C'"> ia ~ ~ "';: ~ fired Acco-!$ \,
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P N Gadgil Jewellers Limited Registered office: PNG House , 694, Kunte Chowk, Laxmi Road, Narayan Peth, Pune - 4 11 030 CIN: L36912PN2013PLCl49288 Particulars ASSETS Non-Current Assets Property , Plant and Equipment Right of Use of Assets Capita l work-in-progress Goodw ill Other Intangible Assets Financial Asse ts i. Investments ii. Other Financial Assets Other Non-Current Assets Total Non-Current Assets Current Assets Inventor ies Financial Assets i. Trade Receivab les ii. Cash and Cash Equivalents iii. Bank balances other than (ii) above iv. Loans v. Other Financial Assets Other Current Assets Total Current Assets Assets held for Sale Total Assets EQUITY AND LIABILITIES Equity Equity Share Cap ital Other Equity Total equity Non- Controlling Interest LIABILITIES Non-Current Liabilities Financia l Liabilities i. Borrowings ii. Lease Liabilities iii. Other Financial Liabilities Provisions Deferred Tax Liabi lities (Net) Total Non-Current Liabilities Current Liabilities Fina ncial Liabilitie s i. Borrowi ngs ii. Trade Payab les Consolidated Balance Sheet as at September 30, 2026 a) Tota l outstanding dues of micro enterprises and small enterprises b) Total outstanding dues of creditors other than micro enterprises and sma ll enterpris es iii. Lease Liab ilities iv. Other Financial Liabilities Provisions Current Tax Liabiliti es (Net) Other Current Liabilities Total Current Liabilities Total Liabilities Total Equity and Liabilities ,,- . . . _ ......._ As at Se)ltem ber 30, 2026 (Unaudited) 2,302.76 1,611.8 3 48.58 33 1.98 21.20 489.86 1,257.38 85.85 6,149.44 44,330 .88 1,8 15. 19 485.83 10,564.77 1.66 185 04 1,142.98 58,526.35 - 64,675.79 1,472.03 27,176.92 28,648.95 - 28,648,95 6 10.3 1 1,359.62 94.69 3 1.16 25.6 1 2, 121.39 19,037 13 506 .1 5 6,93 1.90 392. 12 509.8 1 268.92 I 13. 10 6, 146.32 33,905.45 36,026 .84 64,675.79 (fin Milli on) As at March 3 I , 2026 (Audited) 2,300.4 1 1,452.54 - 33 1.98 19.30 82.38 1,729.96 77.67 5,994.24 36,554. 19 628 .29 4 16.96 4,627.53 2.08 647 .64 759. 19 43,635.88 I 156 49,641.68 1,357.08 I 8,270. 18 19,627.26 - 19,627,26 103 .65 1,205.68 90.57 33.22 46.36 1,479.48 15,692 . I 8 44.00 5,7 11.25 369.42 374 .71 75.6 1 136.6 8 6,13 1.09 28,534.94 30,014.42 49,641.68 '11-r-.ssoc ~"r-tl"?.,,. <::, 'fJ ~ * * 9 "' ~,: ~ q ~l',; -rq<I Acco~
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P N Gadgil Jewellel's Limited Registered office: PNG House, 694, Kunte Chowk, Laxmi Road, Narayan Peth, Pune - 41 I 030 CIN: L36912PN2013PLC 149288 Consolidated Cashflow Statement fol' the half year ended September 30, 2026 Sr. No. Particulars A Cash flow from operating activities Pl'ofit / (loss) befol'e tax from continuing operntions Adjustments fol' : Add : Depreciation and amortization expense Bad debts written off Loss on sale of asset Interest and other finance cost lncrease/(Decrease) in reserve Assets written off Less: Interest income Gain on Lease Modifications Unwindin g of interest lncrease/(Decrease) in FCTR Operating profit/(Ioss) befol'e working capital changes Adjustments for changes in : (Increase)/ decrease in trade receivables (Increase)/ decrease in inventories (Increase)/ decrease in non-current and current financial assets (Increase)/ decrease in other current and non current asse t Increase/ (decrease) in trade payables Increase/ (decrease) in financial liablities (others) Increase/ (decrease) in non-current provisions and current provisions lncrease/(decrease ) in other current liabilities and non-current liabilities Cash genemted from/ (used in) opemtions before tax Income Taxes paid Net cash inflow/ (outflow) from operating activities B Cash flow from investing activities Capital expenditure on fixed assets including CWIP Investment in term deposits Proceeds from sale of fixed assets Proceeds from sale of fixed deposit Interest / income on investment received Net cash flow from/(used in) investing activities C Cash Flow from financing activities Increase / (decrease) in long term borrowings Increase/ (decrease) in current borrowings Increase/ (decrease) in lease liablities Finance Cost other than Lease Liabilities Issue of equity shares Share premium reserve Share issue and listing expenses Net cash flow from / (used in) financing activities Net increase / (decrease) in cash and cash equivalents Opening cash and cash equivalents Cash and cash equivalents at the end of the year Components of Cash and cash equivalent Cash in hand Balances with bank September 30, 2026 Unaudited 3,031.31 379.82 2.72 2.73 759.07 0.62 0.69 (23 1.38) (240) (6.34) (1 2.95) 892.58 3,923.89 (I , 189.62) (7,776.69) 571.83 (380.41 ) 1,682.80 139.22 185.6 1 15.23 (2,828.14) (806.07) (3,634.21) (226.23 ) (422.2 1) 1.27 (5,937. 24) 231.38 (6,353.03) 506.66 3,344 95 108.64 (682.36) 114.93 6,8 85.05 (22 1.76) 10,056.11 68.87 4 16.96 485.83 71.06 4 14.77 (< in Million September 30, 2025 Unaudited 2,018.79 25 1.5 1 0.5 1 3.52 389.45 (198.82) (5.94) (1 9.53) 420.70 2,439.49 (1 ,417.1 3) (8,630.70) 632.99 (441.03) 4,5 16.73 (179.22) 443.83 1,972.59 (662.45) (393.79) (J,056.23) (258.27) (1 ,565.00 ) 198.82 (1,624.45) 24.35 3,3 16.47 (1 6 1.1 6) (334.38) 2,845.28 164.60 935.87 1,100.47 74.82 1,025.65
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P N Gadgil Jewellers Limited Selected explanatory notes to the Statement of Unaudited Consolidated Financial Results for the quarter and half year ended Septem her 30, 2026 I. The above Unaudited consolidated financial results for the quarter and half year ended 30th September 2026 were reviewed by the Audit Committee and approved by the Board of Directors at their respective meetings held on October 29, 2026 . 2. The consolidated financial results of P N Gadgil Jewellers Limited (the "Company" or "the Parent Company") have been prepared in accordance with the recognition and measurement princip les laid down in the Indian Accounting Standard , prescribed under Section 133 of the Companies Act, 2013 ("the Act") read with relevant rules issued thereunder and other accounting principles generally accepted in India and in terms of Regulation 33 of the Securities Exchange Board oflndia (Listing Obligations and Disclosure Requirements) Regulations, 2015. 3. The consolidated financial results comprise the results of the Parent Company and its subsidiaries namely , Gadgil Diamonds Private Limited (India) and PNG Jewelers , Inc. (USA) (collectively referred to as 'the Group'). 4. The Chief Operating Decision Maker ("CODM") of the Company examines the performance from the perspective of the Company as a whole viz. Jewellery business ' and hence there are no separate reportable segments as per Ind AS 108. 5. The company has completed Qualified Institutional Placement ("QIP") during the period ended September 30, 2026. Pursuant to QIP, the company allotted I, 14,94,252 Equity Shares having Face Value of INR 10 each at an issue price INR 609 per Equity Share, to the public aggregating to Rs. 7,000 million. Total share premium arising from QIP amounting to INR 6,885.06 million has been accounted under securities premium reserve and the QIP related expenses for company amounting to INR 232.26 million has been adjusted against the securities premium reserve as of September 30, 2026. Upon the finalization of total QIP expenses, the difference , if any, between the estimate and actual expenditure will be adjusted against securities premium reserve in the period in which it will be finalized . The Company's share of total expense as disclosed in PPD is Rs. 132.26 million , however the actual issue related expenses incurred till 30th September 2026 amounts to Rs. 221.9 I million. Object of the Issue Amount Utilized Un utilized (in Million) (in Million) (in Million) Funding expenditure towards 2,388.7 0 2,388.7 setting -up of 4 New Stores Funding our working capital 2,989.8 2,700.0 289.8 requirements General corporate purposes 1,489.2 785.0 704.2 Issue related expenses 132.3 128.1 4.2 Total 7,000.0 3,613.1 3,386.9 6. The comparatives for the prior quarters or year have been regrouped / reclassified wherever necessary to conform with the current quarter / year classification. The impact of such regrouping / reclassifications are not material to these consolidated financial results. 7. The results for the quarter and half ended 30th September 2026 , are available on the SSE Limited website (URL: www.bseindia.com/corporates), the National Stock Exchange of India Limited website (URL: www.nseindia.com/corporates) and on the Company's website . ehalf of Board of Directors Place: ne Date: October 29, 2026
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GDA & Associates Chartered Accountants Independent Auditor's Review Report on Unaudited Consolidated Financial Results of P N Gadgil Jewellers Limited for Quarter and half year ended September 30, 2026, pursuant to the Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended. To The Board of Directors, P N Gadgil Jewellers Limited 1. We have reviewed the accompany ing Statement of unaudited Consolidated Financial Results of P N Gadgil Jewellers Limited ("the Parent") and its subsidiaries (the Parent and its subsidiaries together referred to as "the Group"), for the quarter and half year ended September 30, 2026 ("the Statement"), being submitted by the Company pursuant to the requirements of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended ('the Listing Regulations'). 2. This Statement, which is the responsibility of the Parent's Management and approved by the Parent's Board of Directors, has been prepared in accordance with the recognition and measurement principles laid down in Indian Accounting Standard 34 "Interim Financial Reporting" ("Ind AS 34"), prescribed under Section 133 of the Companies Act, 2013 read with relevant rules issued thereunder and other accounting principles generally accepted in India and is in compliance with the presentation and disclosure requirements of Regulation 33 of the Listing Regulations. Our responsibility is to express a conclusion on the Statement based on our review. 3. We conducted our review of the Statement in accordance with the Standard on Review Engagements (SRE) 2410 "Review of Interim Financial Information Performed by the Independent Auditor of the Entity" issued by the Institute of Chartered Accountants of India (ICAI). This standard requires that we plan and perform the review to obtain moderate assurance as to whether the Statement is free from material misstatement. A review of interim financial information consists of making inquiries, primarily of the Parent's personnel responsible for financial and accounting matters and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with Standards on Auditing specified under Section 143(10) of the Companies Act, 2013 and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion. We also performed procedures in accordance with the circular issued by the SEBI under Regulation 33(8) of the Listing Regulations, as amended, to the extent applicable. 4. The statement includes the results of following entities: a. P N Gadgil Jewellers Limited (Parent) b. Gadgil Diamonds Private Limited, (Subsidiary) c. PNG Jewelers, Inc., USA (Subsidiary) 5. Based on our review conducted as above and procedures performed as stated in paragraph 3 above and based on the consideration of the review reports of the other auditors referred to in paragraph 6 below, nothing has come to our attention that causes us to believe that the accompa nying Statement, prepared in accordance with recognition and measurement principles laid down in the aforesaid Ind AS 34 and other accounting principles generally accepted in India, has not disclosed the information required to be disclosed in terms of Regulation 33 of the SEBI (listing Obligations and Disclosure Requirements) Regulations, 2015, as amended, including the manner in which it is to be disclosed, or that it contains any material misstatement. 1 of 2 Office Address: Flat 7, Shashikant Terraces, Tejas Na gar, Kothrud, Pune- 411038 Email: gdaandassociates@gmail.com
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GDA & Associates Chartered Accountants 6. Other Matters: We did not review the unaudited financial results of the subsidiaries included in the Statement, whose financial results, before consolidation adjustments, reflects total assets of Rs. 720.04 million as of September 30, 2026, Total Income of Rs.410.83 million and Rs.736.18 million for Quarter and Half Year ended September 30, 2026, respectively, Total Net Profit/(Loss) after tax of Rs.13.72 million and Rs.38.43 million for Quarter and Half Year ended September 30, 2026, Respectively, Total Comprehensive Income of Rs.13. 72 million and Rs.38.43 million for Quarter and Half Year ended September 30, 2026, Respectively and Net Cash Outflow of Rs. 36. 96 million for Half Year ended September 30, 2026, as considered in the unaudited consolidated financial results. These financial results have been reviewed by other auditors whose reports have been furnished to us by the management and our conclusion on the statements, in so far as it relates to the amounts and disclosures included in respect of these subsidiaries is based solely on the reports of the other auditors and the procedures performed by us stated in paragraph 3 above. Our conclusion on the Statement is not modified in respect of this matter. For GOA & Associates Chartered Accountants Firm Registration Number: 135780W ~;x-, Kishor V. Karve Partner Membership No.: 142951 Place: Pune Date: October 29, 2026 UDIN: 26142951GDCBMA5055 2 of 2 Office Address: Flat 7, Shashikant Terraces, Tejas Nagar, Kothrud , Pune- 411038 E mail: gdaandassociates@gmail .com