SYNOPSIS:
PNGS Gargi Fashion Jewellery reported a 102 percent YoY rise in revenue and 106 percent YoY profit growth in Q2 FY26, driven by strong festive sales, retail expansion, and sustained consumer demand.
Shares of a company involved in the trading of fashion/costume jewellery, gold and diamond jewellery, & silver jewellery, articles of silver and other articles surged nearly 18 percent on Wednesday, after reporting Q2 FY26 results with a rise in the net profit by around 94 percent QoQ and 106 percent YoY.
At 01:51 p.m., shares of PNGS Gargi Fashion Jewellery Limited were trading in green at Rs. 1,060 on BSE, up by around 18 percent, compared to its previous closing price of Rs. 900.65, with a market cap of Rs. 1,110 crores. The stock has delivered positive returns of over 16 percent in one year, and has gained by nearly 28 percent in the last one month.
What’s the News
PNGS Gargi Fashion Jewellery Limited announced the financial results for the second quarter of FY26 on Wednesday during market hours, as per the latest regulatory filings with the BSE.
For Q2 FY26, the company reported a revenue from operations of Rs. 46.4 crores, reflecting a growth of around 70 percent QoQ compared to Rs. 27.3 crores in Q1 FY26, and a significant year-on-year increase of about 102 percent from Rs. 23 crores recorded in Q2 FY25.
During the same period, net profit stood at Rs. 10.3 crores, indicating a rise of over 94 percent QoQ from Rs. 5.3 crores in Q1 FY26, and an impressive growth on a year-on-year basis by nearly 106 percent from Rs. 5 crores reported in Q2 FY25.
For the half year ended September 2024, PNGS Gargi Fashion reported exceptional sales of Rs. 25.7 crore, marking a strong performance during the period. Effective 1st April 2024, the company transitioned its Shop-in-Shop (SIS) model with P. N. Gadgil & Sons Limited from a Franchisee Operated–Company Owned (FOCO) model to a Franchisee Owned–Franchisee Operated (FOFO) structure. As part of this transition, the company executed a one-time sale of inventory to the PNGS SIS on the same date.
The company recorded robust festive season sales between 20th September 20 and 23rd October 2025, across both Shop-in-Shop (SIS) outlets and Exclusive Brand Stores (EBS), reflecting strong consumer demand and effective retail execution.
Additionally, the company completed a preferential allotment of 90,000 equity shares to promoters and 22,500 shares to non-promoter investors at an issue price of Rs. 970 per share. The allotment did not result in any change in control or management. The funds raised are intended to support additional marketing initiatives and fuel the company’s pan-India expansion plans, reinforcing its growth trajectory in the premium fashion jewellery segment.
About the Company
PNGS Gargi Fashion Jewellery Limited operates in the retail business of costume and fashion jewellery under the brand name ‘Gargi by P. N. Gadgil & Sons’, launched in 2021 within the artificial jewellery segment. It offers a wide range of products from the artificial jewellery segment for special occasions such as weddings and festivals to daily-wear jewellery for all ages, genders and across various price points.
The company operates through a shop-in-shop model and has entered into an agreement with P.N. Gadgil & Sons Limited and P. N. Gadgil Art & Culture Foundation to have point of sales (POS) counters at its existing 30 showrooms across the states of Maharashtra, Gujarat and Karnataka. The products are partly manufactured by artisans who work exclusively for us and partially purchased from others.
In addition to this, the company has several freelance designers to help keep designs relevant. These products are mainly marketed using both online as well as offline marketing tools. As of Q2 FY26, the company operates 33 SIS stores with P. N. Gadgil & Sons Limited, 51 SIS outlets with other entities, and 21 exclusive brand stores.
Written by Shivani Singh
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