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Swing Capital

P N Gadgil Jewellers Ltd

NSE: PNGJL BSE: 544256Retail

Established in 1832, P. N. G Jewellers Ltd is in the retail business of gold, silver, and diamond jewellery[1]

₹545
52W: ₹503 — ₹736
PE 18.3 · Book ₹145 · +276% vs book
Market Cap₹7,400 Cr
Stock P/E18.3Price to Earnings
ROCE20.7%Return on Capital
ROE22.8%Return on Equity
Div. Yield0%Face Value ₹10

Strengths

  • +Company is expected to give good quarter
  • +Company has delivered good profit growth of 122% CAGR over last 5 years

Weaknesses

  • −Though the company is reporting repeated profits, it is not paying out dividend
  • −Company might be capitalizing the interest cost

Shareholding Pattern

Promoters83.11%
FIIs0.73%
DIIs4.72%
Public11.45%
CategorySep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Promoters83.11%83.11%83.11%83.11%83.11%83.11%83.11%
FIIs3.8%1.93%▼1.90.65%▼1.30.64%▼0.00.91%▲0.30.75%▼0.20.73%▼0.0
DIIs5.8%5.34%▼0.55.49%▲0.25.34%▼0.24.99%▼0.34.8%▼0.24.72%▼0.1
Public7.29%9.6%▲2.310.75%▲1.210.92%▲0.210.98%▲0.111.33%▲0.311.45%▲0.1

Financial Statements

MetricDec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Sales1,9391,4981,6482,0022,4071,5741,7022,1543,2533,531
Expenses1,8471,4101,5851,9442,2871,4811,5952,0483,0153,400
Operating Profit9288635712094108107238131
OPM %5%6%4%3%5%6%6%5%7%4%
Net Profit575535328562688016687
EPS ₹10.344.632.962.396.284.65.025.8712.256.41

AI Insights

Revenue Trend

Mar 2026 revenue at ₹10,641Cr, up 41.4% YoY. OPM at 6%.

Debt Position

Borrowings at ₹1,705Cr. Debt-to-equity ratio: 0.93x. Moderate leverage.

Institutional Flow

DIIs: 4.72% (-1.08pp change). FIIs: 0.73% (-3.07pp change). Promoters hold 83.11%.

Margin & Efficiency

ROCE improving from 0% (Mar 2018) to 21% (Mar 2026). Working capital days: 34.

Valuation

PE 18.3x with 20.7% ROCE. Price is 276% above book value of ₹145. Dividend yield: 0%.

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