Q2 FY27 update: revenue up 22.4% YoY, retail up 31.1%, store count at 80

Q2 FY27 update: revenue +22.4% YoY, retail segment +31.1%, same-store sales +25.5%.

Thu 8 Oct 2026

Revenue Growth YoY

+22.4% YoY

Retail Segment Growth / SSSG

retail segment +31.1%, same-store sales +25.5%

Store Count / FY27 Expansion

2 stores opened, total now 80; ~23 more planned in FY27, taking the count to around ~103

Quarterly Update – Q2 FY27

Revenue Update

• Revenue grew 22.4% YoY in Q2 FY27, even though the Navratri festive period shifted to Q3 this year.
• The Retail segment grew 31.1% YoY, with same-store sales growth (SSSG) of 25.5% YoY as the main driver, which the company describes as substantially organic growth from existing stores.
• Retail contributed around 77.3% of total revenue, described as meaningfully higher on a YoY basis.
• Franchise business grew 34.7% YoY.
• E-commerce declined 83.6% YoY, which the company attributes to a deliberate reduction in the share of low-margin coin sales and a shift toward higher-margin jewellery products.
• The share of gold coin & bar sales in retail revenue came to ~15.8%, against ~23.3% in the same quarter last year, which the company links to a better quality and profitability mix.
• Raksha Bandhan period Rakhi sales grew 114% in pieces sold and 142% in value over the same quarter last year.

Sales Mix

• Gold revenue grew 23.5%, diamond 21.0% and silver 12.0% YoY.
• The retail stud ratio rose to 11.8% for the quarter, from 9.0% in the same quarter last year; the northern region recorded a stud ratio of 17.4%.
• Old gold exchange as a percentage of sales increased to 38% in Q2 FY27, from 29% in Q2 FY26, as more customers brought in existing gold to upgrade to new jewellery.

Operational Highlights

• LiteStyle has been transitioned to YOOU, positioned as a more distinctive and contemporary brand identity for everyday-wear and lifestyle-led jewellery, while using the PNG Jewellers brand's heritage.
• Two new stores were opened during the quarter: one Legacy store in Gurugram and one YOOU store in Amanora Mall, Pune.
• Total store count as of September 30, 2026 stood at 80 — 79 in India and 1 in the U.S.A.

Outlook for FY27

• The company says it remains on track to open further ~23 new stores during FY27, taking the total store count to around ~103 by year-end, phased over the remaining two quarters and driven mainly by franchise-led expansion.
• The Ayodhya store is expected to open by mid-October and the Prayagraj store by early November.
• 10 store commitments have already been secured — 6 Legacy and 4 YOOU stores — with more opportunities in the pipeline, predominantly in the Northern and Central regions.
• The company says it continues to strengthen its presence in Maharashtra while expanding in the Northern and Central regions.

What to note

• The update is a summary for the quarter ended September 30, 2026; the results are subject to limited review by the Statutory Auditors, and a detailed information update will follow after approval by the Board of Directors.
• The revenue figures mentioned represent revenue from the sale of goods.

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