P N Gadgil Jewellers Limited is the second-largest organized jewellery player in Maharashtra, as of January 2024, in terms of the number of stores, which is the largest market for BIS-registered outlets in India. The company is also the fastest-growing jewellery brand among key organized players in India, with a Compound Annual Growth Rate (CAGR) of 54.63% in revenue from operations between Fiscal 2022 and Fiscal 2024. During the same period, we achieved an EBITDA growth of 39.78%, the second highest among key organized jewellery players in the country. Additionally, they recorded the highest revenue per square foot in Fiscal 2024 among these players. Maharashtra leads retail spending in India, accounting for approximately 15% of the overall retail spend on jewellery in Fiscal 2023.

Their brand, ‘PNG,’ inherits its legacy from the ‘P N Gadgil’ brand, which dates back to 1832 and boasts over a century of heritage. Leveraging this rich legacy, we have established a strong brand recall and presence in Maharashtra. They offer a wide range of precious metal jewellery, including gold, silver, platinum, and diamond, catering to various price points and customer needs. Their collections are designed for special occasions such as weddings, engagements, anniversaries, and festivals, as well as for everyday wear. Their products are primarily sold under their flagship ‘PNG’ brand and various sub-brands, through multiple channels, including their 39 retail stores as of July 31, 2024, and various online marketplaces, including their website.

As of July 31, 2024, their retail network has expanded to 39 stores, comprising 38 stores across 21 cities in Maharashtra and Goa, and one store in the U.S., covering a total retail area of approximately 108,282 square feet. All their stores are operated and managed by them, with 28 owned stores and 11 franchisee stores operating under a franchisee-owned, company-operated (FOCO) model. They believe that this model allows them to maintain control over product quality and ensure consistent customer experience and service across all their stores. Their stores are categorized into 22 large-format stores (2,500 sq. ft. or more), 13 medium-format stores (1,000-2,500 sq. ft.), and 4 small-format stores (less than 1,000 sq. ft.). We plan to further expand their store network by opening 12 new stores in Maharashtra by Fiscal 2026, with the establishment of these stores to be financed through the Net Proceeds.

Their multi-channel approach integrates in-store experiences with a strong digital presence, including their website and major online marketplaces. In March 2022, we launched their mobile application “PNG Jewellers,” which keeps their customers informed about new designs and collections, enhancing their overall in-store experience.

They continue to build on the ‘PNG’ brand, which has strong brand recall. This, combined with their focus on quality and customer service, has allowed them to maintain a loyal customer base. Their company, led by promoter Saurabh Vidyadhar Gadgil, benefits from extensive experience in the jewellery sector. This knowledge helps us understand customer preferences and curate a broad portfolio of designs across different ranges and price points, specifically catering to aesthetic and functional needs.