Key Financials Snapshot

TTM · Standalone · ₹ in Cr
Market Cap
₹587 Cr.
Stock P/E
18.7
P/B
4.3
Current Price
₹610
Book Value
₹ 140.4
Face Value
10
52W High
₹1197
52W Low
₹ 532.2
Dividend Yield
—

PNGS Gargi Fashion Overview

Business

PNGS Gargi Fashion Jewellery Ltd. is engaged in the design, manufacturing (or sourcing), and retailing of fashion jewellery in India. The company operates primarily under the brand "Gargi by P.N. Gadgil & Sons". Its core business model involves offering a wide range of imitation and fashion jewellery products that cater to various occasions, styles, and price points. The company makes money by selling these jewellery products directly to consumers through its owned retail stores, franchise outlets, shop-in-shop formats, and increasingly through online channels, leveraging the brand legacy of P.N. Gadgil & Sons.

Revenue Mix

The primary revenue segment for PNGS Gargi Fashion Jewellery Ltd. is the sale of fashion and imitation jewellery. While specific sub-segments are not publicly detailed with revenue contribution, their product offerings typically include necklaces, earrings, bangles, bracelets, rings, and other accessories made from various non-precious metals and materials. Revenue is generated through retail sales channels (both physical and online).

Industry

The Indian fashion jewellery industry is largely fragmented, with a significant presence of unorganized players alongside a growing number of organized retailers. It is a dynamic market driven by evolving fashion trends, cultural preferences, and increasing disposable incomes. PNGS Gargi positions itself as an organized player offering trendy, high-quality, and affordable fashion jewellery. Leveraging the brand association with the well-established "P.N. Gadgil & Sons," it aims to gain consumer trust and market share against local unorganized players and other regional/national brands.

MOAT

The company's primary competitive advantage stems from its association with the "P.N. Gadgil & Sons" legacy, which provides inherent brand credibility and trust in the jewellery market. This brand recognition can help in customer acquisition and retention. Other potential advantages include its design capabilities to adapt to fast-changing fashion trends, a growing retail presence (both physical and online), and potentially efficient sourcing/supply chain management for imitation jewellery. However, the fashion jewellery market generally has lower switching costs for consumers.

Growth Drivers

Increasing Disposable Incomes: Rising middle-class incomes and urbanization in India drive demand for fashion accessories.

Evolving Fashion Trends: Consumers' growing preference for affordable, trendy, and versatile jewellery for various occasions, moving beyond traditional precious jewellery for daily wear.

Expansion of Retail Footprint: Opening new stores (company-owned, franchise, or shop-in-shop) in new geographies can drive sales growth.

E-commerce Penetration: Leveraging online platforms and digital marketing to reach a wider customer base, especially younger demographics.

Shift from Unorganized to Organized Sector: Increasing consumer preference for branded products, quality assurance, and standardized pricing benefits organized players.

Risks

Intense Competition: Highly fragmented market with numerous local, regional, and national players, as well as online-only brands, leading to price pressure.

Changing Fashion Trends: Risk of inventory obsolescence if the company fails to adapt quickly to evolving fashion preferences and consumer tastes.

Economic Downturn: As a discretionary spend, fashion jewellery sales can be sensitive to economic slowdowns or reduced consumer spending.

Raw Material Price Volatility: Fluctuations in the cost of non-precious metals, stones, and other materials used in imitation jewellery production or sourcing can impact margins.

Supply Chain Disruptions: Reliance on specific suppliers or manufacturing processes could lead to disruptions impacting inventory and sales.

Management & Ownership

PNGS Gargi Fashion Jewellery Ltd. is promoted by the P.N. Gadgil & Sons group, a renowned and historically significant name in the Indian jewellery industry. This association suggests an experienced promoter group with deep domain knowledge and understanding of the jewellery market. The management team is expected to leverage this legacy and expertise to drive the company's growth in the fashion jewellery segment. Ownership is likely concentrated with the promoter family, as is common with many Indian businesses.

Outlook

PNGS Gargi Fashion Jewellery Ltd. operates in a growing and dynamic market driven by changing consumer preferences and increasing affordability. The company's association with the P.N. Gadgil & Sons brand provides a strong foundation of trust and recognition.

Bull Case: The company successfully leverages its brand equity, expands its retail and online presence effectively, and demonstrates agility in catering to fast-changing fashion trends. This could enable it to capture a significant share of the organized fashion jewellery market, benefiting from India's rising disposable incomes and shifting consumer habits.

Bear Case: Intense competition, particularly from unorganized players and emerging online brands, could lead to pricing pressures and margin erosion. Failure to accurately predict and adapt to fashion trends could result in inventory write-offs. Economic volatility impacting discretionary spending could also dampen growth prospects. The challenge lies in consistently delivering fresh designs and expanding reach efficiently while maintaining profitability in a highly competitive sector.

PNGS Gargi Fashion Share Price

Live · BSE · Inception: 2009
₹ | |
Volume
Price

Key Financials — Profit & Loss

₹ in Cr · Standalone · annual

PNGS Gargi Fashion Quarterly Results

#(Fig in Cr.) Mar 2024 Jun 2024 Sep 2024 Dec 2024 Mar 2025 Jun 2025 Sep 2025 Dec 2025 Mar 2026 Jun 2026
Net Sales 15 44 23 36 23 27 46 46 30 30
Other Income 0 0 0 1 1 1 1 2 1 2
Total Income 16 44 23 37 24 29 48 48 31 32
Total Expenditure 12 30 16 25 18 21 33 33 23 24
Operating Profit 3 14 7 13 6 8 14 15 8 8
Interest 0 0 0 0 0 0 0 0 0 0
Depreciation 0 0 0 0 0 0 0 0 1 1
Exceptional Income / Expenses 0 0 0 0 0 0 0 -0 0 0
Profit Before Tax 3 14 7 12 6 7 14 14 7 7
Provision for Tax 1 4 2 3 1 2 3 4 2 2
Profit After Tax 2 10 5 9 4 5 10 11 5 5
Adjustments 0 0 0 0 0 0 0 0 0 0
Profit After Adjustments 2 10 5 9 4 5 10 11 5 5
Adjusted Earnings Per Share 2.4 10.9 4.9 8.8 4 5.1 9.8 10.1 4.9 4.8

PNGS Gargi Fashion Profit & Loss

#(Fig in Cr.) Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026 TTM
Net Sales 0 0 6 29 51 126 149 152
Other Income 0 0 0 0 1 2 5 6
Total Income 0 0 6 29 51 128 155 159
Total Expenditure 0 0 4 22 39 89 110 113
Operating Profit -0 0 2 7 12 40 45 45
Interest 0 0 0 0 0 0 1 0
Depreciation 0 0 0 0 0 1 2 2
Exceptional Income / Expenses 0 0 0 0 0 0 -0 0
Profit Before Tax -0 0 1 6 11 39 42 42
Provision for Tax 0 0 0 2 3 10 11 11
Profit After Tax -0 0 1 5 8 29 31 31
Adjustments 0 0 0 0 0 0 0 0
Profit After Adjustments -0 0 1 5 8 29 31 31
Adjusted Earnings Per Share -0.4 1.3 394.8 4.9 8.8 27.8 29.9 29.6

PNGS Gargi Fashion Balance Sheet

#(Fig in Cr.) Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026
Shareholder's Funds 0 0 1 21 29 100 142
Minority's Interest 0 0 0 0 0 0 0
Borrowings 0 0 0 0 0 0 0
Other Non-Current Liabilities 0 0 0 0 1 7 15
Total Current Liabilities 0 0 7 4 11 20 21
Total Liabilities 0 0 9 26 41 126 178
Fixed Assets 0 0 0 1 1 5 14
Other Non-Current Assets 0 0 0 0 0 4 3
Total Current Assets 0 0 8 24 39 117 161
Total Assets 0 0 9 26 41 126 178

PNGS Gargi Fashion Cash Flow

#(Fig in Cr.) Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026
Opening Cash & Cash Equivalents 0 0 0 1 11 1 20
Cash Flow from Operating Activities -0 -0 -4 2 -11 15 11
Cash Flow from Investing Activities 0 0 -0 -1 -0 -39 -40
Cash Flow from Financing Activities 0 0 5 10 1 43 10
Net Cash Inflow / Outflow -0 -0 1 11 -11 19 -19
Closing Cash & Cash Equivalent 0 0 1 11 1 20 1

PNGS Gargi Fashion Ratios

# Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026
Earnings Per Share (Rs) -0.36 1.25 394.75 4.87 8.79 27.81 29.92
CEPS(Rs) -0.29 1.25 402.07 5.05 9.13 28.39 31.43
DPS(Rs) 0 0 0 0 0 0 0
Book NAV/Share(Rs) 4.57 5.79 399.93 21.38 30.16 96.24 135.53
Core EBITDA Margin(%) 0 65 25.65 22.89 22.73 29.67 26.58
EBIT Margin(%) 0 70 25.31 22.8 23.24 30.88 29
Pre Tax Margin(%) 0 68.33 24.98 22.12 22.48 30.64 28.36
PAT Margin (%) 0 58.33 18.61 16.35 16.75 22.8 20.97
Cash Profit Margin (%) 0 58.33 18.96 16.97 17.4 23.28 22.03
ROA(%) -3.41 12.57 25.79 27.52 25.43 34.52 20.63
ROE(%) -7.81 24.14 194.6 43.22 34.09 44.76 25.94
ROCE(%) -6.1 23.2 46.59 46.92 44.97 59.81 35.87
Receivable days 0 389.33 0.4 0.22 6.9 22.73 33.57
Inventory Days 0 0 419.12 109.92 153.76 92.29 97.75
Payable days 0 0 74.29 30.34 41.48 32.58 31.21
PER(x) 0 0 0 19.77 60.62 33.28 25.69
Price/Book(x) 0 0 0 4.5 17.66 9.62 5.67
Dividend Yield(%) 0 0 0 0 0 0 0
EV/Net Sales(x) 0 -0.88 0.79 2.87 10.17 7.16 4.9
EV/Core EBITDA(x) 9 -1.26 3.08 12.24 42.57 22.83 16.25
Net Sales Growth(%) 0 0 0 382.78 76.15 150.1 18.27
EBIT Growth(%) 0 520 0 334.99 79.53 232.33 11.07
PAT Growth(%) 0 450 0 324.27 80.37 240.57 8.76
EPS Growth(%) 0 450 0 -98.77 80.37 216.57 7.59
Debt/Equity(x) 0.28 0.22 4.74 0.04 0.06 0 0
Current Ratio(x) 1.76 2.59 1.12 5.43 3.53 5.96 7.7
Quick Ratio(x) 1.76 2.59 0.19 3.08 0.64 4.34 5.39
Interest Cover(x) 0 42 77.09 33.21 30.51 125.89 45.46
Total Debt/Mcap(x) 0 0 0 0.01 0 0 0

Growth Rates

Compounded annual
# 1 Year 3 Year 5 Year 10 Year
Sales CAGR +18% +73% — —
Operating Profit CAGR +13% +86% — —
PAT CAGR +7% +84% — —
Share Price CAGR -31% +24% — —
ROE Average +26% +35% +69% +51%
ROCE Average +36% +47% +47% +36%

PNGS Gargi Fashion Shareholding Pattern

Latest · Sep 2026
100% held
Promoters 68.28 %
FII 0.19 %
DII (MF + Insurance) 0.45 %
Public (retail) 31.07 %
Others 0.01 %
# Jun 2024 Sep 2024 Dec 2024 Mar 2025 Jun 2025 Sep 2025 Dec 2025 Mar 2026 Jun 2026 Sep 2026
Promoter 72.0870.8570.2370.2370.2168.2868.2868.2868.2868.28
FII 0000000.010.020.070.19
DII 0.190.551.011.011.091.161.21.231.30.45
Public 27.7328.628.7628.7628.730.5630.5130.4730.3531.07
Others 0000000000
Total 100100100100100100100100100100

PNGS Gargi Fashion Peer Comparison

Retailing Edit Columns

PNGS Gargi Fashion Quarterly Price

10-year quarterly close · BSE
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News & Updates

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PNGS Gargi Fashion Pros & Cons

Pros

  • Company has a good return on equity (ROE) track record: 3 Years ROE 35%
  • Debtor days have improved from 32.58 to 31.21days.
  • Company is almost debt free.

Cons

  • Though the company is reporting repeated profits, it is not paying out dividend.
  • Stock is trading at 4.3 times its book value.
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