Gargi by P N Gadgil & Sons (PNGS) has expanded its physical retail presence with the inauguration of four exclusive brand outlets in Pune and Hyderabad.
The brand launched three stores in the Pune neighbourhoods of Ravet, Baner, and Paud Road, alongside a new outlet at DSL Mall in Hyderabad. These openings occurred in late March 2026, marking the conclusion of the company’s 2025-26 financial year.
According to a report by JewelBuzz, the Ravet store at Yashada Windsons opened on 26 March 2026. The new outlets feature the brand’s complete inventory, including 925 sterling silver items and certified natural diamond jewellery.
Aditya Modak, Co-founder and Director of Gargi by PNGS, stated that the expansion in Pune reinforces local consumer trust while the Hyderabad launch strengthens the company’s position in the South Indian market.
Financial Performance and Valuation
The retail expansion follows a period of significant fiscal growth for the listed fashion jewellery entity. For the first nine months of the 2025-26 financial year, the company reported total revenues of 119 crore.
During the third quarter, revenues reached 46 crore, representing a 27% increase compared to the same period in the previous year. Data from the Bombay Stock Exchange indicates that the company maintains a market capitalisation exceeding 800 crore.
The brand maintains an EBITDA margin of approximately 31% and operates with a debt-free balance sheet. Net profit for the third quarter grew by more than 15% year-on-year. This financial stability has allowed the firm to maintain profitability in every quarter since its inception.
The brand now operates across more than 40 cities through a combination of exclusive brand outlets, franchise stores, and shop-in-shop formats.
Corporate History and Strategic Expansion
Gargi by PNGS commenced its retail operations in 2021 and successfully listed on the BSE SME platform in December 2022.
The brand was established to capture the growing market for branded fashion jewellery, a sector traditionally dominated by unorganised players. Since its initial public offering, the company has scaled its footprint significantly.
Prior to the March 2026 launches, the brand expanded into several new markets, including Aurangabad, Indore, and Noida.
The company’s shares have previously demonstrated strong market performance following positive quarterly results, reflecting investor confidence in the brand’s business model.
Gargi by PNGS has set a target of opening at least one new store per month throughout the 2026-27 financial year to continue its national expansion. This strategy aims to reinforce the brand’s position as a prominent name in the Indian fashion jewellery sector.
