PNGJL : REVENUE UP 22.4% YOY, RETAIL UP 31.1%; SSSG 25.5%

• Revenue grew 22.4% YoY despite the Navratri festive shift to Q3 • Retail segment grew 31.1% YoY with same-store sales growth of 25.5%; retail contributed ~77.3% of total revenue • Franchise business up 34.7% YoY; E-commerce down 83.6% YoY on deliberate reduction in low-margin coin sales • Gold revenue up 23.5%, diamond up 21.0%, silver up 12.0% YoY; stud ratio rose to 11.8% from 9.0% • Opened 2 new stores — Legacy in Gurugram and YOOU in Amanora Mall, Pune; total store count 80 as of Sept 30, 2026 • FY27 outlook: on track to open ~23 new stores, total to ~103 by year-end; Ayodhya store by mid-October, Prayagraj by early November • Old gold exchange rose to 38% of sales v 29% YoY; gold coin & bar share in retail revenue normalized to ~15.8% from ~23.3%

P N Gadgil Jewellers Limited

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