About Company

• The Company was originally incorporated as “P N Gadgil Jewellers Pvt. Ltd”, in October 2013 at Pune. The name was subsequently changed to “P N Gadgil Jewellers Ltd”, upon conversion to a public limited company in April 2023. The company is the 2nd largest among the prominent organized jewellery players in Maharashtra, in terms of the number of stores as on January 2024.
• The company is the fastest growing jewellery brand amongst the key organised jewellery players in India, based on the revenue growth between FY 2022 – FY 2024. During FY2022 – FY2024 the company’s revenues from operations grew at a CAGR 54.63% and achieved an EBITDA growth of 39.78%, which is the 2nd highest in key organised jewellery players in India.
• The company operates 39 stores spread across 21 cities in Maharashtra and Goa and 1 store in the U.S. having an aggregate retail area of ~108,282 sq. ft., Of the 39 stores 28 stores are owned by the company, and 11 stores are operated on a franchisee owned and company operated (FOCO) model. Between FY2022-24, the company opened 9 new stores at an average of ~ 3 stores opening per year across multiple regions.
• The company intends to open additional 9 stores by FY2025 and 3 stores by FY2026 and expects the number of stores in Western India to increase to 51 stores.
• As of March 31, 2024, the company’s product portfolio comprises over 10,000 SKUs in gold, over 1,200 SKUs in silver, over 2,700 SKUs in platinum and over 24,000 SKUs in diamond jewellery designs, including a wide range of gold, diamond, silver and platinum products across different price points.
• As of July 31, 2024, the company had 8 sub – brands in gold jewellery, 2 sub- brands in diamond and 2sub – brands in platinum jewellery collections. During FY2024, 2023 and 2022, the company launched 291, 159 and 106 new designs, respectively.
• The company’s existing store footfall grew by 27.70% between FY2022 and FY2024. The average transaction value of its products increased at a CAGR of for gold jewellery is 16.46%, for diamond jewellery is 22.69% and for silver jewellery is 3.05% between FY2022 and FY2024
• The company’s revenue from operations increased from ? 2,555.63 Cr in FY2022 to ? 6,110.95 Cr in FY2024 at a CAGR of 54.63%. The company’s profit for the year increased from ? 69.52 Cr in FY2022, to ? 154.34 Cr in FY2024. The company’s revenue per square feet in FY2024 was the highest among the key organised jewellery players in India. Moreover, the company had the lowest working capital days among the key organised jewellery players in FY2024.

Strengths

Competitive Strength 

• Well established and trusted legacy brand in Maharashtra;
• Second largest organised retail jewellery player and one of the fastest growing brand in Maharashtra;
• Diversified product portfolio across categories and price points;
• Experienced Promoter and management team with proven execution capabilities; and
• Strong historical financial results.

 Business Strategies 

• Expand retail network in western India by leveraging the brand
• Continue to invest in marketing and brand building initiatives
• Focus on increasing footfalls in existing stores and increasing the average transaction value
• Increase digital presence to increase customer base and sales

Company Promoters

Company Financials

P N Gadgil Jewellers Limited's revenue increased by 34% and profit after tax (PAT) rose by 65% between the financial year ending with March 31, 2024 and March 31, 2023.

Objects of the Issue

The Company proposes to utilize the Net Proceeds towards funding the following objects:

1. Funding expenditure towards setting up 12 new stores in Maharashtra (New Stores);
2. Repayment or pre-payment, in full or part, of certain borrowings availed by the Company; and
3. General corporate purposes.