Transcript of Conference Call held on October 30, 2026

Date: November 05, 2026 To, To, BSE Limited, National Stock Exchange of India Limited, Phiroze Jeejeebhoy Towers, Exchange Plaza, C-1, Block-G, BKC, Dalal Street, Mumbai – 400001 Bandra (East), Mumbai – 400051 Scrip Code: 544256 Symbol: PNGJL Subject: Transcript of Conference Call Dear Sir/ Madam, Pursuant to Regulation 30 of Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, please find enclosed herewith the transcript of the Conference Call held on Friday, October 30, 2026, at 04:00 P.M. (IST). The details are also available on the website of the Company at www.pngjewellers.com Kindly take the above information on your records. Thanking You. Yours Sincerely, For P N Gadgil Jewellers Limited Prakhar Gupta Company Secretary & Compliance Officer P N Gadgil Jewellers Limited Registered Office.: PNG House, 694, Narayan Peth, Kunte Chowk, Laxmi Road,Pune, - 411030. Maharashtra, India. Tel. No. +91 20 24435005 I Fax: +91 20 244305011 Toll Free no.: 1800 233 5005 (1 1 A.M. - 7 P.M.) I www.pngjewellers.com I info@pngadgil.com I CIN: L36912PN2013PLC149288 I INDIA I USA “P N Gadgil Jewellers Limited” Q2 FY27 Earnings Conference Call October 30th, 2026 MANAGEMENT: DR. SAURABH GADGIL – CHAIRMAN AND MANAGING DIRECTOR – P N GADGIL JEWELLERS LIMITED MR. DEEPAK VIJAY – CHIEF FINANCIAL OFFICER – P N GADGIL JEWELLERS LIMITED MODERATOR: MR. AAYUSH ADUKIA – NUVAMA INSTITUTIONAL EQUITIES Page 1 of 14 P N Gadgil Jewellers Limited October 30th, 2026 Moderator: Ladies and gentlemen, good day and welcome to P N Gadgil Jewellers Limited Q2 FY27 Earnings Conference Call hosted by Nuvama Institutional Equities. As a reminder, all participant lines will be in the listen-only mode and there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during the conference call, please signal an operator by pressing star then zero on your touchtone phone. Please note that this conference is being recorded. I now hand the conference over to Mr. Aayush Adukia from Nuvama Institutional Equities. Thank you, and over to you, sir. Aayush Adukia: Thank you, Yusuf. Good afternoon, everyone. On behalf of Nuvama, it is a pleasure to welcome you to P N Gadgil Jewellers Q2 FY27 Earnings Conference Call. From the management today, we have Dr. Saurabh Gadgil, Chairman and MD and Mr. Deepak Vijay, CFO. I would like to hand over the call to the management for their opening remarks. Over to you, Saurabh. Saurabh Gadgil: Thank you, Aayush. Good evening, everyone, and a very warm welcome to the Q2 FY27 Earnings Conference Call of P N Gadgil Jewellers Limited. I hope you had an opportunity to review our financial results, our investor presentations and press release, which is uploaded on the exchanges and on the company's website. To begin with, I would like to express my sincere gratitude to our customers, employees, franchisee partners, vendor partners and shareholders for their continued trust and support. Their confidence in PNG Jewellers continues to inspire us as we build on legacy and deliver a strong performance in the second quarter and the first half of FY27. This July to September quarter is traditionally a relatively subdued period for the jewellery industry, largely coinciding with Chaturmas when wedding-related demand tends to be lower. Despite this seasonal moderation, consumer demand remained healthy. With gold prices continuing to remain elevated, customers increasingly graduated towards lightweight designs, studded jewellery and old gold exchange. These evolving preferences continue to create opportunities for trusted organized retailers with established brands and a strong focus on transparency and customer confidence. PNG Jewellers has delivered a revenue of INR2,666 crores, up 22% Y-o-Y. And EBITDA grew 57% Y-o-Y to INR224.6 crores, with EBITDA margin expanding 186 bps to 8.4%, while profit after tax grew 53% Y-o-Y to INR121 crores with a PAT margin of 4.5%. Profit grew well over twice as fast as revenue, reflecting a richer product mix, a higher retail share and a growing operating leverage. For the first half, revenue grew 31% to INR5,079 crores and PAT grew 52% to INR226.5 crores. This was also a defining quarter for our brand portfolio. We rebranded LiteStyle as YOOU by PNG, which is lightweight diamond jewellery. Page 2 of 14 P N Gadgil Jewellers Limited October 30th, 2026 Moderator: Sorry to interrupt, sir, your voice is breaking. Saurabh Gadgil: We rebranded LiteStyle as YOOU by PNG, which is a lightweight diamond jewellery brand for younger style-conscious consumers and the response has been very encouraging with YOOU stud ratio rising to 53.1% from 32.9% last quarter. On 1st October, we completed the 100% acquisition of Silvostyle, a fast-growing silver fashion jewellery brand that grew revenue at 64% CAGR and PAT at 99% CAGR between FY24 and FY26 and already operates 18 stores and around 68 Shop-in-shops at PNG & YOOU and Silvostyle, we now have one house and three brands. Moderator: Sir, your voice is breaking. There is cracking sound coming from your line. Sir, I'll just disconnect and reconnect. Ladies and gentlemen, please wait while we reconnect the management. Ladies and gentlemen, thank you for patiently holding. We have the line for the management reconnected. Over to you, sir. Saurabh Gadgil: So now with PNG legacy, YOOU and Silvostyle, we now have 1 house and 3 brands that engage with every generation of jewellery buyers. In Q2 of FY '27, we also raised INR700 crores through QIP, which was over oversubscribed 1.5x. CRISIL also reaffirmed our credit rating at A+ with stable outlook. These developments have further strengthened our financial position and provided a solid foundation for the next phase of our growth. We currently work with over 100 Karagir associations and more than 180 vendor associations, reflecting the strength of our long-standing partnership. We also remain open to exploring any further strategic opportunities for synergies -- for synergistic integration across the value chain wherever they can strengthen our capabilities and support our long-term growth. We closed the quarter with 80 stores, comprising of 79 stores in India and 1 in U.S. These include 7 company-owned stores across Uttar Pradesh, Madhya Pradesh, Bihar and Haryana, reflecting our growing presence in Northern and Central India. Encouragingly, these markets are already showing promising results with our stores in the region recording a stud ratio of 17.4%, well above the company average. This gives us confidence in our expansion strategy and the potential of these markets. We remain on track to open 23 new stores in FY27, taking our total store count to approximately 103 by the year-end. Moderator: Sorry to interrupt, sir, your voice is again breaking. Saurabh Gadgil: Can you call in mobile please now? Moderator: Okay, I'll reconnect you. Ladies and gentlemen, thank you for patiently holding. We have the line for the management reconnected. Over to you, sir. Saurabh Gadgil: We remain on track to open around 23 new stores in FY '27, taking our total store count to approximately 103 by the year-end. Expansion will gather pace over the next 2 quarters, driven Page 3 of 14 P N Gadgil Jewellers Limited October 30th, 2026 primarily by the franchisee-led model across both legacy and YOOU formats. Our Ayodhya store is already operational, while the Prayagraj store is scheduled to open on 4th of November 2026. Of the planned addition, 8 to 10 openings are targeted in Q3, while the remaining openings are planned for Q4 FY '27, supported steady progress towards the expansion targets. We have also strengthened our risk management framework, raising the hedge coverage to approximately 80%, making our earnings more resilient to gold price swings. Backed by a 195-year-old legacy, a sharper brand portfolio and a strong balance sheet, we remain confident of delivering sustainable profi [Showing first 8,000 characters — download PDF for full document]