Transcript of Conference Call held on July 28, 2026

Date: August 04, 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 audio call of the Conference Call held on Tuesday, July 28, 2026, at 03:00 P.M. (IST). The details are also available on the website of the Company at https://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” Q1 FY27 Conference Call July 28th, 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 WEALTH Page 1 of 16 P N Gadgil Jewellers Limited July 28th, 2026 Moderator: Ladies and gentlemen, good day and welcome to the P N Gadgil Jewellers Limited Q1 FY27 Conference Call. 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 this 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. Thank you and over to you, sir. Aayush Adukia: Thank you, Ananya. Good afternoon, everyone. On behalf of Nuvama, it is a pleasure to welcome you to P N Gadgil Jewellers Q1 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. Good afternoon, everyone, and a very warm welcome to the Q1 FY27 Earnings Conference Call of P N Gadgil Jewellers Limited. I hope you have had an opportunity to review our financial results, investor presentation, and quarterly update, which are uploaded on the exchanges and on the company's website. At the onset, I would like to thank our customers, employees, franchise partners, vendor partners, and shareholders for their continued trust. Their confidence has enabled us to deliver our highest ever first quarter, beginning FY27 on a strong note. The Indian jewellery industry remained resilient throughout April to June despite record gold prices. Demand was supported by weddings and an outstanding Akshaya Tritiya, with festive sales growing 80.3% year-over-year to INR251.4 crores. Customers continued to gravitate towards lightweight jewellery, studded products, and old gold exchange trends and that continues to favor trusted organized players with strong brand and transparent pricing. Against this backdrop, PNG delivered a revenue of INR2,413 crores, up 41% year-over-year. EBITDA grew 57% year-over-year to INR192.4 crores, with the EBITDA margin at 8%, while profit after tax grew 52% year-over-year to INR105.3 crores, with a PAT margin at 4.4%. This performance reflects the strength of the PNG brand, healthy consumer demand across categories, and our continued focus on disciplined execution and operational excellence. Operationally, the quarter was about strengthening our existing network while preparing for the next phase: site identification, franchise onboarding, and execution planning for the expansion pipeline. We ended the quarter with 78 stores. Looking ahead, we remain committed to opening around 25 stores during FY2027, taking our network to approximately 103 stores by the year-end. A few launches are planned in Q2, while the bulk of expansion is planned across Q3 and Q4 through a franchise-led approach across both legacy and litestyle formats, deepening our presence in Maharashtra while expanding our reach in Uttar Pradesh, Bihar, Central India, and NCR. Page 2 of 16 P N Gadgil Jewellers Limited July 28th, 2026 Despite elevated gold prices, our performance remains in line with our previously communicated guidance. Supported by a 194-year-old legacy, disciplined execution, growing pan-India presence, and a continued formalization of the jewellery industry, we remain confident of delivering sustainable growth throughout FY2027. With that, I will hand over the call to our Chief Financial Officer, Mr. Deepak Vijay. Deepak Vijay: Hi, thank you, Saurabh, and good afternoon, everybody. So let me take you through the financial performance for the quarter ended June 30, 2026. Consolidated revenue from operations grew 41% year-on-year to INR2,413 crore, driven by broad-based growth across retail, franchise, and e-commerce. Retail grew 56% on the back of 46% SSSG. Franchise grew 8% and e-commerce grew 20%, reflecting continued traction across marketplaces, our D2C platform and digital initiatives. Gross profit for the quarter stood at INR319.6 crores with a gross margin of 13.2%. EBITDA stood at INR192.4 crores, up 57% year-on-year, with EBITDA margin expanding 80 bps to 8%. Profit after tax stood at INR105.3 crores, up 52% year-on-year, with PAT margin up 40 bps to 4.4%. Basic EPS came in at INR7.8 against INR5.1 in quarter one last year. Our studded jewellery strategy continues to gain traction. Retail studded ratio improved to 10.9% from 9.9% in the previous quarter, with our recently launched stores in North and Central India already running stud ratios of 15% to 18%, well ahead of our mature Maharashtra network, while Litestyle by PNG posted a stud ratio of 32.9%. Our gold bars and coins business also continues to strengthen customer engagement, with 53% of gold bars and coins purchases converting into jewellery this quarter, up from 46% in the last year. On revenue mix, retail contribution rose to approximately 78% of total revenue, while bullion sales normalized to around 22% of retail revenue. As we move through the year, capital allocation will remain focused on high-return store expansion, strengthening our franchise network, digital investments, and operational excellence. With that, we conclude our opening remarks and would now be happy to take your questions. Thank you. Moderator: Thank you. We will now begin with the question-and-answer session. The first question is from the line of Yash Sonthaliya from Edelweiss Public Alts. Please go ahead. Yash Sonthaliya: Hi, thank you team for taking my questions and congratulations on a good set of numbers. Am I audible? Deepak Vijay: Yes, you are audible, Yash. Yash Sonthaliya: Yes. So my first question is on gross margin. Like year-over-year, our gross margin is pretty much flat, while if I see the change in mix, we have seen a very good mix changing towards retail, which is like one of the highest margin products, highest margin revenue for us. So how to understand this flat margin? Page 3 of 16 P N Gadgil Jewellers Limited July 28th, 2026 Deepak Vijay: So if you see our -- you have to also compare the adjusted gross margin wherein we have given the hedging gains separately, Yash. So if you will remove that, the adjusted gross margins will -- we have increased it by kind of 40, 50 bps compared to last year. Yash Sonthaliya: Got it, got it. And one more follow-up on the same. Basically, I really want to understand how to read the retail margin for the business, right? Because in retail also, the [Showing first 8,000 characters — download PDF for full document]