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P N Gadgil Jewellers Ltd
₹590.85
−₹7.95 (−1.33%)
NSE · 15 Oct 2026, close
Market Cap
₹8,831 Cr
CMP
₹590.85
52-wk High / Low
₹736 / 503
P/E
19.7
P/B
4.1
Book Value
₹145.0
Div Yield
0.00%
ROCE
21.0%
ROE
23.5%
Face Value
₹10
D/E
0.88
Price−11.0% over 1Y
āagman read
Computed by āagmanPiotroski F-Score
4
/ 9
4 of 9 F-score tests passed
Graham Number
₹314
√(22.5 × EPS × book value per share)
ROIC
11.2%
vs 12.3% sector median
Cash flow to profit
−1.75
CFO / PAT
Above 1.0 = operating cash flow exceeded reported profit
Margin change
+113
bps OPM YoY
Operating margin vs the same quarter last year
Sustainable growth
23.5%
ROE × earnings retention ratio
ROE stability
6.2
pp σ
Standard deviation of ROE across periods. Lower = more stable
Holder deltas
QoQ
pp
Prom −6.49FII +4.00DII +3.16
Latest quarter vs the previous one
Cash-accrual divergence
27.8%
of assets
Low = accruals track cash flow
Strengths
+ROCE has stayed above the sector median for 5 consecutive years (weakest: 19% vs the 2025 sector median of 18.5%)
+PE of 19.7x is below the sector median of 38.5x
Watch-outs
−Price trades below its 200-day moving average (1.0x)
−Balance-sheet accruals of 27.8% of average assets — earnings are not cash-backed
Peer comparison
| Name | P/E | Mar Cap ₹ Cr | ROCE % | ROE % |
|---|
Quarterly results
| Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 1,257 | 1,372 | 1,972 | 1,512 | 1,668 | 2,001 | 2,436 | 1,588 | 1,715 | 2,178 | 3,303 | 3,544 | 2,413 |
| Expenses | 1,212 | 1,326 | 1,880 | 1,423 | 1,604 | 1,947 | 2,313 | 1,494 | 1,605 | 2,070 | 3,058 | 3,409 | 2,231 |
| Operating Profit | 45 | 45 | 92 | 89 | 64 | 54 | 123 | 94 | 110 | 107 | 244 | 135 | 182 |
| OPM % | 3.6% | 3.3% | 4.7% | 5.9% | 3.8% | 2.7% | 5.0% | 5.9% | 6.4% | 4.9% | 7.4% | 3.8% | 7.5% |
| Other Income | 1 | 2 | 2 | 2 | 2 | 12 | 7 | 15 | 13 | 36 | 24 | 31 | 10 |
| Interest | 10 | 11 | 11 | 12 | 12 | 13 | 6 | 11 | 19 | 20 | 25 | 28 | 34 |
| Depreciation | 6 | 6 | 6 | 5 | 6 | 7 | 8 | 13 | 11 | 14 | 15 | 17 | 18 |
| Profit before tax | 30 | 30 | 77 | 73 | 48 | 46 | 115 | 85 | 93 | 109 | 228 | 122 | 141 |
| Net Profit | 22 | 22 | 58 | 55 | 35 | 35 | 86 | 62 | 69 | 79 | 171 | 90 | 105 |
| EPS (₹) | 4.01 | 3.98 | 10.43 | 4.66 | 2.99 | 2.57 | 6.34 | 4.57 | 5.11 | 5.84 | 12.59 | 6.65 | 7.76 |
Profit & Loss
| Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM | |
|---|---|---|---|---|---|---|---|---|
| Sales | 2,458 | 1,902 | 2,539 | 4,488 | 6,061 | 7,586 | 10,472 | 11,438 |
| Expenses | 2,355 | 1,844 | 2,428 | 4,366 | 5,790 | 7,243 | 9,855 | 10,769 |
| Operating Profit | 103 | 57 | 111 | 123 | 271 | 343 | 617 | 669 |
| OPM % | 4.2% | 3.0% | 4.4% | 2.7% | 4.5% | 4.5% | 5.9% | 5.8% |
| Other Income | 17 | 14 | 31 | 52 | 7 | 28 | 84 | 101 |
| Interest | 43 | 38 | 35 | 35 | 46 | 43 | 92 | 107 |
| Depreciation | 27 | 27 | 22 | 22 | 23 | 35 | 57 | 64 |
| Profit before tax | 50 | 7 | 85 | 118 | 209 | 293 | 552 | 600 |
| Net Profit | 27 | −7 | 70 | 94 | 155 | 218 | 410 | 446 |
| EPS (₹) | 4.88 | 0.19 | 10.43 | 13.46 | 13.15 | 16.08 | 30.20 | 32.84 |
Balance Sheet
| Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | Jun 2026 | |
|---|---|---|---|---|---|---|---|---|
| Equity Capital | 55 | 55 | 55 | 55 | 118 | 136 | 136 | — |
| Reserves | 132 | 135 | 191 | 256 | 416 | 1,418 | 1,827 | — |
| Borrowings | 443 | 402 | 398 | 387 | 455 | 930 | 1,737 | — |
| Other Liabilities | 563 | 422 | 465 | 365 | 475 | 660 | 1,264 | — |
| Total Liabilities | 1,192 | 1,014 | 1,110 | 1,063 | 1,465 | 3,144 | 4,964 | — |
| Fixed Assets | 184 | 242 | 234 | 208 | 242 | 322 | 410 | — |
| CWIP | 56 | 4 | 4 | 4 | 4 | 4 | 0 | — |
| Investments | 1 | 1 | 1 | 1 | 1 | 9 | 8 | — |
| Other Assets | 951 | 768 | 872 | 850 | 1,218 | 2,811 | 4,546 | — |
| Total Assets | 1,192 | 1,014 | 1,110 | 1,063 | 1,465 | 3,144 | 4,964 | — |
Cash Flows
| Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|
| Cash from Operating Activity | 68 | 147 | 73 | 107 | 6 | −675 | −717 |
| Cash from Investing Activity | 3 | −26 | −22 | −47 | −49 | −424 | −54 |
| Cash from Financing Activity | −93 | −128 | −46 | −55 | 51 | 1,167 | 719 |
| Net Cash Flow | −22 | −7 | 5 | 5 | 9 | 68 | −52 |
Ratios
| Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|
| ROCE % | — | 8.0 | 21.0 | 23.0 | 30.0 | 19.0 | 21.0 |
| ROE % | — | — | — | — | — | — | 23.5 |
| EPS (₹) | 4.88 | 0.19 | 10.43 | 13.46 | 13.15 | 16.08 | 30.20 |
| Book Value (₹) | — | — | — | — | — | — | 145.0 |
| Face Value (₹) | — | — | — | — | — | — | 10 |
| P/E | — | — | — | — | — | — | 19.7 |
| Div Yield % | — | — | — | — | — | — | 0.00 |
| NPM % | 1.1 | −0.4 | 2.7 | 2.1 | 2.6 | 2.9 | 3.9 |
| OPM % | 4.2 | 3.0 | 4.4 | 2.7 | 4.5 | 4.5 | 6.0 |
| D/E | 2.37 | 2.12 | 1.62 | 1.24 | 0.85 | 0.60 | 0.88 |
| P/B | — | — | — | — | — | — | 4.1 |
Growth
Compounded sales growth
5 years+41.0%
3 years+33.0%
TTM+48.0%
Compounded profit growth
5 years+273.0%
3 years+77.0%
TTM+78.0%
Stock price CAGR
Last year−10.0%
Return on equity
5 years25.0%
3 years24.0%
Last year23.0%
Documents
Corporate actions
Fundamentals from a third-party compiler of exchange filings; prices from the exchanges. Not investment advice.© 2026 āagman