P N Gadgil Jewellers
Book Building issueMainboardNSE₹1,100 Cr issue
+73.75%
Listing gain over issue price
Issue size
₹1,100 Cr
1 lot at cut-off
₹14,880
Lot size
31shares
Open
10 Sep 2024
Close
12 Sep 2024
Allotment
13 Sep 2024
Listing
17 Sep 2024
Listing performance
Issue price
₹480
Listed at
₹834
Listing-day close
₹793.30
Latest price
₹572.65
Close on 23 Oct 2026
Listing gain
+73.75%
Return since issue
+19.30%
Scheduled dates
Tentative timetable — a past date is not confirmation the step completed
Issue details
- IPO date
- 10 Sep 2024 – 12 Sep 2024
- Listing date
- 17 Sep 2024
- Face value
- ₹10 per share
- Issue price
- ₹480 per share
- Lot size
- 31 shares
- Issue type
- Book Building issue
- Listing at
- NSE
- Total issue size
- ₹1,100 Cr
- Market cap at offer price
- ₹6,514 Cr
- Promoter holding
- 100.00% → 83.11% pre-issue → post-issue
- ISIN
- INE953R01016
- Registrar
- Bigshare Services Pvt.Ltd.
- Lead managers
- Motilal Oswal Investment Advisors Ltd.
- Registered office
- 694, Narayan Peth, Maharashtra
Reservation and application size
How the issue is split between investor categories, and what each may bid
| Investor category | Shares | % of net | % of total |
|---|---|---|---|
| Anchor investor · within QIB | 68,74,999 | — | — |
| Market maker | 0 | — | — |
Application size
Minimum 31 shares per lot, in multiples, at ₹480
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 31 | ₹14,880 |
| Retail (max) | 13 | 403 | ₹1,93,440 |
| S-HNI (min) | 14 | 434 | ₹2,08,320 |
| S-HNI (max) | 67 | 2,077 | ₹9,96,960 |
| B-HNI (min) | 68 | 2,108 | ₹10,11,840 |
Category limits
| Category | Bid size | Cut-off |
|---|---|---|
| Retail (RII) | Up to ₹2 lakh | Yes |
| Small HNI (sNII) | ₹2 lakh – ₹10 lakh | No |
| Big HNI (bNII) | Above ₹10 lakh | No |
| Employee | Up to ₹5 lakh | Yes |
Bidding at cut-off means accepting the final issue price without naming one. Only retail and employee applicants may do so.
Anchor investors
Institutional allocation placed a day before the issue opens, carved out of the QIB portion and locked in after listing.
Shares allocated
68,74,999
Anchor portion
₹330 Cr
at ₹480 per share
Valuation and performance
Valuation at offer price
₹480 per share
| Metric | Pre-issue | Post-issue |
|---|---|---|
| EPS (₹) | 13.08 | 11.37 |
| P/E (×) | 36.70 | 42.22 |
| Price to book (×) | 10.60 | — |
| Market cap | — | ₹6,514 Cr |
Key performance indicators
Latest reported period
- Return on net worth
- 28.88%
- ROCE
- 27.31%
- Debt / equity
- 0.74
- PAT margin
- 2.53%
- NAV per share
- ₹45.29
- Price to book
- 10.60
Single period as reported. Year-on-year movement is in the financials table below, where every period is published.
About P N Gadgil Jewellers
P N Gadgil Jewellers Limited operates a jewellery retail business offering a wide range of precious metal and gemstone products including gold, silver, platinum and diamond jewellery across various price points and designs. The company was originally incorporated as a private limited company on October 28, 2013, and converted to a public limited company on April 5, 2023. Its products are primarily sold under the flagship brand 'PNG' and various sub-brands including Saptam, Swarajya, Rings of Love, The Golden Katha of Craftsmanship, Flip, Eiina, PNG Solitaire, Men of platinum and Evergreen love through 39 retail stores as of July 31, 2024, and online marketplaces including its website. The company has historically been part of the P N Gadgil Jewellers partnership and acquired the business through a business transfer agreement dated November 16, 2013.
Company Analysis
from RHPP N Gadgil Jewellers Limited is a jewellery retailer offering precious metal and gemstone products including gold, silver, platinum and diamond jewellery across multiple brands and channels in India and select international markets.
P N Gadgil Jewellers Limited operates a jewellery retail business offering a wide range of precious metal and gemstone products including gold, silver, platinum and diamond jewellery across various price points and designs. The company was originally incorporated as a private limited company on October 28, 2013, and converted to a public limited company on April 5, 2023. Its products are primarily sold under the flagship brand 'PNG' and various sub-brands including Saptam, Swarajya, Rings of Love, The Golden Katha of Craftsmanship, Flip, Eiina, PNG Solitaire, Men of platinum and Evergreen love through 39 retail stores as of July 31, 2024, and online marketplaces including its website. The company has historically been part of the P N Gadgil Jewellers partnership and acquired the business through a business transfer agreement dated November 16, 2013.
Jewellery retailFine jewellery
Objects of the Issue
- Funding expenditure towards setting-up of 12 new stores in Maharashtra, India ₹3,925.68 million p.20
- Repayment or pre-payment, in full or part, of certain borrowings availed by our Company ₹3,000.00 million p.20
- General corporate purposes p.20
- Funding expenditure towards setting-up of 12 new stores in Maharashtra p.53
- Repayment or pre-payment, in full or part, of certain borrowings availed by the Company p.53
- General corporate purposes p.53
- Funding expenditure towards setting-up of 12 new stores in Maharashtra ₹3,925.68 million p.102
- Repayment or pre-payment, in full or part, of certain borrowings availed by our Company ₹3,000.00 million p.102
- General corporate purposes p.102
- Funding expenditure for fit-outs and inventory cost towards setting-up of 12 New Stores p.185
- The specific uses of the Fresh Issue proceeds are detailed in the 'Objects of the Offer' section Up to ₹8,500.00 million (Fresh Issue) p.327
Issue Structure
- Total Issue
- Up to ₹11,000 million
- Fresh Issue
- Up to ₹8,500 million
- Offer for Sale
- Up to ₹2,500 million
- Face Value
- ₹10 each
Business Model
The company generates revenue primarily from retail sales through its own company-owned company-operated (COCO) stores and franchisee-owned company-operated (FOCO) stores, as well as through online marketplaces. Revenue from store-based sales represented 98.17% of sales of products in Fiscal 2024, with online sales representing 1.83%. The company sources materials including gold, silver, platinum, diamonds and precious/semi-precious stones, primarily from nominated banks and diamond traders. Manufacturing is outsourced to third-party artisans and job workers (Karigars) on a job work basis. As of July 31, 2024, the company had direct arrangements with over 75 Karigars.
Business Segments
Offers gold jewellery across various price points and designs under the flagship PNG brand and gold-focused sub-brands including Flip, Katha, Rings of Love, Saptam, Swarajya, G LITE STYLE, G LITE STYLE PREMIUM, and Pratha
Offers diamond jewellery collections under sub-brands Eiina and PNG Solitaire
Offers platinum jewellery collections under sub-brands Evergreen Love and Men of Platinum
Direct retail sale of gold jewellery products through company-owned and franchisee stores, and online platforms
Online sales of jewellery through company website and third-party online marketplaces
Wholesale sale of jewellery products to franchisee partners and collection of franchise-related fees
Retail sale of gold, diamond, silver, precious and semi-precious stone jewellery through physical stores in company-operated (COCO) and franchisee-operated (FOCO) formats
Designs and sells gold jewellery including earrings, rings, pendants, necklaces, bracelets, mangalsutra, and gold chains across wedding, festive and daily wear collections
Offers diamond jewellery including earrings, rings, necklaces, pendants, mangalsutra, bracelets and other diamond studded pieces
Manufactures and retails silver jewellery products across various designs and price points
Designs and sells platinum jewellery for men and women, including wedding and everyday wear collections
Manufacturing and retailing diamond and diamond jewellery
Retail trade of jewellery
Sale of jewellery products through retail stores
Sale of jewellery products through non-retail channels
Income from franchise operations
Sale of gold jewellery products
Sale of non-recycled gold bullion
Sale of recycled gold and sales as unregistered dealer
Sale of silver jewellery and products
Sale of diamond jewellery and products
Sale of platinum and other precious metal products
Revenue from franchisee partners under franchisee agreements
SWOT Analysis
Strengths
- • Established flagship brand with strong market recognition across multiple sub-brands(p.34)
- • Growing organized retail presence with multiple store formats (COCO and FOCO models)(p.34)
- • Expanding revenue per store metrics demonstrating operational efficiency gains(p.36)
- • Strong revenue growth trajectory across fiscal years(p.20)
- • Strong brand legacy in Maharashtra with high per capita income and growth(p.115)
- • Second largest organised retail jewellery player with rapid growth trajectory(p.115)
- • Diversified product portfolio across multiple categories and price points(p.115)
- • Experienced promoter and management with proven track record(p.115)
- • Strong historical financial performance with consistent growth(p.115)
- • Well-established legacy brand with over 190 years of heritage in Maharashtra(p.178)
- • Fastest growing jewellery brand among key organized players with 54.63% CAGR in revenue (FY2022-2024)(p.178)
- • Highest revenue per square feet among key organized players at ₹6,02,974 in FY2024(p.178)
- • Second largest organized player in Maharashtra by store count with 94% presence in the state(p.178)
- • Strong quality commitment with voluntary BIS hallmarking since 2007, before it became mandatory(p.181)
- • Diversified product portfolio with over 37,900 SKUs across gold, silver, platinum and diamonds(p.183)
- • Lowest working capital days among key organized players at 51 days in FY2024(p.181)
- • Experienced promoter with 25+ years in jewellery manufacturing(p.184)
- • Established brand with trademark portfolio(p.205)
- • Experienced management with deep industry expertise(p.211)
- • Two operational subsidiaries extending business reach(p.207)
- • Strong revenue growth trajectory(p.241)
- • Improved profitability with net profit growth(p.241)
- • Second largest organised jewellery player in Maharashtra by store count(p.305)
- • Fastest growing jewellery brand with exceptional revenue CAGR(p.305)
- • Highest revenue per square feet among key organised players(p.305)
- • Strong heritage and brand legacy dating back to 1832(p.305)
- • Solid financial performance with strong profit growth(p.282)
- • Controlled store operations ensuring brand consistency(p.305)
Weaknesses
- • Dependency on third-party artisans for all manufacturing with no exclusive arrangements(p.41)
- • Significant geographic concentration risk with major revenue from Maharashtra, especially Pune(p.23)
- • Do not own flagship PNG brand trademark; requires written approval from P N Gadgil Jewellers for sub-licensing(p.37)
- • High proportion of cost of materials in total expenses limits operational leverage(p.38)
- • Limited experience with listed company governance among directors(p.22)
- • Significant working capital requirements for continued growth(p.23)
- • Heavy reliance on IT systems with cybersecurity risks(p.48)
- • Concentrated promoter ownership limits minority shareholder influence(p.48)
- • Outstanding legal and regulatory proceedings against the company(p.49)
- • Missing licenses, permits and approvals for store operations(p.51)
- • Complaint alleging financial misreporting and non-compliance(p.51)
- • Heavy debt dependency with significant personal guarantees from promoters(p.54)
- • Significant portion of stores on leased/licensed premises with renewal risks(p.54)
- • Significant dependence on franchisee performance(p.55)
- • High inventory loss and theft risks despite security measures(p.57)
- • Contingent liabilities from ongoing tax and regulatory proceedings(p.59)
- • High employee attrition rate affecting operations(p.60)
- • High debt burden requiring significant repayment from IPO proceeds(p.107)
- • Significant dependence on Maharashtra market with 97% of stores concentrated in one state(p.104)
- • Store concentration risk with recent closures in strategic locations(p.104)
- • Limited store base compared to major competitors(p.104)
- • High dependence on raw material suppliers with top supplier contributing 20.65% of total expenses(p.189)
- • Concentrated store footprint with 94% of stores in Maharashtra creates geographic concentration risk(p.182)
- • Dependence on related party supplier P.N. Gadgil Jewellers for 11.28% of total expenses(p.189)
- • Limited e-commerce penetration with only 1.82% of revenue from online channels in FY2024(p.183)
- • Small overall scale compared to major competitors with 39 stores vs Tanishq's 423 stores(p.182)
- • Subsidiary operating at significant loss with negative net worth(p.207)
- • High dependence on related-party trademark licensing with mandatory royalty payments(p.205)
- • Significant inventory concentration creating working capital risk(p.239)
- • High current financial leverage with substantial short-term borrowings(p.239)
- • Independent director with prior struck-off company directorship(p.216)
- • High dependence on working capital financing from multiple lenders(p.288)
- • Significant outstanding unsecured loans requiring personal guarantees(p.275)
- • Overdue capital work in progress indicating execution delays(p.261)
- • Significant inventory holdings subject to market price volatility(p.263)
- • Substantial contingent liabilities from tax proceedings(p.282)
- • Losses from armed robbery in US store reducing profitability(p.285)
Opportunities
- • Expansion through setting up 12 new stores in Maharashtra using IPO proceeds(p.20)
- • Growing organized retail segment in Indian jewellery market at 37% of USD 70 billion market(p.20)
- • Fine jewellery segment represents 90% of overall jewellery market with non-gold categories emerging(p.20)
- • Growing e-commerce channel with online sales reaching ₹1,116.38 million in Fiscal 2024(p.40)
- • Expansion of e-commerce business with growing online presence(p.49)
- • Geographic expansion to underserved regional markets(p.52)
- • Planned expansion with new store openings funded by IPO proceeds(p.53)
- • Expansion of retail network in western India, particularly Maharashtra(p.104)
- • Growing organised retail sector with transition from unorganized players(p.156)
- • Rising disposable income and premiumization trends among middle-class consumers(p.134)
- • Favorable demographics with younger population driving consumption(p.135)
- • Strong gold jewellery market growth driven by cultural significance and investment demand(p.146)
- • Significant rural jewelry market expansion opportunity - rural India accounts for 58% of jewelry demand(p.156)
- • Growth in organized retail capturing market share from unorganized sector(p.195)
- • Expected market growth to USD 145 billion by FY2028, doubling from FY2023 size of USD 70 billion(p.182)
- • Expansion opportunity in underserved Tier II and Tier III cities in Western India(p.186)
- • Growing younger consumer segment preferring lightweight and studded jewellery for everyday wear(p.162)
- • Increasing digitalization and e-commerce penetration in jewelry retail(p.161)
- • Demographic tailwind with 65% of India's population under 35 and 308 million women aged 20-49(p.156)
- • Government regulatory tailwinds favoring organized players through mandatory hallmarking and HUID(p.159)
- • International market expansion through existing US subsidiary(p.208)
- • Growth potential from diversified product range across segments(p.249)
- • Established franchise model enabling rapid expansion(p.248)
- • Strong cash generation from operations supporting growth(p.243)
- • Planned expansion of 12 new stores by Fiscal 2026(p.305)
- • Maharashtra leads retail jewellery spending at 15% of India's market(p.305)
- • Growing organised jewellery sector penetration in India(p.305)
- • Diversification into online marketplaces and e-commerce(p.305)
- • Sub-brand strategy targeting regional preferences like Swarjya(p.306)
Threats
- • High exposure to gold price volatility affecting inventory value and customer demand(p.23)
- • Intense competition from organized players with pan-India presence and unorganized sector(p.20)
- • Discretionary nature of jewellery purchases vulnerable to economic downturns(p.23)
- • Seasonal fluctuations with heavy dependence on festival periods for revenue(p.23)
- • Risk of shortage of skilled Karigars if social, political or economic disruptions occur(p.41)
- • Changing consumer preferences toward alternative investments and laboratory-grown diamonds(p.45)
- • First public offering with no prior market price reference and no assurance of sustained trading(p.1)
- • Global economic volatility and India-specific economic slowdown(p.62)
- • Fluctuations in gold prices and supply chain disruptions(p.52)
- • Intense competition in Indian retail jewellery sector(p.56)
- • Regulatory changes and compliance requirements impacting business(p.64)
- • Inflation and rising input costs affecting profitability(p.65)
- • COVID-19 and similar pandemic outbreaks causing operational disruptions(p.58)
- • Natural disasters and unforeseen catastrophic events(p.62)
- • Foreign investment restrictions limiting capital raising ability(p.69)
- • India's sovereign credit rating downgrade affecting borrowing costs(p.59)
- • Volatility in gold prices affecting consumer demand and margins(p.147)
- • Significant competition from larger organized and unorganized players(p.156)
- • Economic sensitivity and discretionary nature of jewellery purchases(p.147)
- • Import duty and regulatory changes impacting input costs and market dynamics(p.147)
- • Currency fluctuation risk from dollar-denominated gold pricing(p.151)
- • Gold price volatility affecting consumer purchasing power and retail margins(p.171)
- • Significant competition from national organized players with larger scale and pan-India presence(p.195)
- • Rural jewelry demand susceptibility to monsoon patterns and agricultural cycles(p.159)
- • Online and e-commerce competition from players like CaratLane and BlueStone(p.162)
- • Government policy and regulatory changes affecting jewelry sector operations(p.172)
- • Seasonal demand volatility concentrated in wedding and festival periods(p.159)
- • Foreign exchange risk from gold imports given India's limited domestic reserves(p.157)
- • Dependency on precious metals commodity pricing (gold, silver, diamonds)(p.255)
- • Foreign exchange volatility affecting US subsidiary operations(p.237)
- • Inventory valuation and realization risk in jewellery business(p.255)
- • Prior international operations write-offs indicating market exit challenges(p.251)
- • Regulatory compliance burden for listing and ongoing disclosure requirements(p.209)
- • Intense competition from large national organised players(p.306)
- • Significant commodity price volatility affecting gold and diamond inventory(p.288)
- • Seasonal demand fluctuations creating revenue volatility(p.306)
- • Economic slowdown and interest rate changes impacting consumer spending(p.306)
- • Rising interest rates increasing debt servicing costs(p.288)
- • Foreign currency fluctuations affecting international subsidiary operations(p.289)
Promoters
| Name | Role | Pre-Issue | Post-Issue |
|---|---|---|---|
| Saurabh Vidyadhar Gadgil | Promoter | Negligible | — |
| Radhika Saurabh Gadgil | Promoter | Negligible | — |
| SVG Business Trust | Promoter | 99.99% | — |
| SVG Business Trust | Promoter | 99.99% | — |
| Saurabh Vidyadhar Gadgil | Promoter | Negligible | — |
| Radhika Saurabh Gadgil | Promoter | Negligible | — |
| SVG Business Trust | Promoter Selling Shareholder | 99.99% | — |
| Saurabh Vidyadhar Gadgil | Promoter | — | — |
| Saurabh Vidyadhar Gadgil | Promoter | — | — |
| Radhika Saurabh Gadgil | Promoter | — | — |
| SVG Business Trust | Promoter | — | — |
| SVG Business Trust | Promoter Group | 100% | — |
| SVG Business Trust | Promoter Selling Shareholder | — | — |
Leadership
Saurabh Vidyadhar Gadgil · Managing Director
Kiran Prakash Firodiya · Chief Financial Officer
Hiranyamai Kulkarni · Company Secretary and Compliance Officer
Auto-extracted from the company's RHP using AI, with each fact linked to its source passage (hover any row to see the quote & page). Provided for research only, not investment advice — verify against the official RHP before relying on it.
P N Gadgil Jewellers IPO FAQs
What is the lot size of P N Gadgil Jewellers IPO?
The minimum lot size of P N Gadgil Jewellers IPO is 31 shares. One lot costs ₹14,880 at the cut-off price.
When does P N Gadgil Jewellers IPO open and close?
P N Gadgil Jewellers IPO opened for subscription on 10 Sep 2024 and closed on 12 Sep 2024.
What is the listing date of P N Gadgil Jewellers IPO?
P N Gadgil Jewellers IPO listed on 17 Sep 2024.