Brands
All that glitters pays as P N Gadgil’s festive sparkle lifts Q3
MUMBAI: It was a quarter where sparkle translated straight into sales. P N Gadgil Jewellers Limited delivered a glittering Q3 FY26, riding festive cheer, wedding demand and aggressive retail expansion to post robust year-on-year growth across key metrics.
Retail, the company’s crown jewel, grew 46 per cent year on year in Q3 FY26, contributing a dominant 83.2 per cent of total revenue. The surge was largely powered by a buoyant festive and wedding season, underscoring the brand’s strong pull during high-consumption periods.
Non-retail segments added their own shine. E-commerce revenues jumped a sharp 138 per cent compared to the same quarter last year, contributing 5.1 per cent to overall revenue, while franchisee operations grew 12 per cent year on year, accounting for 7.7 per cent of total revenue.
On a consolidated basis, revenue excluding the ‘other segment’ rose 46 per cent year on year to Rs 3,169 crore in Q3 FY26, up from Rs 2,176 crore a year ago. Total consolidated revenue stood at Rs 3,302 crore, compared to Rs 2,435 crore in Q3 FY25. The ‘other segment’, which primarily includes B2B bullion sales from the head office and corporate segment, contributed 4 per cent of total revenue during the quarter.
Festive sales were a clear highlight. Dussehra clocked revenues of Rs 190 crore, marking a strong 64 per cent year-on-year growth. Dhanteras delivered Rs 277 crore, the highest-ever single-day festive sale for the company. Overall Diwali sales aggregated to Rs 606 crore, up a robust 74 per cent year on year. October 2025 emerged as the company’s highest-ever revenue month at Rs 1,807 crore, a 72 per cent jump over last year.
The product mix also continued to evolve. Studded jewellery sales for the nine months ended FY26 rose 52 per cent year on year, taking the stud ratio to 8.4 per cent. Same-store sales growth for the quarter came in at a healthy 32 per cent, reflecting sustained demand across mature outlets.
On the expansion front, the company added three exclusive company-owned outlets during the quarter, taking the total store count to 66 as of December 31, 2025. Looking ahead, P N Gadgil Jewellers plans to open 12 to 14 new stores in Q4 FY26 through a mix of company-owned and franchisee-operated formats, targeting 78 to 80 stores by the end of the financial year.
With festive momentum, digital acceleration and an expanding footprint, the jeweller appears well set to keep its growth story shining into the final quarter of FY26.
Brands
Reliance Retail FY26 revenue rises 11.8 Per Cent to Rs 3.7 lakh crore
Q4 revenue up 11.1 Per Cent, hyperlocal orders surge 4x, PAT steady
MUMBAI: Reliance Retail isn’t just ringing up sales, it’s ringing doorbells faster than ever. Reliance Retail Ventures Limited (RRVL) reported a steady FY26 performance, with growth powered by store expansion, a sharp surge in hyperlocal commerce, and consistent traction across grocery, fashion and jewellery. For the full year, revenue rose 11.8 per cent year-on-year to Rs 3,70,026 crore. In the January–March quarter, revenue from operations climbed 11.1 per cent to Rs 87,344 crore, up from Rs 78,622 crore a year earlier.
Operating performance remained stable, with Q4 EBITDA inching up 3.1 per cent YoY to Rs 6,921 crore from Rs 6,711 crore. However, quarterly profit after tax held steady at Rs 3,563 crore. For the full fiscal, PAT grew 11.7 per cent to Rs 13,842 crore.
Expansion remained a key lever. RRVL added 1,564 new stores during FY26, while simultaneously scaling its digital and hyperlocal commerce play. The latter emerged as a standout, with daily orders surging more than fourfold year-on-year in Q4, underlining a clear shift towards faster, localised fulfilment.
In grocery, large-format stores maintained momentum, aided by festive demand and the expansion of Smart Bazaar, which crossed 1,000 stores. Promotional campaigns such as ‘Full Paisa Vasool’ delivered record results, with sales rising 26 per cent YoY.
Digital commerce also picked up pace. JioMart added 5.8 million new users in Q4, nearly doubling its registered base year-on-year. Hyperlocal orders grew 29 per cent sequentially and over 300 per cent annually during the quarter.
Fashion and lifestyle saw steady traction. Ajio recorded a 23 per cent YoY rise in average bill value, while fast-fashion platform Shein crossed 11 million app installs, scaling rapidly with expanding product lines.
The jewellery business added further shine, with average bill value jumping 53 per cent YoY, largely driven by rising gold prices and sustained consumer demand.
Commenting on the shift, RRVL executive director Isha Ambani said hyperlocal commerce has become a structural growth driver, with orders rising more than fourfold over the year.
Looking ahead to FY27, the company is betting on technology to deepen engagement. The focus, Ambani noted, will be on AI-led merchandising, sharper pricing strategies and disciplined execution turning scale into sustained customer value.
In short, the carts are fuller, the clicks are quicker, and the next phase looks less about reach and more about precision.
