P N Gadgil Share Rise Analyzed

Key Points

• Nuvama initiated a ‘Buy’ rating for P N Gadgil.
• Target price set at ₹860, showing 30.89% potential.
• PNG is Maharashtra’s second-largest jeweller currently.
• Aggressive expansion plans: opening 25 new stores by 2028.
• Focus on high-margin studded jewelry and new market entry.
• Analysts predict revenue growth and improved profitability margins.

On Monday, October 20, 2025, the shares of P N Gadgil Jewellers (PNG) jumped significantly. The price rose as high as 3.35% and reached ₹678 per share. By 10:30 AM, the share price was trading at ₹667.25, higher than the BSE Sensex which was up 0.48%.

This increase was largely due to a positive report from Nuvama Institutional Equities. Nuvama gave PNG a “Buy” rating, suggesting investors should buy the stock. They set a target price of ₹860 per share, indicating the stock could potentially increase by 30.89%.

Nuvama’s report highlighted that PNG is the second-largest organized jewelry retailer in Maharashtra, based on the number of stores it operates. The company is growing quickly, adding new stores across Maharashtra and now venturing into northern states like Madhya Pradesh, Uttar Pradesh, Bihar, and Chhattisgarh.

PNG is focusing on selling high-quality, decorated jewelry (studded jewelry), which generally has bigger profit margins. The company is also creating a new brand called “Lifestyle by PNG” which offers lighter, 18-karat jewelry – suitable for everyday wear.

Analysts expect PNG to grow its sales by 18% over the next three years. This growth will come from opening many new stores. However, they also warn that each store might not sell quite as much as expected, due to PNG’s expansion outside of Maharashtra.

PNG is making its business more profitable by carefully managing its inventory and focusing on its customer’s needs. They’ve reduced inventory at their stores by 30% and they adjust the weight of jewelry to help customers cope with rising gold prices. These actions are expected to improve profit margins over the next few years.

Efficient operations and strategic inventory management are key to PNG’s success. Their “make-to-order” system means they can create custom jewelry for customers. This approach, combined with careful stock control, is likely to drive growth and improve the company’s financial performance.

“The future of jewelry retail is about offering personalized experiences and adapting to changing customer preferences, and P N Gadgil is well-positioned to capitalize on this trend.”