P N Gadgil Jewellers Limited

What to Watch

• MarginsOperating margin is thin at 5.2%, leaving limited buffer against input cost volatility. Watch gross margin and cost lines in the next results.
• Cash FlowOperating cash flow was negative (about −₹717 cr) against a ₹409 cr net profit in FY26 (consolidated). Watch working capital, receivables and inventory.
• LeverageDebt/Equity is 0.80×. Watch net debt and financing cost through the capex cycle.
• IPOShares trade 26.4% below its first traded close of ₹793.30.