PNGJL Q2 FY27 Guidance vs Delivery (PNGJL Management Mirror)

E-commerce Revenue Declines 84% YoY in Sep'26 Qtr, Delivering the Strategic Recalibration Guided in Jun'26 Qtr

In Sep'26 Qtr, E-commerce revenue declined 84% YoY and gold bar and coin sales fell to 15.8% of retail revenue, while the retail stud ratio improved sequentially to 11.9%. This outcome delivered exactly on the strategic recalibration guided in the Jun'26 Qtr concall, which explicitly stated E-commerce would deliberately curtail bar and coin sales to shift focus toward higher-margin studded and plain gold jewellery, accepting slower total revenue growth in exchange for better profitability. Looking forward, management projects the company-wide stud ratio to rise to 17%-18%, with the Northern and Central regions targeting 22%-25% stud ratios.