PNGJL Q4 FY26 Guidance vs Delivery (PNGJL Management Mirror)

Revenue and Margins

In the Mar'26 Qtr, management reaffirmed its FY27 revenue target at INR 13,500 crores (a substantial jump from the preliminary INR 11,500–12,000 crores estimated in the Dec'25 Qtr), with retail segment revenues projected at INR 9,800 crores (23% YoY growth) and SSSG of 5% to 10%. EBITDA margin guidance improved sequentially, moving from 5.5%–6.0% for FY26 in the Sep'25 Qtr, to an expected sustainable rate of 7.0%–7.25% in the Dec'25 Qtr, and finally settling at an expected 7.0%–7.5% in the Mar'26 Qtr, alongside a steady 4.0% PAT margin. Normalized gross margins for gold jewelry are expected to hold at 12.0% to 13.0%, while a projected drop in low-margin bullion sales is anticipated to lift overall consolidated margins. [Status: Reaffirmed]