PNG Jewellers: PAT surges 53% YoY to ₹121 Cr on margin expansion, revenue up 22%

Consolidated PAT for Q2 FY27 came in at ₹121.1 Cr, up 52.7% YoY from ₹79.3 Cr and 15.0% QoQ from ₹105.3 Cr, on consolidated revenue of ₹2,666.4 Cr (+22.4% YoY, +10.5% QoQ). The growth is YoY-anchored and genuine: neither this quarter nor the year-ago quarter carried exceptional items, so the 52.7% PAT jump is clean operating performance rather than a base-effect or one-off artifact. Standalone PAT of ₹119.7 Cr (EPS ₹8.59) tracks within 1.2% of the consolidated print (EPS ₹8.69) — the two subsidiaries, Gadgil Diamonds India and PNG Jewelers Inc. USA, remain a small (~1.5% of consolidated income) share of the group. Margins expanded on both counts — net profit margin rose to 4.51% from 3.58% a year ago and 4.35% last quarter, while the EBITDA-equivalent operating margin (PBT + depreciation + finance cost, excluding other income, over revenue) widened to 7.78% from 4.92% YoY and 7.56% QoQ. Both now sit above the FY27 guidance management gave on the Q1 call — EBITDA margin of ~7% at the lower end of a 7-7.5% band, and underlying PAT margin of 4.1-4.25% — so this is a beat against the company's own outlook, not merely a meet. The revenue growth was retail-led: the Oct 8 pre-filing business update flagged 22.4% YoY revenue growth with 25.5% same-store sales growth, now confirmed by the full filing, with gold +23.5%, diamond +21% and silver +12% YoY. No verified analyst consensus for this specific quarter's PAT or revenue turned up in public sources, so vsStreet is recorded as unknown rather than guessed. The company funded its festive-season inventory build (inventories up to ₹4,433 Cr from ₹3,655 Cr at FY26-end) partly through a ₹700 Cr QIP completed in H1 FY27 (1.15 Cr shares allotted at ₹609), alongside higher working-capital borrowings — H1 operating cash flow was a net outflow of ₹363 Cr, consistent with pre-festive stocking rather than any deterioration in underlying profitability. No standalone management press release accompanied this filing (none available at extraction time), so the only pre-result management framing on record is the Oct 8 quarterly business update, whose headline revenue and SSSG figures the filing corroborates almost exactly. The store network stood at 80 as of Sep 30 (2 added in the quarter: a Legacy-format store in Gurugram and a YOOU outlet in Pune), with an 81st store opened in Ayodhya on Oct 11 — against the FY27 target of 103 stores by year-end. Navratri's shift into Q3 this year means part of the usual festive uplift is still ahead; QoQ strength this quarter should be read with that seasonality in mind rather than as the full festive signal. The 100% acquisition of Silvostyle Jewellers, completed Oct 1 (after this quarter's close), will make its first consolidated appearance in Q3 FY27 results.