P N Gadgil Jewellers Limited is the second largest among the prominent organised jewellery players in Maharashtra, in terms of the number of stores as on January, 2024, which is the largest market for BIS-registered outlets in India. They are also the fastest growing jewellery brand amongst the key organised jewellery players in India, based on the revenue growth between Fiscal 2021 and Fiscal 2023.
Their products are primarily sold under our flagship brand, ‘PNG’, and various sub – brands, through multiple channels, including our 33 retail stores and various online marketplaces, including our website. 32 retail stores are present across 18 cities in Maharashtra and Goa and one store in the U.S.
Strengths And Risks
+ Trusted legacy brand : The ‘PNG’ brand is well positioned in Maharashtra. By leveraging the heritage and legacy of the ‘PNG’ brand, company has created a contemporary brand which offers a wide spectrum of designs and products for different occasions and expanded across Maharashtra with 33 retail stores.
and purpose.
+ Second largest organised retail jeweller: They are the second largest among the prominent organised jewellery players in Maharashtra, which is the largest market for BIS-registered outlets in India. They are also fastest growing jewellery brand amongst the key organised jewellery players in India.
Maharashtra leads the retail spending in India and accounts for 15% of the overall retail spent on jewellery in India.
+ Diversified product portfolio: Company's product portfolio comprises over 10,000 SKUs in gold, over 1,200 SKUs in silver, over 2,700 SKUs in platinum and over 24,000 SKUs in diamond jewellery designs, including a wide range of gold, diamond, silver and platinum products across different price points.
- Regional Player: Company's business is primarily concentrated in Maharashtra and they are significantly dependent on top five of their stores located in Maharashtra for revenue generation. Any adverse development affecting such region or stores may have an adverse effect on business.
- Significant working capital & debt: As on Feb 2024, company had total outstanding borrowings of Rs. 377.4 Cr. Company requires significant amounts of working capital for continued growth. Any inability to meet working capital requirements on commercially acceptable terms may have an adverse impact on business.
- Competition: Company faces significant competition from a number of competitors and some of them have competitive advantages such as longer operating histories, better brand recognition or greater financial resources.
There are smaller entities who may compete effectively against them in a particular region based on price, size, and established regional trust with the local customers.
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