PNGS Gargi Fashion Jewellery Ltd is a branded fashion jewellery company built on a simple idea: that a 193-year-old family name known for trust can sell lightweight, contemporary jewellery to young India at pocket-friendly prices. The company was carved out of the unlisted P. N. Gadgil & Sons Ltd. in 2021, co-founded by a young professional who also serves as COO of the parent, and listed on the BSE SME platform in December 2022. The recurring approach that explains everything else is an asset-light, zero-debt model that uses the parent’s legacy as a trust signal while expanding through franchisee-funded stores and shop-in-shops - so the company grows without tying up its own capital in heavy inventory or real estate. # Business segments A single engine - a branded fashion jewellery retailer selling through its own stores, franchise outlets, shop-in-shops and online - built on the trust of a legacy name and run with almost no fixed assets. ## 1. Gargi by P. N. Gadgil & Sons: branded fashion jewellery for young India **The company sells sterling silver, diamond and gold jewellery at accessible price points through a network of 126 points of sale across 65 cities, using the parent’s 193-year legacy as a trust signal while keeping its own balance sheet nearly empty of fixed assets.** - **Three core materials, one price range** - Sterling silver jewellery (92.5% certified) accounts for roughly 56% of revenue and sells between Rs 500 and Rs 25,000; 14-karat IGI-certified natural diamond jewellery, launched in late 2023 under the sub-brand “UTSAV,” accounts for about 34% of revenue and ranges from Rs 5,000 to Rs 2,00,000; and 9-karat plain gold jewellery, introduced in September 2025, makes up roughly 3% of revenue at Rs 5,000 to Rs 25,000, using less gold than same-size 18- or 22-karat pieces so customers can participate in gold price appreciation at a lower entry cost. - **Sold by the piece, not by weight** - unlike traditional jewellery sold at a per-gram price tied to the daily gold rate, fashion jewellery is sold on a fixed piece-price basis, which makes the purchase decision simpler and drives higher repeat-buying frequency because the ticket size stays predictable and affordable. - **The parent’s name is the moat** - the company’s stated competitive advantage is that no competitor can replicate 193 years of trust associated with the P. N. Gadgil & Sons name: “Platforms can replicate our product. They cannot replicate the customer’s confidence that when she buys Gargi, she is buying something that PNG stands behind”. That trust is reinforced by IGI certification on diamond pieces, hallmarking on gold, and exchange and buyback policies on all gold products. # Group structure and partners **The company sits inside a three-entity group alongside the unlisted parent P. N. Gadgil & Sons Ltd. and a listed diamond-jewellery sibling, Reva - and it leans heavily on the parent for sales, store space and operational support.** - The promoters - Govind Vishwanath Gadgil and his wife Renu Gadgil - are also promoters of the unlisted parent and the listed brand Reva. Aditya Modak, the co-founder, serves simultaneously as COO of the parent, Non-Executive Director of Gargi, and Non-Executive Director of Reva. - Related-party transactions with P. N. Gadgil & Sons Ltd. totalled Rs 13,586.45 lakh in FY26, covering sale of goods, purchase of goods, facility charges, commission, reimbursement of expenses, collection of sales revenue, gratuity obligations, franchisee security deposits and gift-voucher redemptions. - The company’s dependence on the parent for sales has fallen from 82-85% to 75% or less as it builds its own store network and third-party shop-in-shops, but the parent’s 35 shop-in-shop locations remain the single largest sales channel. - The company is also in the process of setting up shop-in-shop facilities with Reva at various locations, initially on a FOCO basis, to add customer reach through a greater number of locations.