Pune: Gargi by PNG (Gargi by P N Gadgil & Sons), one of India’s fastest-growing fashion jewellery brands, has reported stellar results for the financial year 2024–25, achieving a total income of ₹128.4 crore, a significant leap from ₹51.1 crore in FY24.
Net profit after tax jumped 240% year-on-year to ₹28.8 crore, driven by operational scalability, improved margins, and a revamped business model.
The strong financials reflect the brand’s ongoing retail expansion and transition to a more asset-light FOFO (Franchisee Owned, Franchisee Operated) model across its retail and SIS formats.
As of March 31, 2025, Gargi by PNG operates:
- 33 franchised stores
- 51 Shop-in-Shop (SIS) outlets
- 14 exclusive brand stores
“FY25 was transformative for Gargi—not just in revenue but in how we structured for long-term growth,” said Aditya Modak, Co-founder, Gargi by P N Gadgil & Sons. “The shift to a FOFO model has enabled leaner operations, improved capital efficiency, and stronger franchise partnerships.”
₹15 Crore Fundraise Approved to Accelerate Growth
To further fuel its nationwide expansion and brand development, the company’s Board of Directors has approved a fundraise of up to ₹15 crore through instruments such as qualified institutional placements (QIP), preferential allotments, rights issues, or a combination thereof—pending regulatory and shareholder approvals.
Strategic Shift Enhances Efficiency
FY25 also marked a pivotal shift in the SIS operations from a FOCO (Franchisee Operated, Company Owned) model to the FOFO structure. Under the new model, inventory is sold directly to franchisees who manage customer sales—reducing inventory burdens and unlocking greater operating leverage.
Though current-year figures are not directly comparable with earlier periods due to the change in business model, internal reconciliation shows that under the previous FOCO structure, end-customer sales would have amounted to ₹82.4 crore with a projected profit before tax of ₹23.3 crore.
The company has made its audited financials and investor disclosures available on www.gargibypng.com and the BSE India website.
About Gargi by PNG
Known for blending tradition with contemporary style, Gargi by P N Gadgil & Sons has rapidly emerged as a leading player in the fashion jewellery segment. With a robust retail footprint and a focus on brand innovation, Gargi continues to cater to modern Indian women through accessible luxury and trusted legacy.
