Market & Forensics Analyst, Beat the Street

Nimish Maheshwari

Market & Forensics Analyst

Beat the Street

Beat The Street was founded by Nimish Maheshwari and Sudarshan Bhandari, both of whom are Chartered Accountants by Profession, known for their expert analysis in the fields of Business, Sectoral analysis, and Corporate governance.

With a strong social media presence of 45,000+ Subscribers across various platforms, they are considered trusted voices in the industry. Their insights and analysis have been featured in some of India’s most prominent publications, including the Economic Times, Dalal Street Investment Journal, The Morning Context, and The Ken.

Their analysis on Bankrupt & Insolvent companies has been instrumental in saving investors from significant losses. They have a keen eye for identifying red flags and has identified exclusive redflags earlier in Vedanta, Nykaa, Dhani Services, Adani and many more.

Read Business Not Stock Prices

Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/p-n-gadgil-jewellers" target="_blank" data-smartkarma-citation="entities:41129:1" rel="noopener">P N Gadgil Jewellers (1742652D IN)</a> is a 190-year-old legacy brand evolving into a modern retail powerhouse with 55 stores, innovative formats, and nationwide expansion plans.</li>
<li>Key growth drivers include 20–25 planned new stores in FY26, a 41.6% YoY jump in studded jewellery share, and a complete exit from INR 700 crore bullion sales.</li>
<li>With 5-year PAT CAGR of 52% and a PEG ratio of 0.71, PNGJL stands out among peers as a high-growth, efficiently valued player in organized jewellery retail.</li>
</ul>



P N Gadgil Jewellers (1742652D IN) is a 190-year-old legacy brand evolving into a modern retail powerhouse with 55 stores, innovative formats, and nationwide expansion plans.
Key growth drivers include 20–25 planned new stores in FY26, a 41.6% YoY jump in studded jewellery share, and a complete exit from INR 700 crore bullion sales.
With 5-year PAT CAGR of 52% and a PEG ratio of 0.71, PNGJL stands out among peers as a high-growth, efficiently valued player in organized jewellery retail.


The Beat Ideas: P N Gadgil Jewellers- Betting Big on High-Margin Lightweight Jewellery

External broker reports(aggregated public sources), Motilal Oswal Financial Services Limited

Motilal Oswal

External broker reports(aggregated public sources)

Motilal Oswal Financial Services Limited

Motilal Oswal Financial Services Limited is an Indian diversified financial services firm offering a range of financial products and services. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

<ul><li>PN Gadgil Jewellers (PNG) delivered consolidated revenue growth of 24% YoY to INR24.4b (est. INR23.4b) in 3QFY25, led by strong festive demand during Navratri and Diwali.</li><li>Retail revenue surged ~42% YoY, while E-commerce and Franchisee revenues grew by 97% and 87% YoY, respectively.</li><li>The Average Transaction Value (ATV) increased by a strong 22% to INR86,000. Lower bullion sales impacted reported revenue.</li></ul><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>

PN Gadgil Jewellers (PNG) delivered consolidated revenue growth of 24% YoY to INR24.4b (est. INR23.4b) in 3QFY25, led by strong festive demand during Navratri and Diwali.Retail revenue surged ~42% YoY, while E-commerce and Franchisee revenues grew by 97% and 87% YoY, respectively.The Average Transaction Value (ATV) increased by a strong 22% to INR86,000. Lower bullion sales impacted reported revenue.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

P N Gadgil Jewellers - Robust Revenue Growth; Focus on Store Expansion

Pan-Asia Index Rebalances/ Events/ Delta One, Periscope Analytics

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Periscope Analytics

Periscope Analytics focuses on event-driven trades across Asia Pacific and provides comprehensive, timely and systematic coverage of index changes to major Asia Pacific indices in a structured manner.

The analysis includes forecasted inclusions and exclusions to all major Asian indices that have significant amount of tracking assets, including estimates of passive buy/sell flow on the stocks. The service also provides commentary and impact of market consultations, ground rule changes, and other events (IPOs, spin-offs, M&A) that could lead to index changes and passive flow.

Periscope Analytics works with multi-strategy hedge funds, proprietary trading firms, stat arb trading groups and long-only investors that invest and trade in the Asia Pacific region with the data being used to trade index rebalances, avoid pre-positioning and passive flow, and to time entry into and exit from stocks.

Event-Driven Trades Across Asia Pacific

Event-Driven

CG Power and Industrial Solutions / Event-Driven

CG Power and Industrial Solutions (CGPOWER IN)

<ul>
<li>We see 7 stocks moving from MidCap to LargeCap, 11 stocks moving from LargeCap to MidCap, 4 stocks from SmallCap to MidCap, and 11 stocks from MidCap to SmallCap.</li>
<li>From the new listings, 4 stocks are expected to be added to Large Cap, 3 stocks to Mid Cap, and multiple stocks to Small Cap.</li>
<li>There are multiple stocks among the AMFI changes that will be changes for the <a href="https://www.smartkarma.com/entities/nse-nifty-next-50-index" target="_blank" data-smartkarma-citation="entities:36053:1" rel="noopener">NSE Nifty Next 50 Index (NIFTYJR INDEX)</a> and/or Nifty Midcap 150 Index in March.</li>
</ul>


We see 7 stocks moving from MidCap to LargeCap, 11 stocks moving from LargeCap to MidCap, 4 stocks from SmallCap to MidCap, and 11 stocks from MidCap to SmallCap.
From the new listings, 4 stocks are expected to be added to Large Cap, 3 stocks to Mid Cap, and multiple stocks to Small Cap.
There are multiple stocks among the AMFI changes that will be changes for the NSE Nifty Next 50 Index (NIFTYJR INDEX) and/or Nifty Midcap 150 Index in March.


AMFI Stock Reclassification Preview (Dec 2024): Recent Large IPOs Lead to Big Downward Shift

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Equity Capital Markets

<ul>
<li>Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.</li>
<li>On the IPO front, <a href="https://www.smartkarma.com/entities/midea-group-co-ltd-a" target="_blank" data-smartkarma-citation="entities:16185:1" rel="noopener">Midea Group Co Ltd A (000333 CH)</a> and <a href="https://www.smartkarma.com/entities/bajaj-housing-finance" target="_blank" data-smartkarma-citation="entities:43675:1" rel="noopener">Bajaj Housing Finance (BHF IN)</a> hogged much of the limelight this week as well.</li>
<li>On the placements front, there were a few large US$400m+ placements across the region this week.</li>
</ul>


Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.
On the IPO front, Midea Group Co Ltd A (000333 CH) and Bajaj Housing Finance (BHF IN) hogged much of the limelight this week as well.
On the placements front, there were a few large US$400m+ placements across the region this week.


ECM Weekly (23rd Sep 2024) - Tokyo Metro, Midea, Intermestic, Sagility, Belstar, Kuaishou, Bajaj HF

APAC IPOs & Placements, Aequitas Research

Akshat Shah

APAC IPOs & Placements

P N Gadgil Jewellers / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/p-n-gadgil-jewellers" target="_blank" data-smartkarma-citation="entities:41129:1" rel="noopener">P N Gadgil Jewellers (1742652D IN)</a> raised around US$130m in its India IPO. </li>
<li>It is an Indian organized jewellery player with product offerings which include traditional as well as modern and functional jewellery designs, in gold, diamond, silver and platinum.</li>
<li>In our previous notes, we looked at the company’s past performance and valuation. In this note, we talk about trading dynamics.</li>
</ul>



P N Gadgil Jewellers (1742652D IN) raised around US$130m in its India IPO. 
It is an Indian organized jewellery player with product offerings which include traditional as well as modern and functional jewellery designs, in gold, diamond, silver and platinum.
In our previous notes, we looked at the company’s past performance and valuation. In this note, we talk about trading dynamics.


P N Gadgil Jewellers IPO Trading- Decent Anchor, Strong Insti Demand

India

P N Gadgil Jewellers Limited is a prominent Indian heritage jewelry brand, specializing in the retail sale and manufacture of gold, silver, platinum, and diamond-studded jewelry, including traditional and modern designs. The company offers a diverse range of products, from wedding and bridal wear to daily wear and investment-focused purchases, through its retail stores and online platforms. Founded in 1832 in Sangli, the company is headquartered in Pune, Maharashtra, India.

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P N Gadgil Jewellers (PNGJL IN)

The Beat Ideas: P N Gadgil Jewellers- Betting Big on High-Margin Lightweight Jewellery

Legacy brand P N Gadgil Jewellers is transforming into a modern retail powerhouse with 55 stores, innovative formats, and nationwide expansion...

Nimish Maheshwari

P N Gadgil Jewellers - Robust Revenue Growth; Focus on Store Expansion

PN Gadgil Jewellers (PNG) delivered consolidated revenue growth of 24% YoY to INR24.4b (est. INR23.4b) in 3QFY25, led by strong festive demand...

Motilal Oswal

AMFI Stock Reclassification Preview (Dec 2024): Recent Large IPOs Lead to Big Downward Shift

There could be 33 migrations in January, 4 new listings in LargeCap, 3 in MidCap and multiple in SmallCap. Some of the AMFI changes will have...

Brian Freitas

ECM Weekly (23rd Sep 2024) - Tokyo Metro, Midea, Intermestic, Sagility, Belstar, Kuaishou, Bajaj HF

Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.

Sumeet Singh

P N Gadgil Jewellers IPO Trading- Decent Anchor, Strong Insti Demand

P N Gadgil Jewellers Ltd (PNGJ) raised around US$130m in its India IPO. In this note, we talk about the trading dynamics.

Akshat Shah

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

The Beat Ideas: P N Gadgil Jewellers- Betting Big on High-Margin Lightweight Jewellery

​Legacy brand P N Gadgil Jewellers is transforming into a modern retail powerhouse with 55 stores, innovative formats, and nationwide expansion...

Nimish Maheshwari

P N Gadgil Jewellers - Robust Revenue Growth; Focus on Store Expansion

PN Gadgil Jewellers (PNG) delivered consolidated revenue growth of 24% YoY to INR24.4b (est. INR23.4b) in 3QFY25, led by strong festive demand...

Motilal Oswal

AMFI Stock Reclassification Preview (Dec 2024): Recent Large IPOs Lead to Big Downward Shift

There could be 33 migrations in January, 4 new listings in LargeCap, 3 in MidCap and multiple in SmallCap. Some of the AMFI changes will have...

Brian Freitas

ECM Weekly (23rd Sep 2024) - Tokyo Metro, Midea, Intermestic, Sagility, Belstar, Kuaishou, Bajaj HF

Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.

Sumeet Singh

P N Gadgil Jewellers IPO Trading- Decent Anchor, Strong Insti Demand

P N Gadgil Jewellers Ltd (PNGJ) raised around US$130m in its India IPO. In this note, we talk about the trading dynamics.

Akshat Shah

Legacy brand P N Gadgil Jewellers is transforming into a modern retail powerhouse with 55 stores, innovative formats, and nationwide expansion...