PNGS Gargi Fashion Jewellery is showing high growth within the retail sector as it transitions from a regional player to a pan-India brand. The company recently reported Q3 FY2026 revenue of 46.18 crore, marking a 27% increase compared to the same period last year. Net profit for the quarter grew 16.5% to reach 10.65 crore. The company operates a highly efficient asset-light model. Operating margins remain industry-leading with an EBITDA margin of 31.3% and a PAT margin of 22.8%. For the first nine months of the fiscal year, revenue reached 119.81 crore, a significant jump from 103.63 crore in the prior year. Expansion is a core driver for the brand. The company surpassed its annual goal by opening 16 new locations this year, bringing its total presence to 121 points of sale across India. Management has committed to opening 20 to 30 additional stores in the coming year, with a specific focus on the North Indian market. The balance sheet is exceptionally strong with zero debt and treasury reserves of approximately 70 crore. These funds are designated to support future store expansions without the need for additional equity or debt financing. Promoters also recently infused 10 crore in equity at 970 per share to bolster national marketing efforts. Market dynamics are shifting in favor of organized retail. While the Indian fashion jewellery market is currently valued at 10,000 crore, it is projected to triple to 30,000 crore by 2030. Gargi is positioning itself to capture this growth by increasing its diamond jewellery mix, which currently stands at 38% of sales and is expected to reach 45% by next year. As of late February 2026, the stock is trading near the 899 to 900 range on the BSE. Market capitalization stands at approximately 941 crore. Investors are monitoring the company's ability to navigate high gold prices, which have recently stabilized around 14,730 per gram for 22K gold, while managing competitive pressures in a fragmented retail landscape.