Buy PN Gadgil Jewellers Ltd for the Target Rs. 825 by Motilal Oswal Financial Services Ltd
* We expect 40% YoY growth in retail revenue, 25% in franchise, and double e-commerce sales in 3QFY26.
* GP margin to expand by 210bp YoY to 11.9%, driven by improvement in product mix.
* EBITDA margin expected to expand 50bp YoY to 5.6%.
* We expect five store additions, taking the total count to 68 stores.

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