PN Gadgil Jewellers saw its shares hit a 5% lower circuit limit on the Bombay Stock Exchange, closing at ₹545.3 per share, following a 15% decline over two sessions after the release of its Q4 results. The company reported a 45.6% increase in net profit to ₹90.26 crore for the March quarter (Q4FY26), compared to ₹61.99 crore a year prior. Revenue surged 123.2% to ₹3,544.31 crore. However, the company's Ebitda margins decreased to 4.7% from 6.9%, and gross margins fell 231 basis points to 9.7%. This decline was attributed to a higher proportion of gold bars and coins in the sales mix, which compressed margins by approximately 150 basis points, alongside other promotional strategies that diluted profitability. Analysts at Motilal Oswal have revised their earnings per share estimates downward for FY27 and FY28, while the company aims to enhance its old gold contribution through its ‘Suvarna Swarajya’ initiative and increase its hedging ratio to mitigate margin volatility. Despite current challenges, the brokerage maintains a ‘Buy’ rating with a target price of ₹715.