Can this jeweller grow and not lose trust?

Summary: A hometown hero is taking on a national heavyweight. Less than a year after its market debut, this jeweller is gunning for Tanishq’s top spot in Maharashtra—its stronghold and biggest market. Backed by high inventory efficiency and smart store formats, the plan looks sharp on paper. But behind the gleam lie some troubling questions. Less than a year after hitting the bourses, PN Gadgil Jewellers has another big goal: to outshine jewellery giant Tanishq in its home turf, Maharashtra. With over 95 per cent of its revenue coming from this state alone, PN Gadgil has plans to scale up in Maharashtra before aiming for a nationwide rollout. The target? To establish 20-25 stores this financial year and surpass Tanishq’s 61-store footprint in Maharashtra, both in count and revenue, over the next two years. At first glance, the numbers make it sound doable. (PNG) PN Gadgil runs an efficient business with a high inventory turnover and one of the best revenue-per-square-foot figures in the industry. But there’s more to this story. Beneath the glitter lie concerns around governance and capital allocation that investors would do well to examine. What’s working for PNG High inventory turnover: PNG’s strongest suit lies in its