PN Gadgil - the Next Jewellery Giant?

PN Gadgil, came with IPO in Sept'2024. Company delivered more than 40% revenue growth in FY'24 as compared to FY'23 , however most of this growth was value growth, but company was able to grow volumes also which many of its peers were not able to. In last few years company has focused on increasing the SSSG and didn't open much stores however it seems that after IPO, company has focused on opening the new stores also. This could possibly help in further revenue growth. Company is going to change the way it procures the raw material, which would give and increase of 0.7% to 0.8% in gross margins and increase in the total stud part will also give a boost to the gross margins. This will flow to the EBITDA level and EBITDA margins could increase 1.5% to 2% going ahead in next 2 to 3 years. Company is available \~20X to \~25x multiple which seems reasonable.