Pune, 26 May 2025 — In a remarkable financial leap, Gargi by P. N. Gadgil & Sons has wrapped up FY2024–25 with impressive numbers, reporting a total income of ₹128.4 crore—more than doubling its revenue from ₹51.1 crore the previous year. Even more striking, net profit after tax jumped to ₹28.8 crore, a steep 240% rise over last year’s ₹8.4 crore.
Behind this solid performance is the company’s ambitious retail expansion and a smart operational overhaul. By the end of March 2025, Gargi had scaled up to 98 touchpoints nationwide, with 33 franchised outlets, 51 Shop-in-Shop (SIS) counters, and 14 exclusive brand stores.
But the real game-changer? A major transition in business structure.
The company shifted its SIS business from a FOCO (Franchisee Operated, Company Owned) to a FOFO (Franchisee Owned, Franchisee Operated) model—a move designed to enable leaner operations and stronger capital efficiency. In simple terms, franchisees now buy directly from the company and handle end-customer sales, allowing Gargi to reduce its inventory burden and scale more sustainably.
“FY25 wasn’t just about growth—it was about transformation,” said Aditya Modak, co-founder of Gargi by P. N. Gadgil & Sons. “Moving to a FOFO model has set us up for long-term agility. Our numbers reinforce that we’re headed in the right direction. Now, we’re doubling down on expanding our reach and fine-tuning operations across our franchise and SIS formats.”
With eyes firmly set on future scaling, the company’s Board has approved a proposal to raise up to ₹15 crore through a mix of financial instruments such as equity shares, QIPs, preferential allotments, and rights issues—pending the necessary regulatory and shareholder green lights.
Interestingly, due to the operational change, current-year figures don’t directly compare with previous years. However, an internal benchmarking suggests that under the older FOCO structure, end-customer sales could have clocked ₹82.4 crore with a projected profit before tax of ₹23.3 crore.
For those interested in the fine print, Gargi’s audited financials and regulatory filings are available on www.gargibypng.com and the BSE India website.
As Gargi continues to evolve from a legacy brand to a modern retail powerhouse, FY25 may well go down as the year it redefined its growth playbook.
