How to celebrate or observe Labh Panchami? When is Labh Panchami this year? Labh Panchami date and timings. The festival of Labh Panchami (Hindi: लाभ पंचमी, Gujarati: લાભ પાંચમ) or Labh Pancham marks the final day of Diwali celebrations. It is observed on the Panchami (5th day) during the ‘Shukla Paksha’ (the waxing phase of moon) in month of Kartik of the traditional Gujarati calendar.