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Welspun Enterprises Credit Rating Outlook Upgraded to Positive; AA- Rating Reaffirmed
CRISIL Ratings has revised the outlook for Welspun Enterprises Limited's long-term bank facilities from 'Stable' to 'Positive' while reaffirming the rating at 'CRISIL AA-'. The rating action covers bank loan facilities totaling Rs. 2,600 crore and a commercial paper program of Rs. 200 crore. The short-term rating for both bank facilities and commercial paper has been reaffirmed at the highest level of 'CRISIL A1+'. This outlook upgrade indicates the rating agency's expectation of continued improvement in the company's financial and operational profile.
Key Highlights
Outlook on Long-Term Rating for Rs. 2,600 crore facilities revised from 'Stable' to 'Positive'.
Long-Term Rating reaffirmed at 'CRISIL AA-' by CRISIL Ratings Limited.
Short-Term Rating for bank facilities reaffirmed at 'CRISIL A1+'.
Commercial Paper rating of Rs. 200 crore reaffirmed at 'CRISIL A1+'.
💼 Action for Investors
The outlook upgrade to 'Positive' is a favorable signal regarding the company's creditworthiness and potential for future interest cost reductions. Investors should monitor the company's execution of its order book to see if this leads to a formal rating upgrade in the medium term.
PC Jeweller Reports Zero Deviation in Utilization of Preferential Issue Proceeds
PC Jeweller Limited has confirmed that there is no deviation or variation in the utilization of funds raised through its recent preferential issues. During the quarter ended December 31, 2025, the company raised approximately ‡33.67 crores through the conversion of warrants. The proceeds are being systematically deployed for the repayment of banker's outstanding debts and working capital requirements as per the original objects of the issues. This transparency, verified by CARE Ratings Limited, indicates that the company is adhering to its financial restructuring and debt reduction commitments.
Key Highlights
Confirmed zero deviation in the use of proceeds from preferential issues for the quarter ended December 31, 2025.
Raised ‡33.67 crores during the quarter via warrant conversions on October 18 and November 15, 2025.
Utilized ‡829.68 crores from the 2024 issue and ‡303.52 crores from the 2025 issue specifically for debt repayment till date.
Working capital allocations of ‡529.10 crores and ‡149.83 crores for general corporate purposes from the 2024 issue are now fully utilized.
Monitoring agency CARE Ratings Limited reviewed the fund utilization, ensuring compliance with SEBI LODR Regulations.
💼 Action for Investors
Investors should view this as a positive sign of management's commitment to debt reduction and transparent fund management. Continue to monitor the company's quarterly debt levels to ensure the repayment timelines (extending into 2026-2027) are met.
PC Jeweller Q3 PAT Rises 28% to ₹187 Cr; Plans 100 Large Franchise Showrooms
PC Jeweller reported a strong Q3FY26 with standalone revenue growing 37% YoY to ₹875 crores and PAT increasing 28% to ₹187 crores. The company is executing an aggressive expansion strategy, planning to open 100 large franchise showrooms within 12-18 months and 1,000 small units under a UP government initiative. Significantly, the firm has reduced its debt by 68% since September 2024 and expects to be debt-free by March 2026. However, auditors maintained a qualification regarding ₹183 crore in export discounts and ₹1,683 crore in overdue receivables.
Key Highlights
Q3FY26 standalone revenue increased 37% YoY to ₹875 crores, while EBITDA grew 46% to ₹225 crores.
Company aims to become debt-free by March 2026, supported by ₹1,296 crores expected from warrant conversions.
Board approved opening 100 large franchise showrooms and 1,000 small units via the CM-YUVA scheme in Uttar Pradesh.
Inventory and showroom keys previously held by DRAT have been fully restored to the company following settlement compliance.
Auditors highlighted ₹1,683.19 crore in export receivables outstanding for over 9 months and ₹183.16 crore in unapproved discounts.
💼 Action for Investors
The company's operational turnaround and debt reduction plan are progressing well, making it a strong recovery play. Investors should watch for the successful realization of warrant funds by March 2026 and any regulatory resolution regarding the legacy export receivable issues.
PC Jeweller Q3 PAT Rises 28% to ₹187 Cr; Plans 100 New Large Franchise Showrooms
PC Jeweller reported a strong Q3FY26 with standalone domestic revenue growing 37% YoY to ₹875 crores and PAT increasing 28% to ₹187 crores. The company is aggressively expanding its retail footprint, targeting 100 large franchise showrooms in the next 12-18 months and 1,000 small units under the CM-YUVA scheme. Debt reduction remains a priority, with a 68% reduction achieved since September 2024 and a target to be debt-free by March 2026. While operational momentum is positive, auditors maintained a qualified opinion regarding ₹183.16 crore in export discounts and ₹1,683.19 crore in overdue export receivables.
Key Highlights
Standalone domestic revenue grew 37% YoY to ₹875 crores in Q3FY26.
Net profit (PAT) increased by 28% to ₹187 crores, while 9MFY26 operating PAT grew 86% to ₹554 crores.
Approved expansion plan to open 100 large franchise showrooms within 12-18 months.
Outstanding debt reduced by 68% since September 2024, aiming for debt-free status by March 2026.
Recovered all inventory and showroom keys previously held by the Debts Recovery Appellate Tribunal (DRAT).
💼 Action for Investors
Investors should focus on the company's successful debt reduction and aggressive franchise-led expansion model which requires minimal capital. However, caution is advised regarding the long-standing auditor qualifications on export receivables and discounts.