PC Jeweller Limited (PCJEWELLER)
₹16.28 +12.66% last close, 16 Oct
Q2 FY27 results
📅 Next results: 21 Oct 2026 (board meeting)PC Jeweller Limited's board meets on 21 Oct 2026 to consider its Q2 FY27 results (July-September 2026).
In its latest reported quarter, Q1 FY27, PC Jeweller's revenue was ₹877 Cr (+21.0% year on year, -5.4% on the previous quarter), and net profit ₹222 Cr (+37.0% year on year); the operating margin was 27.5%.
| Q1 FY27 (₹ Cr) | Value | YoY vs Q1 FY26 | QoQ |
|---|---|---|---|
| Revenue | ₹877 | +21.0% | -5.4% |
| Operating profit | ₹242 | +89.7% | +47.3% |
| Net profit | ₹222 | +37.0% | +45.0% |
| EPS (₹) | 0.23 | -8.0% | +27.8% |
| Operating margin | 27.5% | — | — |
PCJEWELLER delivery percentage and bulk deals
NSE end-of-day data for
On Fri, 16 Oct 2026, 23.39% of the PCJEWELLER shares traded on NSE were taken to delivery, against the stock's own 20-session average of 22.75%. That is close to its usual level. It traded 3.5 times its average daily volume. 22 bulk or block deals were reported in PCJEWELLER in the last 60 days: ₹1,271 Cr bought and ₹1,159 Cr sold.
Delivery in the last 5 sessions: 25.6% · 26.6% · 23.0% · 27.1% · 23.4%
| Date | Side | Counterparty | Value | Price | Quantity | Type |
|---|---|---|---|---|---|---|
| 16 Oct | Buy | Jump Trading Financial India Private Limited | ₹306.95 Cr | ₹16.22 | 189,239,536 | Bulk |
| 16 Oct | Sell | Jump Trading Financial India Private Limited | ₹292.21 Cr | ₹16.31 | 179,158,787 | Bulk |
| 16 Oct | Buy | Hrti Private Limited | ₹189.95 Cr | ₹16.19 | 117,327,923 | Bulk |
| 16 Oct | Sell | Hrti Private Limited | ₹139.65 Cr | ₹16.37 | 85,306,886 | Bulk |
| 16 Oct | Sell | Sanyasiayurvedaprivate Limited | ₹84.19 Cr | ₹16.28 | 51,715,385 | Bulk |
A description of what the exchange published, not a recommendation. Names such as "accumulation" or "long buildup" label a pattern in the numbers. How delivery is analysed
📢 Recent Corporate Announcements
PC Jeweller Limited has announced the complete release of all mortgaged assets, charges, securities, guarantees, and undertakings following No Objection cum No Dues certificates from all 14 consortium banks. Original title deeds have been handed back to the respective holders, formally concluding all outstanding debt clearance procedures. This marks a critical closure to legacy debt distress, supporting the company's turnaround where debt was Rs 1,166 crore against Rs 8,127 crore net worth.
- All mortgaged assets, charges, and securities released across all 14 banks of the consortium
- Personal and corporate guarantees as well as undertakings have been fully released
- Original title deeds returned to title holders, closing all formalities regarding outstanding debt clearance
- Follows previous receipt of No Objection cum No Dues cum Release Letters from all consortium lenders
PC Jeweller reported a strong business update for Q2FY27 with consolidated revenue growth of approximately 28% YoY. The company achieved a debt-free status during the quarter by repaying all outstanding bank debt ahead of schedule, eliminating bank borrowing costs. Additionally, it recovered ₹142 crore from export debtors after amicably resolving legacy disputes, and concluded its ₹500 crore preferential fundraise on September 24, 2026.
- Consolidated revenue grew by approximately 28% YoY in Q2FY27
- Achieved debt-free status following complete repayment of bank debts ahead of scheduled due dates
- Realized remittances of approximately ₹142 crore from resolved outstanding export debtors during the quarter
- Completed ₹500 crore fundraise via preferential issue of equity shares and warrants on September 24, 2026
PC Jeweller announced key changes to its Board and senior management effective October 1, 2026. Shri Soumil Garg, son of Promoter and MD Balram Garg, has been appointed as an Additional and Whole-time Director for a period of 5 years, subject to shareholder approval. Concurrently, Shri Ramesh Kumar Sharma resigned as Whole-time Director and from various board committees. The company also appointed Kumar Deoratan Singh as CTO and Pawandeep Kaur as President (Business Development), while accepting resignations from the CIO and President (Accounts).
- Appointment of Shri Soumil Garg as Whole-time Director for a tenure of 5 consecutive years w.e.f. October 01, 2026
- Resignation of Shri Ramesh Kumar Sharma as Director and Whole-time Director effective October 01, 2026
- Reconstitution of 4 board committees including Stakeholders Relationship and Risk Management Committees
- Senior management additions: Shri Kumar Deoratan Singh appointed as Chief Technical Officer and Ms. Pawandeep Kaur as President (Business Development)
- Resignations of Shri Vivek Jain (Chief Information Officer) and Shri Kuldeep Singh (President - Accounts)
PC Jeweller Limited has submitted the voting results and Scrutinizer's Report for its 21st Annual General Meeting held on September 30, 2026. Shareholders approved two ordinary resolutions: the adoption of FY26 audited standalone and consolidated financial statements (passed with 96.72% votes in favour) and the re-appointment of retiring director Shri Vishan Deo (passed with 99.89% votes in favour). Total votes polled stood at 391.62 crore shares for the first resolution, representing 40.20% of outstanding voting capital.
- Adoption of FY26 audited financial statements passed with 96.7224% votes in favour and 3.2776% against
- Re-appointment of director Shri Vishan Deo approved with 99.8886% votes in favour
- Total voter turnout was 40.2024% (3,91,61,54,582 votes polled out of 9,74,10,84,855 shares)
- Significant institutional dissent observed on financial statements adoption, with 99.1675% of institutional votes cast against
At its 21st AGM, PC Jeweller announced that it has cleared all bank debt repayment obligations to become debt-free, which will eliminate ~₹175 crore in annual bank interest charges. The company completed preferential issues realizing ₹2,512.77 crore in April 2026 and up to ₹500 crore on September 24, 2026 (including promoter contributions of ₹716.55 crore and ₹175 crore respectively). Looking ahead, the company targets opening up to 100 new owned and franchised showrooms within 12 to 18 months, supported by government MoUs (NSDC and UP CM YUVA). Additionally, its subsidiary incorporated PCJ Mining SARL in Chad after receiving a gold mining license.
- Cleared all debt repayment obligations with banks to attain a debt-free status, saving ~₹175 crores in interest paid previously
- Realized ₹2,512.77 crore via warrants on April 10, 2026, and up to ₹500 crore via equity/warrants on September 24, 2026
- Plans to open up to 100 new showrooms (own and franchise) over the next 12 to 18 months
- Subsidiary PCJ Mining SARL secured a semi-mechanized artisanal gold mining license in Republic of Chad
PC Jeweller announced key changes to its Board and senior management effective October 1, 2026. Shri Soumil Garg, son of Promoter and MD Balram Garg, has been appointed as an Additional and Whole-time Director for a period of 5 years, subject to shareholder approval. Concurrently, Shri Ramesh Kumar Sharma resigned as Whole-time Director and from various board committees. The company also appointed Kumar Deoratan Singh as CTO and Pawandeep Kaur as President (Business Development), while accepting resignations from the CIO and President (Accounts).
- Appointment of Shri Soumil Garg as Whole-time Director for a tenure of 5 consecutive years w.e.f. October 01, 2026
- Resignation of Shri Ramesh Kumar Sharma as Director and Whole-time Director effective October 01, 2026
- Reconstitution of 4 board committees including Stakeholders Relationship and Risk Management Committees
- Senior management additions: Shri Kumar Deoratan Singh appointed as Chief Technical Officer and Ms. Pawandeep Kaur as President (Business Development)
- Resignations of Shri Vivek Jain (Chief Information Officer) and Shri Kuldeep Singh (President - Accounts)
PC Jeweller announced key changes to its Board and senior management effective October 1, 2026. Shri Soumil Garg, son of Promoter and MD Balram Garg, has been appointed as an Additional and Whole-time Director for a period of 5 years, subject to shareholder approval. Concurrently, Shri Ramesh Kumar Sharma resigned as Whole-time Director and from various board committees. The company also appointed Kumar Deoratan Singh as CTO and Pawandeep Kaur as President (Business Development), while accepting resignations from the CIO and President (Accounts).
- Appointment of Shri Soumil Garg as Whole-time Director for a tenure of 5 consecutive years w.e.f. October 01, 2026
- Resignation of Shri Ramesh Kumar Sharma as Director and Whole-time Director effective October 01, 2026
- Reconstitution of 4 board committees including Stakeholders Relationship and Risk Management Committees
- Senior management additions: Shri Kumar Deoratan Singh appointed as Chief Technical Officer and Ms. Pawandeep Kaur as President (Business Development)
- Resignations of Shri Vivek Jain (Chief Information Officer) and Shri Kuldeep Singh (President - Accounts)
PC Jeweller announced key changes to its Board and senior management effective October 1, 2026. Shri Soumil Garg, son of Promoter and MD Balram Garg, has been appointed as an Additional and Whole-time Director for a period of 5 years, subject to shareholder approval. Concurrently, Shri Ramesh Kumar Sharma resigned as Whole-time Director and from various board committees. The company also appointed Kumar Deoratan Singh as CTO and Pawandeep Kaur as President (Business Development), while accepting resignations from the CIO and President (Accounts).
- Appointment of Shri Soumil Garg as Whole-time Director for a tenure of 5 consecutive years w.e.f. October 01, 2026
- Resignation of Shri Ramesh Kumar Sharma as Director and Whole-time Director effective October 01, 2026
- Reconstitution of 4 board committees including Stakeholders Relationship and Risk Management Committees
- Senior management additions: Shri Kumar Deoratan Singh appointed as Chief Technical Officer and Ms. Pawandeep Kaur as President (Business Development)
- Resignations of Shri Vivek Jain (Chief Information Officer) and Shri Kuldeep Singh (President - Accounts)
PC Jeweller Limited has announced the receipt of No Objection cum No Dues cum Release Letters from all 14 consortium banks, with the final letter received on September 30, 2026. This follows the company's prior repayment and clearance of outstanding debts under settlement agreements. The release marks a major operational turnaround from its legacy distressed debt situation, where it previously carried significant consortium liabilities. With full lender clearances achieved, the company can now pursue collateral and inventory releases to support its ongoing business recovery.
- Received No Objection cum No Dues cum Release Letter from all 14 consortium banks
- Final release letter received on September 30, 2026
- Marks full clearance and formal bank closure of outstanding consortium debts
PC Jeweller Limited has announced that it has achieved debt-free status after successfully discharging all remaining outstanding bank debt on September 25, 2026. This full repayment covers all 14 consortium banks under the terms of the Settlement Agreement dated September 30, 2024, completed ahead of scheduled due dates. Prior to this settlement, the company carried total debt of ₹1,166 crore against a net worth of ₹8,127 crore. Clearing bank obligations eliminates a key drag on the balance sheet and eases lender-related operational constraints.
- Successfully discharged outstanding debt across all 14 consortium banks
- Repayments concluded ahead of scheduled due dates under the September 30, 2024 Settlement Agreement
- Company officially achieved debt-free status as of September 25, 2026
- Removes debt overhang relative to recent reported debt of ₹1,166 crore
PC Jeweller Limited's Board approved the allotment of 3,63,62,222 equity shares of face value ₹1 each to Promoter & MD Shri Balram Garg upon the conversion of warrants. The allotment took place after receiving the balance 75% warrant money aggregating to ₹49.09 crore at an issue price of ₹18 per share. This completes the full conversion of 9.72 crore warrants previously issued to the promoter. Consequently, the promoter group's shareholding increases slightly from 38.88% to 39.10%, expanding the total paid-up equity base to 980.78 crore shares.
- Allotment of 3,63,62,222 equity shares upon conversion of warrants at ₹18 per share (face value ₹1, premium ₹17)
- Receipt of ₹49,08,89,997 representing the remaining 75% subscription amount
- Zero warrants remain pending for conversion, completing the 9,72,22,222 warrant program
- Promoter holding increases from 38.88% to 39.10% post-conversion
- Paid-up share capital increases from ₹977.14 crore to ₹980.78 crore
PC Jeweller has cleared all outstanding debt under its September 30, 2024 Settlement Agreement for one more lender, bringing the total to 13 out of 14 consortium banks settled ahead of scheduled due dates. The company has now discharged more than 99% of its total bank debt. It aims to repay the remaining <1% within September 2026 to achieve complete debt-free status. This directly strengthens its balance sheet, where total debt previously stood at Rs 1,166 crore.
- Cleared outstanding debt for 13 out of 14 consortium banks ahead of scheduled due dates
- Discharged more than 99% of total outstanding bank debt under the settlement framework
- Remaining debt to clear is less than 1% across 1 remaining bank
- Aims to achieve full debt-free status within the current month (September 2026)
PC Jeweller has allotted 1,18,52,500 equity shares to Promoter & Managing Director Balram Garg upon the conversion of warrants. The company received the remaining 75% consideration aggregating to ₹16.00 crore at an issue price of ₹18 per share. Following this conversion, promoter holding marginally increases to 38.88% from 38.80%, while 3,63,62,222 warrants remain pending for conversion out of the original 9.72 crore warrant issue.
- 1,18,52,500 equity shares allotted to Promoter Balram Garg upon warrant conversion
- ₹16,00,08,750 received as the 75% balance warrant consideration at ₹18 per share
- Promoter shareholding increases to 38.88% from 38.80%
- Paid-up share capital increases to ₹977.14 crore from ₹975.95 crore
- 3,63,62,222 warrants remain outstanding and pending for future conversion
PC Jeweller has cleared outstanding debt with one more bank under its Settlement Agreement dated September 30, 2024. The company has now fully resolved debt with 12 out of 14 consortium banks ahead of scheduled due dates, discharging more than 98% of total outstanding bank debt. Management targets achieving full debt-free status within September 2026 by clearing the remaining <2% balance. This resolution directly relieves balance sheet stress compared to the Rs 1,166 crore total debt reported in recent context.
- Cleared outstanding debt for 1 more bank under the September 30, 2024 settlement agreement
- Repaid debt across 12 out of 14 consortium banks ahead of scheduled timelines
- Discharged more than 98% of outstanding debt to consortium banks
- Aims to repay the remaining <2% bank debt within the current month (September 2026)
PC Jeweller Limited has allotted 74,07,500 equity shares of face value ₹1 each to Promoter & Managing Director Shri Balram Garg upon the conversion of warrants. The company received ₹10,00,01,250 (representing the remaining 75% balance of the ₹18 issue price per warrant). Following this allotment, the total paid-up share capital increased marginally to 975,95,42,355 equity shares, raising the promoter group holding from 38.76% to 38.80%. A total of 4,82,14,722 warrants remain pending for conversion.
- Allotted 74,07,500 equity shares to Promoter Balram Garg upon warrant conversion
- Received balance 75% subscription amount aggregating to ₹10,00,01,250 (at ₹13.50 per warrant)
- Issue price per warrant is ₹18 (face value ₹1 plus premium ₹17)
- Promoter and promoter group shareholding increased slightly from 38.76% to 38.80%
- 4,82,14,722 warrants remain pending for conversion out of 9,72,22,222 initially allotted
Financial Performance
Revenue Growth by Segment
Standalone revenue from operations increased to INR 2,243.25 crore in FY25 from INR 189.45 crore in FY24, representing a growth of 1,084% YoY due to a significant increase in operational efficiency post-settlement.
Profitability Margins
Operating Profit Margin improved to 22.26% in FY25 from -76.40% in FY24. Net Profit Margin reached 25.64% in FY25 compared to -342.71% in FY24, driven by the 1,084% surge in turnover and a 90% reduction in finance costs.
EBITDA Margin
EBIT increased by approximately 445% YoY, contributing to an Operating Profit Margin of 22.26%. This recovery is attributed to the resumption of business activities following the One Time Settlement (OTS) with lenders.
Credit Rating & Borrowing
The company carries a credit rating of 'CRISIL D/CRISIL D Issuer Not Cooperating' as of 2025. Finance costs decreased by 90% YoY following the debt reduction and settlement with consortium lenders.
Operational Drivers
Raw Materials
Gold, diamonds, and precious stones are the primary raw materials used in the manufacturing of jewellery products.
Capacity Expansion
The company maintained a total employee strength of 723 as of March 31, 2025, to support its manufacturing and retail operations.
Manufacturing Efficiency
Operational efficiency significantly increased post-OTS, leading to a 445% increase in EBIT and a massive recovery in turnover.
Strategic Growth
Growth Strategy
The company is focusing on a franchise-led expansion model, recently onboarding as a Franchise Brand on the CM-YUVA Portal in Uttar Pradesh to leverage government-backed entrepreneurial platforms. Growth is also supported by the conversion of fully convertible warrants into equity to strengthen the capital base.
Products & Services
Manufacturing, retail, and export of jewellery including gold jewellery, diamond-studded jewellery, and silver articles.
Brand Portfolio
PC Jeweller.
Market Expansion
Expansion into the Uttar Pradesh market through the CM-YUVA Portal as a franchise brand to increase regional footprint.
Strategic Alliances
Entered into a Joint Settlement Agreement dated September 30, 2024, with Consortium Lenders to restructure debt and resume normal operations.
External Factors
Industry Trends
The jewellery industry is seeing a shift toward organized retail and franchise models. PC Jeweller is positioning itself to capture this by resolving legacy debt issues and utilizing digital government portals for expansion.
Competitive Moat
The company's moat is built on its established brand name in the Indian jewellery market and its transition toward a capital-light franchise model, though this is currently tempered by credit rating challenges.
Regulatory & Governance
Industry Regulations
Operations are governed by RBI Master Directions on Exports of Goods and Services and SEBI Listing Obligations (LODR) Regulations. The company faced SEBI-related fines for non-compliance in September 2025.
Taxation Policy Impact
The company recognized a Deferred Tax Asset in FY25 due to confidence in future taxable profits. It also recognized interest income of INR 51.39 crore on income tax refunds.
Legal Contingencies
Pending export discount compliance issues involving INR 513.65 crore from FY19. Unpaid income tax liability of INR 81.26 crore was adjusted against refunds. The company also faces various pending litigations disclosed in Note 44.
Risk Analysis
Key Uncertainties
Auditors issued a qualified opinion regarding the valuation of inventory and the inability to examine its consequential impact on financial statements. There is also uncertainty regarding the final resolution of RBI export discount requirements (INR 513.65 crore).
Third Party Dependencies
Dependency on consortium lenders for the release of inventory and adherence to the Settlement Agreement.
Technology Obsolescence Risk
The company has implemented accounting software with audit trail (edit log) facilities to comply with statutory requirements and ensure data integrity.
Credit & Counterparty Risk
The company recognized a cumulative Expected Credit Loss (ECL) on outstanding receivables amounting to INR 265.10 crore as of March 31, 2025.
