PCJEWELLER - PC Jeweller

PC Jeweller's step-down subsidiary, PCJ Mining SARL, has been granted a license for semi-mechanized artisanal mining of gold in the Republic of Chad. The license, issued by the Ministry of Petroleum, Mining and Oil Geology, is valid for one year and is renewable under applicable laws. This move marks a strategic attempt at vertical integration, allowing the company to explore mining, refining, and marketing of precious metal ores directly. The subsidiary was recently incorporated in February 2026 to facilitate these international mining operations.

• Step-down subsidiary PCJ Mining SARL granted a gold mining license in the Republic of Chad.
• The license allows for semi-mechanized artisanal mining for an initial period of 1 year.
• Strategic move towards vertical integration including extraction, refining, and marketing of mineral products.
• Follows the initial incorporation of the Chad-based subsidiary on February 23, 2026.

PC Jeweller Limited has announced a significant milestone in its financial recovery, having now repaid more than 90% of its outstanding bank debt under a Joint Settlement Agreement. The company recently completed an additional 10% reduction in its debt obligations to consortium lenders. This progress aligns with the management's stated goal of achieving a completely debt-free status in the near future. The swift execution of the settlement agreement suggests improved liquidity and a focused effort to clean up the balance sheet.

• Successfully reduced outstanding bank debt by an additional 10% as of April 17, 2026.
• Total debt discharged and repaid now exceeds 90% since the execution of the settlement agreement.
• Repayments are being made in accordance with the Joint Settlement Agreement with Consortium Lenders.
• Company reaffirms its commitment to becoming 100% debt-free very soon.

PC Jeweller Limited has successfully completed the conversion of 43.58 crore warrants into equity shares, raising a total of ₹2,512.77 crore. This represents a 93% conversion rate of the warrants originally allotted in late 2024. The company received the balance 75% payment at ₹42.15 per warrant from 111 allottees, including promoter group entities. While 4.49 crore warrants lapsed, the company has forfeited the upfront amounts paid for them, further boosting its capital base.

• Total capital raised through the warrant issuance and conversion amounts to ₹2,512.77 crore.
• 43,58,82,572 warrants were converted into equity shares, while 4,49,19,928 warrants lapsed.
• Promoter group converted 12 crore warrants but allowed 3 crore to lapse to avoid triggering a mandatory open offer.
• The company forfeited the 25% upfront amount received for all lapsed warrants in accordance with ICDR Regulations.

PC Jeweller Limited has successfully reduced its outstanding debt payable to banks by approximately 14% under its Joint Settlement Agreement. This reduction was achieved using funds received from the conversion of Fully Convertible Warrants into equity shares by both the Promoter Group and public entities. The company has now discharged the majority of its bank debt, marking a significant milestone in its turnaround strategy. Management has reiterated its commitment to achieving a completely debt-free status in the near future.

• Reduced outstanding bank debt by approximately 14% as of April 10, 2026.
• Debt reduction funded through the conversion of Fully Convertible Warrants into equity shares.
• Majority of the total outstanding debt due to consortium lenders has now been repaid.
• Warrant conversion involved participation from both Promoter Group and Non-Promoter Public entities.
• Company is actively progressing towards its goal of becoming entirely debt-free.

PC Jeweller Limited has allotted 106.19 crore equity shares of ₹1 each following the conversion of 10.62 crore fully convertible warrants. The company received ₹447.60 crore, representing the 75% balance payment required for the conversion from 32 allottees across promoter and public categories. This exercise has increased the company's paid-up equity share capital from ₹864.86 crore to ₹971.05 crore. The capital infusion is part of a preferential allotment previously initiated in late 2024.

• Allotment of 106,19,31,680 equity shares following the conversion of 10,61,93,168 warrants.
• Total balance consideration received amounts to ₹447,60,42,031.20 at ₹42.15 per warrant.
• Paid-up equity capital expanded by approximately 12.3% to reach ₹971.05 crore.
• Promoter group shareholding adjusted to 38.49% post-allotment from 40.72%.
• Major allottees include Ebisu Global Opportunities Fund (38.30 crore shares) and Pooja Garg from the Promoter Group (21.60 crore shares).

PC Jeweller has entered into a Memorandum of Understanding with the National Skill Development Corporation (NSDC) to act as the lead Industry/Franchise Partner for the Gems & Jewellery sector. Under the National Entrepreneurship Drive, the company aims to onboard up to 2,00,000 micro-entrepreneurs over the next five years. This strategic partnership is expected to significantly expand PC Jeweller's retail footprint across India using a franchise-led model. The initiative aligns with government goals for employment generation and local economic development.

• Selected as the sole lead Industry/Franchise Partner for the Gems & Jewellery sector under the National Entrepreneurship Drive.
• Targeting the development and onboarding of 2,00,000 micro-entrepreneurs over a 5-year period.
• Partnership with NSDC under the Ministry of Skill Development & Entrepreneurship, Government of India.
• Strategic move to scale the PC Jeweller brand and retail presence through a micro-entrepreneurship model.
• The initiative is part of a larger nation-building project spanning 15 different sectors.

PC Jeweller Limited has allotted 35,18,36,870 equity shares of ₹1 each following the conversion of warrants by promoter and public category investors. The company successfully raised ₹148.30 crore, representing the final 75% payment of the warrant issue price. Key participants include New Track Garments (Promoter) and institutional investors like Ebisu Global and Unico Global Opportunities Funds. This move increases the total paid-up capital to ₹836.86 crore while slightly diluting the promoter stake to 39.83%.

• Conversion of 3.51 crore warrants into 35.18 crore equity shares post-stock split adjustment
• Inflow of ₹148.30 crore in capital from 7 allottees across promoter and public categories
• Promoter group shareholding adjusted to 39.83% from 40.39% post-conversion
• Institutional participation from Ebisu Global and Unico Global, together accounting for 24.3 crore shares
• Total paid-up equity capital expanded to ₹836.86 crore from ₹801.68 crore

PC Jeweller Limited has allotted 10,72,37,000 equity shares following the conversion of 1,07,23,700 warrants by two non-promoter public investors. The company received the remaining 75% of the issue price, amounting to approximately ₹45.20 crore, which strengthens its capital base. This allotment follows a 1:10 stock split, resulting in the adjustment of share counts and face value to ₹1 per share. Post-allotment, the company's total paid-up equity capital has increased to ₹801.67 crore, while promoter holding has been slightly diluted to 40.39%.

• Allotment of 10,72,37,000 equity shares of face value ₹1 each upon warrant conversion.
• Receipt of ₹45.20 crore as the final 75% payment for the exercised warrants.
• Unico Global Opportunities Fund Limited was the primary allottee, receiving 10.67 crore shares.
• Total paid-up equity share capital increased from ₹790.95 crore to ₹801.67 crore.
• Promoter group shareholding diluted slightly from 40.94% to 40.39%.

PC Jeweller Limited has successfully reduced its outstanding debt under the Joint Settlement Agreement by approximately 17%. This repayment was funded through the conversion of 5,12,46,860 warrants by the Promoter Group into equity shares, alongside internal accruals. The company has now repaid the majority of its bank debt and is on track to achieve a debt-free status by the end of FY2026. Management confirms that remaining debt is well-covered by pending warrant conversions expected by March 2026.

• Reduced outstanding debt under the Joint Settlement Agreement by approximately 17%
• Repayment funded by conversion of 5,12,46,860 warrants by Promoter Group and internal accruals
• Company has now repaid the majority of its outstanding debt due to consortium banks
• Reiterated goal of becoming debt-free by the end of FY2026 (March 2026)
• Remaining debt is sufficiently covered by expected proceeds from pending warrant conversions

PC Jeweller Limited has allotted 51.24 crore equity shares to three promoter group entities following the conversion of 5.12 crore warrants. This conversion has resulted in a fresh capital infusion of ₹216.01 crore, representing the final 75% payment of the warrant issue price. As a result, the promoter group's stake in the company has increased from 36.85% to 40.94%. The total paid-up equity capital of the company now stands at ₹790.95 crore.

• Allotment of 51,24,68,600 equity shares of ₹1 each to Promoter Group entities.
• Receipt of ₹216.01 crore as the balance 75% payment for warrant conversion.
• Promoter and Promoter Group shareholding increased from 36.85% to 40.94%.
• Total paid-up equity share capital expanded to ₹790.95 crore from ₹739.70 crore.
• Conversion price adjusted to ₹5.62 per share following the 1:10 stock split in December 2024.

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.

• 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.

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.

• 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.

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.

• 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).