Synopsis: PC Jeweller is in focus after Q3 revenue rose 37 percent YoY to Rs 875 crore and debt reduced by 68 percent, supported by expansion and recovery initiatives.
The shares of this company, which offer 100 percent hallmarked gold, certified diamonds, precious stones, and silver items, including rings, earrings, necklaces, mangalsutras, and men’s jewellery, are in focus after Q3 results
With a market capitalization of Rs 7,737crore, PC Jeweller Ltd’s shares made a day low of Rs 10.25 per share, up by 5.9 percent from its previous day’s close price of Rs 10.84 per share. The share has returned 305 percent over the last five years.
Results
QoQ view: The revenue from operations grew by 6 percent to Rs 875 crore in Q3 FY26 from Rs 825 crore in Q2 FY26. Accompanied by a net profit decline of 9.5 percent QoQ to Rs 190 crore in Q3 FY26 from Rs 210 crore in Q2 FY26, resulting in an EPS of Rs 0.26 per share in the same period from an EPS of Rs 0.29 per share in Q2 FY26.
YoY view: The revenue from operations grew by 37 percent to Rs 875 crore in Q3 FY26 from Rs 639 crore in Q3 FY25. Accompanied by a net profit growth of 29 percent YoY to Rs 190 crore in Q3 FY26 from Rs 148 crore in Q3 FY25, resulting in an EPS of Rs 0.26 per share in the same period from an EPS of Rs 0.25 per share in Q3 FY25.
Key factors
Strong Q3 performance: PC Jewellers demonstrated robust profitability in Q3FY26, with EBITDA rising 46 percent YoY to Rs 225 crore and operational EBITDA up 74 percent, reflecting improved cost discipline and operating leverage. PBT and PAT also showed healthy growth of 29 percent and 28 percent YoY, respectively, underscoring strong earnings quality and sustained business momentum.
Debt-free progress: The company has reduced outstanding debt by approx 68 percent since the September 2024 settlement and continues on track to become completely debt-free, improving financial stability.
PC Jeweller continues to move steadily towards becoming debt-free, supported by Rs 3,200+ crore fundraising through preferential issues. With a significant portion already received and the balance expected by March 2026, the remaining bank debt is fully covered. Timely repayments and declining finance costs further strengthen balance-sheet visibility.
Expansion plans underway: PC Jeweller signed an MoU with the Uttar Pradesh government under the CM-YUVA scheme to set up 1,000 franchise outlets in rural and semi-urban areas. Additionally, strong partner interest has prompted plans to open 100 large-format franchise showrooms over the next 12–18 months, enabling asset-light expansion and market share gains
Inventory fully restored: Following compliance with the Joint Settlement Agreement, the DRAT ordered the release of keys and inventory held earlier. During the quarter, all showrooms’ inventory was returned to the company, and PC Jeweller is now in full possession of its entire stock, removing a key operational overhang.
PC Jeweller is engaged in the business of manufacturing, selling, and trading of gold jewellery, diamond-studded jewellery and silver items and operates in different geographical areas. The Company’s export business of gold jewellery is on a B2B basis through its dealers based in the Gulf via Dubai-based firms.
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