Jewellery retailer PC Jeweller shares will be in focus on Friday, 29 May after the jewellery stock posted strong results for the quarter ended March 2026. On Wednesday, May 27, it reported a sharp rise in earnings for the March quarter and the full financial year FY26, supported by strong consumer demand, improved execution across operations, and better cost efficiencies.
PC Jeweller posted a 61.3% year-on-year increase in consolidated net profit at ₹152.9 crore for the fourth quarter, compared with ₹94.8 crore in the corresponding period last year. Revenue from operations rose 32.7% year-on-year to ₹927.3 crore from ₹699 crore in the year-ago quarter. The company said domestic revenue increased around 33% year-on-year, while profit before tax registered a growth of nearly 59%.
At the operational level, earnings before interest, taxes, depreciation and amortisation (EBITDA) stood at ₹164 crore during the quarter, reflecting a 13% increase from ₹145 crore in the same quarter of the previous financial year. The company attributed the growth to operating leverage and improved cost efficiencies.
However, EBITDA margin contracted to 17.6% from 20.7% in the corresponding quarter last year.
The stock had ended 0.88% higher at ₹9.21 on Wednesday, 27 May. Indian stock markets are closed today on account of Bakrid. The small-cap stock been under pressure recently. it is down 3% in 1 month, 7% in 3 months and 29% in 1 year. However, in the past 5 years, it has given multibagger returns, rising 218%.
Full year performance
For the full financial year FY26, PC Jeweller reported revenue of ₹3,353 crore compared with ₹2,243 crore in FY25, marking a growth of 49%.
The company’s operating profit after tax (PAT) for FY26 stood at ₹705 crore, compared with ₹392 crore in FY25, reflecting an increase of 80%, excluding income tax refund and related interest treated as exceptional items.
Management Commentary
Commenting on the company’s performance, PC Jeweller Managing Director Balram Garg said FY26 marked an important phase in the company’s turnaround journey as it regained operational momentum and delivered broad-based growth across businesses.
“FY26 was an important year for PC Jeweller, as the Company regained its momentum and delivered a strong performance throughout the year. This broad-based growth was driven by strong execution across the business, supported by continued consumer demand throughout the year,” said Garg.
The company stated that it continues to move towards its objective of becoming debt-free. PC Jeweller said it has reduced its outstanding debt by more than 90% since the execution of its settlement agreement with banks on September 30, 2024, highlighting a significant improvement in its financial position.
Garg added that once the company becomes debt-free, it plans to enter an aggressive expansion phase. According to him, the company has been receiving strong interest from prospective business partners for large-format franchisee showrooms, with several discussions already at advanced stages.
He expressed confidence that the company could open up to 100 such franchise outlets over the next 12 to 18 months.
“To summarise the company’s vision going ahead, we plan for a debt-free balance sheet soon, rapid expansion through opening large-format franchise showrooms, market penetration and expansion through opening franchise showrooms under government tie-ups and value chain integration through mining activities,” Garg said.
Garg further stated that PC Jeweller remains focused on strengthening core operations, improving its balance sheet, and pursuing strategic initiatives aimed at long-term growth. He added that the company’s significantly improved financial position and emerging business opportunities place it in a strong position for sustainable expansion and value creation.
Other Highlights
The jewellery company also announced that its preferential issue of fully convertible warrants worth ₹2,702.11 crore was completed on April 10, 2026, with around 93% realisation of the total allotted warrants.
PC Jeweller said the warrant conversion has strengthened its capital base and further supported its efforts towards becoming debt-free.
The company also stated that it continues to receive queries and feedback from prospective partners for large-format franchisee showrooms, with discussions currently at advanced stages. The planned expansion of up to 100 franchise outlets over the next 12–18 months is expected to help the company expand its footprint without requiring additional capital investment.
Disclaimer: This story is for educational purposes only. Please consult with an investment advisor before making any investment decisions.
