PC Jeweller
PC Jeweller
Diamond, Gems and JewelleryKey Fundamentals
MicrocapDiamond Cutting / JewelleryDiamond, Gems and JewelleryTapetide Score
Data-driven rating, 0–100. How it works →
Key Insights
Strengths
3- Company has reduced debt.
- Company is expected to give good quarter
- Company has delivered good profit growth of 63.1% CAGR over last 5 years
Weaknesses
5- Though the company is reporting repeated profits, it is not paying out dividend
- Promoter holding has decreased over last quarter: -2.22%
- The company has delivered a poor sales growth of 3.48% over past five years.
- Tax rate seems low
- Company has a low return on equity of 4.42% over last 3 years.
Growth Rate
AI Analysis — Bull vs Bear
PC Jeweller Ltd trades at a market cap of ₹14,391 Cr with a P/E of 17.2x and P/B of 1.54x. The company has shown a sharp profit recovery with 63% CAGR over five years, but underlying sales growth remains weak at 3.5% CAGR over the same period, and the 3-year average ROE stands at just 4%.
- Strong profit growth trajectory with 63.1% CAGR in compounded profit over the last 5 years, indicating significant margin or operational improvement
- TTM sales growth of 36% suggests a meaningful revenue acceleration compared to the 5-year sales CAGR of just 3.5%
- TTM profit growth of 33% confirms that the recent revenue uptick is translating into bottom-line gains
- Company has actively reduced debt, strengthening the balance sheet and lowering financial risk
- Last year ROE improved to 10%, a notable jump from the 3-year average of 4% and 5-year average of 0%, suggesting improving capital efficiency
- P/E of 17.2x is reasonable relative to the jewellery sector, which often trades at higher multiples for established players
- 3-year stock CAGR of 72% reflects strong market re-rating driven by the turnaround narrative
- 5-year compounded sales growth of only 3.48% is poor, indicating the company has struggled to grow its top line sustainably
- 3-year average ROE of just 4.42% is well below the cost of equity, signaling weak long-term capital efficiency
- Zero dividend payout despite reporting repeated profits raises questions about cash flow quality and capital allocation priorities
- Promoter holding decreased by 2.22% in the last quarter, which may signal reduced insider confidence
- 10-year compounded sales CAGR is negative at -7%, reflecting a prolonged period of revenue decline before the recent recovery
- 10-year stock CAGR of -6% shows the company has destroyed long-term shareholder value despite the recent rally
- Tax rate appears low, which could mean profits are being aided by non-recurring tax benefits that may not sustain
- 5-year average ROE of 0% underscores that the turnaround is very recent and not yet proven over a full business cycle
This is AI-generated analysis, not financial advice. Do your own due diligence.
AI News Digest
- Stock tanks 9%, five-day slide Sep 16
Shares fell 8.52% to intraday low of ₹11.81, marking fifth consecutive decline with over 13% weekly loss amid broad small-cap profit booking.
- Promoter warrant dilution ongoing Sep 22
Promoter Balram Garg converted 74.08 lakh warrants at ₹18 each (₹10 crore), with 4.82 crore warrants still pending conversion, posing further equity dilution.
- QIP may dilute up to ₹1,000Cr Sep 03
Board approved raising up to ₹1,000 crore via qualified institutional placement, which could dilute existing shareholders if executed at current price levels.
- Near debt-free, 12 of 14 banks Sep 22
Repaid 12 of 14 consortium banks ahead of schedule, settling over 98% of the ~₹4,100 crore stressed loan book, targeting full clearance this month.
- Q1 FY27 profit surges 37% YoY Sep 10
Consolidated net profit jumped 37% to ₹222 crore, EBITDA surged 90% to ₹242 crore, and revenue rose to ₹879 crore in Q1 FY27 with net margin expanding 519 bps.
- Stock rallies 40%+ in one month Sep 10
Shares gained over 40% in one month and 50% in 2026 YTD, with market cap reaching ~₹13,750 crore driven by debt clearance momentum and rising gold prices.
- Interest costs slashed 68% YoY Sep 04
Finance costs crashed from ₹41.64 crore to ₹13.52 crore in Q1 FY27, with interest coverage ratio improving 257% to 18.03x. Full debt-free status eliminates ~₹133 crore annual interest.
- 100-store franchise expansion planned Sep 04
Targeting 100 new large-format showrooms in 12-18 months via asset-light franchise model, with government MoUs for Tier 2/3 and rural market penetration.
- Gold price tailwind for jewellers Sep 10
24K gold jumped ₹1,200 to ₹1,55,510 per 10 grams, supported by US Treasury yield pullback and weaker rupee, boosting jewellery sector sentiment.
- AGM scheduled September 30, 2026 Sep 08
21st AGM set for September 30 with e-voting from September 27 and share transfer books closed September 24-30. FY26 annual report dispatched electronically.
- Debt cleared with 11 banks earlier Sep 10
As of September 10, 11 of 14 consortium banks were fully repaid with over 96% of remaining three banks' debt discharged, a milestone since superseded by the Sep 22 update.
TL;DR: PC Jeweller is executing a remarkable turnaround, having settled 12 of 14 consortium banks and nearly eliminating a ₹4,100 crore stressed loan book while delivering 37% profit growth and 90% EBITDA growth in Q1 FY27. The stock has rallied 40%+ in a month but faces periodic sharp profit-booking selloffs typical of small-caps, plus potential dilution from pending warrants and a proposed ₹1,000 crore QIP. The trend is decisively improving as the company approaches debt-free status, with the key forward test being whether its 100-store franchise expansion can sustain growth once the debt-clearance catalyst is fully priced in.
Quarterly Results
| Particulars | Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 68 | 449 | 40 | 48 | 401 | 505 | 639 | 699 | 725 | 825 | 875 | 927 | 877 |
| Expenses | 111 | 503 | 113 | 50 | 350 | 419 | 527 | 554 | 598 | 647 | 674 | 763 | 635 |
| Operating Profit | -43 | -54 | -73 | -2 | 52 | 86 | 112 | 145 | 127 | 178 | 202 | 164 | 242 |
| OPM % | -64% | -12% | -182% | -3.3% | 13% | 17% | 18% | 21% | 18% | 22% | 23% | 18% | 28% |
| Other Income | 5 | 45 | 3 | 11 | 39 | 44 | 44 | 1 | 83 | 70 | 24 | 19 | 2 |
| Interest | 125 | 124 | 126 | 130 | 2 | 2 | 3 | 45 | 42 | 36 | 30 | 25 | 14 |
| Depreciation | 7 | 5 | 5 | 4 | 4 | 4 | 5 | 5 | 5 | 5 | 5 | 5 | 5 |
| PBT | -170 | -137 | -201 | -124 | 85 | 123 | 148 | 96 | 164 | 206 | 190 | 154 | 225 |
| Tax % | 1% | 1% | -1% | -2% | -84% | -45% | 0% | 2% | 1% | -2% | 0% | 0% | 1% |
| Net Profit | -172 | -138 | -198 | -122 | 156 | 179 | 148 | 95 | 162 | 210 | 190 | 153 | 222 |
| EPS in Rs | -0.37 | -0.3 | -0.43 | -0.26 | 0.34 | 0.38 | 0.25 | 0.15 | 0.25 | 0.29 | 0.26 | 0.18 | 0.23 |
Profit & Loss
| Particulars | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 6,361 | 7,301 | 8,464 | 9,610 | 8,672 | 5,206 | 2,825 | 1,605 | 2,472 | 604 | 2,244 | 3,352 | 3,505 |
| Expenses | 5,631 | 6,543 | 7,699 | 8,620 | 8,374 | 4,749 | 2,410 | 1,696 | 2,216 | 774 | 1,848 | 2,680 | 2,720 |
| Operating Profit | 730 | 758 | 765 | 990 | 298 | 457 | 415 | -91 | 256 | -170 | 396 | 673 | 785 |
| OPM % | 11% | 10% | 9% | 10% | 3.4% | 9% | 15% | -6% | 10% | -28% | 18% | 20% | 22% |
| Other Income | 59 | 50 | 97 | 92 | 77 | 80 | 24 | 53 | 163 | 64 | 126 | 196 | 115 |
| Interest | 227 | 251 | 286 | 324 | 354 | 374 | 396 | 442 | 499 | 505 | 52 | 134 | 105 |
| Depreciation | 23 | 23 | 22 | 21 | 19 | 37 | 35 | 28 | 27 | 20 | 18 | 21 | 21 |
| PBT | 540 | 534 | 554 | 737 | 2 | 125 | 8 | -508 | -108 | -632 | 453 | 713 | 775 |
| Tax % | 30% | 25% | 24% | 27% | 70% | 34% | -694% | -23% | 88% | 0% | -28% | 0% | — |
| Net Profit | 378 | 398 | 421 | 536 | 1 | 83 | 62 | -391 | -203 | -629 | 578 | 714 | 774 |
| EPS in Rs | 1.06 | 1.11 | 1.18 | 1.36 | 0 | 0.21 | 0.13 | -0.84 | -0.44 | -1.35 | 0.91 | 0.83 | 0.96 |
| Div. Payout % | 15% | 15% | 4% | 4% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | — |
Balance Sheet
| Particulars | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 179 | 179 | 179 | 394 | 395 | 395 | 465 | 465 | 465 | 465 | 636 | 865 |
| Reserves | 1,811 | 2,230 | 3,173 | 3,487 | 3,526 | 3,608 | 3,804 | 3,423 | 3,225 | 2,466 | 5,557 | 7,309 |
| Borrowings | 682 | 970 | 803 | 1,116 | 2,121 | 2,429 | 2,414 | 3,391 | 3,736 | 4,150 | 2,151 | 1,167 |
| Other Liabilities | 2,052 | 2,371 | 3,242 | 3,987 | 1,608 | 1,465 | 1,214 | 266 | 209 | 188 | 68 | 84 |
| Total Liabilities | 4,724 | 5,751 | 7,397 | 8,984 | 7,649 | 7,897 | 7,898 | 7,545 | 7,636 | 7,269 | 8,412 | 9,425 |
| Fixed Assets | 90 | 91 | 88 | 93 | 74 | 169 | 139 | 121 | 115 | 71 | 94 | 96 |
| CWIP | 0 | 0 | 0 | 1 | 1 | 1 | 0 | 0 | 1 | 0 | 0 | 0 |
| Investments | 13 | 8 | 9 | 19 | 8 | 8 | 15 | 3 | 2 | 3 | 0 | 0 |
| Other Assets | 4,621 | 5,652 | 7,299 | 8,872 | 7,566 | 7,720 | 7,744 | 7,421 | 7,518 | 7,196 | 8,318 | 9,328 |
| Total Assets | 4,724 | 5,751 | 7,397 | 8,984 | 7,649 | 7,897 | 7,898 | 7,545 | 7,636 | 7,269 | 8,412 | 9,425 |
Cash Flow
| Particulars | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating | 333 | 16 | 794 | 358 | -1,931 | 76 | 91 | -719 | 100 | 64 | -633 | -77 |
| Investing | 213 | -25 | -530 | -378 | 978 | 38 | 94 | 115 | 30 | 7 | 2 | 3 |
| Financing | -565 | 16 | 47 | -4 | 652 | -170 | -156 | 570 | -111 | -108 | 688 | 147 |
| Net Cash Flow | -19 | 7 | 312 | -24 | -302 | -57 | 30 | -34 | 19 | -37 | 57 | 72 |
| Free Cash Flow | 304 | 13 | 775 | 328 | -1,940 | 74 | 91 | -723 | 97 | 66 | -633 | -77 |
| CFO/OP | 63 | 21 | 128 | 50 | -641 | 18 | 18 | 812 | 36 | -38 | -168 | -12 |
Ratios
| Particulars | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Debtor Days | 45 | 49 | 66 | 70 | 84 | 132 | 185 | 65 | 63 | 110 | 57 | 69 |
| Inventory Days | 219 | 225 | 206 | 232 | 227 | 434 | 954 | 1,465 | 1,012 | 3,044 | 1,373 | 1,015 |
| Days Payable | 123 | 126 | 147 | 160 | 57 | 87 | 150 | 4 | 3 | 7 | 3 | 2 |
| Cash Conversion Cycle | 140 | 147 | 125 | 142 | 253 | 479 | 988 | 1,526 | 1,072 | 3,147 | 1,428 | 1,082 |
| Working Capital Days | 87 | 98 | 87 | 82 | 146 | 255 | 508 | 554 | 355 | 954 | 796 | 755 |
| ROCE % | 28% | 26% | 22% | 23% | 7% | 8% | 6% | -1% | 5% | -2% | 7% | 10% |
Insights
BetaAI-extracted from concalls & annual reports · figures as reported, with sources
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62 extracted metrics + investor summaries across FY11–FY27.
Documents
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Company Information
PC Jeweller is engaged in the business of manufacturing, sale 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. [1] The company has a team of in-house designers.
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