PC Jeweller Ltd Q1 FY26 Earnings Release – 4% rise in Profits

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. The company has a team of in-house designers. Presenting below are its Q1 FY26 earnings.

Q1 FY26 Earnings Results:

• Consolidated Revenue: ₹725 crore, up 80.8% year-over-year (YoY) from ₹401 crore in Q1 FY25.

• Net Profit (PAT): ₹162 crore, up 4% YoY. On a reported basis, Q1 FY25 PAT was ₹156 crore (with a large exceptional gain).

• EBITDA: ₹128 crore, a rise of 147% from ₹52 crore YoY.

• EBITDA Margin: 17.6%, expanding from 12.9% in Q1 FY25.

• Gross Profit: ₹144 crore (vs ₹65 crore Q1 FY25).

• Sales Volume: Up sharply YoY, with Q1 FY26 turnover entirely from domestic sales, zero export exposure.

• Finance Costs: Rose to ₹42 crore (vs ₹2 crore YoY) but management continues rapid deleveraging.

• Debt Reduction: Net debt cut by over 50% in FY25, then further reduced by 8.7% in Q1 FY26, with another 10.1% paid off in July 2025.

 

Key Management Commentary & Strategic Highlights

• Management highlighted “exceptional sales and profit growth, solely from the domestic market,” demonstrating resilience against global volatility and FX swings.

• The company is executing a clear debt-free roadmap: After repaying ₹335 crore in bank loans during April–July 2025, net debt stood at ₹1,445 crore (down from ₹1,780 crore at FY start). Plans for a ₹1,800 crore equity infusion are in place (₹500 crore via preferential allotment, ₹1,300 crore via warrants).

• “We aim to be fully debt-free by March 2026,” said the MD, focusing on increased internal accruals and new capital raising.

• PC Jeweller now operates 52 showrooms (49 company-owned), with continued focus on expanding reach and avoiding risky international sales exposure.

• Regulatory initiatives (mandatory hallmarking) seen as tailwinds for formal sector growth.

• The Jamshedpur showroom was closed in Q1 FY26 as part of a rationalization strategy.

• Board remains committed to operational transparency and sustainable growth, with showroom network realignment and franchise expansion.

 

 

Additional Highlights and FY25 Context (for trend)

• FY25 Full Year: Net profit of ₹577.7 crore on revenue of ₹2,371.9 crore.

• Showroom footprint: 52 total, 49 directly owned, across 37 cities as of June 30, 2025.

• Stock Performance: Shares have been extremely volatile but are up nearly 60% in the previous 12 months and up over 800% over five years

 

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