Jewelry Stock in Spotlight Following Strong Q4 Earnings

PC Jeweller Posts Strong Q4 Results, FY26 Performance

Jewellery retailer PC Jeweller will be in focus on Friday, 29 May, after the company 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.

The company's consolidated net profit saw a significant 61.3% year-on-year increase 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. 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.

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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 has been under pressure recently, with a decline of 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%.

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.

PC Jeweller Managing Director Balram Garg commented on the company's performance, stating that FY26 marked an important phase in the company's turnaround journey as it regained operational momentum and delivered broad-based growth across businesses. He expressed confidence that the company could open up to 100 large-format franchise outlets over the next 12 to 18 months.

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Garg added that once the company becomes debt-free, it plans to enter an aggressive expansion phase. The company 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.

PC Jeweller 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. The warrant conversion has strengthened its capital base and further supported its efforts towards becoming debt-free.