Annual reportSep 2026
Sep 2026 · Intimation Regarding Letter Dispatched To Shareholders Of The Company For Annual Report 2025-26 7 Sep - PC Jeweller dispatched Annual Report 2025-26 and AGM notice; 21st AGM on September 30, 2026.
Source: Bse
PC Jeweller Limited (PCJEWELLER)
Micro CapConsumer stocks · Micro cap · NSE
PC Jeweller Limited is an Indian jewellery retailer established in 2005, offering gold, diamond, silver, and gemstone jewellery across various collections and customer segments. It operates through high street, mass market, and franchisee showrooms, with an e-commerce platform and a focus on expanding its retail footprint.
Data qualityFresh enough for analysisQuote updated 19 Oct, 05:56 pm ISTDetails
Quote19 Oct, 05:56 pm IST
Base fundamentals14 Oct 2026 · screener
Latest result16 Aug, 12:54 am IST
Score20 Oct, 04:30 am IST · v4.3-runtime-valuation
Tags02 May 2026
Coverage13/14 · 93%
Valuation2026-07-20 · Rf 6.8% · Consumer P/E 22.2 (n=441)
Technical timing lens
Trend score and candlestick chart
62Bullishfull bull SMA stack · SMA20 +18.2% / mo · RSI overbought · MACD + · near 52W high · sector -3.7pp vs Nifty 500 (3M)
Stock trend: 78
Sector RS: 36
Sector 3M: -9.3% vs Nifty 500 -5.6%
Consumer FPI tailwindNot confirmed
Latest mapped FPI equity flow was not positive. View sector evidence
Technical chart
PCJEWELLERD candles · FIT view+93.9%Latest close ₹18.13 on 2026-10-19
Bar
+7.2%
RSI
78
MACD hist
0.29
52W pos
95%
2026-10-19O ₹16.91H ₹18.65L ₹16.91C ₹18.13Vol 169.8Cr sh
Up bar
Down bar
EMA 20
EMA 50
Volume + 20D avg
Result date
RSI(14)
MACD / signal
Market context
Relative performance and chart statistics
Adjusted completed-session prices, rebased to 100
PCJEWELLERNifty Consumer DurablesNifty 500
- PCJEWELLER
- +84.2%
- Nifty 500
- -5.6%
- Nifty Consumer Durables
- -9.7%
- Vs Nifty 500
- +89.8 pp
Chart stats
19 Oct 2026- From 52W high
- -2.8%
- 52W range position
- 95%
- ATR (14)
- 5.6%
- Volume vs 20D
- 3.33x
- Avg traded value
- ₹867 Cr
- 20D price channel
- ₹12.5 - ₹18.7
₹18.7
₹7.5 - ₹18.7
₹1
Latest completed session
20-session average
75.7% annualized volatility
Research snapshot
What the evidence says now
Mixed fundamentals, management evidence is still limited to a financial-only Trust Lite signal, price trend is neutral, and recent execution is consistent.
Suggested next step
Research, do not rush
The evidence is not strongly aligned. Compare peers and wait for a cleaner setup.
U-Score
Legacy · FAIR VALUE46
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
Latest result
Excellent80
Revenue +21.0% · PAT +37.0% YoY
Technical
Bullish62
Price trend and sector-relative-strength timing.
Valuation
Legacy model+43.3%
Legacy margin-of-safety estimate; the revised evidence label remains in shadow validation.
Trust
Limited evidence75
Financial-only signal; management claim evidence is not sufficient yet.
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Latest result
Quarter ended 30 Jun 2026
Excellent · 80/100Rev +21% YoY · PAT +37% YoY · margin expansion · operating leverage
Filed 30 Jun 2026
Open results browser →| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹877 Cr | +21.0% | -5.4% |
| EBITDA | ₹242 Cr | +90.6% | +47.6% |
| Operating margin | 28.0% | +1000 bps | +1000 bps |
| PAT | ₹222 Cr | +37.0% | +45.1% |
| PAT margin | 25.3% | +297 bps | +881 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Fundamentals
Valuation
- P/E
- 18.20
- P/B
- 1.52
- EV/EBITDA
- 19.00
- Market Cap
- 14143.00Cr
Profitability
- ROE
- 9.96%
- ROCE
- 9.60%
- ROA
- 8.21%
- Dividend Y
- —
Growth (CAGR)
- Revenue 5Y
- 3.00%
- EPS 5Y
- 63.00%
- Revenue 3Y
- 11.00%
- EPS 3Y
- 77.00%
Balance Sheet
- Debt/Equity
- 0.14
- Interest Coverage
- 7.48×
- Altman Z
- 8.04
- Book Value
- 9.45
Cash Flow
- FCF Yield
- —
- FCF Positive Y
- 6/5
- OCF
- -77.00 Cr
- EPS TTM
- 0.96
Shareholding
- Promoter Hold
- 39.11%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 86%
Financial History
Updated 19/10/2026
Revenue
₹ CrLatest: 877-5.4% vs prev
Net Profit
₹ CrLatest: 222+45.1% vs prev
ROE is shown only in the Annual view — quarterly equity data isn't published.
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Daily technical trend read
Bullish setupTrend is constructive — long-term uptrend intact. RSI 78.
- Price > SMA20 > SMA50 > SMA200 — full bullish stack.
- SMA20 rising (~15.4% over last month) — short-term momentum positive.
- RSI(14) at 78 — overbought zone; risk of mean reversion.
- MACD above signal, histogram expanding — bullish momentum building.
- Within 3% of 52-week high — testing resistance.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Nifty 500 leadership
Relative Strength & Trend Stage
94
RS percentile
Stage 2 UptrendEstablished S2
1M return
+42.5%
3M return
+84.2%
6M return
+85.4%
1Y return
+57.4%
RS 1D
+3
RS 20D
+16
Sector rank
#9
Industry rank
#22
Stage evidence
- Price is 78.0% above the 30-week proxy.
- The 50-DMA is above the 30-week proxy and its slope is rising +6.9%.
- Both 3-month and 6-month returns are positive.
50-DMA
price above
200-DMA
price above
S2 entered
09 Sept 2026
S2 age
27 trading sessions
Sector
neutral
Industry
improving
Relative-strength line vs Nifty 500 (base 100)
262 observations
19 Oct 2026Value 153.76+12.51%
RS vs Nifty 500154
Valuation & peers
U-Score 46 · legacy U-Score band FAIR VALUE · valuation evidence and comparable companies
Valuation & peers
U-Score 46 · legacy U-Score band FAIR VALUE · valuation evidence and comparable companies
FAIR_VALUE
Fundamental score breakdown
U band · FAIR VALUEValuation11/30
Growth20/25
Quality2/20
Balance Sheet8/15
Cash Flow3/10
Piotroski
6/9 (+3)
Penalties
-1
Raw sum
46
Why this score?
Top U-Score contributors and drags from the latest stored fundamentals.
46/100 · legacy band FAIR VALUE
Positive drivers
- Fair-value margin of safety is positive at 43.3%.
- Growth contributes 20/25 to the score.
- Balance sheet contributes 8/15 to the score.
Main drags
- Penalty bucket subtracts 1 points.
- Quality is weaker at 2/20; verify the latest quarterly trend.
- Cash flow is weaker at 3/10; verify the latest quarterly trend.
Sector valuation model
Consumer valuation: PE/PEG and brand-quality premium
Consumer franchises can deserve higher multiples, but only when growth quality supports them.
Primary lens
PE and PEG relative to growth, ROE, margins, and brand strength.
Secondary checks
Volume growth, pricing power, distribution, same-store or category growth.
Main risk check
Premium valuation needs durable growth and margin resilience.
PE
18.2
PB
1.5
EV/EBITDA
19.0
ROE
10.0%
ROCE
9.6%
FCF Yield
—
Debt/Equity
0.1
MoS
+43.3%
Score movement
Stored run vs live recompute
This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.
Stored run: 20 Oct 2026
v4.3-runtime-valuation
Final score
46
Previous: 46
Legacy U-Score band
FAIR VALUE
Previous: FAIR VALUE
Margin of safety
+43.3%
Previous: +43.3%
Score history
12 stored score snapshots. Latest stored move: -3 points.
20 Oct 2026
v4.3-runtime-valuation
51
51
51
51
53
51
50
50
49
49
49
46
Factor attribution
No pillar movement versus the latest stored run. Historical score trend will appear after snapshot storage is enabled.
Modelled fair value
Graham Number
₹14.29
-26.9% MoS
Growth-justified P/E
33.3
Growth-justified Value
₹31.97
+43.3% MoS
PEG
0.27
Comparable companies
Peers
Business-comparable peers in Consumer — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.
Ticker
Name
Why peer
Score
PE
ROE
MoS
Verdict
SKYGOLD
Micro
SKY GOLD AND DIAMONDS LIMITED
Retail
match 97
47
44.7
28.9%
-43%
FAIR VALUE
THANGAMAYL
Micro
Thangamayil Jewellery Limited
Retail
match 96
57
38.5
28.1%
-20%
FAIR VALUE
PNGJL
Micro
P N Gadgil Jewellers Limited
Retail
match 93
59
19.6
23.5%
+46%
FAIR VALUE
BLUESTONE
Micro
BlueStone Jewellery and Lifestyle Limited
Retail
match 91
26
209.0
1.1%
-520%
OVERVALUED
SENCO
Micro
Senco Gold Limited
Retail
match 90
74
9.7
25.6%
+71%
UNDERVALUED
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business and thesis
Where growth can come from, and what can break the case
Thesis intactReviewed 2026-06-03T01:48:26.162Z
Management commentary snapshot
PC Jeweller reports strong Q4FY26 and FY26 performance with standalone domestic revenue up 33% YoY and 49% YoY respectively, PBT up 59% YoY and 58% YoY, and operating PAT up 58% YoY and 80% YoY. Company reduced debt by over 90% since Sep 2024.
The company demonstrates significant progress in its turnaround, marked by robust revenue and profit growth, substantial debt reduction, and successful capital raise. Strategic partnerships and a new mining venture offer new growth avenues, positioning it for sustainable expansion.
Growth engines
Debt-free balance sheet
Company has reduced its outstanding debt by more than 90% since the Settlement Agreement on 30 September 2024, aiming to become debt-free soon.
Franchise-led retail expansion
Plans to open up to 100 large franchise showrooms during next 12-18 months and 1,000 retail franchisee units in rural/semi-urban UP under CM-YUVA.
Vertical integration through gold mining
PCJ Mining SARL, a step-down subsidiary, granted license for semi-mechanized artisanal gold mining in Chad, with production expected to commence in FY27.
Micro-entrepreneur network expansion
MoU with NSDC to onboard up to 2,00,000 micro-entrepreneurs across India over 5 years under the PC Jeweller brand.
Capacity and execution
Franchise Showroom Expansion
Company aims to open up to 100 large franchise showrooms during next 12-18 months.
CM-YUVA Retail Units
Plans to establish 1,000 jewellery retail franchise units in rural and semi-urban Uttar Pradesh.
Gold Mining Operations
PCJ Mining SARL granted a license for semi-mechanized artisanal gold mining in Chad; production expected to commence in this financial year (FY27).
Tailwinds
Formalization of Jewellery Industry
The sector is steadily shifting from unorganised players to organised, regulated brands driven by hallmarking and consumer trust.
Large Underserved Rural Jewellery Market
Only 4% rural towns have access to branded, quality-tested jewellery, presenting a huge potential for expansion.
Evolving Consumer Preferences
Rising incomes and awareness are expanding demand towards wearable, design-led and lifestyle jewellery beyond traditional occasions.
Diamond/Studded Jewellery Growth
Diamond-studded jewellery market in India is expected to grow at +21% CAGR by FY28, driven by shift in consumer preferences.
Risk radar
Execution Risk of Franchise Expansion
The aggressive plan to open 100 large franchise showrooms in 12-18 months and 1,000 CM-YUVA units requires robust execution and partner management.
Geopolitical Risk in Mining Operations
The new gold mining operations are in the Republic of Chad, which may carry geopolitical and operational risks for a jewellery retailer.
Competition in Organized Retail
The shift from unorganized to organized retail will intensify competition from established national and regional chains.
Management accountability
What management said, and what results must prove
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
Analyst reading lens
Compare YOY
The presentation explicitly provides year-on-year growth percentages for both Q4FY26 and FY26 financial parameters, indicating that YoY comparison is the primary basis for assessing performance and turnaround progress.
Sector KPIs management disclosed
Q4FY26 Standalone Domestic Revenue Growth
Standalone domestic revenue increased by approximately 33% year-on-year to Rs 927 crores in Q4FY26.
FY26 Standalone Revenue Growth
Revenues for FY26 increased by approximately 49% year-on-year to Rs 3,353 crores.
FY26 Operating PAT Growth
Operating PAT for FY26 stood at a profit of Rs 705 crores compared to Rs 392 crores in FY25, reflecting an increase of 80%.
FY26 Gross Profit Margin
Gross Profit Margin for FY26 was 22.4%, up from 21.0% in FY25.
Management forward view
Debt-Free Goal
Management is confident of achieving a debt-free balance sheet very soon, having reduced outstanding debt by over 90%.
Aggressive Expansion Post Debt-Free
Once debt-free, the company will enter an aggressive expansion mode, focusing on large format franchise showrooms.
Value Chain Integration
The gold mining license in Chad creates significant opportunities for value chain integration and entry into mining operations.
Long-term Benefits from NSDC MoU
The MoU with NSDC to onboard 2,00,000 micro-entrepreneurs is expected to reap long-term benefits for the company.
Thesis monitor
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| Debt-free status | Outstanding debt reduced by over 90% since Sep 2024. | Confirmation of becoming fully debt-free and subsequent impact on finance costs. |
| Franchise Showroom Openings | Discussions at advanced stages for large format franchisee showrooms. | Number of new large format franchise showrooms opened in the next 12-18 months. |
| Gold Mining Production Commencement | License granted for semi-mechanized artisanal gold mining in Chad. | Commencement of production through mining activities in FY27 and its impact on topline and bottomline. |
| Gross Profit Margin Trend | FY26 Gross Profit Margin at 22.4%, up from 21.0% in FY25. | Sustained improvement in gross margins, indicating effective cost management and premiumization. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trust Score
75Limited evidence · low confidenceTrust Lite
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Limited evidence: Claim history is still being built. It ranks around the 78th percentile of the scored universe and 81st percentile within Consumer. Main check: cash conversion is weak at 52/100.
This is a financial-behaviour screen, not a claim-tested management reliability verdict.
Computed 05 Sept 2026
management-trust-v1
6 docs text-extracted · 0 concalls text-extracted
Score band
Limited evidence
Financial behaviour is scored, but management claims do not yet have enough outcome checks.
Relative rank
78th percentile
overall median 67 · Consumer: 81st pctile, median 66 · Micro: 60th pctile, median 73
Evidence depth
Financial-only
6 documents have extracted text, but claim history is not strong enough yet.
Claim delivery
Outcome history still building
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Limited evidence · low confidenceWhat it measures
Reliability of management and financial delivery, using financial behaviour only.
Confidence
Treat this as an early read until more concalls and outcomes are matched.
Investor use
Can support position sizing if valuation and trend also agree.
Read Trust alongside U-Score, result consistency, and technical trend. A cheap stock with weak Trust needs a larger margin of safety; a high Trust score does not make an expensive stock attractive by itself.
Forensic breakdown
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Promoter
78
strong · holding, pledge, alignment
Cash flow
52
watch · profit to cash conversion
Balance sheet
89
strong · leverage and solvency
Discipline
76
strong · capital discipline
Results
87
strong · quarterly consistency
Trust positives
- ▸Promoter pledge is zero.
- ▸6 years of positive FCF.
- ▸4/4 latest quarters had positive YoY revenue growth.
- ▸4/4 latest quarters had positive YoY PAT growth.
Trust risks
- ▸Operating cash flow is negative at ₹-77 Cr.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Continue researching PC Jeweller Limited
Important announcements & filings
Latest exchange and company disclosures found within the past two years.
Open source ↗
Announcement
Announcement under Regulation 30 (LODR)-Allotment 24 Sep - PC Jeweller allotted 3.64 crore shares to promoter Balram Garg on warrant conversion; paid-up capital rose to ₹980.78 crore.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Allotment 23 Sep - PC Jeweller allotted 1.18 crore shares on warrant conversion, receiving ₹16 crore; paid-up capital rose.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Newspaper Publication 8 Sep
Source: Bse
AnnouncementAug 2026
Aug 2026 · Announcement under Regulation 30 (LODR)-Newspaper Publication 11 Aug - Newspaper Publications Dated August 11, 2026
Source: Bse
AnnouncementJul 2026
Jul 2026 · Announcement under Regulation 30 (LODR)-Issue of Securities 16 Jul - Board approved ₹1,000 crore QIP and authorised share capital increase on July 16, 2026.
Source: Bse
Investor presentationJun 2026
Jun 2026 · Results Presentation 10 Aug - Q1FY27 revenue rose 21% to Rs 877 crore; debt reduction, QIP up to Rs 1,000 crore, Chad mining license.
Source: Bse
AnnouncementJun 2026
Jun 2026 · Announcement under Regulation 30 (LODR)-Monitoring Agency Report 10 Aug - CARE issued Q1 FY27 monitoring reports for PC Jeweller’s Rs 2,702.11 crore preferential issues; no deviation.
Source: Bse
AnnouncementMay 2026
May 2026 · Announcement under Regulation 30 (LODR)-Newspaper Publication 28 May - Newspaper Publications dated May 28, 2026
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Change in Directorate 27 May - PC Jeweller approved FY26 audited results, reappointed MD, and completed 93% warrant conversion; FY26 sales rose 49%.
Source: Bse
AnnouncementQ4 2026
Q4 2026 · Compliances-Reg.24(A)-Annual Secretarial Compliance 9 May - PC Jeweller filed FY26 Secretarial Compliance Report; disclosed delayed voting results and related exchange fines.
Source: Bse
Annual report
Annual Report 2026
Source: Bse
All information is for study purposes only. For investment decisions, consult your financial advisor. See Playbook for methodology.