PC Jeweller Q2 profit rises 58% to ₹331 crore as company turns debt-free

PC Jeweller reported a 58 per cent increase in consolidated net profit to ₹330.66 crore for the July–September quarter, driven by strong festive demand and a sharp improvement in operating margins.

The Delhi-based retail jewellery chain had posted a net profit of ₹209.54 crore in the corresponding period last year, according to its regulatory filing. Consolidated revenue from operations increased 27.8 per cent to ₹1,054.47 crore from ₹825.25 crore a year earlier.

Alongside the earnings growth, the company announced that it has achieved debt-free status after clearing all outstanding dues to its 14 consortium banks ahead of schedule. Lending institutions have issued no-objection certificates and release letters, returning original title deeds and releasing all mortgaged assets and corporate guarantees.

Key financial metrics for Q2

Operating performance improved significantly over the three months, with earnings before interest, taxes, depreciation and amortisation (EBITDA) outpacing sales growth.

Operating earnings were supported by seasonal consumer purchases and tighter cost controls, with EBITDA rising 74.1 per cent to ₹309 crore. The reduction in borrowings is set to cut financing charges substantially from the third quarter onwards, providing further support to net earnings.

In addition to bank debt settlements, the jeweller recovered approximately ₹142 crore in remittances from overseas debtors during the quarter after resolving long-pending trade receivables.

Expansion across Indian retail markets

With its balance sheet cleared of bank liabilities, PC Jeweller outlined an aggressive retail expansion across regional markets. The company plans to open up to 100 large-format showrooms over the next 12 to 18 months across Tier I, Tier II and Tier III cities, using a mix of company-owned stores and franchise partnerships.

Part of this franchise rollout involves collaboration with state skill initiatives, including the National Skill Development Corporation and Uttar Pradesh's CM YUVA scheme, aimed at expanding retail entrepreneurship. Management expects the first phase of store launches to begin during the current financial year.

The jeweller is also developing a standalone product line focused on lightweight, demi-fine and lab-grown diamond jewellery tailored to younger consumers, alongside overseas interests that include a gold mining project in Chad held through its step-down unit, PCJ Mining SARL.

Market reaction

The company's shares touched a 52-week high of ₹20.10 following the earnings announcement before settling lower as traders locked in gains from a steep multi-week advance. The stock has gained roughly 90 per cent since the start of 2026, rebounding from a 40 per cent decline in 2025 as domestic retail demand and balance-sheet repair restored market confidence.