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PC Jeweller

PCJEWELLER NSE
₹15.82 +1.13 (+7.69%)
P/E
16.48
View as Markdown
MCP
Close 4 Nov 2026 ₹15.82 +3.58 +29.2% 1Y
Start ₹12.24

Key Fundamentals

SmallcapConsumer DurablesConsumer Discretionary

Price-based figures as of · EPS basis: Consolidated · TTM

ROCE
9.60%
Debt to Equity
0.14
EPS (TTM)
₹0.96
Book Value
₹9.48
Market Cap
—
P/E (TTM)
16.48
P/B
1.67
ROE
9.96%
Dividend Yield
0.00%
EBITDA
₹868 Cr
52W High
₹20.10
52W Low
₹7.47
Day Range
₹14.61 – ₹16.02
Volume
72,67,75,006

Peer Comparison

Consumer Discretionary › Diamond, Gems and Jewellery › Diamond Cutting / Jewellery › Gems, Jewellery And Watches

PC Jeweller peer comparison
Titan
₹4,754.4073.27₹4,08,204 Cr26.880.33%37.70%20.50%₹92,417 Cr₹5,760 Cr
Kalyan Jewellers
₹529.0538.06₹52,836 Cr8.660.49%24.80%21.20%₹39,063 Cr₹1,436 Cr
Lalithaa Jewellery Mart
₹366.0519.89₹20,211 Cr4.960.00%40.20%38.00%₹21,635 Cr₹922 Cr
PC Jeweller (this company)
₹15.8216.48₹14,560 Cr1.670.00%9.96%9.60%₹3,505 Cr₹775 Cr
Thangamayil Jewellery
₹4,285.9034.07₹14,306 Cr9.410.40%28.10%25.50%₹9,622 Cr₹392 Cr
Sky Gold & Diamonds
₹927.2042.85₹13,567 Cr10.220.23%28.90%26.90%₹7,176 Cr₹344 Cr
BlueStone Jewellery & Lifestyle
₹690.6599.80₹10,225 Cr5.750.00%1.11%6.78%₹2,912 Cr₹102 Cr
Median 7 companies₹690.6538.06₹14,560 Cr8.660.23%28.10%21.20%₹9,622 Cr₹775 Cr

Comparable companies in the same industry. Market cap, P/E and P/B use the latest price; other metrics are as reported in filings. A dash means the figure is not published for that company.

Tapetide Score

Data-driven rating, 0–100, as of . How it works →

Overall score

57 Good

Data confidence 100/100

Category scores

Quality
32
Poor
Returns, margins, earnings quality 22% weight
Valuation
67
Strong
Cheap vs sector & own history 24% weight
Growth
94
Strong
Sales & profit trajectory 9% weight
Financial Health
84
Strong
Solvency, leverage, coverage 9% weight
Momentum
98
Strong
Trend strength, vol-adjusted 12% weight
Ownership
30
Poor
FII/DII/promoter flows 24% weight

The Tapetide Score is data analysis, not investment advice. Tapetide is not a SEBI-registered research analyst or investment adviser.

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
  • 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.
  • Promoter holding has decreased over last 3 years: -15.4%

Technical Indicators

Technical signals: verdict and indicator counts
GroupSignalBearishNeutralBullish
OverallStrong Bullish3511
OscillatorsNeutral252
Moving AveragesStrong Bullish109

Key readings

RSI (14)
54.57
Neutral
MACD (12,26,9)
0.55
Bearish
SMA (50)
13.83
Bullish
SMA (200)
10.51
Bullish

As of

Growth Rate

From the financial statements below. 10Y, 5Y, 3Y: compound annual growth to Mar 2026; 1Y: fiscal year to Mar 2026 against Mar 2025; TTM: four quarters to Jun 2026 against Jun 2025.

Revenue

Revenue growth by window
10Y−7.49%
5Y+3.48%
3Y+10.68%
1Y+49.38%
TTM+36.45%

Net profit

Net profit growth by window
10Y+6.02%
5Y+63.03%
3YTurned to profit
1Y+23.53%
TTM+32.71%

Operating cash flow

Operating cash flow growth by window
10YTurned negative
5YTurned negative
3YTurned negative
1YOutflow narrowed by ₹556 Cr
TTM—

TTM: Reported once a year, so there is no trailing-twelve-month figure.

Operating margin· change in pp

Operating margin growth by window
10Y+9.70 pp
5Y+5.39 pp
3Y+9.72 pp
1Y+2.43 pp
TTM+4.13 pp

Revenue by year

Revenue by year, ₹ crore
Mar 2017₹8,464 Cr
Mar 2018₹9,610 Cr
Mar 2019₹8,672 Cr
Mar 2020₹5,206 Cr
Mar 2021₹2,825 Cr
Mar 2022₹1,605 Cr
Mar 2023₹2,472 Cr
Mar 2024₹604 Cr
Mar 2025₹2,244 Cr
Mar 2026₹3,352 Cr

Net profit by year

Net profit by year, ₹ crore
Mar 2017₹421 Cr
Mar 2018₹536 Cr
Mar 2019₹1.00 Cr
Mar 2020₹83.00 Cr
Mar 2021₹62.00 Cr
Mar 2022−₹391 Cr
Mar 2023−₹203 Cr
Mar 2024−₹629 Cr
Mar 2025₹578 Cr
Mar 2026₹714 Cr

AI Analysis — Bull vs Bear

Figures as of 4 Nov 2026
AI opinion · based on fundamentals
Risk high

PC Jeweller Ltd trades at ₹15.82 as of 2026-11-04 with a market cap of ₹14,559.94 crore and a PE (TTM) of 16.48. The company has shown strong recent profit growth (63% CAGR over 5 years) and has reduced its debt to a debt-to-equity ratio of 0.14, but sales growth over five years remains sluggish at 3% CAGR and the three-year average ROE of 4% is below par for the sector.

Bull Case 8
  • Strong profit growth trajectory — compounded profit CAGR of 63% over five years and 77% over three years, indicating a significant earnings recovery
  • Debt reduction has brought the debt-to-equity ratio down to just 0.14, considerably de-risking the balance sheet
  • TTM sales growth of 36% suggests a meaningful top-line acceleration relative to the five-year sales CAGR of only 3%
  • Stock has delivered a 1-year return CAGR of 49%, reflecting improving market sentiment and momentum from the 52-week low of ₹7.47
  • TTM EPS of ₹0.96 supports the current PE of 16.48, which is not stretched compared to many consumer-facing peers in the Indian market
  • ROCE stands at 10.25%, showing the business is generating returns above its cost of debt at present leverage levels
  • ROE improved to 10% in the last year compared to a five-year average of 0% and a three-year average of 4%, signalling an upward inflection in capital efficiency
  • Price-to-book ratio of 1.67 is relatively modest for a branded jewellery company, suggesting the market is not pricing in an aggressive growth premium
Bear Case 8
  • Five-year compounded sales CAGR is only 3% and the ten-year sales CAGR is negative at -7%, pointing to a prolonged period of top-line stagnation
  • Promoter holding has declined by 15.4% over the last three years, which can signal reduced promoter confidence or dilution concerns
  • Three-year average ROE of just 4% is well below what most quality-focused investors expect from a consumer brand in the jewellery space
  • The company pays zero dividend despite reporting repeated profits, offering no direct return to shareholders and raising questions about capital allocation
  • The stock trades 21.3% below its 52-week high of ₹20.10, indicating the recent momentum has already seen meaningful pullback
  • An apparently low tax rate raises questions about the sustainability and quality of reported earnings
  • Ten-year stock CAGR of -3% means long-term investors have seen capital erosion, reflecting the company's troubled history over the past decade
  • Ten-year ROE average of just 3% underscores chronic underperformance in generating shareholder value over a full business cycle

This is AI-generated analysis, not financial advice. Do your own due diligence.

AI News Digest

9h ago

TL;DR: PC Jeweller has executed a genuine financial turnaround, eliminating ₹3,000 crore in bank debt and delivering 28% revenue growth with sharply improving profitability. Key risks include the SEBI governance warning, institutional selling by UNICO Fund, heavy dilution from pending warrants and QIP, and a ₹7,024 crore inventory position that needs efficient conversion. The stock rallied ~60% over six months but saw a sharp 10.8% pullback in late October as profit-booking and dilution concerns emerged. Near-term direction hinges on execution of the 100-showroom expansion plan and whether improving earnings can justify the current valuation without further governance setbacks.

Headwinds 5
  • SEBI warning on UPSI lapse Oct 31

    SEBI issued administrative warning letters to MD Balram Garg and Company Secretary Vijay Panwar for non-maintenance of structured digital database for UPSI related to business update disclosed on July 3, 2025. No financial penalty but highlights governance gaps.

  • UNICO Fund cuts stake by 2% Oct 31

    UNICO Global Opportunities Fund sold 13.86 crore shares between July 9 and October 26, 2026, reducing its stake from 4.97% to 2.97% of total voting capital via open market sales.

  • Sharp pullback from 52-week highs Nov 2

    Stock fell roughly 10.8% between October 22-26 after hitting an intraday high of ₹20.10 on October 22, with an 8.48% single-day drop on October 26 driven by profit-booking after a 27.6% weekly gain.

Positives 6
  • Debt-free after ₹3,000 crore repayment Oct 7

    PC Jeweller discharged all outstanding debt to 14 consortium banks by September 25, 2026, ahead of schedule. Finance costs dropped to ₹13.52 crore in Q1 FY27 and are expected to reach zero.

  • Q2 FY27 revenue up 28% YoY Oct 7

    Consolidated revenue rose 28% YoY to ₹1,054 crore in Q2 FY27, with operating profit after tax jumping 107% to ₹299 crore. Q1 FY27 net profit was up 37% YoY to ₹222 crore.

  • ₹142 crore export debtor recovery Oct 7

    Company received ₹142 crore in remittances from outstanding export debtors during Q2 FY27, resolving a long-standing receivables dispute and improving liquidity.

Neutral 1
  • Valuation moderate vs peers Nov 2

    Stock trades at P/E of 17-20x and P/B of 1.63-1.84x, well below Titan (P/E 68.6x) and Kalyan (P/E 40.1x), though ROE of 9.95% significantly trails peers at 24-37%. EBITDA margin of 24.45% is notably above the 7-12% peer range.

Quarterly Results

₹ Cr
PCJEWELLER quarterly results, ₹ crore
Particulars Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026Sep 2026
Sales
68
449
40
48
401
505
639
699
725
825
875
927
877
1,054
Expenses
111
503
113
50
350
419
527
554
598
647
674
763
635
745
Operating Profit
−43
−54
−73
−2
52
86
112
145
127
178
202
164
242
310
OPM %
−64%
−12%
−182%
−3.3%
13%
17%
18%
21%
18%
22%
23%
18%
28%
29%
Other Income
5
45
3
11
39
44
44
1
83
70
24
19
2
36
Interest
125
124
126
130
2
2
3
45
42
36
30
25
14
9
Depreciation
7
5
5
4
4
4
5
5
5
5
5
5
5
6
PBT
−170
−137
−201
−124
85
123
148
96
164
206
190
154
225
331
Tax %
1%
1%
−1%
−2%
−84%
−45%
0%
2%
1%
−2%
0%
0%
1%
0%
Net Profit
−172
−138
−198
−122
156
179
148
95
162
210
190
153
222
331
EPS (₹)
−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
—

Sep 2026: from the results filed on 21 Oct 2026, ahead of the full statement, so some rows are blank.

Profit & Loss

₹ Cr
PCJEWELLER profit and loss, annual, ₹ crore
Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Sales
6,361
7,301
8,464
9,610
8,672
5,206
2,825
1,605
2,472
604
2,245
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
127
196
115
Interest
227
251
286
324
354
374
396
442
499
505
51.29
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 (₹)
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

₹ Cr
PCJEWELLER balance sheet, annual, ₹ crore
Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 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

₹ Cr
PCJEWELLER cash flow, annual, ₹ crore
Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 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/EBITDA
63
21
128
50
−641
18
18
812
36
−38
−168
−12

Ratios

PCJEWELLER financial ratios, annual
Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 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

Beta

AI-extracted from concalls & annual reports · figures as reported, with sources

Log in to view PC Jeweller insights

64 extracted metrics across FY12–FY27.

Shareholding Pattern

As of Sep 2026

  • Promoters 39.10%
  • Public 33.13%
  • Others 13.41%
  • FIIs 10.57%
  • DIIs 3.78%

No promoter shares pledged as of Sep 2026

Change vs previous quarter

Not shown for some quarters: Others. Not available separately for this quarter: the shareholding filing gives Public and Others as one figure, shown under Public, so Others is left blank rather than estimated.

Documents

Frequently Asked Questions about PC Jeweller

What does PC Jeweller Ltd do?
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.
Where is PC Jeweller Ltd (PCJEWELLER) listed?
PC Jeweller Ltd trades as PCJEWELLER on the NSE and under code 534809 on the BSE.
Which sector does PC Jeweller Ltd belong to?
PC Jeweller Ltd is classified under the Diamond, Gems and Jewellery sector, in the Diamond Cutting / Jewellery industry.
What is the PE ratio of PC Jeweller Ltd?
PC Jeweller Ltd trades at a PE ratio of 16.48 as of 4 Nov 2026, on earnings per share of ₹0.96, against a book value of ₹9.48 per share.
What is the 52-week high and low of PC Jeweller Ltd?
Over the last 52 weeks PC Jeweller Ltd has traded between ₹7.47 and ₹20.1 as of 4 Nov 2026.
What is the Return on Equity (ROE) of PC Jeweller Ltd?
PC Jeweller Ltd reported a return on equity of 9.96%. Its debt-to-equity ratio is 0.14.

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. The company has a team of in-house designers.

Website pcjeweller.com
CEO Mr. Balram Garg B.Com.
Employees 723
Listed 27 Dec 2012
Face Value ₹1

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