PC Jeweller Ltd

NSE: PCJEWELLER BSE: 534809

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. [1] The company has a team of in-house designers.

₹8.18

52W: ₹7.45 — ₹19.6

PE 12 · Book ₹9.82 · -17% vs book

Market Cap₹7,943 Cr

Stock P/E12Price to Earnings

ROCE6.52%Return on Capital

ROE12.7%Return on Equity

Div. Yield0%Face Value ₹1

Strengths

+Company has reduced debt.
+Stock is trading at 0.84 times its book value
+Company is expected to give good quarter
+Company has delivered good profit growth of 49.1% CAGR over last 5 years
+Debtor days have improved from 154 to 57.1 days.
+Promoter holding has increased by 1.30% over last quarter.

Weaknesses

−The company has delivered a poor sales growth of -14.6% over past five years.
−Company has a low return on equity of -3.59% over last 3 years.
−Company might be capitalizing the interest cost
−Promoter holding has decreased over last 3 years: -16.0%

Shareholding Pattern

Promoters38.5%

FIIs13.28%

DIIs4.75%

Public43.47%

Category	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Apr 2026
Promoters	54.53%	43.52%▼11.0	39.98%▼3.5	40.08%▲0.1	37.61%▼2.5	37.19%▼0.4	40.72%▲3.5	38.5%▼2.2
FIIs	3.31%	5.55%▲2.2	5.06%▼0.5	4.92%▼0.1	6.46%▲1.5	6.31%▼0.2	10.4%▲4.1	13.28%▲2.9
DIIs	1.47%	1.26%▼0.2	9.37%▲8.1	9.07%▼0.3	8.23%▼0.8	7.08%▼1.2	5.42%▼1.7	4.75%▼0.7
Public	40.69%	49.66%▲9.0	45.59%▼4.1	45.93%▲0.3	47.7%▲1.8	49.44%▲1.7	43.46%▼6.0	43.47%▲0.0

Financial Statements

Metric	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025
Sales	33	40	48	401	505	639	699	725	825	875
Expenses	76	113	53	351	419	529	556	598	649	676
Operating Profit	-43	-73	-4	50	86	110	143	127	176	200
OPM %	-128%	-182%	-9%	12%	17%	17%	20%	18%	21%	23%
Net Profit	-152	-200	-124	155	179	146	95	164	208	188
EPS ₹	-0.33	-0.43	-0.27	0.33	0.38	0.25	0.15	0.25	0.29	0.26

AI Insights

Revenue Trend

TTM revenue at ₹3,125Cr, up 39.3% YoY. OPM at 21%.

Debt Position

Borrowings at ₹1,594Cr. Debt-to-equity ratio: 0.25x. Healthy balance sheet.

Institutional Flow

DIIs: 4.75% (+3.26pp change). FIIs: 13.28% (+12.44pp change). Promoters hold 38.5%.

Margin & Efficiency

ROCE declining from 29% (Mar 2014) to 7% (Mar 2025). Working capital days: 770.

Valuation

PE 12x with 6.52% ROCE. Price is -17% above book value of ₹9.82. Dividend yield: 0%.