PC Jeweller shares in focus as Q2 net profit rises 58% YoY; plans 100 new stores in 18 months

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PC Jeweller achieved debt-free status during the September quarter of FY27.

Consolidated total revenue from operations rose 28% to Rs 1,054.47 crore from Rs 825.25 crore a year earlier. Expenses increased to Rs 759.42 crore from Rs 688.85 crore in the year-ago period.

Earnings before interest, taxes, depreciation and amortisation (EBITDA) rose 74.1% year-on-year to Rs 309 crore in Q2 FY27 from Rs 178 crore. The EBITDA margin widened to 29.3% from 21.5% in the corresponding quarter last year. PC Jeweller said growth during the quarter was supported by sustained consumer demand.

For the first half of FY27, consolidated revenue increased 25% year-on-year to Rs 1,932 crore from Rs 1,550 crore in H1 FY26.

The company said it had achieved debt-free status during the quarter after repaying its outstanding dues to all 14 consortium banks ahead of schedule. With interest costs expected to decline significantly from the second half of FY27, PC Jeweller expects the reduction to have a positive impact on net profit.

The company also received remittances of around Rs 142 crore from export debtors during the quarter following negotiations and the resolution of outstanding issues, marking the beginning of recovery of long-pending receivables.

On the expansion front, PC Jeweller plans to open up to 100 large-format showrooms across Tier I, Tier II and Tier III cities over the next 12-18 months. The expansion will follow a mix of company-owned outlets and an asset-light franchise model. The company said it expects to begin establishing new showrooms within the current financial year.

PC Jeweller is also working on a new jewellery brand aimed at younger consumers and self-purchasing buyers. The proposed brand will focus on demi-fine and lightweight jewellery, along with fine jewellery featuring lab-grown diamonds.

PCJ Mining SARL, a step-down subsidiary of PC Jeweller, began on-site development and related activities during the quarter ended September 2026. The subsidiary holds a licence for semi-mechanised artisanal gold mining issued by the Ministry of Petroleum, Mining and Oil Geology of the Republic of Chad. PC Jeweller expects mining production to commence in the current financial year.

“Showrooms are positioned to meet demand through the festive and wedding season, which falls largely in the second half of the year,” it added.

PC Jeweller also plans to expand through a separate franchise model targeting metros and Tier II and Tier III cities. The company said the model requires lower capital expenditure, allowing faster expansion and offering higher return on equity (ROE). It added that the response from potential business partners interested in setting up franchise showrooms under this model has been encouraging.