PC Jeweller Q2 Results: Revenue Jumps 63%, Profit Soars 16.2% To Rs 208 Cr; On Track To Go Debt-Free By FY26

A strong financial performance by PC Jeweller was recorded for Q2 FY2026 and H1 FY2026 compared to the previous fiscal year.

In Q2 FY2026, sales rose sharply by 63% to Rs 825 crore from Rs 505 crore, while gross profit surged 89% to Rs 191 crore. Profit before tax increased by 65% to Rs 204 crore, demonstrating strong operational efficiency, while EBITDA almost doubled, recording a 91% growth to Rs 246 crore. In Q2FY26, the firm recorded a net profit of Rs 208 Cr, up 16.2% YoY from Rs 179 Cr in Q2FY25.

Sales increased by 71% to Rs 1,550 crore and gross profit doubled by 102% to Rs 335 crore during the first half of FY2026, indicating a strong growth trend. Profit before tax increased 78% to Rs 368 crore and EBITDA grew 109% to Rs 456 crore, indicating consistent profitability and margin growth overall. In H1FY26, the firm recorded a net profit of Rs 372 Cr, up from Rs 334 Cr in H1FY25.

The firm has had another successful fiscal quarter in Q2 FY 2026 thanks to consistent customer demand over the festive period. According to the provisions of the Settlement Agreement, the firm reduced its outstanding debt payable to its banks by an additional about 23%, or 406 crores, during the quarter that ended on September 30, 2025. This comes after a 9% drop of around Rs 155 crores in the first quarter of FY 2025-2026 and a reduction of over 50% of approximately Rs 2,005 crores in the previous fiscal year. By the end of FY 2025-2026, the firm already aims to be debt-free.

"The Company has been servicing its financial obligations timely and with the repayment of its outstanding debt, the Finance Cost will also reduce in the coming quarters. Once the company achieves its target of becoming debt free by the end of FY 2025-26, it will not incur any further finance cost related to borrowings. Further, the company has earned a substantial PAT of Rs 208 crores in Q2 FY 2026 after servicing the finance cost of approx. Rs 36.3 crores incurred in this quarter," said PC Jeweller in a stock exchange filing.

During the quarter, the company launched a franchise-owned showroom in Pitampura, Delhi, further solidifying its regional footprint. The company's goal of growing its retail reach through a balanced mix of owned and franchise outlets is reflected in the new outlet.

Additionally, the company used the preferential issue of fully convertible warrants to raise Rs 2,702.11 crores during the preceding fiscal year. Additionally, the Board of Directors authorized extra capital raising up to approximately Rs 500 crores through Preferential Allotment on a private placement basis during their meeting on July 10, 2025. The second quarter of FY 2025-2026 saw the successful completion of the same. The firm has so far collected about Rs 1,877 crores of the total funds to be received from both fundraisings; the remaining Rs 1,325 crores would be realized by the company upon conversion of the remaining preferential warrants into equity.

Following the conversion of 1,75,626 fully convertible warrants granted previously on a preferential basis, PC Jeweller declared on November 15, 2025, that its Board had, by a resolution voted by circulation, distributed 17,56,260 ordinary shares of Rs 1 each to the public non-promoter category. After payment of Rs 74,02,635.90, these warrants were converted at a cost of Rs 42.15 per warrant, or 75% of the initial issue price per warrant. The issued shares will be ranked on par with current equity shares.

After becoming debt-free and starting its strategic turnaround, PC Jeweller anticipates higher operational momentum, renewed market engagement, and sustainable growth. It is also looking into the possibility of expanding its retail footprint and is hopeful for even better performance in the coming fiscal years.