Audited financial results for the quarter and year ended March 31, 2026
PCJEWELLER · price
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PC Jeweller reported strong financial performance for FY26 with standalone sales of Rs 3,351 crore (up 49% YoY) and PAT of Rs 710 crore (up 24% YoY). Q4FY26 showed even stronger growth with sales of Rs 927 crore (up 33%) and PBT of Rs 151 crore (up 59%). The company achieved an 80% growth in operating PAT (excluding exceptional items) to Rs 705 crore. The auditors issued a qualified opinion due to two unresolved issues: pending RBI approvals for export discounts of Rs 183.16 crore and concerns about the adequacy of Rs 281.40 crore ECL provision on outstanding export receivables. The company successfully completed a preferential warrant issue of Rs 2,702 crore in April 2026 and reduced debt by over 90% since its September 2024 settlement. The company also entered gold mining by incorporating a step-down subsidiary in Chad.
Strong revenue and profit growth reflects successful turnaround, but the qualified auditor opinion on export receivables and pending RBI approvals creates regulatory risk. Significant equity dilution from warrant conversions may weigh on near-term stock performance despite improving fundamentals.