PC Jeweller Limited has submitted to the Exchange, the financial results for the period ended Jun 30, 2025.
PCJEWELLER · price
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On the reaction day the stock moved 3.1 pts less than Nifty Microcap 250 and 4.5 pts less than its Gems Jewellery And Watches peers, over the same two closes: a difference in percentage points, not a measure of what the filing did.
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PC Jeweller reported Q1 FY26 standalone revenue of ₹724.91 crore, up about 81% from ₹400.54 crore in Q1 FY25, driven mainly by higher other income and improved operations. Profit after tax was ₹164.15 crore versus ₹154.80 crore a year ago (up ~6%), while basic EPS stood at ₹0.25. Finance costs, however, jumped sharply to ₹41.64 crore from ₹1.79 crore. The statutory auditor (A H P N & Associates) issued a qualified review conclusion flagging three unresolved issues: ₹183.16 crore of FY19 export customer discounts still pending RBI/bank approvals, overdue export trade receivables of ₹592.33 crore (with ECL of ₹184.03 crore), and inventory lying under DRT/DRAT court custody since January 2023. The Board also appointed M/s R S Sharma & Associates as Secretarial Auditor for five years (FY26–FY30) and approved a corrigendum to the July 10, 2025 postal ballot notice for the preferential warrants/equity issue. About 22 crore shares were allotted in April–May 2025 on warrant conversion; the company closed one Jamshedpur store, now operating 48 owned and 3 franchise outlets.
The 81% revenue jump is a clear positive, but the auditor's qualified opinion and the old export-related and court-custody issues mean headline profits are not fully clean and carry lingering risk for shareholders. With export revenues having ceased and store rationalisation ongoing, the stock's near-term direction will depend on domestic jewellery demand, resolution of legacy export receivables, and progress on debt repayment under the Joint Settlement Agreement.