PC Jeweller Q2 FY27 results: net profit up 57.8% to ₹330.66 crore, revenue up 27.8%

How did PC Jeweller perform in Q2 FY27?

PC Jeweller’s consolidated revenue for the July–September 2026 quarter was ₹1,054 crore, up ₹229.22 crore or 27.8% from Q2 FY26 and ₹177.43 crore or 20.2% from Q1 FY27. EBITDA was ₹309.62 crore, compared with ₹177.83 crore a year earlier and ₹241.56 crore in the previous quarter. The EBITDA margin was 29.4%, up 7.9 percentage points from Q2 FY26 and 1.9 percentage points from Q1 FY27.

Net profit for the quarter was ₹330.66 crore, up ₹121.12 crore or 57.8% from Q2 FY26 and ₹108.78 crore or 49.0% from Q1 FY27. Profit attributable to owners was ₹331.08 crore, and basic EPS was ₹0.34, compared with ₹0.30 in the year-ago quarter and ₹0.23 in the previous quarter. On the standalone basis, revenue was ₹910.32 crore and profit was ₹240.16 crore.

What changed in PC Jeweller's costs and profit?

The cost of materials fell ₹162.93 crore or 20.5% from Q2 FY26 to ₹630.30 crore, while finance costs declined ₹27.55 crore or 75.9% to ₹8.73 crore. Total expenses rose ₹70.57 crore or 10.2% to ₹759.42 crore. Employee cost increased ₹0.14 crore or 1.9% to ₹7.49 crore, depreciation rose ₹0.69 crore or 13.4% to ₹5.84 crore, and other expenses rose ₹0.05 crore or 0.6% to ₹8.02 crore.

Other income fell ₹34.12 crore or 49.0% from Q2 FY26 to ₹35.56 crore, while PBT rose ₹124.53 crore or 60.4% to ₹330.61 crore. Tax was ₹0.05 crore in Q2 FY27, compared with ₹3.46 crore in Q2 FY26. There was no exceptional item in either quarter. Against Q1 FY27, other income rose ₹33.33 crore, finance costs fell ₹4.79 crore and total expenses rose ₹104.96 crore.

How did the first half of FY27 go?

In the first half of FY27, PC Jeweller reported consolidated revenue of ₹1,931.51 crore, up ₹381.35 crore or 24.6% from H1 FY26. Total income rose ₹266.49 crore or 15.7% to ₹1,969.3 crore, while PBT increased ₹185.76 crore or 50.3% to ₹555.42 crore. Net profit rose ₹181.07 crore or 48.7% to ₹552.54 crore.

Basic EPS for H1 FY27 was ₹0.57, up from ₹0.55 in H1 FY26. The filing’s presentation separately showed operating PAT excluding other income at ₹512 crore for H1 FY27, compared with ₹224 crore in H1 FY26, while the consolidated net profit figure was ₹552.54 crore.

What do the balance sheet and cash flow show?

At 30 September 2026, total assets were ₹9,833.54 crore, compared with ₹9,424.76 crore at 31 March 2026, while total equity was ₹9,299.69 crore against ₹8,174.25 crore. Borrowings fell to ₹234.83 crore from ₹1,072.7 crore, and cash was ₹76.61 crore compared with ₹134.4 crore. Inventories rose to ₹7,663.61 crore from ₹7,214.04 crore, trade receivables fell to ₹575.18 crore from ₹636.02 crore, and trade payables increased to ₹135.52 crore from ₹15.85 crore.

For H1 FY27, operating cash flow was ₹253.17 crore, compared with ₹34.24 crore in H1 FY26. Investing cash flow was negative ₹31.96 crore against positive ₹1.12 crore, while financing cash flow was negative ₹279.0 crore against positive ₹31.51 crore. Capital expenditure was ₹11.75 crore, compared with ₹0.86 crore a year earlier.

How has PC Jeweller done over the last 8 quarters?

Revenue rose in each of the last eight quarters and reached ₹1,054.47 crore in Q2 FY27, the highest point in the eight-quarter series. Profit also moved upward in each of the last six quarters, reaching ₹330.66 crore in Q2 FY27 from its earlier low of ₹94.78 crore in Q4 FY25. The EBITDA margin peaked at 29.4% in the latest quarter, compared with 17.5% at the start of the series, and the direction of all three measures was higher at the end.

What else did the company announce?

The board approved the unaudited standalone and consolidated financial results for the quarter and six months ended 30 September 2026 on 21 October 2026. It also noted fines imposed by BSE and the National Stock Exchange of India of approximately ₹47,200 including GST each, for a two-day delay in submitting a trading approval application. The company said the delay was unintentional and that it had paid both fines within the prescribed time.

What did the auditors point out?

The auditors drew attention to Note No. 4 in the standalone review report, which describes the realisation of certain outstanding export receivables during the quarter, approval of additional discounts by the respective Authorised Dealer banks and ongoing efforts to realise the remaining export receivables. Based on the progress achieved, management did not presently anticipate any material penalty. The auditors stated: “Our conclusion is not modified in respect of this matter.”

The excerpts also contain an emphasis of matter referring to Note No. 5 for the Holding Company and Note No. 6, with the available text cut off. The reported emphasis related to outstanding export receivables, additional discounts and efforts to obtain the requisite approvals. No qualified opinion is shown in the supplied excerpts.

What did PC Jeweller's management say?

Management said the company had repaid its outstanding dues to all 14 consortium banks ahead of schedule and carried zero bank borrowings as on 30 September 2026. It expects interest costs to reduce significantly from the second half of FY27 and said net profit would have a positive impact. The company also received remittances of about ₹142 crore from export debtors during the quarter, marking the start of realising long-pending receivables.

Management said it planned to roll out up to 100 large-format showrooms across Tier I, Tier II and Tier III cities over the next 12–18 months, using a mix of owned and asset-light franchise models. It said the first showrooms would start establishing in FY27. The company also expects to commence business under a new brand focused on demi-fine, lightweight and lab-grown diamond jewellery for younger buyers in FY27.

Management said production through mining activities at PCJ Mining SARL in the Republic of Chad is expected to commence in FY27. It has also signed MoUs with NSDC for onboarding up to 2,00,000 franchisee partners and with the Uttar Pradesh government under the CM YUVA scheme for up to 1,000 franchisee partners. Management identified fluctuations in gold and diamond prices, consumer demand, competition, government policy changes and general economic conditions as risks to its forward-looking statements.

How did PC Jeweller shares react?

PC Jeweller’s shares fell 3.4% within five minutes of the filing appearing, 4.8% after 15 minutes and 3.6% after 30 minutes. The stock closed the first session that could trade on the news 3.5% below its pre-results close. By the next day’s close, it was down 3.4% from that pre-results close, and by the fifth session it was down 14.4%.

The Gems Jewellery And Watches industry’s median move was negative 2.4% on the reaction day, negative 6.0% by the next day’s close and negative 6.3% over five sessions. PC Jeweller’s move was 1.1 percentage points below the industry median on the reaction day, 2.6 percentage points above it by the next day’s close, and 8.1 percentage points below it over five sessions. Earlier reaction-day moves were positive 1.6% on 10 August 2026, positive 3.0% on 27 May 2026 and negative 3.0% on 27 January 2026.

How did other Gems Jewellery And Watches companies do?

Eleven other Gems Jewellery And Watches companies that had filed for the quarter were compared with PC Jeweller. Their median revenue growth was 45.1%, while PC Jeweller’s revenue grew 27.8%. Four of the other companies grew revenue more slowly than PC Jeweller, while seven grew faster. Eight of the 11 peers reported higher profit.