PC Jeweller Q2FY26: Profit up 17%, revenue jumps 63%

What PC Jeweller reported for the September quarter

PC Jeweller Ltd. announced its financial results for the September quarter (Q2FY26) after market hours on November 11. The company reported a year-on-year rise in consolidated net profit and a sharp jump in revenue from operations. The numbers were accompanied by updates on debt reduction, which remains a key monitorable for the company. Management attributed the stronger topline performance to festive-season demand and better sales. The results kept market attention on PC Jeweller, which has also been communicating its intent to become debt-free within the current financial year.

Q2FY26 profit rises to ₹209.5 crore

For Q2FY26, PC Jeweller reported consolidated net profit of ₹209.5 crore. This was up 17.3% from ₹178.8 crore in the same quarter last year. The profit growth came alongside a large increase in revenue, indicating an improved operating run-rate versus the year-ago period. The company’s commentary linked the quarter’s performance to consumer demand during the festive season.

Revenue from operations jumps 63.4% to ₹825.2 crore

PC Jeweller’s revenue for the September 2025 quarter stood at ₹825.2 crore, compared with ₹505 crore a year earlier. The company said this reflected strong consumer demand and improved sales during the festive period. The 63.4% year-on-year rise in revenue from operations was a central highlight of the Q2FY26 update. Separately, the broader dataset provided also references a “63% Y/Y quarterly revenue growth,” which aligns with the ₹825.2 crore versus ₹505 crore comparison.

Debt reduction update: 23% cut in outstanding bank debt in Q2

Alongside the results, PC Jeweller said it reduced its outstanding bank debt by a further 23% during Q2. This came after a 9% reduction in Q1 FY26 and a reduction of more than 50% during FY25, as cited in the supplied material. The company stated it aims to be fully debt-free by the end of FY26. In its earnings filing, it also said that once debt-free, it would not have to bear financial expenses and could meet working-capital needs through internal income.

What management said about becoming debt-free

In a separate update carried in the provided text, Managing Director Balram Garg said the company reduced net debt by 19% in the past four months and planned to become debt-free by the end of the current financial year. He also said the company repaid bank loans worth ₹335 crore during the April to July period of the fiscal year. According to the same update, net debt fell to ₹1,445 crore at the end of July from ₹1,780 crore at the start of FY26. The company said it is repaying loans using internal accruals and funds raised from promoters and investors.

Fundraising plan: ₹1,800 crore total proposed infusion

To accelerate deleveraging, PC Jeweller’s board approved a proposal in July to raise ₹500 crore from promoters and Capital Ventures Pvt Ltd, as stated in the supplied text. In addition, the company is set to receive ₹1,300 crore from the conversion of warrants into equity shares by promoters and investors. The combined ₹1,800 crore infusion was described as intended to help clear outstanding debt completely.

Q1FY26 reference points also showed sharp growth in sales

The provided material also includes Q1FY26 metrics that framed the company’s improved sales trajectory. One regulatory-filing reference said consolidated net profit rose 4% year-on-year to ₹161.93 crore for the quarter ended June 2025, while total income rose to ₹807.88 crore from ₹439.78 crore a year earlier. Another set of figures in the supplied text cited Q1FY26 revenue of ₹725 crore versus ₹401 crore last year, and PAT of about ₹162 crore versus ₹155 crore.

The same dataset also highlighted the impact of exceptional items in the year-ago period, stating “actual profit was ₹49 crore last year; ₹106 crore was an exceptional item related to a tax refund.” It further stated finance costs were minimal at ₹1.8 crore earlier due to an interest moratorium, but rose to ₹41 crore in Q1 FY26 as repayments commenced in 2025. It also cited EPS at ₹0.25 versus ₹0.34, with a note that equity dilution affected per-share metrics.

Stock moves mentioned across updates

The supplied text includes two separate price references. One part notes that the company’s shares “today” came to ₹12.40. Another report said shares climbed as much as 6.1% to ₹15.94 on the BSE after commentary from the managing director on debt reduction and the debt-free plan. These price points reflect different moments described in the provided material.

Key numbers at a glance

Why the results matter for investors

The Q2FY26 outcome combines two themes that investors typically track in leveraged retail businesses: sales momentum and balance-sheet repair. The company reported a steep revenue increase and higher profit in the September quarter, while also indicating continued reductions in bank debt. Multiple disclosures in the supplied text repeatedly link the company’s near-term goal to becoming debt-free by the end of FY26. The fundraising plan and the stated reliance on internal accruals provide additional context for how the company expects to address remaining liabilities.

Conclusion

PC Jeweller’s Q2FY26 results showed a rise in net profit to ₹209.5 crore and a 63.4% jump in revenue to ₹825.2 crore, alongside continued progress on debt reduction. The company has reiterated its plan to become debt-free by the end of FY26, supported by repayments, internal accruals, and proposed promoter and investor funding. Future updates on bank-debt outstanding levels and any timelines around warrant conversion and equity infusion will remain key follow-through points.