PC Jeweller Q3 Profit Soars 28%; Debt Cut by 68%

Introduction

PC Jeweller Ltd announced a strong performance for the third quarter of fiscal year 2026, reporting a 28 percent increase in its consolidated net profit. The growth was primarily attributed to robust consumer demand during the festive and wedding season. Alongside impressive financial results, the company has made significant strides in reducing its debt and has unveiled ambitious expansion plans, signaling a positive outlook that resonated well with investors.

Stellar Q3 Financial Performance

The company's consolidated net profit for the quarter ended December 2025 stood at Rs 190.10 crore, a substantial increase from the Rs 147.96 crore recorded in the same period of the previous year. Total income also saw significant growth, rising to Rs 900.51 crore from Rs 683.44 crore in the corresponding quarter of the preceding fiscal. On a standalone basis, the jewellery retailer reported a revenue increase of approximately 37% year-on-year, underscoring the strong sales momentum across its product portfolio.

This positive trend extends to the first nine months of the fiscal year. For the April-December 2025 period, PC Jeweller's net profit climbed to Rs 561.57 crore from Rs 482.92 crore a year earlier. Total income for the same nine-month period rose to Rs 2,603.32 crore, compared to Rs 1,671.77 crore in the previous year.

Aggressive Debt Reduction Strategy

A key highlight of the company's recent performance is its successful deleveraging effort. PC Jeweller's management has reiterated its commitment to achieving a debt-free status. Since executing a settlement agreement with its consortium of banks on September 30, 2024, the company has managed to reduce its outstanding debt by approximately 68%. This move has significantly improved its financial position and reflects a strong focus on financial discipline.

Balram Garg, the Managing Director of PC Jeweller, stated that the company continues to make steady progress towards its objective of becoming debt-free. This reduction in financial liabilities de-risks the balance sheet and provides greater flexibility for future growth and operational investments.

Ambitious Expansion Through Strategic Partnerships

Looking ahead, PC Jeweller is focused on expanding its retail footprint. The company's Board has approved a plan to open up to 100 large franchise showrooms over the next 12 to 18 months. This initiative is complemented by a strategic partnership with the Government of Uttar Pradesh. PC Jeweller has signed a Memorandum of Understanding (MoU) under the Chief Minister - Yuva Udyami Vikas Abhiyan (CM-YUVA) and has been onboarded as a franchise brand on the CM-YUVA portal.

This collaboration aims to support trained goldsmith entrepreneurs in rural and semi-urban areas of Uttar Pradesh by helping them establish 1,000 jewellery retail franchise units. The initiative is expected to not only enhance PC Jeweller's retail presence but also contribute to skill development, entrepreneurship, and local employment generation in the state.

Market Reaction and Investor Confidence

The strong Q3 business update and strategic announcements were well-received by the market. PC Jeweller's shares surged by over 8% following the news, reaching an intraday high of Rs 10.32 on the National Stock Exchange. The stock saw substantial trading volume, with approximately 53.3 million shares changing hands, indicating strong investor interest and confidence in the company's turnaround and growth strategy.

Management Commentary

MD Balram Garg credited the resilient operational performance to the sustained consumer demand during the key festive and wedding seasons. He emphasized that the company remains focused on strengthening its core operations and expanding its retail presence through both company-owned and franchise formats. The combination of healthy sales, disciplined debt reduction, and a clear expansion roadmap positions the company for sustained growth in the coming quarters.

Conclusion

PC Jeweller's third-quarter results for FY26 highlight a period of robust growth and strategic progress. The significant jump in profit, coupled with a successful debt reduction campaign and a clear vision for retail expansion, paints a promising picture for the company. As PC Jeweller continues its journey towards becoming debt-free while simultaneously growing its franchise network, it remains a key player to watch in the Indian jewellery sector.