PCJEWELLER's Q2 FY27 numbers came in strong, with revenue of Rs. 1,054.47 Cr (+27.80% YoY) and PAT growth of +57.80% YoY. Here's a quick read of what worked, what to watch, and what management said.
Quick Details| Results date | October 21, 2026 |
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| Quarter | Q2 FY 2026-2027 |
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| Revenue (Q2) | Rs. 1,054.47 Cr (+27.80% YoY) |
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| PAT (Q2) | Rs. 330.66 Cr (+57.80% YoY) |
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| EBITDA margin | 29.36% (+781 bps YoY) |
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| EPS (Q2) | Rs. 0.34 (+13.30% YoY) |
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| Market cap | Rs. 18,144.15 Cr |
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| CMP | Rs. 18.51 |
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Quarter Snapshot
PC Jeweller grew revenue 27.8% YoY to Rs.1,054.47 Cr and PAT 57.8% YoY to Rs.330.66 Cr with EBITDA margin up 781 bps to 29.36%, while completing its debt-free milestone on September 25, 2026 ahead of schedule — borrowings fell 78.1% to Rs.234.83 Cr and finance costs fell 75.9% YoY. A new subsidiary-driven stream contributed 27.5% of consolidated PAT on 13.7% of revenue, and Rs.142.14 Cr of long-pending export receivables were realized. PAT quality flags include a near-zero effective tax rate, CFO/PAT of 0.46× on festive inventory build, and continuing auditor emphasis-of-matter on export receivables and ECL adequacy.
Key Investment Insights
Key Positives
- Revenue grew 27.8% YoY to Rs.1,054.47 Cr and 20.2% QoQ; H1 revenue of Rs.1,931.51 Cr grew 24.6% YoY
- PAT grew 57.8% YoY to Rs.330.66 Cr; H1 PAT of Rs.552.54 Cr grew 48.7% YoY
- EBITDA of Rs.309.62 Cr grew 74.1% YoY with margin up 781 bps YoY to 29.36%
- All 14 consortium banks' dues discharged on September 25, 2026, ahead of schedule; borrowings down 78.1% to Rs.234.83 Cr and finance costs down 75.9% YoY to Rs.8.73 Cr
- Rs.142.14 Cr realized from long-pending export debtors in Q2FY27, the first recovery against Rs.1,467.53 Cr original outstanding
- Subsidiaries contributed Rs.144.15 Cr revenue (13.7% of consolidated) and Rs.90.92 Cr PAT (27.5%) in Q2FY27
- H1 CFO rose to Rs.253.17 Cr from Rs.34.24 Cr YoY; FCF of Rs.241.42 Cr; D/E improved from 0.14× to 0.04×
- Promoter completed the Rs.500 Cr preferential issue via conversion of 9.72 Cr warrants at Rs.18 each; Rs.1,000 Cr QIP approved by shareholders
Risk Factors
- Auditor's qualified opinion continues; review report carries Emphasis of Matter on export receivable realization, ECL allowance adequacy (Rs.281.39 Cr provisions) and settlement of banking facilities
- Effective tax rate was −0.02% on deferred tax credits and carry-forward losses; at a normal ~25% ETR, Q2 PAT on PBT of Rs.330.61 Cr would be about Rs.248 Cr
- CFO/PAT of 0.46× in H1 as inventory build tied up Rs.449.58 Cr, leaving cash conversion below 0.5× of PAT
- ~99.17% of public-institution votes were cast against the FY26 accounts at the AGM, a governance overhang not addressed in the results
- Basic EPS grew 13.3% YoY (Rs.0.34 vs Rs.0.30) against PAT growth of 57.8% due to the higher share count from warrant conversion