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PC Jeweller shares are expected to see interest on 29 May as investors track a sharp jump in earnings and an improving balance sheet. The jewellery retailer reported strong March quarter and FY26 numbers, backed by firm consumer demand, better operating execution and tighter control on costs across its business.

For the March 2026 quarter, PC Jeweller posted a 61.3% year-on-year rise in consolidated net profit to ₹152.9 crore, up from ₹94.8 crore a year earlier. Revenue from operations climbed 32.7% to ₹927.3 crore against ₹699 crore in the same quarter of the previous financial year.

PC Jeweller shares and results: Key quarterly and yearly financial trends

Domestic revenue for the March quarter increased by about 33% compared with the previous year, while profit before tax expanded nearly 59%. At the operating level, earnings before interest, taxes, depreciation and amortisation (EBITDA) came in at ₹164 crore, up 13% from ₹145 crore in the corresponding quarter of FY25.

Despite the growth in absolute EBITDA, the company's operating margin narrowed. EBITDA margin slipped to 17.6% in the March 2026 quarter, compared with 20.7% in the same period last year. PC Jeweller linked the higher EBITDA to operating leverage and improved cost efficiencies, even though margins moderated due to the sales mix and other expenses.

PC Jeweller shares and results: Full-year FY26 performance snapshot

On a full-year basis, PC Jeweller reported revenue of ₹3,353 crore in FY26, compared with ₹2,243 crore in FY25, registering growth of 49%. Operating profit after tax (PAT) for FY26 stood at ₹705 crore against ₹392 crore in FY25, an 80% increase when income tax refund and related interest, classified as exceptional items, are excluded.

The company shared a detailed update on its balance sheet repair. PC Jeweller said it has cut its outstanding debt by more than 90% since signing a settlement agreement with banks on 30 September 2024. Management described this reduction as a key step towards the stated goal of becoming fully debt-free.

PC Jeweller shares and results: Turnaround strategy, debt reduction and expansion plans
Managing Director Balram Garg said FY26 represented a turning point in the company's revival efforts, as operations stabilised and growth returned across business lines. Garg stated, "FY26 was an important year for PC Jeweller, as the Company regained its momentum and delivered a strong performance throughout the year. This broad-based growth was driven by strong execution across the business, supported by continued consumer demand throughout the year,"

PC Jeweller indicated that once debt obligations are cleared, an aggressive expansion phase is planned. Garg said the company has been receiving strong interest from potential business associates for large-format franchisee showrooms, and that several of these discussions are already at an advanced stage. The company believes this format can scale without heavy capital outlay.

Garg outlined the broader roadmap, saying, "To summarise the company's vision going ahead, we plan for a debt-free balance sheet soon, rapid expansion through opening large-format franchise showrooms, market penetration and expansion through opening franchise showrooms under government tie-ups and value chain integration through mining activities," Garg also highlighted a continued focus on strengthening core operations and improving the balance sheet.

PC Jeweller added that the planned rollout of up to 100 franchise outlets over the next 12 to 18 months could widen its presence across markets while limiting direct capital expenditure. The company said its improved financial position and emerging opportunities leave it better placed for sustainable growth and value creation over the long term.