PC Jeweller CM-YUVA Franchising Drive Supports Growth as Q2 FY2026 Profits Rise

PC Jeweller Limited has reported strong earnings for Q2 FY 2026 and H1 FY 2026, alongside further reduction in bank debt and a clear target to become debt-free by FY 2025-2026, while also receiving formal approval as a franchise brand on the Uttar Pradesh Government’s CM-YUVA portal.

According to a letter dated December 4, 2025, the Directorate of Industries and Enterprises Promotion, Government of Uttar Pradesh, has approved PC Jeweller Limited for onboarding as a Franchise Brand on the CHIEF MINISTER-YUVA UDYAMI VIKAS ABHIYAN (CM-YUVA) Portal, which supports employment and entrepreneurship through technology, skills and digital services.

Through the CM-YUVA framework, the Uttar Pradesh Government aims to encourage job creation and new ventures by promoting technical innovation, skill development, e-commerce and digital solutions. PC Jeweller Limited has linked its franchise proposal to these policy priorities targeted at rural and semi-urban regions within the state.

"To support the Uttar Pradesh State Government's policy of entrepreneurship promotion, skill development and local employment generation, the Company had proposed to provide support to trained goldsmith entrepreneurs in rural/semi-urban Uttar Pradesh for establishing 1,000 jewellery retail franchisee units with the Company, which would provide financially sound employment and self-employment opportunities and would empower aspiring jewellery entrepreneurs combining the trust of an established brand with modern digital selling tools - ensuring scalability, visibility, and sustainability," said PC Jeweller in a regulatory filing on 5th December.

Under this plan, the 1,000 proposed franchise outlets are expected to link local goldsmith entrepreneurs with PC Jeweller’s brand and digital tools. The firm expects that the model will combine organised retail benefits with local skills, while supporting the state’s employment and entrepreneurship agenda, especially outside major urban centres.

PC Jeweller CM-YUVA and Q2 FY 2026 financial performance

The company’s financial update for Q2 FY 2026 shows that sales have risen 63% to Rs 825 crore from Rs 505 crore in Q2 FY 2025. Gross profit for the quarter has increased 89% to Rs 191 crore, reflecting strong festive-season demand and improved performance compared with previous quarters.

For the same quarter, profit before tax (PBT) has grown 65% to Rs 204 crore. EBITDA has almost doubled, rising 91% to Rs 246 crore. Management states that this performance continues the firm’s earlier recovery trend and supports its efforts to strengthen operations and market position.

PC Jeweller CM-YUVA alignment with H1 FY 2026 results and debt reduction

Momentum has been stronger across H1 FY 2026 as a whole, with sales up 71% to Rs 1,550 crore and gross profit higher by 102% at Rs 335 crore. On a half-year basis, PBT has climbed 78% to Rs 368 crore and EBITDA has advanced 109% to Rs 456 crore compared with the prior year period.

The company has also continued to reduce leverage during the quarter ended September 30, 2025. In line with the Settlement Agreement, PC Jeweller has cut its outstanding bank debt by a further 23%, or Rs 406 crore. The company has reiterated its aim of achieving a debt-free position by the end of FY 2025-2026.

Metric	Period	FY 2025	FY 2026	Growth
Sales (Rs crore)	Q2	505	825	63%
Gross Profit (Rs crore)	Q2	101	191	89%
PBT (Rs crore)	Q2	124	204	65%
EBITDA (Rs crore)	Q2	129	246	91%
Sales (Rs crore)	H1	907	1,550	71%
Gross Profit (Rs crore)	H1	166	335	102%
PBT (Rs crore)	H1	207	368	78%
EBITDA (Rs crore)	H1	218	456	109%

PC Jeweller CM-YUVA focus, expansion and outlook

"The company continues to focus on business development, increasing its brand presence and its market share in the industry and catering to the changing needs of its customers. The company is confident of becoming debt free by the end of FY 2026. With no further finance cost to be incurred after becoming debt free and its strategic turnaround underway, the company expects improved operational momentum, renewed market engagement and sustainable growth and exploring the opportunity of further expansion of its retail footprint and it is optimistic of even better performance in the future as well," said PC Jeweller in a report.

PC Jeweller Limited is based in New Delhi and operates as an Indian jeweller with a national presence. The company works with entities such as Blue Nile, Kama Jewellery, Sparkles Jewellery, Charu Jewels, Urnish Jeweller, AuGrav and other partners, while also pursuing its franchise-led expansion in Uttar Pradesh through the CM-YUVA initiative.