PC Jeweller to expand 1,000 jewellery franchises in Uttar Pradesh through CM Yuva Mission partnership

PC Jeweller Limited has deepened its link with the Uttar Pradesh government by signing an MoU with the CM Yuva Mission, creating a structured plan to expand jewellery franchises and support youth-led businesses across the state while aligning its growth strategy with official employment and entrepreneurship programmes.

The memorandum was signed on December 19, 2025, and PC Jeweller received the executed copy on December 23, 2025, following an earlier communication dated December 5, 2025, in which the Directorate of Industries and Enterprises Promotion allowed the company to act as a Franchise Brand on the CM-YUVA Portal.

Under this MoU, PC Jeweller has proposed setting up 1,000 jewellery retail franchise outlets in Uttar Pradesh, targeting youth participation in business, and using a franchise-led growth approach that allows the company to expand its physical network with lower direct capital spending while building stronger brand recognition in Tier-II and Tier-III cities.

The agreement establishes a collaborative framework between PC Jeweller and the Department of MSME and Export Promotion, Government of Uttar Pradesh, through the CM Yuva Mission, with objectives that include encouraging an entrepreneurial environment, raising employability for young residents, supporting self-employment, and contributing to the wider economic development of the state.

For PC Jeweller, the partnership holds strategic importance because the franchise model helps quick market entry without heavy internal capital deployment, while the government association supports credibility and access to aspiring franchisees, and for the state, the structure enables private-sector involvement in job creation and MSME development under a monitored and policy-linked platform.

This initiative also focuses on innovation-led entrepreneurship, as franchise units are expected to serve not only as retail outlets but also as small enterprises run by local entrepreneurs, which can generate direct and indirect employment and complement state schemes that target youth job creation and skill-based engagement across multiple districts.

PC Jeweller financial metrics and market valuation

According to Screener data as of December 24, 2025, PC Jeweller shares trade on the BSE at Rs 9.58, reflecting a market capitalisation near Rs 6,945 crore, a P/E band of roughly 11.5-11.9 times, and a book value close to Rs 9.99 per share, implying pricing near book level with no dividend yield declared.

Key return indicators remain subdued, with long-term return on equity (ROE) around 12.7% and return on capital employed (ROCE) near 6.5%, signalling that while the company has preserved capital value, efficiency of capital use and profitability ratios still trail more robust benchmarks commonly watched by equity investors.

The main valuation indicators disclosed are summarised below for reference.

Metric	Figure	Reference Date
BSE share price (Rs)	9.58	24 December 2025
Market capitalisation (Rs crore)	6,945 (approx.)	24 December 2025
P/E ratio (x)	11.5 - 11.9 (approx.)	24 December 2025
Book value per share (Rs)	9.99 (approx.)	24 December 2025
Dividend yield	Not reported	24 December 2025
ROE	12.7% (approx.)	Long-term
ROCE	6.5% (approx.)	Long-term

PC Jeweller growth trends, profitability and franchise outlook

On a consolidated basis, PC Jeweller, which operates in the jewellery and gem segment, has shown mixed performance over different horizons, with ten-year sales contracting at about -10% CAGR, pointing to persistent pressure on revenue expansion, while profits over the same decade have grown at roughly 5% CAGR, indicating modest, though not high, earnings growth.

Over the past five years, consolidated revenue has declined at around -15% CAGR, yet net profit has risen sharply at nearly 48% CAGR, suggesting that cost controls, margin improvement, or business mix changes have supported stronger profitability, even as overall sales volumes or realised turnover remained under strain.

More recent three-year data presents a more favourable trajectory, with sales expanding at close to 12% CAGR and profit growth near 52% CAGR, and trailing-twelve-month figures from Screener show sales up over 190% and profit increasing by almost 3,900%, highlighting a pronounced operational recovery that could interact with the Uttar Pradesh franchise expansion strategy.

For market participants and policy observers, the MoU with CM Yuva Mission provides PC Jeweller with a structured route to scale its franchise network in a large state while aligning with government schemes aimed at youth entrepreneurship, and the company’s improving recent profitability trends, despite weaker long-term sales history, will likely be tracked alongside execution of the proposed 1,000-unit franchise roll-out.