In 2023-24 PC Jeweller sold just ₹605 crore of jewellery and lost ₹629 crore. Banks were chasing it and some showrooms were locked under a tribunal order. Two years later, sales were ₹3,353 crore and profit was ₹714 crore. It got there by settling with its 14 banks, swapping some debt for shares and raising fresh money from the founders. The debt is now almost cleared. Still to watch: about ₹1,468 crore of old export money not yet recovered, a near-zero tax bill that will not last, and a share count that has nearly doubled.
PC Jeweller, a Delhi jewellery chain started by Balram Garg, was a stock market favourite in 2017. Its share price peaked in January 2018 (about ₹59, adjusted for the later share split). Then came questions over its dealings, losses and a fight with its lenders. By March 2020 the share was below ₹1. Things got worse after that. In 2023-24 sales fell to ₹605 crore, against ₹2,473 crore two years earlier, and the loss was ₹629 crore. In January-March 2024 sales were only ₹48 crore. The company had too little gold to sell, and some showrooms and stock were held under a debt tribunal order.
In December 2023 the company offered a one-time settlement to its 14 banks, led by State Bank of India. SBI agreed in March 2024 and the others, including PNB, Union Bank, Bank of Baroda and Canara Bank, followed by October 2024. A joint agreement was signed on 30 September 2024. Both sides dropped their court cases. Under the deal, part of the debt was paid in cash over two years and part was turned into shares. In December 2024 the banks were given about 5.17 crore shares at ₹292 each (before the 1-for-10 split). SEBI closed its own case against the company in January 2025 after a settlement payment. In October 2025 the tribunal handed back the keys and stock of the Karol Bagh, Noida, South Extension and Kingsway Camp showrooms.
Cash for the banks and new stock came largely from the founder family, through warrants that later turned into shares. The company says the warrant issue raised ₹2,702 crore, and 93% of it had come in by June 2026. In April 2026 alone, about 106 crore new shares were issued as warrants were converted. In July 2026 the board also approved raising up to ₹1,000 crore from big investors.
Sales went from ₹605 crore in 2023-24 to ₹2,245 crore in 2024-25 and ₹3,353 crore in 2025-26. Profit went from a ₹629 crore loss to ₹578 crore and then ₹714 crore. Each quarter of 2025-26 was larger than the one before: sales of ₹725, ₹825, ₹875 and ₹927 crore. April-June 2026 brought ₹877 crore of sales, up 21% on a year earlier, and a record profit of ₹222 crore. Interest costs fell from ₹42 crore to ₹14 crore in a year as debt was repaid. The company says 7 of its 14 banks are fully paid off, more than 96% of what it owes the other 7 is cleared, and it expects to be debt-free this quarter (July-September 2026).
The share was around ₹2.6 in September 2023. It went above ₹16 in late 2024 when the bank deal was signed, fell back to about ₹8 by March 2026, and closed at ₹14.47 on 13 October 2026. That is about 5.5 times its 2023 level.
Old export money. About ₹1,468 crore owed by overseas buyers since around 2018-19 is still unpaid. The company has set aside ₹281 crore for losses, and its auditors have raised doubts. The company has also asked the regulator to excuse the late receipt of this money. If it isn't recovered, more write-offs may follow. Tax. The company is paying almost no tax because it can set past losses against current profit. In 2025-26, profit before and after tax was the same, ₹714 crore. Once those past losses run out, normal tax of about 25% would cut profit sharply. Other income. ₹197 crore of last year's profit came from other income, not from selling jewellery. The company's own measure of profit from operations was ₹213 crore in April-June 2026. More shares. There were about 540 crore shares (after the split) before the bank deal and 971 crore by June 2026, and the planned fund-raise will add more. Profit per share therefore grows much more slowly than total profit. Founder holding. After the bank shares and the warrants, the founder group owned 38.5% in June 2026. About 8.7 lakh small shareholders hold the rest.
This is a real turnaround: banks settled, showrooms reopened, debt almost gone and sales above ₹3,000 crore. At ₹14.47, the company is worth roughly ₹14,000 crore, about 20 times last year's profit. That is not cheap for a jeweller once normal tax is counted and the old export money remains doubtful. The next steps to watch are a debt-free balance sheet, recovery of the export money and steady sales growth. In our next PC Jeweller article we will separate the profit from selling jewellery from the one-time gains.
| Consolidated sales ₹605 crore, loss ₹629 crore; Q4 sales ₹48 crore | FY2023-24 |
| Consolidated sales ₹2,473 crore, loss ₹203 crore | FY2022-23 |
| Consolidated sales ₹2,245 crore, profit ₹578 crore | FY2024-25 |
| Consolidated sales ₹3,353 crore, profit before tax ₹713-714 crore, profit ₹714 crore, other income ₹197 crore | FY2025-26 |
| Sales ₹725, ₹825, ₹875, ₹927 crore; profit ₹162, ₹210, ₹190, ₹153 crore | FY2025-26 quarters |
| Sales ₹877 crore (+21%), profit ₹222 crore, finance cost ₹13.5 crore vs ₹41.6 crore, operating PAT ₹213 crore | Q1 FY2026-27 |
| All 14 banks led by SBI accepted the one-time settlement; joint agreement signed 30 Sep 2024 | Mar-Oct 2024 |
| 5,17,11,462 shares at ₹292 (pre-split) to lenders for part of debt; promoters 47.04% to 42.93% | 11 Dec 2024 |
| SEBI settlement order disposed of proceedings | 24 Jan 2025 |
| Tribunal ordered return of keys and stock; all inventory back with company | 7-10 Oct 2025 |
| 7 of 14 banks fully repaid, over 96% of remaining cleared; debt-free targeted this quarter; ₹2,702 crore warrant raise 93% received; ₹1,000 crore QIP approved | Aug 2026 |
| Export receivables ₹1,467.53 crore outstanding; cumulative provision ₹281.39 crore; auditor qualification | 30 Jun 2026 |
| Promoter holding 38.49%; 971 crore shares; ~8.7 lakh shareholders | 30 Jun 2026 |
| ~₹58.7 Jan 2018 peak, ₹0.81 Mar 2020, ₹2.62 Sep 2023, ₹16.93 Sep 2024, ₹8.25 Mar 2026, ₹14.47 on 13 Oct 2026 (split-adjusted) | Prices |
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