PC Jeweller Ltd — Turnaround Performance & Debt-Reduction Path

Q4 FY25 Highlights • Net profit after tax was ~₹95 crore, reversing a loss of ~₹122 crore in Q4 FY24. • Revenue from operations jumped steeply to ~₹699 crore, from ~₹48 crore in the same quarter last year. • EBITDA rose sharply to ~₹144 crore vs ~₹10 crore in Q4 FY24. Full Year FY25 vs FY24 • For FY25 the company delivered a net profit of ~₹578 crore, compared to a net loss of ~₹629 crore in FY24. • Major fundraising: raised ~₹2,702.11 crore via a fully convertible warrants issue to help strengthen balance sheet. Debt, Financial Health & Operations • Company reduced its bank loans by more than half (≈ 55-56%) in FY25; targeting to be debt-free by end of FY26. • Operates ~52 showrooms (including 3 franchise ones) across 38 cities in 13 states as of March 31, 2025. Outlook & Risk Points • The turnaround is driven by strong sales recovery, cost improvement, and successful capital raising. If momentum sustains, becoming debt-free by FY26 could pave the way for improved margins and lower finance costs. • Risks include dependency on gold price volatility, competition in jewellery retail, store-level profitability, inventory and working capital management, and execution of debt settlement terms.