PC JEWELLER FUNDAMENTAL & TECHNICAL RESEARCH REPORT

PC Jeweller (NSE: PCJEWELLER, BSE: 534809), Delhi, is a gold and diamond jewellery maker-retailer founded by Balram Garg (promoter group 39.11%). It defaulted on a 14-bank consortium in 2018-19, signed a Joint Settlement Agreement on 30-Sep-2024 , and has since repaid the banks using equity: 51.7 Cr shares were allotted to the lenders at Rs 29.20, and ~Rs 3,200 Cr ofwarrant and preferential issues followed. Shares in issue rose from 465 Cr (FY24) to 980.8 Cr . It is not an F&O stock. Triage (19-Oct) said DROP; this full run is an owner override. Event 1 - debt-free (7/8-Oct). All 14 banks have issued no-dues letters, and every mortgage and personal and corporateguarantee is released. Q2 FY27 revenue grew ~28% YoY (provisional), and Rs 142 Cr was received from the export debtorsoutstanding since 2018-19, the fi rst such remittance.