PC Jeweller clears 96% debt as profit jumps 37% in Q1

PC Jeweller Limited reported consolidated Q1 FY27 results on 10 August 2026 with profit jumping 37 percent on jewellery demand and debt reduction. Q1 FY27 numbers (consolidated): Revenue: Rs 877 crore, up 21% YoY from Rs 725 crore PAT: Rs 222 crore, up 37% YoY; EBITDA Rs 242 crore, up 90% YoY EBITDA margin 27.6% versus 17.5% a year ago Debt: 7 of 14 consortium banks fully repaid, Rs 3,000 crore outstanding (down 96%) Strong operating performance drove the quarter. EBITDA jumped 90 percent on 21 percent revenue growth, showing margin recovery. The company raised Rs 2,702 crore through warrant issuance which expanded share count; EPS growth lags profit growth. Debt-free status expected in Q2 FY27, closing the turnaround from the September 2024 settlement agreement. PC Jeweller [] shares closed at Rs 12.46 on 1 October on StockGro, ***** (NSE Rs 13.20 on 30 September), up 76% from Rs 7.11 low. P/E 13.12 versus jewellery sector 52.49; market cap Rs 13,840 crore; 52-week high Rs 14.55. My view: Hold, not a fresh entry. The debt-free milestone in Q2 frees working capital for 100 new stores and a budget brand for tier 4+ cities. Risk: warrant dilution or expansion stumbling in a consumer slowdown. Holders wait for Q2 results in October to confirm debt clearance. Fresh money waits below Rs 12. Invalidation: Q2 misses on sales or margins, or dilution warnings. Resistance Rs 14.50; support Rs 11.81. Disclosure: Vijay Kumar Gupta, SEBI Registered Research Analyst, INH000020226, Vijay Gupta Advisory. SEBI registration and NISM certification do not guarantee performance or assure returns. Securities markets are subject to market risks. No holdings in the subject company.