PC Jeweller Mega Expansion: 100 Large Showrooms and 1,000 Micro-Franchises Planned as Q3 Sales Surge 37% & Debt Down 68%

PC Jeweller Ltd has received board approval to embark on a transformative retail expansion, specifically onboarding as a franchisee brand across multiple states and union territories. A cornerstone of this strategy is the Micro Franchise model developed under the Chief Minister - Yuva Udyami Vikas Abhiyan (CM-YUVA) campaign in Uttar Pradesh. Through this initiative, the company plans to support trained goldsmiths and young entrepreneurs in establishing 1,000 jewellery retail units. This "micro" approach is designed to formalise traditional artisans into organised retail partners, bringing the brand into the heart of rural and semi-urban India.

Scaling Through Large Format Showrooms

Complementing the micro-retail push, the Board has also approved a roadmap to open up to 100 large franchise showrooms over the next 12 to 18 months. This twin-track expansion—combining massive grassroots reach with high-visibility large formats—aims to aggressively capture market share from the unorganised sector. By leveraging the capital of prospective business partners rather than its own, the company is positioned to scale its domestic footprint rapidly while maintaining a lean and efficient operational structure.

Exceptional Financial Growth in Q3FY26

The company’s expansion is backed by a period of robust financial health, with Q3FY26 delivering standalone domestic revenues of Rs 875 crore, a 37 per cent year-on-year increase. This growth was largely driven by a vibrant festive and wedding season. Profitability also surged, with Profit After Tax (PAT) reaching Rs 187 crore, while the cumulative Operating PAT for the first nine months of the fiscal year soared to Rs 554 crore. These figures reflect an 86 per cent growth over the previous year, demonstrating the effectiveness of the company's strategic turnaround and renewed market engagement.

Roadmap to a Debt-Free Future

PC Jeweller is moving decisively toward its goal of becoming debt-free by the end of March 2026. The company has already reduced its Bank debt by approximately 68 per cent following its September 2024 settlement agreement. With a successful recovery of all showroom inventory from the DRAT and approximately Rs 1,296 crore in remaining funds expected from warrant conversions, the company is well-capitalised to clear its outstanding liabilities. As interest obligations continue to fall, PC Jeweller is transitioning into a high-growth phase supported by a strong balance sheet and government-backed entrepreneurial partnerships.

About the Company

PC Jeweller is a prominent Indian jewellery retailer known for its wide range of gold, diamond, and silver products. Established in 2005, the company specialises in both traditional and contemporary designs, catering to weddings as well as daily wear. It operates through a large network of showrooms across India and an online platform, offering hallmarked and certified jewellery. The brand emphasises craftsmanship and transparency, providing services like jewellery maintenance and customisation to its customers.

The company has a market cap of over Rs 7,900 crore. As of December 2025, State Bank of India (SBI) holds a 1.75 per cent stake and the Union Bank of India owns a 1.13 per cent stake in the company. The stock is up by 25 per cent from its 52-week low of Rs 8.66 per share and has given multibagger returns of 300 per cent in 5 years.  

Disclaimer: The article is for informational purposes only and not investment advice.