Can This Jewellery Stock, Priced Under Rs 15, Be the Next Kalyan Jewellers? Check Business Updates Inside

On Monday, January 05, 2026, the broader stock market remained relatively flat, with both the Sensex and Nifty-50 dipping by 0.10 per cent. Despite this muted performance across the major indices, a notable stock in the jewellery sector priced under Rs 15 defied the trend by surging 8 per cent with Heavy Volume. This significant gain positioned the company as one of the top performers on the BSE Small-Cap Index for the day.

Before revealing the stock name, let's look at the reasons for its sudden price surge!

Business Update: Quarter Ended December 31, 2025

The Company achieved a strong performance in Q3FY2026, recording standalone revenue growth of approximately 37 per cent year-over-year. This upward trend was driven by robust consumer demand during the peak festival and wedding seasons. Furthermore, the Company continues to make significant strides toward its goal of becoming debt-free, having reduced its outstanding Bank debt by approximately 68% since the settlement agreement executed in September 2024.

A key strategic milestone this quarter was the formalisation of a partnership with the Government of Uttar Pradesh under the CM-YUVA initiative. By signing a Memorandum of Understanding with the Department of MSME and Export Promotion, the Company has been approved as a Franchise Brand on the CM-YUVA portal. This collaboration is designed to foster entrepreneurship and skill development by supporting the establishment of 1,000 jewellery retail franchisee units across rural and semi-urban areas.

This initiative is expected to significantly enhance the Company's retail footprint and brand visibility while contributing to localised economic development and youth employability. Moving forward, the focus remains on scaling the retail network, maintaining financial discipline to eliminate remaining debt, and delivering consistent value through innovation and strategic expansion in the upcoming quarters.

In Q2 FY 2026, the company achieved exceptional financial growth, headlined by a 63 per cent year-on-year increase in domestic revenues to Rs 825 crore and a 99 per cent surge in Operating PAT to Rs 202.5 crore. This strong performance extended to the first half of the year, with H1 EBITDA rising 109 per cent to Rs 456 crore. Beyond profitability, the company made significant strides toward its goal of becoming debt-free by the end of FY 2026, reducing outstanding bank debt by 23 per cent this quarter through strong cash flows and a Rs 500 crore preferential allotment.

The stock name is PC Jeweller Ltd

Could PC Jeweller be the next Kalyan Jewellers?

The company’s aggressive pivot toward an asset-light model and its recent 68 per cent debt reduction suggest it is fighting to reclaim its former glory. By securing a partnership with the Uttar Pradesh government to establish 1,000 franchise units, the Company is attempting a scalability play that mirrors the massive retail footprint of industry leaders, all while aiming for a completely debt-free balance sheet by the end of the current fiscal year.

In contrast, Kalyan Jewellers stands as the established benchmark, with over 430 showrooms globally and a consolidated revenue of Rs 15,125 crore for the first half of FY2026. While the Company’s share is trading under Rs 15, focusing on a localised turnaround, Kalyan is a diversified giant aggressively expanding into Non-South Indian markets and international territories like the US and UK. Investors are essentially betting on whether the Company can successfully transition from its past liquidity struggles to a sustainable, high-growth engine through the CM-YUVA initiative. If it can consistently deliver on its 37 per cent revenue growth targets and stabilise its corporate governance, it may well bridge the valuation gap; until then, it remains a volatile turnaround story that the market is watching with cautious curiosity.

About the Company

PC Jeweller Ltd is an Indian company that designs, manufactures, sells and trades gold, platinum, diamond and silver jewellery. They operate across India with multiple brands, including Azva, Swarn Dharohar and LoveGold and even created commemorative medallions for the Cricket World Cup.

The company has a market cap of over Rs 7,300 crore. As of September 2025, State Bank of India (SBI) holds a 2.44 per cent stake and the Union Bank of India owns a 1.15 per cent stake in the company. The stock is up by 19.2 per cent from its 52-week low of Rs 8.66 per share and has given multibagger returns of 280 per cent in 5 years.

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