👋 Bhupendra Rawat
Stock Market Data Analyst | Programming Enthusiast | 4+ Years of Experience
Empowering insights with data & code🔍 Expertise:
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🔄 Last Updated: Analysis Based on Data Till 16 August 2025
PC Jeweller Share Price Target
Based on current price action, moving averages, and market sentiment, PC Jeweller is projected to reach a share price of around ₹16.00 in the near to medium term. The stock is trading below both its 50-day (₹14.35) and 200-day (₹14.19) moving averages, indicating short-term weakness. However, if the price sustains above these averages, a recovery towards the upside target is possible.
📉 Downside Risk: ₹10.00
📈 Upside Potential: ₹16.00 (approx. +23.64%)
🔎 Note: These figures are illustrative and not financial advice. Investors should review company fundamentals, technical indicators, and consult a licensed advisor before making investment decisions.
🏢 Company Overview
PC Jeweller is a leading Indian jewelry retailer, specializing in the manufacture, wholesale, and retail of high-quality gold, diamond, and silver jewelry. Established in 2005, the company operates through an extensive network of showrooms across India and also exports to international markets. Known for its craftsmanship, innovative designs, and certified jewelry, PC Jeweller caters to both traditional and contemporary customer preferences. Despite recent financial challenges, the brand continues to hold strong recognition in the Indian gems and jewelry industry.
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🔗 Join Free Telegram GroupPC Jeweller: Revenue Growth, Profitability & Leverage Overview (2021–2025)
PC Jeweller has witnessed a turbulent financial journey over the past five years. Revenue dropped from ₹2,850 crore in FY21 to just ₹670 crore in FY24 before rebounding sharply to ₹2,372 crore in FY25. This roller-coaster resulted in a negative CAGR of –4.49%. Profitability has been equally erratic. Net profit swung from ₹62 crore in FY21 to deep losses in FY22–24, only to recover strongly to ₹578 crore in FY25, giving the company an impressive 24.36% net profit margin in the latest year. EPS too followed this volatility, moving from ₹2 in FY21 to a low of –₹14 in FY24 before bouncing back to ₹1 in FY25. Return on equity (ROE) has remained inconsistent, ranging from –19% in FY24 to a positive 12.66% in FY25, reflecting the uneven earnings performance. On the leverage side, PC Jeweller reduced its debt burden significantly. The debt-to-equity ratio fell from 1.39 in FY24 to just 0.33 in FY25, supported by stronger equity of ₹6,193 crore.
PC Jeweller: Cash Flow Analysis (2021–2025)
Cash flows tell a mixed story. Despite a profit rebound in FY25, operating cash flow turned negative at –₹633 crore, raising concerns about working capital efficiency. Financing inflows of ₹688 crore offset this, allowing closing cash to rise to ₹62 crore. Investing cash flows were modest and generally positive, indicating limited capex activity.
✅ Fundamental Summary
Strengths: Strong balance sheet improvement, lower leverage, and a sharp earnings recovery in FY25.
Risks: Highly volatile revenue and profitability, weak operating cash flow, and inconsistent returns on equity.
Investor View
PC Jeweller has repaired its financial stability with reduced debt and a strong FY25 profit recovery. However, inconsistent cash flows and revenue swings remain key risks. Long-term investors may see value if the company sustains its improved profitability.
💎 PC Jeweller Financial Overview (2021–2025)
PC Jeweller– Consolidated Financial Statements
| Particulars | Mar 25 | Mar 24 | Mar 23 | Mar 22 | Mar 21 |
|---|---|---|---|---|---|
| EQUITIES AND LIABILITIES | |||||
| Equity Share Capital | 635.53 | 465.40 | 465.40 | 465.40 | 465.40 |
| Total Share Capital | 635.53 | 465.40 | 465.40 | 465.40 | 465.40 |
| Reserves and Surplus | 5,557.27 | 2,465.95 | 3,207.85 | 3,406.03 | 3,782.65 |
| Total Reserves and Surplus | 5,557.27 | 2,465.95 | 3,207.85 | 3,406.03 | 3,782.65 |
| Employees Stock Options | 0.00 | 0.00 | 17.30 | 17.30 | 21.26 |
| Total Shareholders Funds | 6,192.80 | 2,931.35 | 3,690.55 | 3,888.73 | 4,269.31 |
| NON-CURRENT LIABILITIES | |||||
| Long Term Borrowings | 0.39 | 0.39 | 0.00 | 0.00 | 0.32 |
| Other Long Term Liabilities | 62.60 | 43.26 | 76.31 | 77.77 | 90.46 |
| Long Term Provisions | 3.15 | 2.89 | 4.09 | 4.45 | 4.70 |
| Total Non-Current Liabilities | 66.14 | 46.54 | 80.40 | 82.22 | 95.48 |
| CURRENT LIABILITIES | |||||
| Short Term Borrowings | 2,064.42 | 4,086.85 | 3,630.38 | 3,282.73 | 2,293.85 |
| Trade Payables | 13.77 | 13.83 | 17.39 | 16.37 | 937.35 |
| Other Current Liabilities | 73.08 | 188.75 | 214.55 | 272.62 | 299.48 |
| Short Term Provisions | 2.10 | 2.11 | 2.65 | 2.40 | 2.26 |
| Total Current Liabilities | 2,153.37 | 4,291.54 | 3,864.97 | 3,574.12 | 3,532.94 |
| Total Capital And Liabilities | 8,412.31 | 7,269.43 | 7,635.92 | 7,545.07 | 7,897.73 |
| ASSETS | |||||
| Tangible Assets | 22.33 | 70.26 | 113.79 | 119.24 | 137.41 |
| Intangible Assets | 0.56 | 0.68 | 0.81 | 1.62 | 1.00 |
| Capital Work-In-Progress | 0.00 | 0.00 | 0.70 | 0.00 | 0.00 |
| Intangible Assets Under Development | 0.00 | 0.00 | 0.00 | 0.00 | 0.86 |
| Fixed Assets | 22.89 | 70.94 | 115.30 | 120.86 | 139.27 |
| Non-Current Investments | 0.01 | 0.01 | 0.01 | 0.00 | 6.31 |
| Deferred Tax Assets [Net] | 18.88 | 7.71 | 4.71 | 159.61 | 61.63 |
| Long Term Loans And Advances | 8.23 | 8.23 | 14.94 | 36.86 | 30.12 |
| Other Non-Current Assets | 1,252.61 | 1,303.87 | 1,187.63 | 7.97 | 12.17 |
| Total Non-Current Assets | 1,302.62 | 1,390.76 | 1,322.59 | 325.30 | 249.50 |
| CURRENT ASSETS | |||||
| Current Investments | 0.00 | 2.52 | 2.47 | 2.74 | 8.32 |
| Inventories | 6,649.15 | 5,632.81 | 5,790.63 | 5,666.76 | 5,944.29 |
| Trade Receivables | 350.89 | 182.48 | 429.83 | 1,433.87 | 1,428.93 |
| Cash And Cash Equivalents | 63.78 | 4.89 | 42.07 | 60.20 | 177.57 |
| Short Term Loans And Advances | 0.20 | 0.27 | 1.36 | 3.32 | 19.36 |
| Other Current Assets | 45.67 | 55.70 | 46.97 | 52.88 | 69.76 |
| Total Current Assets | 7,109.69 | 5,878.67 | 6,313.33 | 7,219.77 | 7,648.23 |
| Total Assets | 8,412.31 | 7,269.43 | 7,635.92 | 7,545.07 | 7,897.73 |
| OTHER ADDITIONAL INFORMATION | |||||
| Contingent Liabilities | 0.00 | 20.19 | 14.09 | 11.87 | 17.15 |
| Bonus Equity Share Capital | 0.00 | 268.52 | 268.52 | 268.52 | 268.52 |
| Non-Current Investments Unquoted Book Value | 0.00 | 0.01 | 0.01 | 0.00 | 6.31 |
| Current Investments Quoted Market Value | 0.00 | 2.52 | 2.74 | 2.74 | 8.32 |
| Particulars | Mar 25 | Mar 24 | Mar 23 | Mar 22 | Mar 21 |
|---|---|---|---|---|---|
| INCOME | |||||
| Revenue From Operations [Gross] | 2,244.60 | 605.40 | 2,472.68 | 1,606.13 | 2,826.34 |
| Revenue From Operations [Net] | 2,244.60 | 605.40 | 2,472.68 | 1,606.13 | 2,826.34 |
| Total Operating Revenues | 2,244.60 | 605.40 | 2,472.68 | 1,606.13 | 2,826.34 |
| Other Income | 127.27 | 64.47 | 163.25 | 52.81 | 24.08 |
| Total Revenue | 2,371.87 | 669.87 | 2,635.93 | 1,658.94 | 2,850.42 |
| EXPENSES | |||||
| Cost Of Materials Consumed | 2,538.34 | 523.12 | 2,018.80 | 972.03 | 3,132.32 |
| Purchase Of Stock-In Trade | 239.53 | 0.00 | 202.34 | 143.89 | 29.69 |
| Changes In Inventories Of FG, WIP And Stock-In Trade | -1,010.73 | 152.25 | -132.54 | 296.04 | -887.94 |
| Employee Benefit Expenses | 25.79 | 31.02 | 56.44 | 47.62 | 43.52 |
| Finance Costs | 51.29 | 504.57 | 492.00 | 437.38 | 393.82 |
| Depreciation And Amortisation Expenses | 17.95 | 20.37 | 27.23 | 27.75 | 34.93 |
| Other Expenses | 57.14 | 70.31 | 79.59 | 242.27 | 96.27 |
| Total Expenses | 1,919.31 | 1,301.64 | 2,743.86 | 2,166.98 | 2,842.61 |
| Profit/Loss Before Exceptional, Extraordinary Items And Tax | 452.56 | -631.77 | -107.93 | -508.04 | 7.81 |
| Profit/Loss Before Tax | 452.56 | -631.77 | -107.93 | -508.04 | 7.81 |
| TAX EXPENSES - CONTINUED OPERATIONS | |||||
| Current Tax | -125.14 | 0.80 | -56.28 | -18.93 | -51.74 |
| Deferred Tax | 0.00 | -3.21 | 151.55 | -98.11 | -2.45 |
| Total Tax Expenses | -125.14 | -2.41 | 95.27 | -117.04 | -54.19 |
| Profit/Loss After Tax And Before Extraordinary Items | 577.70 | -629.36 | -203.20 | -391.00 | 62.00 |
| Profit/Loss From Continuing Operations | 577.70 | -629.36 | -203.20 | -391.00 | 62.00 |
| Profit/Loss For The Period | 577.70 | -629.36 | -203.20 | -391.00 | 62.00 |
| Consolidated Profit/Loss After MI And Associates | 577.70 | -629.36 | -203.20 | -391.00 | 62.00 |
| OTHER ADDITIONAL INFORMATION | |||||
| EARNINGS PER SHARE | |||||
| Basic EPS (Rs.) | 1.00 | -14.00 | -4.00 | -8.00 | 2.00 |
| Diluted EPS (Rs.) | 1.00 | -14.00 | -4.00 | -8.00 | 2.00 |
| DIVIDEND AND DIVIDEND PERCENTAGE | |||||
| Particulars | Mar '25 | Mar '24 | Mar '23 | Mar '22 | Mar '21 |
|---|---|---|---|---|---|
| Investment Valuation Ratios | |||||
| Face Value | 1.00 | 10.00 | 10.00 | 10.00 | 10.00 |
| Dividend Per Share | -- | -- | -- | -- | -- |
| Operating Profit Per Share (Rs) | 0.62 | -3.68 | 5.33 | -2.06 | 8.86 |
| Net Operating Profit Per Share (Rs) | 3.53 | 13.01 | 53.13 | 34.51 | 60.73 |
| Free Reserves Per Share (Rs) | -- | -- | -- | -- | -- |
| Bonus in Equity Capital | -- | 57.69 | 57.69 | 57.69 | 57.69 |
| Profitability Ratios | |||||
| Operating Profit Margin (%) | 17.57 | -28.29 | 10.03 | -5.95 | 14.59 |
| Profit Before Interest And Tax Margin (%) | 15.87 | -28.61 | 8.37 | -7.44 | 13.24 |
| Gross Profit Margin (%) | 16.77 | -31.66 | 8.93 | -7.68 | 13.35 |
| Cash Profit Margin (%) | 25.11 | -90.91 | -6.67 | -21.89 | 3.40 |
| Adjusted Cash Margin (%) | 25.11 | -90.91 | -6.67 | -21.89 | 3.40 |
| Net Profit Margin (%) | 25.73 | -103.95 | -8.21 | -24.34 | 2.19 |
| Adjusted Net Profit Margin (%) | 24.35 | -93.95 | -7.70 | -23.56 | 2.17 |
| Return On Capital Employed (%) | 6.10 | -1.81 | 5.25 | -0.98 | 6.13 |
| Return On Net Worth (%) | 9.32 | -21.46 | -5.53 | -10.09 | 1.45 |
| Adjusted Return on Net Worth (%) | 9.32 | -21.46 | -5.53 | -10.09 | 1.45 |
| Return on Assets Excluding Revaluations | 9.74 | 62.99 | 78.93 | 83.18 | 91.28 |
| Return on Assets Including Revaluations | 9.74 | 62.99 | 78.93 | 83.18 | 91.28 |
| Return on Long Term Funds (%) | 8.13 | -4.33 | 10.45 | -1.82 | 9.45 |
| Liquidity And Solvency Ratios | |||||
| Current Ratio | 1.96 | 0.85 | 0.99 | 1.07 | 1.31 |
| Quick Ratio | 11.13 | 6.20 | 5.47 | 4.27 | 1.30 |
| Debt Equity Ratio | 0.33 | 1.39 | 0.99 | 0.85 | 0.54 |
| Long Term Debt Equity Ratio | -- | -- | -- | -- | -- |
| Debt Coverage Ratios | |||||
| Interest Cover | 9.82 | -0.25 | 0.78 | -0.16 | 1.02 |
| Total Debt to Owners Fund | 0.33 | 1.39 | 0.99 | 0.85 | 0.54 |
| Financial Charges Coverage Ratio | 10.17 | -0.21 | 0.84 | -0.10 | 1.11 |
| Financial Charges Coverage Ratio Post Tax | 12.61 | -0.21 | 0.64 | 0.17 | 1.25 |
| Management Efficiency Ratios | |||||
| Inventory Turnover Ratio | 0.34 | 0.11 | 0.43 | 0.28 | 0.48 |
| Debtors Turnover Ratio | 8.42 | 1.98 | 2.65 | 1.12 | 1.71 |
| Investments Turnover Ratio | 0.27 | 0.09 | 0.34 | 0.22 | 0.43 |
| Fixed Assets Turnover Ratio | 98.06 | 3.65 | 11.13 | 7.20 | 12.11 |
| Total Assets Turnover Ratio | 0.27 | 0.09 | 0.34 | 0.22 | 0.43 |
| Asset Turnover Ratio | 0.29 | 0.08 | 0.34 | 0.23 | 0.44 |
| Average Raw Material Holding | -- | -- | -- | -- | -- |
| Average Finished Goods Held | -- | -- | -- | -- | -- |
| Number of Days In Working Capital | 1,124.86 | 3,362.89 | 880.31 | 1,551.54 | 809.21 |
| Profit & Loss Account Ratios | |||||
| Material Cost Composition | 123.75 | 86.43 | 89.90 | 69.57 | 111.90 |
| Imported Composition of Raw Materials Consumed | -- | -- | -- | -- | -- |
| Selling Distribution Cost Composition | -- | 0.08 | 0.43 | 0.20 | 0.15 |
| Expenses as Composition of Total Sales | -- | -- | -- | -- | -- |
| Cash Flow Indicator Ratios | |||||
| Dividend Payout Ratio Net Profit | -- | -- | -- | -- | -- |
| Dividend Payout Ratio Cash Profit | -- | -- | -- | -- | -- |
| Earning Retention Ratio | 100.00 | -- | -- | -- | 100.00 |
| Cash Earning Retention Ratio | 100.00 | -- | -- | -- | 100.00 |
| Adjusted Cash Flow Times | 3.47 | -- | -- | -- | 23.67 |
| PC Jeweller Consolidated Cash Flow (in Rs. Cr.) | Mar '25 | Mar '24 | Mar '23 | Mar '22 | Mar '21 |
|---|---|---|---|---|---|
| Net Profit Before Tax | 452.56 | -631.77 | -107.93 | -508.04 | 7.81 |
| Net Cash From Operating Activities | -632.72 | 63.86 | 99.50 | -719.38 | 114.84 |
| Net Cash (used in)/from Investing Activities | 2.49 | 7.06 | 29.94 | 114.94 | 94.32 |
| Net Cash (used in)/from Financing Activities | 687.69 | -108.09 | -110.92 | 570.05 | -179.44 |
| Net (decrease)/increase In Cash and Cash Equivalents | 57.46 | -37.17 | 18.52 | -34.39 | 29.72 |
| Opening Cash & Cash Equivalents | 4.73 | 41.90 | 23.38 | 57.77 | 28.05 |
| Closing Cash & Cash Equivalents | 62.19 | 4.73 | 41.90 | 23.38 | 57.77 |
✨ PC Jeweller Ltd. (PCJEWELLER) 📊 Fundamental Analysis
Volatile Performance with Recent Turnaround
PC Jeweller has faced significant challenges in recent years, including declining revenues, high debt, and profitability issues. However, FY25 shows a strong recovery in profitability and improvement in financial stability.
🔸 Revenue & Growth (CAGR: -4.49%)
| Year | Revenue (₹ Cr) | Growth (%) |
|---|---|---|
| 2021 | 2,850.42 | — |
| 2022 | 1,658.94 | -41.80% |
| 2023 | 2,635.93 | +58.89% |
| 2024 | 669.87 | -74.59% |
| 2025 | 2,371.87 | +254.08% |
📉 Revenues were highly volatile with a major rebound in 2025 after steep decline in 2024.
🔸 Net Profit & Margins
| Year | Net Profit (₹ Cr) | Net Profit Margin (%) |
|---|---|---|
| 2021 | 62.00 | 2.18% |
| 2022 | -391.00 | -23.57% |
| 2023 | -203.20 | -7.71% |
| 2024 | -629.36 | -93.95% |
| 2025 | 577.70 | 24.36% |
💡 After three consecutive years of losses, PC Jeweller posted a strong profit in FY25 with a healthy margin.
🔸 EPS (Earnings Per Share) Growth
| Year | EPS (₹) | EPS Growth (%) |
|---|---|---|
| 2021 | 2.0 | — |
| 2022 | -8.0 | -500.00% |
| 2023 | -4.0 | -50.00% |
| 2024 | -14.0 | +250.00% |
| 2025 | 1.0 | -107.14% |
📊 EPS has been highly inconsistent with large swings, reflecting unstable profitability.
🔸 Return on Equity (ROE)
| Year | Net Profit (₹ Cr) | Average Equity (₹ Cr) | ROE (%) |
|---|---|---|---|
| 2021 | 62.00 | — | — |
| 2022 | -391.00 | 4,079.02 | -9.59% |
| 2023 | -203.20 | 3,789.64 | -5.36% |
| 2024 | -629.36 | 3,310.95 | -19.01% |
| 2025 | 577.70 | 4,562.08 | 12.66% |
📈 ROE turned positive in FY25, showing a recovery in shareholder returns.
🔸 Debt Metrics
| Year | Total Borrowings (₹ Cr) | Shareholders’ Funds (₹ Cr) | Debt-to-Equity |
|---|---|---|---|
| Mar 21 | 2,294.17 | 4,269.31 | 0.54 |
| Mar 22 | 3,282.73 | 3,888.73 | 0.84 |
| Mar 23 | 3,630.38 | 3,690.55 | 0.98 |
| Mar 24 | 4,087.24 | 2,931.35 | 1.39 |
| Mar 25 | 2,064.81 | 6,192.80 | 0.33 |
💳 Debt was very high in FY24 but dropped significantly in FY25, improving leverage.
🔸 Liabilities-to-Equity Ratio
| Year | Total Liabilities (₹ Cr) | Shareholders’ Funds (₹ Cr) | Ratio |
|---|---|---|---|
| Mar 21 | 3,628.42 | 4,269.31 | 0.85 |
| Mar 22 | 3,656.34 | 3,888.73 | 0.94 |
| Mar 23 | 3,945.37 | 3,690.55 | 1.07 |
| Mar 24 | 4,338.08 | 2,931.35 | 1.48 |
| Mar 25 | 2,219.51 | 6,192.80 | 0.36 |
⚠️ Liabilities exceeded equity in FY24 but dropped sharply in FY25, signaling a much stronger balance sheet.
✅ Summary: Is PC Jeweller a Good Long-Term Investment?
- Strengths:
🚀 Strong turnaround in FY25 with high net profit and margin
📉 Significant reduction in debt improves financial health
📈 ROE turned positive, showing better shareholder value - Risks:
⚠️ Revenue and EPS remain volatile
⚠️ Past three years show financial instability
⚠️ Dependent on jewelry retail demand and gold price fluctuations
🧠 Final Verdict:
PC Jeweller has shown a remarkable recovery in FY25, but its past volatility raises caution. Investors should monitor consistency in profitability and debt management before considering it for long-term investment.
PC Jeweller Shareholding Pattern (Jun 2025)
| Category | No. of Shares | Percentage | % Change QoQ |
|---|---|---|---|
| Promoters | 2,63,55,25,080 | 40.08% | +0.10 |
| Pledge | 0 | 0.00% | 0.00 |
| FII | 32,35,11,275 | 4.92% | -0.14 |
| DII | 7,52,72,124 | 1.15% | 0.00 |
| MF | 77,45,504 | 0.12% | +0.03 |
| Others | 3,54,10,68,021 | 53.85% | +0.03 |
PC Jeweller Shareholding Pattern (June 2025)
Promoters hold 2,63,55,25,080 shares, accounting for 40.08% of the total stake, showing a marginal increase of 0.10% QoQ. Importantly, no shares are pledged, which adds confidence regarding promoter commitment.
Foreign Institutional Investors (FIIs) own 32,35,11,275 shares (4.92%), marking a slight decline of 0.14% QoQ. Domestic Institutional Investors (DIIs) hold 7,52,72,124 shares (1.15%), unchanged from the previous quarter. Mutual Funds (MFs) have a small stake of 77,45,504 shares (0.12%), with a minor uptick of 0.03% QoQ.
The largest portion of ownership remains with public and other investors, who collectively hold 3,54,10,68,021 shares (53.85%), reflecting a small increase of 0.03% QoQ.
In short, public shareholders continue to dominate ownership in PC Jeweller, while promoter holding remains steady with no pledging. Institutional presence is relatively small and has seen marginal changes, keeping the overall shareholding structure stable.
📈PC Jeweller Technical Analysis: Price Charts, Trends & Potential Movements
Here, we analyze price action, support/resistance levels, moving averages, RSI, MACD, and other indicators to forecast near- and long-term movements
PC Jeweller – 52-Week Price Performance Snapshot
52-Week Low: ₹9.80
52-Week High: ₹19.19
Current Market Price: ₹12.94
PC Jeweller is trading ₹3.14 above its 52-week low, which is 32.01% higher, and ₹6.25 below its 52-week high, or 32.57% lower.
This places the stock in the mid-lower range of its yearly price band. While it has gained moderately from the bottom, it still remains far from its peak, indicating both upside potential if fundamentals or sentiment improve and caution for investors given the volatility and distance from the high.
📊 PC Jeweller (PCJEWELLER.NS) – Moving Averages Snapshot
50-Day Moving Average: ₹14.35
200-Day Moving Average: ₹14.19
PC Jeweller is currently trading below both its 50-day and 200-day moving averages, signaling continued weakness in both the short and medium term. The stock slipping under these crucial levels reflects bearish sentiment and the possibility of resistance if it tries to recover.
Typically, staying below the 50-day average suggests near-term softness, while trading under the 200-day level highlights a longer-term downtrend. A decisive move back above these averages would be needed to shift momentum positively. For now, caution is advisable, with upside potential only if the stock sustains above these benchmarks.