Board Meeting Details

The Board of Directors meeting was held on May 27, 2026, commencing at 4:00 PM and concluding at 5:20 PM.

Key Board Decisions

1. Approval of Audited Financial Results

The Board approved the audited standalone and consolidated financial results of the Company for the quarter and year ended March 31, 2026, along with the audit reports issued by the Statutory Auditor. The results were prepared pursuant to Regulation 33 of SEBI LODR Regulations.

2. Re-appointment of Managing Director

The Board approved the re-appointment of Shri Bairam Garg (DIN: 00032083) as Managing Director of the Company with effect from July 1, 2026, for a period of 5 years, subject to approval of members at the next general meeting/postal ballot or within 3 months from date of appointment, whichever is earlier. He will not be liable to retire by rotation.

Shri Bairam Garg confirmed that he is not debarred from holding the office of director by virtue of any SEBI order or any other authority.

Financial Performance Highlights

Quarterly Performance (Q4 FY26 vs Q4 FY25)

  • Revenue: ₹927 crores (Q4 FY26) vs ₹699 crores (Q4 FY25) - increase of 33% YoY
  • PBT: ₹151 crores (Q4 FY26) vs ₹95 crores (Q4 FY25) - increase of 59% YoY
  • PAT: ₹150 crores (Q4 FY26) vs ₹95 crores (Q4 FY25) - increase of 58% YoY
  • Operating PAT: ₹150 crores (Q4 FY26) vs ₹95 crores (Q4 FY25) - increase of 58% YoY

Annual Performance (FY26 vs FY25)

  • Revenue: ₹3,351 crores (FY26) vs ₹2,243 crores (FY25) - increase of 49% YoY
  • PBT: ₹708 crores (FY26) vs ₹448 crores (FY25) - increase of 58% YoY
  • PAT: ₹710 crores (FY26) vs ₹575 crores (FY25)
  • Operating PAT: ₹705 crores (FY26) vs ₹392 crores (FY25) - increase of 80% YoY
  • Finance Cost: ₹133 crores incurred in FY26 after interest moratorium period ended in December 2024

Key Financial Metrics

  • EPS (Basic): ₹1.00 for FY26 (annualized)
  • Paid-up Equity Share Capital: ₹864.86 crores as of March 31, 2026
  • Other Equity: ₹7,262.24 crores as of March 31, 2026
  • Total Assets: ₹8,061.03 crores as of March 31, 2026
  • Total Liabilities: ₹1,249.68 crores as of March 31, 2026
  • Net Worth: ₹8,127.10 crores as of March 31, 2026

Strategic and Operational Updates

Debt Reduction

The Company has reduced its outstanding debt by more than 90% as on date since the execution of the Settlement Agreement with banks on September 30, 2024.

Preferential Issue Completion

The preferential issue of fully convertible warrants amounting to ₹2,702.11 crores was successfully completed on April 10, 2026, with realization of approximately 93% of total allotted warrants.

Memorandum of Understanding with NSDC

The Company executed an MoU with National Skill Development Corporation (NSDC), under the Ministry of Skill Development & Entrepreneurship, Government of India, to serve as an Industry/Franchise Partner for the Gems & Jewellery sector. The initiative plans to enable development and onboarding of up to 200,000 micro-entrepreneurs across India over 5 years under the PC Jeweller brand.

Mining Subsidiary in Chad

The Company incorporated a step-down subsidiary PCJ Mining SARL in the Republic of Chad to undertake extraction of precious metal ores. In April 2026, PCJ Mining SARL was granted a license for semi-mechanized artisanal gold mining by the Ministry of Petroleum, Mining and Oil Geology, Republic of Chad.

Franchise Expansion

The Company is in advanced discussions with prospective business partners for establishing large format franchisee showrooms, aiming to open up to 100 large franchise showrooms during next 12-18 months.

Statutory Auditor's Report - Qualified Opinion

AH PN & Associates, Chartered Accountants, issued a qualified opinion on both standalone and consolidated financial results due to two main issues:

1. Export Discounts Matter

During FY2019, the Company extended discounts amounting to ₹513.65 crores to export customers. While approvals were obtained for discounts amounting to ₹330.49 crores, requisite approvals and adequate supporting evidence for remaining discounts of ₹183.16 crores were not made available to auditors. The consequential impact of this matter could not be ascertained.

2. Export Receivables and ECL Provision

Export receivables outstanding for more than nine months have been restated per RBI exchange rates as at March 31, 2026. The Company has recognized cumulative Expected Credit Loss (ECL) of ₹281.40 crores on outstanding export receivables. Auditors were unable to comment on the adequacy of this ECL provision.

These qualifications have been consistently applied in auditor's opinions for financial years ended March 2019 to March 2025, and quarters ended June 2025, September 2025, and December 2025.

Management's Response to Audit Qualifications

Regarding Export Discounts

Management stated that discounts were extended due to genuine business problems faced by overseas buyers, amounting to one-time discount of 25% of export value of outstanding receivables as on March 31, 2019. They believe this is in accordance with FED Master Direction No. 16/2015-16 and do not expect any material penalty, hence no provision has been recognized.

Regarding Export Receivables

Management is in touch with export buyers and confident of payments as per revised schedule, convinced about the accuracy of calculated ECL amount.

Other Financial Information

Exceptional Items

Impact of ₹0.67 crores recognized for FY26 due to implementation of New Labour Codes effective from November 21, 2025, primarily arising from change in definition of wages under Code on Wages.

Segment Reporting

The export segment has ceased to qualify as an operating segment due to absence of export revenues. The Chief Operating Decision Maker examines performance from the perspective of 'Jewellery business' as a whole.

Share Allotments

During Q4 FY26, the Company allotted equity shares upon conversion of warrants after receipt of balance 75% of issue price:

  • January 22, 2026: 6,85,50,000 equity shares
  • January 31, 2026: 51,24,68,600 equity shares
  • February 24, 2026: 10,72,37,000 equity shares
  • March 23, 2026: 35,18,36,870 equity shares
  • March 28, 2026: 20,09,70,560 equity shares
  • March 31, 2026: 7,90,45,290 equity shares

Cash Flow Statement

  • Net cash used in operating activities: ₹(77.54) crores for FY26
  • Net cash from investing activities: ₹3.42 crores for FY26
  • Net cash from financing activities: ₹146.63 crores for FY26
  • Net increase in cash and cash equivalents: ₹72.51 crores for FY26

Consolidated Entities

The consolidated financial results include:

  • Parent Company: PC Jeweller Limited
  • Subsidiaries: Luxury Products Trendsetter Private Limited, PCJ Gems & Jewellery Limited, PC Jeweller Global FZCO (formerly PC Jeweller Global DMCC)
  • PCJ Gems & Jewellery Limited incorporated PCJ Mining SARL in Republic of Chad, which is yet to commence operations

Compliance Status

The Company is regular in making payments against outstanding bank borrowings as per terms of Joint Settlement Agreement.