PC Jewelers :Ltd has shown a strong recovery in recent quarters with sharp growth in revenue, profits and debt reduction, but the stock still trades below its historical highs and remains volatile. For long‑term investors, any price target for the next five years is only an estimate based on current data and assumes that the recent turnaround in sales, margins and balance sheet continues.
Latest business performance
In the latest reported quarters of FY 2024–25, PC Jeweler’s revenue and profitability have improved significantly after a weak phase in earlier years. One recent update shows quarterly revenue of about ₹700 crore with net profit of nearly ₹95 crore, implying a net profit margin of around 13–14%, which is healthy for a jewelers retailer. Another business update for a later quarter mentions revenue of around ₹825 crore with mid‑teens sequential growth, confirming that the demand recovery is sustaining and not just a one‑off.
Order book and expansion
The company has focused on strengthening its retail presence while using a mix of company‑owned and franchise outlets to control capital expenditure. A recent update highlighted the opening of a new franchise showroom in Pitampura, Delhi, which supports the strategy of asset‑light expansion and improves brand visibility in key markets. Management has also obtained shareholder approval to raise over ₹2,700 crore via warrants, which is planned to be used for repaying bank debt and for working capital and general corporate purposes, indicating an attempt to clean up the balance sheet and support future growth.
Recent results and debt reduction
The company’s Q2 FY 2025–26 performance showed revenue jumping more than 60% year‑on‑year to around ₹800 crore, reflecting strong festive and wedding‑season demand. Along with growth in sales, PC Jewelers reduced its outstanding bank debt by roughly 23% in one quarter, which directly improves its interest cost profile and financial risk. Over the last few years, the company has reportedly cut total debt by over ₹2,000 crore, which is a key driver behind the improving profitability and renewed investor interest.
Past share price performance
Despite the recent business turnaround, the stock’s long‑term price chart shows heavy value erosion from its peak years. In the last ten years, the share delivered a negative return of around minus 35–40%, with a small negative CAGR, and even during the past one year it has fallen roughly 35–40% with high volatility and a 52‑week range between about ₹9.5 and ₹19.5. As of early December 2025, the share price is trading near ₹10–11 per share, far below its historical highs, which means any future upside will depend entirely on the company’s ability to sustain growth and avoid corporate‑governance or funding issues seen in the past.
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Five‑year share price targets
The following targets are indicative, data‑driven estimates based on current fundamentals, recent growth, and a moderate re‑rating scenario, assuming that revenue growth stays strong, margins remain in double digits, and debt continues to decline. These are not guaranteed levels but possible ranges if execution remains on track and market conditions stay supportive.
| Year | Expected range (₹) | Basis for view |
|---|---|---|
| 2026 | 15 – 18 | Modest re‑rating if current quarterly revenue near ₹800 crore and double‑digit margins sustain over the next 4–6 quarters. |
| 2027 | 18 – 22 | Benefit of further debt reduction, possible expansion in franchise network and stable profitability improving market confidence. |
| 2028 | 22 – 28 | Assumes steady same‑store growth, higher wedding and export demand, and clean balance sheet leading to slightly higher valuation multiples. |
| 2029 | 25 – 32 | Reflects compounding of earnings over multiple years and potential improvement in brand perception if no major governance issues re‑emerge. |
| 2030 | 30 – 38 | Bull‑case range assuming strong earnings growth, continued deleveraging and sector tailwinds in organised jewelers retail. |
Main growth drivers
PC Jewelers’ main growth drivers over the next few years include rising organised jewelry penetration in India, driven by urbanisation, income growth and preference for branded stores over unorganised players. The company’s focus on diamond and wedding jewelry, which typically carry higher margins, along with an asset‑light franchise model, can help sustain profitability if managed well. In addition, significant debt reduction and potential equity infusion through warrants, if completed as planned, can free up cash flows for marketing, inventory and store expansion, supporting both earnings growth and possible valuation re‑rating.
Disclaimer
This article is for educational and informational purposes only and is not investment, tax or legal advice. Share price targets mentioned here are estimates based on publicly available data and may change with new results, regulations or market conditions; investors should do their own research or consult a registered financial advisor before making any investment decisions.
