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💍 PC Jeweller: From ₹600 to ₹19 — But Wait, There’s a Twist

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🧵 At a Glance

PC Jeweller is trying to pull off one of the greatest “dead stock comebacks” in recent memory. From losing ₹629 Cr in FY24 to clocking ₹578 Cr net profit in FY25, the stock is now up 227% in 1 year and has become a retail crowd-favourite again. But under the glitter, is it real gold or polished brass?


1️ WTF Do They Even Do?

  • B2C and B2B jeweller selling gold, diamond, silver items
  • Domestic retail outlets + B2B exports (mainly via Dubai firms)
  • In-house design team and “wedding collection” lines like Dashavatar, Amour, Bandhan, etc.
  • Once considered the next Titan… until 2018 happened.

2️ The Resurrection Numbers (FY25 vs FY24)

MetricFY24FY25YoY Change
Revenue₹604 Cr₹2,245 Cr🔼 +271%
EBITDA-₹170 Cr₹395 Cr💥 Turnaround
Net Profit-₹629 Cr₹578 Cr🚀 Turnaround
OPM (%)-28%18%🔼 +4600 bps
ROE-2.18% (3Y avg)13% (FY25)✅ Positive
Market Cap₹12,500 Cr📈 Surged

3️ Valuation — Cheap, or Cheap Thrill?

  • P/E: 21.6 (vs Titan’s 97, Kalyan’s 84)
  • Price/Book: 1.96x — not
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Read Full 16 Point breakdown. Continue reading →