PC Jeweller shares fell 5% on October 13 as investors booked profits after a four-session, 16% rally that had taken the stock to a 52-week high of ₹15.50. The latest decline snapped the stock's winning streak, with shares falling as much as 5% to an intraday low of ₹14.26 on the BSE. Despite Tuesday's pullback, PC Jeweller remained substantially above its March 2026 low of ₹7.45, reflecting strong returns across multiple timeframes. The stock has gained 11% over the past week, 4.5% in one month, 44.5% over three months, and 56.5% over six months, while delivering multibagger returns of 399% over five years.
PC Jeweller confirmed that it has achieved complete debt-free status after completing the clearance of all outstanding bank borrowings. In an exchange filing dated October 8, 2026, the company stated that all mortgaged assets, securities and guarantees provided by it and its personal and corporate guarantors have been released following the clearance of outstanding debt. The company received no-objection, no-dues and release letters from all 14 banks in its consortium, with original title deeds handed over to relevant title holders. As reported by Mint, PC Jeweller staged a dramatic turnaround, achieving debt-free status after clearing legacy bank dues and resolving export receivables, making it an intriguing special-situation play.
PC Jeweller reported approximately 28% year-on-year revenue growth in Q2 FY27, supported by healthy consumer demand and successful resolution of export receivables. The company received ₹142 crore in export receivables and completed a ₹500 crore fundraise through a preferential issue of equity shares and warrants, with the process completed on September 24, 2026. According to Mint, negotiations with export debtors had yielded positive results, with recovery of outstanding receivables commencing during the September quarter. The company's consolidated revenue growth of 28% year-on-year reflects strong business momentum, though the exchange filing did not disclose the amount of debt cleared or provide details of immediate earnings impact.
Technical analysts remain optimistic about PC Jeweller's prospects despite the recent profit booking. Sachin Gupta, VP – Technical Research at Choice Equity Broking, noted that the stock had broken out of an ascending channel pattern and witnessed a healthy retracement towards the pattern's upper trendline. Immediate support is placed in the ₹12.50–₹13.00 zone, with the 20 EMA around ₹12.63 providing additional dynamic support. On the upside, ₹15 is the immediate resistance, followed by ₹16 as the next key resistance level, with a sustained move above ₹15 potentially opening further upside toward the next resistance zone. The stock continues to trade above all key moving averages, indicating a positive trend structure.
On the MCX, gold futures expiring December 4 were trading at around ₹1,49,371 per 10 grams, up 0.18% in intraday trade on Thursday, as reported by NDTV Profit. With the festive season approaching, investors are tracking whether strong jewellery demand can offset the impact of elevated gold prices. The shift in the impact of Pitru Paksha to Q3 also supported Q2 sales, as only four days of the period fell in Q2 this year compared with 15 days last year. Domestic 24K gold prices increased around 1.4% from ₹1.44 lakh per 10 grams at the beginning of Q2 to ₹1.46 lakh per 10 grams at the end of the quarter, while international gold prices rose around 3% from $4,031 per ounce to about $4,153 per ounce. E-commerce and digital channel sales grew 53% YoY, highlighting the continued potential of digital channels, while coin and bullion sales remained in single digits and below 7%.
