PC Jeweller shares extended their rally for a second consecutive session, gaining 12.59% to close at ₹16.28, marking their highest closing level in three months. The latest surge was driven by Sanyasi Ayurveda's sale of a 0.53% stake in the jewellery retailer for ₹84.2 crore through open-market transactions on October 16. The shares were sold at ₹16.28 apiece, with Sanyasi Ayurveda offloading 5.17 crore equity shares representing 0.53% of PC Jeweller's paid-up equity capital. This follows the previous session where investor Aditya Kumar Halwasiya acquired a 0.52% stake for ₹73.59 crore, demonstrating continued institutional and promoter confidence in the company's turnaround prospects.
PC Jeweller has achieved debt-free status after clearing outstanding dues to all 14 consortium banks, eliminating debt of approximately ₹3,000 crore. The company announced that it expects to become debt-free during the current quarter, marking a significant milestone in its financial restructuring. The company has achieved substantial progress in debt reduction, with borrowings reduced by more than 90% since its lender agreement in September 2024, including a further 24% reduction during the April-June quarter. During the quarter, the company also received remittances of ₹142 crore from outstanding export debtors, further supporting its financial position and liquidity.
Cupid's Chairman and Managing Director Aditya Kumar Halwasiya recently purchased 5.10 crore shares worth approximately ₹73.59 crore through a bulk deal, as per NSE website data. The transaction was executed at an average price of ₹14.43 per share, coinciding with PC Jeweller's debt-free milestone and contributing to the stock's strong performance. This investment follows Halwasiya's emergence as India's fastest wealth creator by percentage growth, with his wealth jumping 859% to ₹18,800 crore according to the M3M Hurun India Rich List 2026. The third-generation entrepreneur, who graduated from St. Xavier's College in Kolkata and completed his master's in global finance at Fordham University, New York, continues to demonstrate confidence in PC Jeweller's turnaround prospects.
PC Jeweller has delivered exceptional returns with a 70.83% gain in 6 months and around 74.87% return in 2026 so far, demonstrating strong investor confidence in the company's transformation. The stock closed at ₹16.28 per share on BSE with a market capitalisation of ₹15,876.48 crore, with its return on equity (ROE) standing at 21.14%. The jewellery stock has shown remarkable long-term performance, with share price value surging 33.22% in one year and around 391% in three years. This sustained rally reflects the market's recognition of PC Jeweller's debt-free status and operational improvements, with the company operating nearly 50 retail jewellery stores across major cities in India.
According to stock market experts cited by Moneycontrol, the sustained rally in PC Jeweller shares can be attributed to multiple factors beyond the promoter buyback. The company's achievement of debt-free status, buzz around strong Q2 2026 results, and business expansions in the pipeline are contributing to the stock's positive momentum. These fundamental factors are supporting the stock's performance beyond the immediate promoter activity, though the latest stake sales by institutional investors and continued promoter confidence signal continued market interest in the company's turnaround story. The combination of Halwasiya's strategic investment and PC Jeweller's operational improvements positions the company well for future growth.
