PC Jeweller Completes Major Warrant Conversion, Raises ₹289 Crore
PC Jeweller's share price witnessed a 1% increase on Friday, January 23, 2026, following the company's announcement of successfully completing the allotment of 6.85 crore equity shares through the conversion of fully convertible warrants. This strategic move represents a significant milestone in the jewellery retailer's capital-raising efforts and has directly contributed to an expansion of its paid-up equity share capital.
Board Approval and Historical Context
The allotment process received formal approval from PC Jeweller's Board of Directors through a circular resolution dated January 22, 2026. This development builds upon earlier disclosures made on September 30, 2024, and October 11, 2024, when the company had announced the preferential allotment of 48,08,02,500 fully convertible warrants to investors from both the promoter group and the non-promoter public category.
Details of the Warrant Conversion
The latest allotment involved the conversion of 68,55,000 warrants into 6,85,50,000 equity shares by six allottees belonging to the non-promoter public category. Through this conversion, PC Jeweller successfully raised ₹28,89,38,250, with investors paying ₹42.15 per warrant, which corresponds to 75% of the issue price.
Each newly allotted equity share carries a face value of ₹1 and ranks pari-passu with existing equity shares, ensuring that the new shares enjoy identical rights to those held by current shareholders. The conversion figures were adjusted to account for the company's earlier sub-division of equity shares, where the face value was reduced from ₹10 per share to ₹1 per share, effective December 16, 2024.
Impact on Capital Structure and Ownership
Following this allotment, PC Jeweller's paid-up equity share capital increased from ₹732,84,94,855, comprising 732,84,94,855 equity shares, to ₹739,70,44,855, comprising 739,70,44,855 equity shares, each with a face value of ₹1.
In terms of ownership distribution:
- The promoter and promoter group's holding remained unchanged in absolute numbers at 272,56,79,480 shares, though their percentage stake experienced a marginal decline from 37.19% to 36.85%.
- The public shareholding increased from 62.81% to 63.15%, following the allotment of 6,85,50,000 shares to public investors.
Operational Performance and Strategic Initiatives
Operationally, PC Jeweller reported a 37% growth in standalone revenue for the December quarter of FY26, driven by robust consumer demand during the festival and wedding season.
During the quarter, the company advanced its expansion strategy by submitting a proposal to the Directorate of Industries and Enterprises Promotion, Government of Uttar Pradesh, under the Chief Minister — Yuva Udyami Vikas Abhiyan (CM-YUVA) scheme. This initiative aims to empower trained goldsmith entrepreneurs in rural and semi-urban regions by facilitating the establishment of 1,000 jewellery retail franchise outlets under the PC Jeweller brand.
The company confirmed that the proposal has already achieved an important milestone, having received approval for on-boarding as an official franchise brand on the CM-YUVA portal. Additionally, PC Jeweller has signed a memorandum of understanding with the CM-YUVA Mission, which operates under the Department of MSME and Export Promotion, Government of Uttar Pradesh, further formalizing this collaboration.
Financial Goals and Debt Reduction
On the financial front, PC Jeweller reiterated its commitment to achieving a debt-free balance sheet in the near future. The company highlighted that since entering into a settlement agreement with banks on September 30, 2024, it has managed to reduce its outstanding debt by approximately 68%, as disclosed in regulatory filings. Management emphasized its continued focus on expanding the retail network, further reducing debt, and delivering steady operating performance in the coming quarters.
Share Performance Analysis
PC Jeweller's share price rose 1% to reach its day's high of ₹10.78 on Friday following the announcement. The stock has faced challenges in the medium term, declining 26% over the past year, 30% in the last six months, and 11% in the last three months. However, the jewellery stock has demonstrated short-term recovery, gaining 11% in the past month.
Over the long term, PC Jeweller remains a strong performer. The stock has delivered over 11% positive returns in the longer horizon and has emerged as a multibagger, soaring more than 310% over the past five years.
The stock touched a 52-week high of ₹19.65 in July 2025 and a 52-week low of ₹8.66 in December 2025.
