PC Jeweller Limited (PCJEWELLER.NS) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

-233.2%

-₹19.61

vs ₹14.73 price

Levered DCF

-₹32.02

After debt service

Piotroski score

5 / 9

Average

Altman Z-score

13.67

Safe zone

Rating

A-

Overall 4 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
P/E	7.57×	12.11×	-4.19×	-6.09×	-2.49×	18.07×	5.48×	5,329.03×
P/B	0.66×	1.13×	0.9×	0.34×	0.25×	0.26×	0.11×	0.83×
P/S	1.61×	3.11×	4.34×	0.5×	0.61×	0.39×	0.09×	0.38×
EV / EBITDA	7.43×	17.38×	-58.26×	12.02×	-90.58×	7.78×	5.64×	15.71×
Gross margin	21.1%	19.3%	-11.6%	15.5%	12.0%	19.5%	12.5%	7.0%
Operating margin	19.4%	16.8%	-31.5%	9.2%	-7.3%	17.7%	8.9%	3.5%
Net margin	21.3%	25.7%	-104.0%	-8.2%	-24.3%	2.2%	1.6%	0.0%
Current ratio	7.05×	3.3×	1.37×	1.63×	1.7×	2.16×	2.04×	2.03×
Debt / equity	0.14×	0.35×	1.42×	1.01×	0.87×	0.57×	0.61×	0.54×
Interest coverage	4.89×	7.34×	-0.38×	0.47×	-0.27×	1.31×	1.29×	1.28×
Dividend yield	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	1.3%
Payout ratio	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	6704.9%

Key metrics by fiscal year

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	8.7%	9.3%	-21.5%	-5.5%	-10.1%	1.5%	2.1%	0.0%
Return on invested capital	7.0%	4.5%	-2.7%	3.1%	-1.5%	7.5%	4.7%	1.5%
Return on assets	7.6%	6.9%	-8.7%	-2.7%	-5.2%	0.8%	1.1%	0.0%
Free cash flow yield	-3.7%	-9.7%	2.4%	7.7%	-74.3%	10.4%	16.2%	-59.6%
Earnings yield	13.2%	8.3%	-23.9%	-16.3%	-40.2%	5.6%	18.3%	0.0%
Enterprise value	₹64.4B	₹90.7B	₹67.8B	₹49.4B	₹43.4B	₹34.6B	₹28.6B	₹52.9B
Net debt / EBITDA	1.19×	4×	-35.65×	8.99×	-70.28×	5.3×	4.74×	6.04×
Cash conversion cycle (days)	1,063	1,395	3,146	1,073	1,524	990	478	255