PC Jeweller shares touched an intraday high of Rs 9.87 after the company cleared debt with 8 of its 14 consortium banks ahead of schedule.

The jewellery retailer has been working through a settlement agreement signed back in September 2024, aimed at clearing years of legacy bank debt.

With this latest repayment, eight of its fourteen consortium banks have now been paid off in full, and every single one of those repayments came in ahead of the agreed deadline.

For the six banks still in the queue, the company says it has already cleared more than 96% of what it owes them. That leaves less than 4% of the total debt outstanding, and PC Jeweller says it still expects to become fully debt-free this quarter.

This progress comes on the back of a strong June quarter. Consolidated net profit rose 37.2% year on year to Rs 222 crore, while revenue climbed 21% to Rs 877 crore.

Core operating profit, stripped of other income, jumped 168% to Rs 213 crore, a sign the underlying business is genuinely improving rather than just being helped by one-off gains.

The company has also been raising fresh capital alongside this debt cleanup. During the June quarter, it completed a Rs 2,702.11 crore preferential warrant issue, with 93% of that money already collected.

Promoters converted more warrants into shares even after the quarter closed. Separately, in July, the board cleared plans to raise up to Rs 1,000 crore more through a Qualified Institutional Placement, intended to fund future growth.

As of 15:10 pm on 19 August, PC Jeweller shares were trading at Rs 9.70 on the NSE, up 0.83% for the day, with the official closing price to follow once markets shut for the session.

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