PC Jeweller posts 27.54% operating margin, with tax rate at 1.30%
Other income was only Rs 2.23 cr, but the low tax charge lifted net profit to Rs 221.88 cr.
Filed 10 Aug 2026, 18:19 IST · after market close · PC Jeweller Ltd (PCJEWELLER)
Key takeaways
- Consolidated operating profit of Rs 241.56 cr on revenue of Rs 877.04 cr translated into a 27.54% operating margin.
- The 1.30% tax rate materially supported reported net profit of Rs 221.88 cr.
- PC Jeweller’s 27.54% operating margin was 14.24 percentage points above the 13.30% median for 137 Consumer Discretionary peers.
Price around the results
Operating profit conversion was the quarter’s main feature
PC Jeweller reported consolidated revenue of Rs 877.04 cr and operating profit of Rs 241.56 cr, giving a 27.54% operating margin. The operating result was therefore driven mainly by the business itself rather than by non-operating income. The company filed these results after market close on 10 Aug 2026.
Low tax rate lifted earnings quality at the reported profit line
The tax rate was 1.30%, so the Rs 2.93 cr tax charge left Rs 221.88 cr of net profit from Rs 224.81 cr of pre-tax profit. That low tax rate materially supported the conversion from pre-tax profit to net profit. Other income was Rs 2.23 cr, a small part of pre-tax profit, so it was not the main source of reported earnings.
Margin was well above the reported peer median
PC Jeweller’s 27.54% operating margin was 14.24 percentage points above the 13.30% median among 137 Consumer Discretionary peers that had reported the same quarter. No sequential, year-on-year, reaction, or management commentary comparison is available in this release, so the quarter is best assessed on its reported margin and profit mix.
Q1FY27 at a glance
Consolidated figures as filed with NSE — cross-checked against an independent source.
| Line item | Q1FY27 |
|---|---|
| Revenue | ₹877 cr |
| Other income | ₹2 cr |
| Expenses | ₹635 cr |
| Operating profit | ₹242 cr |
| Operating margin (%) | 27.54% |
| Interest | ₹14 cr |
| Depreciation | ₹5 cr |
| Profit before tax | ₹225 cr |
| Tax | ₹3 cr |
| Net profit | ₹222 cr |
| EPS (₹) | ₹0.23 |
Operating margin of 27.54% compares with a Consumer Discretionary sector median of 13.30% across 137 peers that have reported Q1FY27.
What to watch
- Whether operating margin remains above 27.54%.
- Whether the tax rate stays close to or moves away from 1.30%.
- Whether other income remains a small contributor relative to Rs 224.81 cr of pre-tax profit.