Stocks - Q : Quality | V : Valuation | PT : Price Trend
Funds - P : Performance | Q : Quality
Funds - P : Performance | Q : Quality
BSE: 534809 | NSE: PCJEWELLER | Diamond & Jewellery | Small Cap
Past 10 year's financial track record analysis by Moneyworks4me indicates that PC Jeweller Ltd is a average quality company.
The key valuation ratios of PC Jeweller Ltd's currently when compared to its past seem to suggest it is in the Fair zone.
The Price Trend analysis by MoneyWorks4Me indicates it is Semi Strong which suggest that the price of PC Jeweller Ltd is likely to Rise-somewhat in the short term. However, please check the rating on Quality and Valuation before investing.
Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end.
| Mar'15 | Mar'16 | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROCE % ⓘ | 28.6% | 26% | 22.5% | 23.7% | 6.3% | 8.1% | 6.2% | -1% | 3.5% | -2% | - |
| Value Creation Index ⓘ | 1.0 | 0.9 | 0.7 | 0.8 | -0.6 | -0.4 | -0.6 | -1.1 | -0.8 | -1.2 | - |
Growth Parameters ⓘGrowth Parameters Colour Code Guide ⓘ | |||||||||||
| Sales ⓘ | 6,349 | 7,232 | 8,099 | 9,486 | 8,369 | 4,939 | 2,669 | 1,574 | 2,359 | 189 | 1,593 |
| Sales YoY Gr. | - | 13.9% | 12% | 17.1% | -11.8% | -41% | -46% | -41% | 49.9% | -92% | - |
| Adj EPS ⓘ | 1 | 1.1 | 1.1 | 1.4 | -0 | 0.1 | 0.2 | -0.9 | -0.9 | -1.4 | 0.5 |
| YoY Gr. | - | 5% | 1.9% | 28.7% | -102.9% | NA | 75% | -528.6% | NA | NA | - |
| BVPS (₹) ⓘ | 5.6 | 6.7 | 9.4 | 9.9 | 9.9 | 10 | 10.6 | 8.3 | 7.6 | 6.2 | 13.1 |
| Adj Net Profit ⓘ | 362 | 380 | 387 | 549 | -14.1 | 47.4 | 81.1 | -417 | -432 | -665 | 353 |
| Cash Flow from Ops. ⓘ | 334 | 70.4 | 827 | 334 | -1,837 | 60.1 | 97.4 | -727 | 96.4 | -15.4 | - |
| Debt/CF from Ops. ⓘ | 2 | 13.8 | 1 | 3.3 | -1.2 | 38.2 | 23.6 | -4.5 | 37.7 | -265 | - |
CAGR Colour Code Guide ⓘ
| 9 Years | 5 Years | 3 Years | 1 Years | |||||
|---|---|---|---|---|---|---|---|---|
| Sales ⓘ | -32.3% | -53.1% | -58.6% | -92% | ||||
| Adj EPS ⓘ | -203.9% | NA | -289.5% | NA | ||||
| BVPSⓘ | 1.3% | -8.8% | -16.2% | -17.8% | ||||
| Share Price | -2.9% | 62.5% | 82.8% | 149% | ||||
Performance Ratio Colour Code Guide ⓘ
| Mar'15 | Mar'16 | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Return on Equity % ⓘ | 19.7 | 17.3 | 13.4 | 15.1 | -0.4 | 1.2 | 2 | -10.2 | -11.6 | -20.7 | 5.6 |
| Op. Profit Mgn % ⓘ | 11.5 | 10.5 | 9.4 | 10.7 | 3.4 | 9.2 | 16.2 | -6.3 | 5.6 | -88.5 | 15.2 |
| Net Profit Mgn % ⓘ | 5.7 | 5.3 | 4.8 | 5.8 | -0.2 | 1 | 3 | -26.5 | -18.3 | -351.3 | 22.2 |
| Debt to Equity ⓘ | 0.3 | 0.4 | 0.2 | 0.3 | 0.5 | 0.6 | 0.5 | 0.9 | 1 | 1.4 | - |
| Working Cap Days ⓘ | 230 | 244 | 256 | 255 | 312 | 533 | 1,002 | 1,672 | 1,104 | 13,653 | 2,962 |
| Cash Conv. Cycle ⓘ | 116 | 111 | 107 | 97 | 199 | 417 | 832 | 1,353 | 931 | 11,113 | 791 |
Return on Equity has increased versus last 3 years average to 5.60%
Sales growth is good in last 4 quarters at 831.19%
Sales growth has been subdued in last 3 years -58.60%
Net Profit has been subdued in last 3 years -289.54%
Debt to equity has increased versus last 3 years average to 1.41
| Standalone | Consolidated | |
|---|---|---|
| TTM EPS (₹) | 0.5 | 0.6 |
| TTM Sales (₹ Cr.) | 1,593 | 1,594 |
| BVPS (₹.) ⓘ | 13.1 | 13.2 |
| Reserves (₹ Cr.) ⓘ | 7,943 | 7,979 |
| P/BV ⓘ | 0.95 | 0.94 |
| PE ⓘ | 22.89 | 22.55 |
| From the Market | |
|---|---|
| 52 Week Low / High (₹) | 4.41 / 19.60 |
| All Time Low / High (₹) | 0.78 / 60.06 |
| Market Cap (₹ Cr.) | 8,148 |
| Equity (₹ Cr.) | 654.5 |
| Face Value (₹) | 1 |
| Industry PE ⓘ | 78.9 |
| Pledged * | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
We are unable to determine what is the reason behind steep fall is in PC Jeweller stock price.
On most occasions, we get very excited to buy a stock if it comes to our discount price (DP). However, here we are not able to ascertain whether this movement in stock price implies any mishap or wrongdoing by the company in light of A) Demonetization B) Nirav Modi scandal. So we do not want to take any risk till we have sufficient data to prove there is no wrongdoing.
Won’t we miss an opportunity if everything turns out to be normal?
Yes, we may lose an opportunity but we have to remember 2 things before trying to be courageous.
1) What is the reason of this negativity? 2) Is there enough data available to determine downside risk?
We always to try to assess probability of losing money and potential loss if we are wrong. If there is low probability and low potential loss, we go ahead and invest.
Since we do not have sufficient facts or numbers as to what has gone wrong in PC Jewellers, we find it impossible to reach the above two conclusions. Hence, not to buy PCJ stock. There could be significant risk of losing capital if any wrongdoing surfaces.
We have seen many scams getting uncovered during bull markets. These scams usually are into hiding taking advantage of money sloshing around and bullish market sentiment. But since the show can’t go on forever, they eventually surface eroding millions of rupees.
We have seen Satyam (2008), Ketan Parikh (2001), Enron (2001), Worldcom (2000s), Harshad Mehta (1992). All these scams were happened/exposed during bull markets.
We recommend caution to investors and advise to keep calm in this market euphoria. Stocks are expensive and chances of losing money are higher than earning money. Stick to quality stocks & established companies in current market. Don’t chase a quick buck or multibagger stories.
| PARTICULARS | Mar'15 | Mar'16 | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 |
|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 6,349 | 7,232 | 8,099 | 9,486 | 8,369 | 4,939 | 2,669 | 1,574 | 2,359 | 189 |
| Operating Expenses ⓘ | 5,619 | 6,473 | 7,338 | 8,473 | 8,093 | 4,484 | 2,266 | 1,673 | 2,227 | 358 |
| Manufacturing Costs | 45 | 58 | 44 | 45 | 24 | 16 | 19 | 25 | 24 | 7 |
| Material Costs | 5,382 | 6,217 | 7,072 | 8,142 | 7,789 | 4,294 | 2,139 | 1,378 | 1,991 | 280 |
| Employee Cost | 56 | 71 | 79 | 90 | 112 | 72 | 41 | 45 | 53 | 30 |
| Other Costs ⓘ | 135 | 128 | 143 | 196 | 167 | 102 | 67 | 225 | 159 | 40 |
| Operating Profit ⓘ | 730 | 759 | 761 | 1,012 | 276 | 455 | 403 | -99 | 132 | -168 |
| Operating Profit Margin (%) | 11.5% | 10.5% | 9.4% | 10.7% | 3.3% | 9.2% | 15.1% | -6.3% | 5.6% | -88.9% |
| Other Income ⓘ | 59 | 51 | 109 | 100 | 92 | 77 | 31 | 60 | 148 | 44 |
| Interest ⓘ | 227 | 251 | 282 | 321 | 349 | 374 | 396 | 442 | 499 | 505 |
| Depreciation ⓘ | 23 | 23 | 22 | 20 | 17 | 35 | 33 | 26 | 26 | 20 |
| Exceptional Items ⓘ | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Profit Before Tax ⓘ | 539 | 536 | 566 | 770 | 3 | 124 | 4 | -508 | -245 | -649 |
| Tax ⓘ | 161 | 137 | 136 | 203 | 6 | 45 | -56 | -119 | 94 | 0 |
| Profit After Tax | 378 | 399 | 431 | 567 | -3 | 79 | 61 | -390 | -339 | -649 |
| PAT Margin (%) | 6.0% | 5.5% | 5.3% | 6.0% | 0.0% | 1.6% | 2.3% | -24.8% | -14.4% | -342.0% |
| Adjusted EPS (₹) | 1.1 | 1.1 | 1.2 | 1.4 | 0.0 | 0.2 | 0.2 | -0.8 | -0.7 | -1.4 |
| Dividend Payout Ratio (%) | 15% | 15% | 4% | 3% | 0% | 0% | 0% | 0% | 0% | 0% |
| PARTICULARS | Mar'15 | Mar'16 | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 |
|---|---|---|---|---|---|---|---|---|---|---|
Equity and Liabilities | ||||||||||
| Shareholders Fund | 1,990 | 2,402 | 3,353 | 3,910 | 3,894 | 3,965 | 4,254 | 3,866 | 3,528 | 2,898 |
| Share Capital ⓘ | 179 | 179 | 179 | 394 | 395 | 395 | 465 | 465 | 465 | 465 |
| Reserves ⓘ | 1,811 | 2,223 | 3,174 | 3,516 | 3,499 | 3,570 | 3,789 | 3,401 | 3,062 | 2,433 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Debt | 681 | 940 | 692 | 1,054 | 2,102 | 2,283 | 2,294 | 3,283 | 3,630 | 4,087 |
| Long Term Debt | 0 | 58 | 58 | 30 | 12 | 1 | 0 | 0 | 0 | 0 |
| Short Term Debt | 681 | 882 | 634 | 1,025 | 2,091 | 2,282 | 2,294 | 3,283 | 3,630 | 4,087 |
| Trade Payables | 1,809 | 2,162 | 2,807 | 3,561 | 1,265 | 1,081 | 920 | 15 | 18 | 14 |
| Others Liabilities ⓘ | 218 | 222 | 336 | 416 | 366 | 505 | 344 | 223 | 314 | 237 |
| Total Liabilities ⓘ | 4,699 | 5,726 | 7,188 | 8,942 | 7,627 | 7,835 | 7,813 | 7,387 | 7,490 | 7,236 |
Fixed Assets | ||||||||||
| Gross Block | 147 | 112 | 128 | 141 | 127 | 233 | 239 | 225 | 206 | 166 |
| Accumulated Depreciation | 58 | 22 | 44 | 63 | 68 | 82 | 112 | 118 | 102 | 105 |
| Net Fixed Assetsⓘ | 90 | 90 | 84 | 77 | 59 | 151 | 126 | 107 | 104 | 61 |
| CWIP ⓘ | 0 | 0 | 0 | 0 | 0 | 1 | 0 | 0 | 1 | 0 |
| Investmentsⓘ | 13 | 8 | 143 | 153 | 144 | 144 | 144 | 136 | 136 | 136 |
| Inventories | 3,230 | 3,866 | 4,119 | 5,161 | 4,988 | 5,259 | 5,794 | 5,516 | 5,622 | 5,462 |
| Trade Receivables | 768 | 908 | 1,274 | 1,762 | 1,773 | 1,781 | 1,305 | 308 | 324 | 182 |
| Cash Equivalents | 274 | 291 | 932 | 1,491 | 319 | 227 | 174 | 58 | 40 | 3 |
| Others Assetsⓘ | 325 | 562 | 636 | 298 | 344 | 273 | 269 | 1,261 | 1,263 | 1,390 |
| Total Assets ⓘ | 4,699 | 5,726 | 7,188 | 8,942 | 7,627 | 7,835 | 7,813 | 7,387 | 7,490 | 7,236 |
| PARTICULARS | Mar'15 | Mar'16 | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash Flow From Operating Activity ⓘ | 334 | 70 | 827 | 334 | -1,837 | 60 | 97 | -727 | 96 | -15 |
| PBT ⓘ | 539 | 536 | 566 | 770 | 3 | 124 | 4 | -508 | -245 | -649 |
| Adjustment ⓘ | 216 | 207 | 154 | 210 | 270 | 365 | 360 | 497 | 453 | 470 |
| Changes in Working Capital ⓘ | -293 | -533 | 287 | -506 | -2091 | -420 | -281 | -735 | -119 | 164 |
| Tax Paid ⓘ | -129 | -139 | -181 | -140 | -19 | -8 | 15 | 19 | 8 | 0 |
| Cash Flow From Investing Activity ⓘ | 213 | -86 | -645 | -350 | 886 | 41 | 98 | 118 | 38 | 7 |
| Capex | -29 | -2 | -15 | -17 | -6 | -1 | 0 | -2 | -2 | 2 |
| Net Investments | 228 | -6 | -355 | -560 | 878 | 25 | 89 | 90 | 37 | 0 |
| Others ⓘ | 13 | -78 | -275 | 228 | 15 | 17 | 8 | 30 | 3 | 6 |
| Cash Flow From Financing Activityⓘ | -566 | 17 | 101 | 23 | 651 | -169 | -155 | 575 | -115 | -29 |
| Net Proceeds from Shares ⓘ | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Net Proceeds from Borrowing ⓘ | 0 | 88 | 427 | -9 | -33 | -18 | -12 | 0 | 0 | 0 |
| Interest Paid ⓘ | -211 | -203 | -261 | -315 | -341 | -310 | -366 | -151 | -115 | -29 |
| Dividend Paid ⓘ | -31 | -57 | -72 | -45 | -41 | 0 | 0 | 0 | 0 | 0 |
| Others ⓘ | -322 | 189 | 7 | 391 | 1,066 | 159 | 223 | 727 | 0 | 0 |
| Net Cash Flow ⓘ | -19 | 1 | 283 | 7 | -300 | -68 | 40 | -34 | 19 | -37 |
| PARTICULARS | Mar'15 | Mar'16 | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 |
|---|---|---|---|---|---|---|---|---|---|---|
| Ratios | ||||||||||
| ROE (%) | 20.6 | 18.18 | 14.96 | 15.62 | -0.07 | 2 | 1.49 | -9.68 | -9.17 | -20.21 |
| ROCE (%) | 28.59 | 26.01 | 22.47 | 23.69 | 6.34 | 8.06 | 6.22 | -0.96 | 3.54 | -2.04 |
| Asset Turnover Ratio | 1.41 | 1.39 | 1.26 | 1.18 | 1.01 | 0.64 | 0.34 | 0.21 | 0.32 | 0.03 |
| PAT to CFO Conversion(x) | 0.88 | 0.18 | 1.92 | 0.59 | N/A | 0.76 | 1.59 | N/A | N/A | N/A | Working Capital Days |
| Receivable Days | 40 | 42 | 49 | 58 | 77 | 131 | 211 | 187 | 49 | 485 |
| Inventory Days | 161 | 179 | 180 | 178 | 221 | 379 | 754 | 1,308 | 860 | 0 |
| Payable Days | 105 | 117 | 128 | 143 | 113 | 100 | 171 | 124 | 3 | 21 |
PC Jeweller started operations in April 2005 with one showroom at Karol Bagh, New Delhi and is today one of the fastest growing jewellery retail chain. Since its inception, the company has been a pioneer in designs as every product is crafted to a standard of perfection. Whether it is elaborate wedding jewellery or affordable wearables, PC Jeweller has fashioned exceptional designs with unmatched quality. Over time, timeless treasures from PC Jeweller have helped intimate moments become lifetime memories.
Company’s business model consists of setting up large format, stand alone showrooms at high street locations. Its stores stock a wide range of jewellery across all price points, with an increasing focus on diamond jewellery. The company sells only hallmarked jewellery and certified diamond jewellery. This assurance on quality and purity along with transparent and customer friendly policies have enabled PCJ to become an established and trusted brand name in a short time span.
Business area of the company
The Company is one of the leading jewellery companies in India in the organized retail sector. The Company’s businesses include the manufacture, retail and export of jewellery. It offers a wide range of products including 100% hallmarked gold jewellery, Certified diamond jewellery and other jewellery including silver articles, with a focus on diamond jewellery and jewellery for weddings.
Products
Awards
2013-14:
2016-17:
Milestones
MoneyWorks4Me rating and ranking of funds for SIP is available to subscribers only. Moneyworks4Me is not a rating and ranking agency, however it is required that users have a way of selecting funds and building a Portfolio. The method used by it are described below to enable users to understand the logic behind the rating and ranking Subscriber will find more details on this in the various content made available from time to time. In case you need more please write to besafe@moneyworks4Me.com
MoneyWorks4Me rates and ranks mutual funds based on the following data-driven system:
Funds ranking in screeners: Performance Consistency and Quality are two parameters used for ranking funds for SIP. The ranking as follows GG, GO, GR, OG, OO, OR, RG, RO and RR.
With the same color-coded funds, the one with the higher Average 3-year rolling returns (over 5 to 10 years), the number that appears in the Performance tag, ranks higher.
Here is the summary:
The third tag Upside Potential is not relevant for SIP. It is relevant for lumpsum investments in Mutual Funds.
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