The man who turned a sleepy contraceptive maker into one of the market’s hottest smallcaps has now picked a battered jeweller as his next project.
Aditya Kumar Halwasiya, associated with Cupid Ltd, reportedly bought 5.10 crore shares of PC Jeweller at ₹14.43 each, a deal worth about ₹73.59 crore. The bulk-deal data shows the purchase was made on Thursday, October 15.
The market’s reaction
The stock reacted at once. PC Jeweller opened with an upside gap at ₹15.06 on the NSE and hit an intraday high of ₹15.89 within minutes of the opening bell. It later touched ₹16.45, a gain of around 14% and a fresh 52-week high. The stock has now delivered roughly 50% over six months.
The Cupid playbook
Halwasiya’s reputation rests on Cupid. The turning point came in late 2023, when the Universal-Halwasiya Group took a controlling stake of 41.84%, later raised to 43.28%. The company then pushed beyond its core business into consumer healthcare and FMCG, and the market was surprised by how fast it executed.
The numbers followed. Cupid’s near 480% rally in 2025 was backed by visible improvements in management, strategy and financial performance. In Q1 FY27, net profit jumped 194% year-on-year to ₹44.15 crore, while total income rose 142% to ₹156.98 crore. EBITDA margin improved to 39% from 28%.
Halwasiya has also kept putting his own money in. He made repeated open-market purchases in August and September 2026, taking his personal stake to 33.92%.
What could change at PC Jeweller?
PC Jeweller has had a rough history. In 2018 its market value shrank sharply amid governance concerns after a promoter gifted shares to the family. The recovery since has been about repair.
The company has reportedly become debt-free after repaying its bank borrowings, and indicated about 28% year-on-year consolidated revenue growth in Q2 FY27. It also reported recovering around ₹142 crore in outstanding export receivables, which could strengthen liquidity. Earlier, consolidated net profit for the December 2025 quarter rose 28.48% to ₹190.10 crore. An MoU with the National Skill Development Corporation aims to onboard up to 2,00,000 micro-entrepreneurs under the PC Jeweller brand over five years.
If Cupid is the template, the watch-list is familiar: sharper operations, new revenue lines, and possibly a bigger say for Halwasiya. Cupid’s story began with a controlling stake, and a 5.10 crore-share purchase will invite speculation about where this one is headed. Nothing in the disclosures confirms that, and Halwasiya’s intentions remain unstated.
A debt-free balance sheet lowers financing costs, but its impact on profitability will depend on subsequent financial performance. Analysts attribute the immediate jump to bulk-deal buzz. The sustained rally, they say, rests on debt-free status, expectations of strong Q2 numbers and expansion plans. The upcoming quarterly results will give more clarity on whether the recovery is durable.
For retail investors, the lesson from Cupid cuts both ways: a promoter’s conviction can lift a stock, but only earnings keep it there. PC Jeweller’s next results will show whether the “turnaround king” has found another winner.
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