SABARI SECURITIES

PC JEWELLER — FROM TURNAROUND TO TRANSFORMATION! 💎🚀 Potential multi-bagger in making - read their FY25-26 annual report and keep track and here are the below highlights ✅👇 #PCJ #sabarisec The FY2025-26 Annual Report & latest management commentary point towards something potentially much bigger: DELEVERAGING → EXPANSION → MARKET SHARE → VERTICAL INTEGRATION → GROWTH 🔥 Key developments that caught my attention 👇 ✅ BALANCE SHEET TRANSFORMATION PCJ has reduced its outstanding bank debt by over 90% since the September 2024 settlement. More importantly, as of Sep 3, 2026: ➡️ 9 out of 14 consortium banks completely repaid ➡️ >96% of dues to the remaining 5 banks discharged ➡️ Management targeting DEBT-FREE status in September 2026 itself A debt-free PCJ could materially reduce finance costs and strengthen future cash generation. ✅ AGGRESSIVE EXPANSION COMING NEXT Once debt-free, management intends to enter an “aggressive expansion mode.” The target? ✅ Up to 100 LARGE-FORMAT franchise showrooms over the next 12–18 months. And management says discussions with prospective franchisees are already at advanced stages. The beauty of the model? Expansion without PCJ having to invest substantial capital into every new store. ✅ 1,000 RURAL & SEMI-URBAN FRANCHISE OPPORTUNITY Through its MoU with the Government of Uttar Pradesh under CM-YUVA, PCJ plans to facilitate up to 1,000 jewellery franchise units across rural & semi-urban UP. This could significantly deepen PCJ’s penetration beyond traditional urban markets. ✅ THE NSDC OPPORTUNITY COULD BE MUCH BIGGER PCJ has also signed an MoU with NSDC with an ambition to develop/onboard up to 2,00,000 micro-entrepreneurs over 5 years under the PC Jeweller ecosystem. This should NOT be interpreted as 2 lakh conventional PCJ showrooms — but the potential reach of the ecosystem is enormous. ✅ PC JEWELLER IS ENTERING GOLD MINING! 🔥 Its subsidiary PCJ Mining SARL has received a gold-mining licence in Chad. Management expects gold production to commence during FY2026-27 itself and expects the mining business to positively contribute to both TOPLINE & BOTTOMLINE. Think about the potential long-term integration: GOLD MINING → SOURCING → MANUFACTURING → RETAIL That could potentially create an entirely different value chain for PCJ. ✅ MOMENTUM CONTINUES INTO FY27 Q1 FY27 consolidated revenue grew approximately 21% YoY, suggesting that the operational recovery has continued beyond FY26. ⚠️ WHAT NEEDS TO BE WATCHED? Despite the improving story, two things remain critical: Operating Cash Flow + Working Capital. Inventory remains sizeable and legacy export receivables need monitoring. Ultimately, profits must translate into sustainable cash generation. But the larger picture is becoming increasingly interesting: Debt Free ⬇️ Lower Finance Costs ⬇️ 100 Large-Format Franchises ⬇️ 1,000 CM-YUVA Units ⬇️ 2 Lakh Entrepreneur Ecosystem ⬇️ Gold Mining & Vertical Integration ⬇️ Market Share + Growth If management executes these plans successfully while improving cash flows, PC Jeweller could potentially transition from a TURNAROUND STORY into a genuine GROWTH & RE-RATING STORY. 💎🔥 The next 12–18 months could be extremely important for the company 👍✌️

Small cap stocks - Adding the following stocks to the attached portfolio #smallcap #sabarisec 1. Glasswall 2. TD power systems 3. Deepa jewelers 4. Lumino industries Study the business !!!

14 SMALLCAPS vs THE MARKET — ALPHA THROUGH STOCK PICKING! 👍✌️ #sabarisec Our 14-stock Smallcap Portfolio, shared in two tranches on Aug 9 & Sep 17, has delivered approximately: 🔥 OUR PORTFOLIO: +14.2% Compare that with the like-for-like, entry-date-adjusted benchmark performance: 🔻 NIFTY 50: −5.74% 🔻 NIFTY 500: −4.84% 🔻 NIFTY SMALLCAP 250: −1.43% That translates into an outperformance of approximately: 🎯 +19.94 percentage points vs Nifty 50 🎯 +19.04 pp vs Nifty 500 🎯 +15.63 pp vs Nifty Smallcap 250 And this happened while the broader market remained weak. Not every stock worked — nor does it have to. Our winners substantially outweighed our losers, demonstrating the power of a well-researched, diversified portfolio. The philosophy remains simple: QUALITY + GROWTH + VALUE A falling or sideways INDEX doesn’t mean there are no opportunities. Research the business. Respect the valuation. Build conviction. Have patience. You don’t need every stock to be a winner. You need your winners to meaningfully outperform your losers. That difference is ALPHA. 🎯

Small cap stocks - Adding the following stocks to the attached portfolio #smallcap #sabarisec 1. Glasswall 2. TD power systems 3. Deepa jewelers 4. Lumino industries Study the business !!!

PC JEWELLER — FROM TURNAROUND TO TRANSFORMATION! 💎🚀 Potential multi-bagger in making - read their FY25-26 annual report and keep track and here are the below highlights ✅👇 #PCJ #sabarisec The FY2025-26 Annual Report & latest management commentary point towards something potentially much bigger: DELEVERAGING → EXPANSION → MARKET SHARE → VERTICAL INTEGRATION → GROWTH 🔥 Key developments that caught my attention 👇 ✅ BALANCE SHEET TRANSFORMATION PCJ has reduced its outstanding bank debt by over 90% since the September 2024 settlement. More importantly, as of Sep 3, 2026: ➡️ 9 out of 14 consortium banks completely repaid ➡️ >96% of dues to the remaining 5 banks discharged ➡️ Management targeting DEBT-FREE status in September 2026 itself A debt-free PCJ could materially reduce finance costs and strengthen future cash generation. ✅ AGGRESSIVE EXPANSION COMING NEXT Once debt-free, management intends to enter an “aggressive expansion mode.” The target? ✅ Up to 100 LARGE-FORMAT franchise showrooms over the next 12–18 months. And management says discussions with prospective franchisees are already at advanced stages. The beauty of the model? Expansion without PCJ having to invest substantial capital into every new store. ✅ 1,000 RURAL & SEMI-URBAN FRANCHISE OPPORTUNITY Through its MoU with the Government of Uttar Pradesh under CM-YUVA, PCJ plans to facilitate up to 1,000 jewellery franchise units across rural & semi-urban UP. This could significantly deepen PCJ’s penetration beyond traditional urban markets. ✅ THE NSDC OPPORTUNITY COULD BE MUCH BIGGER PCJ has also signed an MoU with NSDC with an ambition to develop/onboard up to 2,00,000 micro-entrepreneurs over 5 years under the PC Jeweller ecosystem. This should NOT be interpreted as 2 lakh conventional PCJ showrooms — but the potential reach of the ecosystem is enormous. ✅ PC JEWELLER IS ENTERING GOLD MINING! 🔥 Its subsidiary PCJ Mining SARL has received a gold-mining licence in Chad. Management expects gold production to commence during FY2026-27 itself and expects the mining business to positively contribute to both TOPLINE & BOTTOMLINE. Think about the potential long-term integration: GOLD MINING → SOURCING → MANUFACTURING → RETAIL That could potentially create an entirely different value chain for PCJ. ✅ MOMENTUM CONTINUES INTO FY27 Q1 FY27 consolidated revenue grew approximately 21% YoY, suggesting that the operational recovery has continued beyond FY26. ⚠️ WHAT NEEDS TO BE WATCHED? Despite the improving story, two things remain critical: Operating Cash Flow + Working Capital. Inventory remains sizeable and legacy export receivables need monitoring. Ultimately, profits must translate into sustainable cash generation. But the larger picture is becoming increasingly interesting: Debt Free ⬇️ Lower Finance Costs ⬇️ 100 Large-Format Franchises ⬇️ 1,000 CM-YUVA Units ⬇️ 2 Lakh Entrepreneur Ecosystem ⬇️ Gold Mining & Vertical Integration ⬇️ Market Share + Growth If management executes these plans successfully while improving cash flows, PC Jeweller could potentially transition from a TURNAROUND STORY into a genuine GROWTH & RE-RATING STORY. 💎🔥 The next 12–18 months could be extremely important for the company 👍✌️