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Earnings Call

Kalyan Jewellers India Earnings Call: Key Takeaways

Kalyan Jewellers posted explosive FY26 results with 43% revenue growth and 89% PAT growth, driven by aggressive expansion and Candere's turnaround. However, margin compression from the franchise model remains a structural headwind.

Why this was an Alfa AlertStore expansion beat: Guided 80-100 stores, delivered 129 stores (29% beat on upper guidance).
Highlights
Revenue growthFY26 revenue up 43% YoY to ₹35,740 crore.
MarginsGross margins declining due to franchise mix and regional variations.
Demand visibilityStrong Q1 FY27 start fueled by wedding demand and Akshaya Tritiya.
Management confidenceHighly optimistic, emphasizing successful franchise pivot and debt reduction.

Growth

Revenue grew 66% in Q4; Candere turned PAT positive and grew 160% in FY26. Growth is high-quality but volume-sensitive.

Outlook

Opening 150 showrooms in FY27 and eliminating non-GML debt in India by H1 FY27.

Risks

Structurally lower gross margins due to franchise pivot and potential demand moderation after an exceptional year.

Source

Earnings Call filed with NSE, NSE: KALYANKJIL. Summary written with AI assistance from the document.

Read the document ↗

Kalyan Jewellers India Ltd: key numbers

Share price
₹569.00
Market cap
₹58,764 Cr
Revenue (annual)
₹35,743 Cr
Net profit (annual)
₹1,350 Cr
P/E (TTM)
41.0×Sector 52.0×
Promoter holding
62.86%-0.01% QoQ
FII holding
10.82%Current quarter

Reference market data from a third-party provider, updated daily. Not a valuation or a recommendation.

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