| Revenue (Full Year) | ₹35,740 Cr43% YoY Growth |
|---|---|
| Net Profit (TTM) | ₹1,350 Cr89% YoY Growth |
| Market Cap | ₹43,845 CrGems & Jewellery |
| PE Ratio | 32.47Sector PE: 57.94 |
Key highlights
- Consolidated revenue for FY26 increased 43% year-on-year to ₹35,740 crore
- Consolidated Profit After Tax (PAT) surged 89% to ₹1,350 crore compared to the previous fiscal year
- Company launched 129 new showrooms across Kalyan and Candere formats, exceeding upper-end guidance by 29%
- Candere turned PAT positive in the second half of FY26, recording full-year revenue growth of 160%
- Non-GML debt in India reduced by ₹360 crore during the year, with plans to reach zero in FY27
- Board recommended a dividend of approximately ₹257 crore, representing a 20% payout ratio
Financial Performance and Operational Leverage
Kalyan Jewellers reported consolidated revenue of ₹10,275 crore in Q4 FY26, representing a 66% increase over the same period in the previous year. For the full fiscal year, standalone India revenue grew 43%, while the Middle East business showed steady performance with Q4 revenue reaching ₹1,074 crore. The company demonstrated significant operating leverage, as evidenced by PAT growth nearly doubling the rate of revenue growth.
This efficiency was largely driven by the 'FOCO' (Franchise Owned Company Operated) model, which allowed for rapid scaling of the store network without corresponding increases in capital expenditure. Standalone PAT for the year ending March 2026 stood at ₹1,350 crore.
Strategic Expansion and Segmental Turnaround
The company added 129 showrooms in FY26, significantly beating its initial guidance of 80 to 100 stores. Expansion was particularly aggressive in the Non-South regions, where same-store sales growth continued to outperform the South India market. A notable highlight was the turnaround of Candere, which achieved profitability in H2 FY26.
Management noted that the digital-first brand is now focusing on expanding its physical footprint to complement online sales. Looking ahead to FY27, Kalyan Jewellers has set an ambitious target to open 150 more showrooms across its diverse brand portfolio, including the launch of a new regional brand designed to capture hyper-local demand.
Management Outlook and Debt Reduction
- Elimination of the remaining ₹300 crore non-GML debt in India is expected by H1 FY27
- Targeting 150 new store openings in FY27 to sustain hyper-growth momentum
- Strong demand visibility for Q1 FY27 supported by robust wedding season purchases
- Focus on driving same-store sales growth (SSSG) through light-weighting and product mix shifts
- Ongoing conversion of select owned showrooms to the franchise model to further optimize capital
Commentary on Debt and Growth
Over the last three years, we have reduced the non-GML in India from 1,300 crores to 300 crores. In line with our announced dividend policy, the Board of Directors has recommended a dividend of approximately 257 crores.
What to Watch
- Execution of the 150-store expansion target across Kalyan and Candere formats
- Impact of structural shifts toward 18k and 14k gold jewelry on overall gross margins
- Consumer response to the new regional brand slated for launch in the current fiscal
- Sustainability of volume growth amidst continued volatility in international gold prices
“During the last financial year, we launched 129 showrooms across Kalyan and Candere formats, including the first Kalyan showroom in the UK.”
“Candere turned PAT positive from the second half of FY 2026. Going forward, Candere will focus more on driving SSG along with expanding its showroom footprint.”
| Share price | ₹424.55 |
|---|---|
| Market capitalisation | ₹43,844.99 Cr |
| Revenue (annual) | ₹25,045.07 Cr |
| Net profit (annual) | ₹714.80 Cr |
| Revenue (latest quarter) | ₹10,274.94 Cr-0.66% vs previous quarter |
| Net profit (latest quarter) | ₹409.50 Cr-1.63% vs previous quarter |
| P/E (TTM) | 32.47×Sector 57.94× |
| Promoter holding | 62.87%+0.11% QoQ |
| FII holding | 14.55%Current quarter |
Reference market data from a third-party provider, as of the story. Not a valuation or a recommendation.
Exchange filing by Kalyan Jewellers India Limited announcing audited financial results for the quarter and year ended March 31, 2026. Market figures from a third-party data provider.
