Kalyan Jewellers India Limited

BSE: KALYANKJIL543278ISIN INE303R01014

Consumer Discretionary
Gems, Jewellery And Watches
BSE 200

Share price

₹530.00+22.00 (+4.33%)

as of 4 Nov 2026

Prices adjusted for splits and bonuses; cash dividends excluded. Volume shows actual shares traded.

52W high: ₹649.00
52W low: ₹327.15
Off 52W high: -18.34%
1M return: -4.85%
3M return: -6.69%
6M return: +27.56%
1Y return: +1.38%
20D avg volume: 3,39,665
50 DMA: ₹566.79
200 DMA: ₹466.46

Key ratios Consolidated

Market cap: ₹54,736 Cr
Current price: ₹530.00
52W high / low: ₹649.00 / ₹327.15
Face value: ₹10.00
P/E: 38.14
P/B: 8.68
EPS (TTM): ₹13.89
Book value / share: ₹61.09
ROE: —
ROCE: 27.40%
Operating margin: —
Net margin: —
Debt / equity: 0.08
Net debt: ₹217.05 Cr
Interest cover: 5.16
Dividend yield: 0.47%
Dividend / share (TTM): ₹2.50
Payout: 18.00%
Cash conversion cycle: 119.2 days

Financials

Metric	Q1 FY27	Q4 FY26	Q3 FY26	Q2 FY26	Q1 FY26	Q4 FY25	Q3 FY25	Q2 FY25	Q1 FY25	Q4 FY24	Q3 FY24	Q2 FY24
Income statement
	10,589	10,275	10,343	7,856	7,268	6,182	7,287	6,065	5,535	4,535	5,223	4,415
	55.74	46.16	64.18	51.41	46.27	40.82	31.31	25.99	22.16	28.80	20.13	13.13
	10,645	10,321	10,408	7,907	7,315	6,222	7,318	6,091	5,558	4,564	5,243	4,428
	10,180	9,782	9,806	7,557	6,962	5,972	7,025	5,914	5,320	4,380	5,005	4,250
	9,100	10,991	9,238	8,009	6,994	5,873	6,353	5,374	4,836	4,502	4,852	3,952
	92.96	84.72	192.06	40.71	65.02	75.41	—	—	—	—	—	—
	315.42	265.72	247.10	217.93	209.56	203.54	192.62	169.81	172.43	159.84	156.10	148.99
	108.40	129.98	104.34	94.94	103.61	96.30	87.62	90.32	85.22	77.81	81.66	81.70
	115.04	113.05	108.88	103.21	97.71	93.33	88.96	84.97	75.47	73.56	69.73	66.94
	315.89	320.48	360.15	301.63	290.56	247.15	268.32	—	—	—	—	—
	464.82	538.82	601.44	350.26	352.97	250.60	293.56	177.95	237.49	183.67	238.55	178.14
	0.00	0.00	-41.50	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
	464.82	538.82	559.94	350.26	352.97	250.60	293.56	177.95	237.49	183.67	238.55	178.14
	116.15	129.32	143.64	89.75	88.89	63.00	74.88	47.62	59.93	46.17	58.18	43.27
	348.67	409.50	416.30	260.51	264.08	187.60	218.68	130.33	177.56	137.49	180.37	134.87
	3.38	3.97	4.03	2.52	2.56	1.82	2.12	1.27	1.73	1.34	1.75	1.31
Key metrics
	688.26	781.85	773.16	548.41	554.29	440.23	470.14	353.24	398.18	335.04	389.94	326.78
	6.50%	7.60%	7.50%	7.00%	7.60%	7.10%	6.50%	5.80%	7.20%	7.40%	7.50%	7.40%
	3.30%	4.00%	4.00%	3.30%	3.60%	3.00%	3.00%	2.10%	3.20%	3.00%	3.50%	3.10%
	—	8.20%	—	6.40%	—	5.50%	—	—	—	—	—	—
	45.70%	66.20%	41.90%	29.50%	31.30%	36.30%	39.50%	37.40%	—	—	—	—
	32.00%	118.30%	90.40%	99.90%	48.70%	36.40%	21.20%	-3.40%	—	—	—	—

Metric	TTM	FY26	FY25	FY24	FY23	FY22	FY21
Income statement
	39,063	35,743	25,045	18,548	14,071	10,818	8,573
	217.49	208.02	144.60	73.71	37.89	38.29	45.37
	39,281	35,951	25,190	18,622	14,109	10,856	8,619
	37,325	34,107	24,230	17,833	13,505	10,557	8,579
	37,339	35,232	22,257	17,070	13,104	9,709	7,482
	410.45	382.51	254.27	—	—	—	—
	1,046	940.31	738.63	606.37	440.57	354.27	331.53
	437.66	432.87	359.46	323.24	302.56	322.36	375.42
	440.18	422.86	342.72	274.30	244.58	231.58	224.90
	1,298	1,273	1,028	—	—	—	—
	1,955	1,843	959.60	788.83	604.77	298.86	39.36
	-41.50	-41.50	0.00	0.00	-33.25	0.00	0.00
	1,914	1,802	959.60	788.83	571.52	298.86	39.36
	478.86	451.60	245.43	192.54	139.59	74.83	45.43
	1,435	1,350	714.17	596.28	431.93	224.03	-6.07
	13.90	13.08	6.93	5.80	4.20	2.18	-0.07
Key metrics
	2,792	2,658	1,662	1,386	1,119	852.80	639.68
	7.15%	7.40%	6.60%	7.50%	7.90%	7.90%	7.50%
	3.67%	3.80%	2.90%	3.20%	3.10%	2.10%	-0.10%
	—	27.40%	20.90%	—	—	—	—
	45.75%	42.70%	35.00%	31.80%	30.10%	26.20%	—
	79.22%	89.10%	19.80%	38.10%	92.80%	3,790.80%	—
	—	911.41	781.93	—	—	—	—
	—	0.98	1.69	—	—	—	—
	—	0.08	0.20	—	—	—	—
	—	217.05	579.37	—	—	—	—
	—	119.2	112.6	—	—	—	—
Balance sheet
	—	20,717	15,126	—	—	—	—
	—	16,331	11,399	—	—	—	—
	—	306.60	370.33	—	—	—	—
	—	866.55	399.92	—	—	—	—
	—	14,175	9,681	—	—	—	—
	—	149.26	117.02	—	—	—	—
	—	1,498	1,306	—	—	—	—
	—	3,360	2,350	—	—	—	—
	—	12,568	8,811	—	—	—	—
	—	523.65	949.70	—	—	—	—
	—	523.65	949.70	—	—	—	—
	—	0.00	0.00	—	—	—	—
	—	6,309	4,804	—	—	—	—
Cash flow
	—	1,318	1,209	—	—	—	—
	—	-117.51	-176.55	—	—	—	—
	—	-1,264	-840.24	—	—	—	—
	—	406.11	427.47	—	—	—	—

Metric	Q1 FY27	Q4 FY26	Q3 FY26	Q2 FY26	Q1 FY26	Q4 FY25	Q3 FY25	Q2 FY25	Q1 FY25	Q4 FY24	Q3 FY24	Q2 FY24
Income statement
	9,026	8,994	9,048	6,843	6,142	5,350	6,393	5,227	4,687	3,876	4,512	3,754
	72.23	52.05	74.35	56.92	52.12	42.36	34.89	27.69	25.02	25.76	22.60	14.33
	9,098	9,046	9,122	6,900	6,194	5,393	6,427	5,254	4,712	3,901	4,534	3,769
	8,666	8,551	8,539	6,548	5,850	5,143	6,136	5,087	4,489	3,725	4,308	3,600
	8,308	9,860	7,916	6,894	5,898	4,993	5,535	4,588	4,054	3,731	4,124	3,394
	0.00	0.00	0.00	0.00	0.00	0.00	—	—	—	—	—	—
	277.11	230.20	209.55	186.74	180.37	174.69	166.69	148.58	148.48	133.99	135.03	128.20
	62.81	83.43	68.62	65.00	72.36	68.57	58.45	62.58	60.08	57.88	59.89	62.72
	77.36	77.47	76.92	72.31	69.65	67.88	61.05	61.21	56.01	54.71	53.04	50.68
	236.38	272.95	283.39	235.91	221.90	194.44	—	—	—	—	—	—
	432.09	495.35	582.58	351.70	344.28	249.41	291.90	167.06	223.88	176.30	225.93	168.18
	0.00	0.00	-41.50	0.00	0.00	0.00	—	—	—	—	—	—
	432.09	495.35	541.08	351.70	344.28	249.41	291.90	167.06	223.88	176.30	225.93	168.18
	110.77	129.70	140.26	89.52	87.80	64.05	73.94	46.81	58.79	44.97	57.65	42.65
	321.32	365.65	400.81	262.18	256.48	185.37	217.96	120.26	165.09	131.34	168.29	125.53
	3.11	3.54	3.88	2.54	2.48	1.80	2.11	1.17	1.60	1.28	1.63	1.22
Key metrics
	572.26	656.25	686.62	489.01	486.29	385.86	411.40	290.85	339.97	288.89	338.86	281.58
	6.30%	7.30%	7.60%	7.10%	7.90%	7.20%	6.40%	5.60%	7.30%	7.50%	7.50%	7.50%
	3.60%	4.10%	4.40%	3.80%	4.20%	3.50%	3.40%	2.30%	3.50%	3.40%	3.70%	3.30%
	—	7.60%	—	6.30%	—	5.20%	—	—	—	—	—	—
	46.90%	68.10%	41.50%	30.90%	31.00%	38.10%	41.70%	39.20%	—	—	—	—
	25.30%	97.30%	83.90%	118.00%	55.40%	41.10%	29.50%	-4.20%	—	—	—	—

Metric	TTM	FY26	FY25	FY24	FY23	FY22	FY21
Income statement
	33,910	31,027	21,639	15,783	11,584	9,056	7,326
	255.55	235.44	148.55	76.48	42.63	42.45	52.87
	34,166	31,263	21,787	15,859	11,627	9,099	7,378
	32,304	29,489	20,855	15,115	11,068	8,809	7,191
	32,978	30,567	19,170	14,511	10,819	8,147	6,607
	0.00	0.00	0.00	—	—	—	—
	903.60	806.86	638.67	518.34	371.15	297.36	—
	279.86	289.42	249.68	241.65	234.32	263.60	316.07
	304.06	296.35	246.15	206.38	183.06	180.52	—
	1,029	1,014	838.92	—	—	—	329.83
	1,862	1,774	932.26	744.12	558.33	289.86	187.49
	-41.50	-41.50	0.00	—	-33.25	—	—
	1,820	1,732	932.26	744.12	525.08	289.86	187.49
	470.25	447.29	243.58	190.06	135.27	75.69	49.25
	1,350	1,285	688.68	554.06	389.81	214.17	138.23
	13.07	12.45	6.68	5.38	3.78	2.08	1.63
Key metrics
	2,404	2,318	1,428	1,192	942.46	733.98	503.56
	7.09%	7.50%	6.60%	7.60%	8.10%	8.10%	6.90%
	3.98%	4.10%	3.20%	3.50%	3.40%	2.40%	1.90%
	—	26.40%	19.50%	—	—	—	—
	46.72%	43.40%	37.10%	36.20%	27.90%	23.60%	—
	73.06%	86.60%	24.30%	42.10%	82.00%	54.90%	—
	—	1,265	628.84	—	—	—	—
	—	1.24	1.41	—	—	—	—
	—	0.05	0.18	—	—	—	—
	—	113.80	613.16	—	—	—	—
	—	98.7	101.8	—	—	—	—
Balance sheet
	—	17,055	12,709	—	—	—	—
	—	12,296	8,790	—	—	—	—
	—	202.96	267.62	—	—	—	—
	—	724.63	331.32	—	—	—	—
	—	10,687	7,568	—	—	—	—
	—	54.25	77.81	—	—	—	—
	—	1,230	1,119	—	—	—	—
	—	3,020	1,869	—	—	—	—
	—	9,409	6,640	—	—	—	—
	—	316.76	880.78	—	—	—	—
	—	316.76	880.78	—	—	—	—
	—	0.00	0.00	—	—	—	—
	—	6,121	4,777	—	—	—	—
Cash flow
	—	1,587	973.30	—	—	—	—
	—	-481.45	-293.15	—	—	—	—
	—	-1,170	-513.01	—	—	—	—
	—	321.96	344.46	—	—	—	—

Compounded growth

Standalone

Sales CAGR 3Y: +38.88%
Sales CAGR 5Y: +33.47%
Profit CAGR 3Y: +48.83%
Profit CAGR 5Y: +56.20%
Sales YoY (TTM): +46.72%
Profit YoY (TTM): +73.06%

Consolidated

Sales CAGR 3Y: +36.44%
Sales CAGR 5Y: +33.05%
Profit CAGR 3Y: +46.22%
Profit CAGR 5Y: —
Sales YoY (TTM): +45.75%
Profit YoY (TTM): +79.22%

Compounded from reported annual figures. We publish no share-price CAGR: our prices are as-traded, so one would be wrong across every split and bonus issue.

Coverage

INFORMED coverage

Kalyan Jewellers Q1 FY27 Revenue Grows ~38%, India Same-Store Sales Up 28% Amid Adhik Maas

Shareholding as of 30 Sep 2026

Promoter holding: 62.85%

Quarter	September 2026	June 2026
Promoter %	62.85%	62.86%

Holder	Type	Holding	Previous	Change
Kalyanaraman T S	Promoter	22.37%	22.37%	0.00%
T K Ramesh	Promoter	18.02%	18.02%	0.00%
Seetharam T K	Promoter	18.02%	18.02%	0.00%
Motilal Oswal Midcap Fund	Public	8.49%	9.17%	-0.68%
Kjg Consulting Private Limited	Promoter Group	2.35%	2.35%	0.00%
Bofa Securities Europe Sa - Odi	Public	1.68%	—	—
Franklin India Mid Cap Fund	Public	1.45%	—	—
Sundaram Mutual Fund A/C Sundaram Mid Cap Fund	Public	1.26%	1.33%	-0.07%
Karthik Ramani	Promoter Group	1.20%	1.20%	0.00%
New World Fund Inc	Public	1.03%	—	—
Smallcap World Fund, Inc	Public	1.00%	—	—
Radhika Thrikur Kalyanaraman	Promoter Group	0.71%	0.71%	0.00%
T B Seetharamji	Promoter Group	0.02%	0.02%	0.00%
Dhanya Manoj	Promoter Group	0.02%	0.02%	0.00%
Hariharan Divya	Promoter Group	0.02%	0.02%	0.00%

Public shareholders are disclosed individually only above 1%.

Peer comparison

Company	Mkt cap (₹ Cr)	Price (₹)	P/E	ROCE	Sales YoY	Profit YoY	1Y return
Titan Company Limited	4,21,698	4,750.00	73.21	38.40%	+45.05% TTM	+55.12% TTM	+24.58%
Kalyan Jewellers India Limited	54,736	530.00	38.14	27.40%	+45.75% TTM	+79.22% TTM	+1.38%
Lalithaa Jewellery Mart Limited	20,466	365.65	—	—	—	—	—
PC JEWELLER LIMITED	15,418	15.81	17.31	10.30%	+29.27% TTM	+45.80% TTM	+31.09%
Sky Gold And Diamonds Limited	14,375	928.15	35.45	36.00%	+73.01% TTM	+118.85% TTM	+158.54%
Thangamayil Jewellery Limited S	13,364	4,299.50	34.09	34.70%	+78.15% TTM	+113.25% TTM	+41.38%
BlueStone Jewellery and Lifestyle Limited	10,569	691.35	103.94	8.10%	—	—	-2.80%
P N GADGIL JEWELLERS LIMITED	8,562	581.65	17.56	30.50%	+50.66% TTM	+64.36% TTM	-12.63%
ETHOS LIMITED	7,328	2,738.80	69.28	8.40%	+30.42% TTM	+14.34% TTM	-7.78%
Timex Group India Ltd S	6,779	671.50	66.03	65.20%	+44.15% TTM	+83.08% TTM	+81.63%
Senco Gold Limited	5,100	311.15	8.93	33.80%	+41.91% TTM	+168.38% TTM	-6.79%
KDDL Ltd	4,758	3,868.80	31.67	10.40%	+32.48% TTM	+4.32% TTM	+52.02%
Goldiam International Ltd.	4,651	308.95	22.05	20.30%	+27.01% TTM	+63.93% TTM	+12.00%
D P ABHUSHAN LIMITED S	4,424	1,938.00	18.44	45.90%	+30.80% TTM	+93.38% TTM	+28.55%
Tribhovandas Bhimji Zaveri Limited	4,049	606.75	20.61	35.60%	+24.14% TTM	+110.34% TTM	+227.53%
SHRINGAR HOUSE OF MANGALSUTRA LIMITED S	2,809	291.25	23.21	23.30%	—	—	+26.52%
Vaibhav Global Ltd	2,690	160.30	9.64	15.30%	+9.61% TTM	+52.41% TTM	-41.53%
SHANTI GOLD INTERNATIONAL LIMITED	2,089	272.20	—	—	—	—	—
Deepa Jewellers Limited S	2,058	213.00	—	—	—	—	—
PNGS Reva Diamond Jewellery Limited S	2,008	633.40	21.13	18.60%	—	—	—
Khazanchi Jewellers Limited S	1,757	709.90	—	39.50%	—	—	+3.55%
Motisons Jewellers Limited S	1,702	14.96	25.36	18.00%	+10.73% TTM	+48.70% TTM	-8.78%
RENAISSANCE GLOBAL LIMITED	1,534	142.75	14.03	9.10%	+41.39% TTM	+68.44% TTM	+4.96%
Rajesh Exports Ltd. S	1,485	50.30	55.27	3.70%	+17.58% TTM	-3.03% TTM	-72.32%
Shankesh Jewellers Limited S	1,378	98.13	—	—	—	—	—

Filings & corporate actions

Recent announcements

Revised Q2 - Earnings Call26 Oct 2026 · Company Update / Analyst / Investor Meet
Q2-Earnings Call23 Oct 2026 · Company Update / Analyst / Investor Meet
Kalyan Jewellers India Ltdhas informed BSE that the meeting of the Board of Directors of the Company is scheduled on 10/11/2026 ,inter alia, to consider and approve approve the Un-Audited ....22 Oct 2026 · Board Meeting / Board Meeting
Certificate under SEBI (Depositories and Participants) Regulations, 20187 Oct 2026 · Company Update / Certificate under Reg. 74 (5) of SEBI (DP) Regulations, 2018
Q2 Update FY 2026-277 Oct 2026 · Company Update / General
Disclosure under Regulation 30 of SEBI (LODR) Regulation, 2015- Sale of Land30 Sep 2026 · Company Update / General
Investor Meet23 Sep 2026 · Company Update / Analyst / Investor Meet
Credit Rating22 Sep 2026 · Company Update / Credit Rating
Closure of Trading Window22 Sep 2026 · Insider Trading / SAST / Closure of Trading Window
Voting Result & Scrutinizers Report - 18th AGM19 Sep 2026 · AGM/EGM / AGM
Announcement under Regulation 30 - LODR19 Sep 2026 · Company Update / General
Proceedings of 18th Annual General Meeting19 Sep 2026 · AGM/EGM / AGM
Investor Meet8 Sep 2026 · Company Update / Analyst / Investor Meet
Investor Meet7 Sep 2026 · Company Update / Analyst / Investor Meet
General Update21 Aug 2026 · Company Update / General
Newspaper Publication21 Aug 2026 · Company Update / Newspaper Publication
Newspaper Publication20 Aug 2026 · Company Update / Newspaper Publication
BRSR Report20 Aug 2026 · Others / Business Responsibility and Sustainability Reporting (BRSR)
18th AGM Notice20 Aug 2026 · AGM/EGM / AGM
Annual Report FY 25-2620 Aug 2026 · Others / Reg. 34 (1) Annual Report
Record Date17 Aug 2026 · Corp. Action / Record Date
Intimation of 18th AGM17 Aug 2026 · AGM/EGM / AGM
Investor Meet13 Aug 2026 · Company Update / Analyst / Investor Meet
Earnings Call Transcript - Q18 Aug 2026 · Company Update / Earnings Call Transcript
Newspaper Publication5 Aug 2026 · Company Update / Newspaper Publication
Link of Recording4 Aug 2026 · Company Update / Analyst / Investor Meet
Investor Presentation4 Aug 2026 · Company Update / Investor Presentation
Board Meeting Outcome for Financial Results For The Quarter Ended On 30 June 20264 Aug 2026 · Board Meeting / Outcome of Board Meeting
Financial Results For the Quarter Ended on 30 June 20264 Aug 2026 · Result / Financial Results
ESOP ALLOTMENT1 Aug 2026 · Company Update / Allotment of ESOP / ESPS
Q1-Earnings Call27 Jul 2026 · Company Update / Analyst / Investor Meet
Kalyan Jewellers India Ltdhas informed BSE that the meeting of the Board of Directors of the Company is scheduled on 04/08/2026 ,inter alia, to consider and approve the Un-Audited Standalone ....17 Jul 2026 · Board Meeting / Board Meeting
Q1 Update FY 2026-277 Jul 2026 · Company Update / General
Certificate under SEBI (Depositories and Participants) Regulations, 20183 Jul 2026 · Company Update / Certificate under Reg. 74 (5) of SEBI (DP) Regulations, 2018
Announcement under Regulation 30 of SEBI LODR26 Jun 2026 · Company Update / General
Closure of Trading Window23 Jun 2026 · Insider Trading / SAST / Closure of Trading Window
Investor Meet30 May 2026 · Company Update / Analyst / Investor Meet
Annual Secretarial Compliance Report for the Year ended 31st March 202613 May 2026 · Company Update / Reg.24(A)-Annual Secretarial Compliance
Earnings Call Transcript - Q411 May 2026 · Company Update / Earnings Call Transcript
Newspaper Publication - Q49 May 2026 · Company Update / Newspaper Publication

Corporate actions

Purpose	Ex date	Record date	Payment date
Final Dividend - Rs. - 2.5000	11 Sep 2026	12 Sep 2026	—
Final Dividend - Rs. - 1.5000	4 Sep 2025	5 Sep 2025	—
Final Dividend - Rs. - 1.2000	9 Aug 2024	—	—

Board meetings

10 Nov 2026 Board Meeting - Financial Results
4 Aug 2026 Board Meeting - Financial Results

Kalyan Jewellers Q1 FY27 Revenue Grows ~38%, India Same-Store Sales Up 28% Amid Adhik Maas

INFORMED Newsroom · 2026-07-09

Kalyan Jewellers India Ltd released its quarterly business update for the first quarter of FY2027 (ended June 30, 2026), reporting a consolidated revenue jump of approximately 38% year-on-year (excluding bullion sales). The growth was led by robust India operations, which clocked a same-store-sales increase of about 28% even though a full 28‑day Adhik Maas period – a once‑in‑three‑years lull for weddings – fell entirely within the quarter. The update also highlighted a newly launched gold‑recirculation campaign that lifted recycled gold to over 46% of revenue, rapid expansion of the Candere platform, and continued store additions.

In a Nutshell: What Kalyan Jewellers Does

Kalyan Jewellers is a major Indian jewellery retailer that sells gold, diamond, and precious‑stone ornaments through a network of showrooms. It operates company‑owned stores as well as a large franchisee‑owned company‑operated (FOCO) model, and has a growing international presence in the Middle East, the US, and the UK. Its digital‑first platform, Candere, focuses on lightweight lifestyle jewellery. The company earns by marking up precious metals and stones, charging making fees, and running gold savings schemes.

India: Strong SSSG Despite a Pause in Wedding Demand

The company’s India operations saw revenue growth in excess of 38% compared to Q1 FY2026. Even with the Adhik Maas period – when wedding‑related purchases pause in parts of the country – same‑store‑sales growth (SSSG) came in at approximately 28%.

This is a slight deceleration from the 47% India SSSG recorded in Q4 FY2026 (South 29%, Non‑South 62%) , but it remains well above the 15–16% run‑rate seen in South‑India company‑owned stores in earlier quarters . Management has previously noted that SSSGs have “always been, what, 20%‑30%” over the last 2‑3 years, while their long‑term planning assumption is only 10% . The Q1 performance therefore underscores continued strong momentum, with the Adhik Maas impact partly offset by broad‑based demand across key markets.

‘Shine with India’ Campaign Pushes Recycled Gold to 46% of Revenue

Launched in the second half of May 2026, the ‘Shine with India’ initiative aims to increase the share of recycled gold and reduce dependence on imported metal. The campaign has been “well received by our customers,” helping lift recycled gold as a percentage of revenue to over 46% in Q1, and to more than 55% in the month of June alone.

The financial implications are not yet quantified. The company’s investor communications up to May 2026 do not mention the campaign, and no commentary is available on how a higher recycled‑gold share might affect cost of goods sold or gross margins . Historically, margins have been driven by product mix (studded vs. plain gold), procurement efficiencies, FOCO revenue share, and operating leverage . The new campaign could further improve procurement costs, but this remains to be seen when the full financial results are released.

International: Middle East Grows ~30%, Geopolitical Bumps Contained

International operations – which contributed about 14% of consolidated revenue in the quarter – grew approximately 35% year‑on‑year. Within that, the Middle East revenue grew roughly 30%, predominantly through same‑store sales, although footfalls in April were affected by geopolitical tensions in the region.

For context, the Middle East business posted revenue of ₹1,074 crore in Q4 FY2026 (up 37% YoY) with an SSSG of ~34% . The region has been consistently strong, and the company continues to explore a large‑scale franchisee partnership with Arab investors, having temporarily converted four FOCO showrooms to company‑owned to facilitate the discussions . The US and UK remain small pilots (2 and 1 showroom respectively) with no separate financial metrics disclosed.

Candere: 112% Revenue Growth and a Turn to Profitability

The digital‑first jewellery platform Candere recorded revenue growth of approximately 112% compared to Q1 FY2026. The business turned PAT‑positive in the second half of FY2026 and posted a profit of ₹3 crore in Q4 FY2026 on revenue of ₹131 crore . Candere’s gross margins are in the mid‑30s because its studded‑jewellery mix exceeds 70% . The company added 5 Candere showrooms in Q1, taking the total to 129, and plans to open 50‑55 more during FY2027 .

Store Network and Balance‑Sheet Strength Support Ambitious Expansion

The quarter saw 12 new Kalyan showrooms and 5 Candere showrooms launch in India. As of June 30, 2026, the network stood at 524 outlets:

Format	Showrooms
Kalyan India	354
Kalyan Middle East	38
Kalyan USA	2
Kalyan UK	1
Candere	129
Total	524

Key Things to Watch

Full financials: The update provides only revenue‑side numbers. Margins, profitability, and the exact revenue base will be known when the board approves the quarterly results.
Recycled gold margin impact: The ‘Shine with India’ campaign has clearly lifted the recycled share quickly, but its effect on gross margin and working capital will be a critical metric when detailed numbers arrive.
SSSG trajectory: With a 28% SSSG in a seasonally soft quarter, the upcoming festive season will test whether the exceptional momentum of the past two years can be sustained or begins to gravitate towards management’s 10% long‑term expectation.
Middle East FOCO conversion: Any progress on franchisee partnerships with Arab investors could accelerate the international rollout without straining capital, as indicated by management in May 2026 .

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