52 new showrooms in FY24 (franchise model)
Plan to open 52 franchisee showrooms in Non-South markets, with most openings before Diwali.
KALYANKJIL / guidance tracker
Keep management guidance in view.
Kalyan Jewellers · forward-looking guidance across the available source record.
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Guidance tracker
What management said would happen.
expansion
20+ Candere physical stores in next 6 months
Candere to launch over 20 physical showrooms starting August, mostly on franchise model.
First Middle East franchise store by Q2 end
First franchise showroom in Middle East to open before end of September quarter.
Debt reduction of ~₹300 crore by year-end
Plan to reduce cash credit limit by ₹300 crore, aided by aircraft sale proceeds (~₹100 crore net).
80 new showrooms in FY25 (35 Kalyan + 20 Candere before Diwali)
Management reiterated plans to open 80 showrooms in FY25, with 35 Kalyan and 20 Candere stores expected before Diwali.
India PBT margin target of ~5% for FY25
Management aims to achieve ~5% PBT margin in India for the full year, despite Q1 margin pressure from higher ad spends.
First US showroom before Diwali
The company plans to launch its first showroom in the US before the Diwali festive season.
Convert 4 Middle East showrooms to franchise in Q2
Four company-owned showrooms in the Middle East will be converted to franchise model in Q2, with proceeds used to reduce regional debt.
Candere to be PAT-positive by end of FY26
Candere is expected to end the current financial year with positive PAT, driven by strong store-level traction and brand campaign.
80 new Candere showrooms in FY26
Management plans to add 80 Candere showrooms in India during the current financial year.
First regional brand launch before calendar year-end
The first regional brand under the new subsidiary will be launched before the end of 2025, with 5 showrooms in 12 months.
India PBT margin to be above 5%
Management guided that India PBT margin should be on the upper side of 5% for the current quarter and year.
80 new showrooms in India in FY25
Management plans to open approximately 80 Kalyan showrooms across India in the next financial year, mostly in non-South markets.
Debt reduction target of ₹350 crore in FY24
The company aims to reduce debt by ₹350 crore in the current financial year, with ₹157 crore already achieved in H1.
Franchisee margin improvement of 25-50 bps
For new franchisee stores from FY25, Kalyan expects to improve its margin share by 25-50 basis points through revised terms.
Non-GML debt elimination in 2-3 years
Management expects to fully repay non-gold metal loan working capital debt in India within the next 2-3 years.
Target 80 Kalyan and 50 Candere showrooms in FY25
Management reiterated the target to open 80 Kalyan Jewellers and 50 Candere showrooms in India for the current financial year, with 49 Kalyan and 34 Candere already opened in H1.
Debt reduction target of INR 300 crore for FY25
The company aims to reduce non-GML working capital loans in India by INR 300 crore in FY25, with INR 143 crore already achieved in H1.
Debt reduction target of INR 350-400 crore for FY26
Management guided for a higher debt reduction of INR 350-400 crore in the next financial year, supported by improved cash flows from the franchise model.
US showroom opening by end of Q3 FY25
The first US showroom, delayed earlier, is expected to open by the end of the current quarter (Q3 FY25).
84 new Kalyan India stores in FY26
Management plans to open 84 Kalyan-branded stores in India this fiscal year, with 40 already opened as of the call date.
Candere full-year PAT neutral in FY26
Candere is expected to achieve PAT neutrality for the full fiscal year, with revenue target of around ₹500 crore.
Non-GML debt to ₹400 crore by March 2026
The company targets reducing non-GML debt to approximately ₹400 crore by the end of FY26, with debt-free status next year.
Regional brand launch in Q4 with 5 stores
A new regional/local jewelry brand will launch in Q4 FY26, with five stores planned over the next 12 months and investment of ₹300-350 crore.
80 new Kalyan showrooms in India in FY25
All 80 showrooms will be under FOCO model, with 70 in non-south and 10 in south India.
Debt reduction of INR 400-450 crore in FY25
Incremental debt reduction target for next fiscal year, with average debt reduction of INR 200 crore for interest saving calculation.
PBT growth to outpace revenue growth for FY24
Management reiterated that full-year PBT growth will be higher than revenue growth, despite Q3 margin pressure.
Candere to open minimum 50 stores in FY25
50 LOIs already signed; expansion will be a mix of franchise and owned stores.
170 showroom openings in FY26
Plans to open 170 showrooms in FY26: 90 Kalyan and 80 Candere. LOIs for H1 already signed.
30 Kalyan and 15 Candere showrooms in Q4 FY25
On track to launch 30 Kalyan and 15 Candere showrooms in India during Q4 FY25.
Debt reduction of ₹150 crore in Q4 FY25
Plan to further reduce debt by approximately ₹150 crore during Q4 FY25.
Candere revenue target of ₹1,000 crore
Target to take Candere revenue to ₹1,000 crore in the next 2-3 years.
Store additions of 80-90 per year in India for next couple of years
Management guided for 80-90 new Kalyan Jewellers stores in India annually for the next two years.
Regional brand launch in Goa in Q4 FY26
A new regional brand will be launched in Goa during the current quarter (Q4 FY26).
Overseas store additions of 6-7 per year
Middle East and other overseas markets will see 6-7 new showrooms annually for the next couple of years.
Candere store additions of 30-40 with CapEx of INR 2-2.5 crore each
Candere will add 30-40 stores with a capital expenditure of INR 2-2.5 crore per store.
130 new showrooms in India in FY25
Plan to open 80 Kalyan and 50 Candere showrooms in India during FY25.
Debt reduction of INR 350-400 crore in FY25
Free cash flow will be used to reduce working capital loans by INR 350-400 crore by March 2025.
Six new overseas showrooms in FY25
Plans to open six showrooms overseas, including first U.S. store by H1 FY25.
CapEx of INR 250 crore in FY25, declining thereafter
CapEx for FY25 estimated at INR 250 crore, reducing to INR 150 crore in FY26 as more stores shift to fully franchise-funded model.
Open 170 showrooms in FY26
Plans to open 90 Kalyan and 80 Candere showrooms in India during the current financial year.
Debt reduction of INR 350-400 crore in FY26
Target to reduce debt in India by INR 350-400 crore in the ongoing financial year.
PBT margins in excess of 5% in FY26
Management targets PBT margins above 5% for FY26, driven by debt reduction and operational efficiencies.
Candere to be profitable at PAT level in FY26
Expects Candere to achieve profitability at the PAT level during the current financial year.
150 showroom openings in FY27
Plan to open 150 showrooms across Kalyan, Candier, and a new regional brand, similar to FY26 pace.
Non-GML debt to zero in FY27
Target to completely repay non-GML debt in India during the current financial year, possibly by H1.
India PBT margin to sustain ~5.5-6%
Management expects India standalone PBT margin to remain in the 5.5-6% range, with potential operating leverage gains.
Candier focus on SSG and expansion
Candier will prioritize same-store sales growth and network expansion, with ~50 showrooms planned for FY27.