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Revenue
₹7,268 Cr
verified against source
Revenue YoY
31%
reported change
EBITDA
₹508 Cr
latest reported figure
Source
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record provenance
Actual signal trajectory
Where this quarter sits.
Quarter read
What the record says.
Kalyan Jewellers delivered a strong Q1 FY26 with consolidated revenue of INR 7,268 crore (+31% YoY) and PAT of INR 264 crore (+49% YoY), driven by robust same-store growth of 18% in India and margin gains from a pilot lean-credit procurement project. The pilot, which reduced vendor payable days to ~10 days, delivered ROCE above corporate average and is expected to be expanded. Management announced a new regional brand format (5 stores in 12 months, ~INR 300 crore initial investment) targeting price-conscious consumers, with a path to profitability in year one. Candere is on track to be PAT-positive by year-end. Risks include execution of the large-scale lean-credit rollout requiring INR 1,500-2,000 crore and potential gold price volatility impacting demand.
Colored figures show movement against the previous available record.
Guidance to track
- Candere is expected to end the current financial year with positive PAT, driven by strong store-level traction and brand campaign.
- Management plans to add 80 Candere showrooms in India during the current financial year.
- The first regional brand under the new subsidiary will be launched before the end of 2025, with 5 showrooms in 12 months.
- Management guided that India PBT margin should be on the upper side of 5% for the current quarter and year.
Risks flagged
- Expanding the lean-credit pilot to all Kalyan Jewellers stores may require INR 1,500-2,000 crore, with no clear funding plan yet.
- High and volatile gold prices may cause consumers to pause purchases, as seen in late July and early August.
- The new regional brand format is untested and may face challenges in brand building and franchisee adoption.
- Candere posted a loss of INR 10 crore in Q1 vs INR 2 crore last year; profitability by year-end is not guaranteed.
Key quotes
- The pilot project that we ran, the ROCE for the capital that we allocated for the project was actually higher than the corporate ROCE as of now.
- We believe that it will be a 100% organized segment in the next five years.
- Candere should end PAT positive neutral by the end of the current financial year.
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