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Revenue
₹6,065 Cr
verified against source
Revenue YoY
37%
reported change
EBITDA
Pending
latest reported figure
Source
screener in
record provenance
Actual signal trajectory
Where this quarter sits.
Quarter read
What the record says.
Kalyan Jewellers reported a stellar Q2 FY25 with consolidated revenue of ₹6,065 crore, up 37% YoY, driven by broad-based growth across gold and studded categories. India revenue grew 39% YoY, with strong same-store sales momentum. The company opened 49 Kalyan and 34 Candere showrooms in H1, on track for 80 Kalyan and 50 Candere for the full year. Management highlighted robust Diwali season demand with SSG exceeding 20% for the Diwali-minus-30-day period. A one-time customs duty write-off of ₹70 crore impacted PBT, but adjusted PBT growth was 39%. Debt reduction is on track with ₹143 crore of non-GML repaid. Risks include further customs duty adjustments in Q3 (~₹50 crore) and slower international expansion, particularly in the Middle East and US, though a US store is expected by end of current quarter.
Colored figures show movement against the previous available record.
Guidance to track
- 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.
- 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.
- 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.
- The first US showroom, delayed earlier, is expected to open by the end of the current quarter (Q3 FY25).
Risks flagged
- A one-time loss of INR 120 crore from customs duty reduction will be fully recognized, with INR 70 crore in Q2 and the remaining ~INR 50 crore expected in Q3.
- Management acknowledged slower-than-planned expansion in the Middle East and international markets, with only four FOCO stores in Oman and a delayed US opening.
- As franchisee revenue share increases (currently ~32-33%), consolidated gross margins could face pressure since franchisee stores have lower margins (~8%) compared to company-owned stores (~15.5-16%).
- Local competitors are becoming more active with increased branding and festive promotions, which could impact market share and pricing.
Key quotes
- It has been a fantastic year so far. Both the quarters have been excellent.
- We have witnessed SSG in excess of 20% for Diwali minus 30 days period when compared to the base year.
- We are trying to come with a solution wherein we are trying to bucket the low margin, mid margin, and high margin international markets so that we can scale up in these markets also in the next financial year.
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