Customs duty write-off impact in Q3
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.
KALYANKJIL / Q2-FY25 / risks
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Kalyan Jewellers · Material risks, their source context, and severity in the latest available quarter.
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Risk intelligence
Material risks this quarter
medium
Slower international expansion
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.
Franchisee margin dilution risk
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%).
Competitive intensity in non-South markets
Local competitors are becoming more active with increased branding and festive promotions, which could impact market share and pricing.