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Revenue
₹7,856 Cr
verified against source
Revenue YoY
30%
reported change
EBITDA
₹497 Cr
latest reported figure
Source
screener in
record provenance
Actual signal trajectory
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Quarter read
What the record says.
Kalyan Jewellers delivered a strong Q2 FY26 with consolidated revenue of ₹7,856 crore (+30% YoY) and PAT of ₹261 crore (+100% YoY), driven by robust same-store sales growth of 30%+ during the festive period and continued momentum post-Diwali. India revenue grew 31% to ₹6,843 crore, while Middle East grew 8% to ₹866 crore. The company reduced non-GML debt by ₹130 crore to ₹550 crore, on track for the annual target of ₹300 crore reduction. Management guided for 84 new Kalyan India stores and 80 Candere stores this year, with Candere expected to reach PAT neutrality for the full year. The pilot program contributed 0.2-0.3% to gross margins and will be maintained at current levels. A new regional brand launch is planned for Q4 with five stores over 12 months. Key risk: franchisee mix expansion may continue to pressure EBITDA margins.
Colored figures show movement against the previous available record.
Guidance to track
- Management plans to open 84 Kalyan-branded stores in India this fiscal year, with 40 already opened as of the call date.
- Candere is expected to achieve PAT neutrality for the full fiscal year, with revenue target of around ₹500 crore.
- The company targets reducing non-GML debt to approximately ₹400 crore by the end of FY26, with debt-free status next year.
- 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.
Risks flagged
- As the share of franchisee (FOCO) stores increases, overall EBITDA margins may continue to decline due to lower margins in that channel.
- Overall employee attrition rose to 52%, driven by My Kalyan's field marketing staff; management indicated this is an industry norm and unlikely to improve.
- Candere store openings are behind schedule (30 opened vs 80 target), due to location upgrades; execution risk remains for meeting the full-year target.
- Middle East revenue grew only 8% YoY with 7% SSG, impacted by timing of festivities; sustained slowdown could affect overall growth.
Key quotes
- Same-store sales growth for the 30-day period ending Diwali was in excess of 30% on a like-for-like basis.
- If you look at the next financial year, we have the remaining INR 400 crore of debt to be reduced. Once that is done, we might go into increasing the pilot phase.
- The regional brand comes with a lesser margin. Stock turn will be high. ROC will be in the range of 16%-18% is what we target to achieve with the brand in the initial year.
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