EBITDA margin pressure from franchisee mix
As the share of franchisee (FOCO) stores increases, overall EBITDA margins may continue to decline due to lower margins in that channel.
KALYANKJIL / Q2-FY26 / risks
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Kalyan Jewellers · Material risks, their source context, and severity in the latest available quarter.
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Material risks this quarter
medium
High employee attrition in My Kalyan division
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 opening delays
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 growth moderation
Middle East revenue grew only 8% YoY with 7% SSG, impacted by timing of festivities; sustained slowdown could affect overall growth.