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A source-linked quarter view: reported numbers, management language, guidance, and the risks that should carry forward.
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Revenue
₹7,287 Cr
verified against source
Revenue YoY
40%
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 delivered a strong Q3 FY25 with consolidated revenue of ₹7,287 crore (+40% YoY) and PAT of ₹219 crore (+22% YoY). India revenue grew 42% to ₹6,393 crore, while Middle East revenue rose 23% to ₹840 crore. Same-store sales growth (SSG) remained robust at 24%, driven by festive and wedding demand. Management highlighted broad-based growth across gold and studded categories, with minimal impact from lab-grown diamonds due to low solitaire exposure. The company plans to open 170 showrooms in FY26 (90 Kalyan, 80 Candere), with LOIs already signed for H1. PBT margins expanded ~40 bps YoY, aided by operating leverage and lower ad spends. Debt reduction of ₹450 crore over 18 months is expected to continue, with ₹150 crore more in Q4. A key risk is gold price volatility, which could temporarily dampen non-wedding demand, though management noted customer adaptation.
Colored figures show movement against the previous available record.
Guidance to track
- Plans to open 170 showrooms in FY26: 90 Kalyan and 80 Candere. LOIs for H1 already signed.
- On track to launch 30 Kalyan and 15 Candere showrooms in India during Q4 FY25.
- Plan to further reduce debt by approximately ₹150 crore during Q4 FY25.
- Target to take Candere revenue to ₹1,000 crore in the next 2-3 years.
Risks flagged
- Recent surge in gold prices caused temporary turbulence; non-wedding purchases may be postponed if prices remain volatile.
- Introduction of corporate tax in UAE impacted Q3 PAT growth; ongoing tax burden may pressure margins.
- Analyst raised concern about possible increase in gold lease costs due to US tariff expectations; management said it's stable but cannot pass on to customers.
- Analyst questioned stress testing of franchisee partners; management noted checks but did not detail periodic stress tests.
Key quotes
- It has been an excellent year so far, with consolidated revenue growth of approximately 35% and standalone revenue of approximately 37% for the first nine months of the financial year.
- We reported a consolidated revenue for the quarter of INR 7,287 crores, a 40% growth over the same period in the previous year.
- We have completed signing of LOIs for showrooms to be opened during the first half of FY 2026.
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