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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
₹10,343 Cr
verified against source
Revenue YoY
42%
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 stellar Q3 FY26 with consolidated revenue of INR 10,343 crore (+42% YoY) and PAT of INR 416 crore (+90% YoY), driven by strong festive demand, same-store sales growth exceeding 30% during Diwali, and margin expansion from improved studded mix, procurement changes, and operating leverage. Candere turned PAT-positive with revenue growth of 144% to INR 135 crore. Management remains upbeat about Q4, citing strong wedding season momentum despite gold price volatility. Key risks include potential demand moderation if gold prices continue to surge, impacting volume and inventory turns. The company plans to launch a regional brand in Goa this quarter and maintain store additions of 80-90 per year in India.
Colored figures show movement against the previous available record.
Guidance to track
- Management guided for 80-90 new Kalyan Jewellers stores in India annually for the next two years.
- A new regional brand will be launched in Goa during the current quarter (Q4 FY26).
- Middle East and other overseas markets will see 6-7 new showrooms annually for the next couple of years.
- Candere will add 30-40 stores with a capital expenditure of INR 2-2.5 crore per store.
Risks flagged
- Sharp rise in gold prices may reduce volume of jewelry sold and increase inventory carrying costs, pressuring cash flows.
- 18-karat and lower-karat jewelry adoption is slower in South India, which could limit margin expansion in that region.
- Management plans to reduce pledges over next six months, which may involve share sales or additional borrowing.
- Competitors are investing in LGD, but Kalyan has no immediate plans, potentially missing a growth trend.
Key quotes
- We had an excellent all-round performance during the recently concluded quarter. Momentum on the ground remained robust for most part of the quarter, with the festive period growth meaningfully higher than the rest of the quarter.
- Candere recorded revenue growth of 117% for the nine months ended 31st December, and more importantly, Candere has turned PAT-positive during the recently concluded quarter, with revenue growth of 144%.
- Our job is to keep focused on execution and delivering numbers on the ground, and rest will not be our criteria to comment on.
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