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Revenue
₹6,182 Cr
verified against source
Revenue YoY
36%
reported change
EBITDA
₹399 Cr
latest reported figure
Source
screener in
record provenance
Actual signal trajectory
Where this quarter sits.
Quarter read
What the record says.
Kalyan Jewellers reported a strong Q4 FY25 with consolidated revenue of INR 6,182 crore (up 36% YoY) and PAT of INR 188 crore (up 37% YoY). India revenue grew 38% to INR 5,350 crore, while Middle East revenue rose 26% to INR 784 crore. The company opened 76 Kalyan and 60 Candere showrooms in FY25, with plans to add 170 more in FY26. Management guided for debt reduction of INR 350-400 crore and PBT margins exceeding 5% in FY26. Candere is expected to turn profitable at PAT level this year. A key risk is the elevated gold metal loan interest rates (5-5.5%), which may pressure margins if not normalized.
Colored figures show movement against the previous available record.
Guidance to track
- Plans to open 90 Kalyan and 80 Candere showrooms in India during the current financial year.
- Target to reduce debt in India by INR 350-400 crore in the ongoing financial year.
- Management targets PBT margins above 5% for FY26, driven by debt reduction and operational efficiencies.
- Expects Candere to achieve profitability at the PAT level during the current financial year.
Risks flagged
- GML interest rates have risen to 5-5.5% from 3-3.5%, impacting finance costs. Normalization is uncertain.
- Sharp gold price increases may cause consumers to pause purchases, though management sees robust demand currently.
- Candere posted a loss of INR 12 crore in Q4 vs INR 0.7 crore loss last year. Profitability target may be delayed if store ramp-up falters.
- Aggressive store expansion (170 showrooms) relies on franchisee model; any disruption could impact growth.
Key quotes
- Q4 has been fantastic. We ended the financial year on an excellent note. The consolidated revenue and PAT growth for the quarter has been approximately 36%.
- Studded conversion becomes easier when the gold price is very high. Very simple reason. Because customer comes with INR 1 lakh... they are able to buy only 10 g with the same budget.
- Our target for this financial year, debt reduction will be in the range of INR 300 crore-INR 400 crore.
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