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Revenue
₹10,275 Cr
verified against source
Revenue YoY
66%
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 Q4 FY26 with consolidated revenue of ₹10,275 crore (+66% YoY) and PAT of ₹410 crore (+118% YoY), driven by strong same-store sales growth, aggressive network expansion (129 showrooms added in FY26), and a sharp turnaround in the Candier business which turned PAT-positive in H2. India standalone revenue grew 68% YoY to ₹8,990 crore, while the Middle East business posted a 122% revenue jump. Management guided for 150 new showrooms in FY27 across Kalyan, Candier, and a new regional brand, and reiterated its target to eliminate non-GML debt in India entirely this year. April has started off very well, though high bases in H2 FY26 and the inauspicious Adhik Maas period in Q1 could create near-term volatility. Key risk: sustained gold price inflation may pressure volume growth as customers stick to fixed budgets.
Colored figures show movement against the previous available record.
Guidance to track
- Plan to open 150 showrooms across Kalyan, Candier, and a new regional brand, similar to FY26 pace.
- Target to completely repay non-GML debt in India during the current financial year, possibly by H1.
- Management expects India standalone PBT margin to remain in the 5.5-6% range, with potential operating leverage gains.
- Candier will prioritize same-store sales growth and network expansion, with ~50 showrooms planned for FY27.
Risks flagged
- Sustained high gold prices may reduce volume growth as customers stick to fixed budgets, potentially pressuring revenue.
- The inauspicious Adhik Maas period in Q1 could shift wedding purchases to adjacent quarters, causing quarterly volatility.
- Plans to convert four FOCO showrooms to COCO and expand via Arab investors are still under discussion and may not materialize.
- Increasing franchisee share (FOCO) structurally compresses gross margins; Q4 saw ~100bps YoY decline in India gross margin.
Key quotes
- Q4 has been fantastic. The pickup in momentum we witnessed during the third quarter continued during the last quarter and we ended up the financial year on an excellent note.
- If you are trying to put a 3 to 5 year projection, I always recommend only putting a 10% SSG even though I don't have a reason for it.
- We are focusing on a major franchisee expansion in the Middle East through Arab investors but nothing has materialized but it's going the right direction.
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