Revenue ₹10,275 Cr (+66% YoY)
The story so far
Kalyan Jewellers has executed a remarkable growth trajectory over the past eight quarters, with consolidated revenue surging from ₹5,535 crore in Q1 FY25 to ₹10,275 crore in Q4 FY26—a near-doubling driven by aggressive store expansion, robust same-store sales, and a sharp turnaround in the Candere business. The engines of this growth are threefold: first, a relentless network expansion adding 129 showrooms in FY26 alone, including the first US store; second, sustained same-store sales growth of 20-30% during festive periods, reflecting strong brand traction in non-South markets which now contribute nearly half of revenue; and third, the Candere turnaround, with revenue growing 368% YoY in Q4 FY26 and turning PAT-positive in H2. Management has largely delivered on promises, including debt reduction of ₹360 crore in FY26 and margin expansion, though the regional brand launch in Goa was delayed. Key numbers: revenue grew 66% YoY in Q4 FY26 to ₹10,275 crore, PAT doubled to ₹410 crore, and non-GML debt was cut to ₹300 crore. The open question: Can Kalyan sustain 20%+ same-store growth as gold price inflation pressures volume and the franchisee mix continues to compress gross margins?
Key engines
The open question
Can Kalyan sustain 20%+ same-store growth as gold price inflation pressures volume and the franchisee mix continues to compress gross margins?