Tracking the market's concerns across 12 quarters.
Latest test: Candere added 60 showrooms in FY25, reaching 60 total, on track for 80 in FY26. However, Candere posted a loss of INR 12 crore in Q4 vs INR 0.7 crore loss last year.
Latest test: Revenue grew 36% YoY to ₹6,182 Cr, with SSG of 21%, indicating strong demand despite gold price volatility.
Latest test: Management guided for 170 showroom openings in FY26 (90 Kalyan, 80 Candere). Franchisee revenue share is ~32-33%, with lower margins (~8%) vs company-owned (~15.5-16%).
Latest test: Candere revenue grew 368% YoY to ₹131 crore and turned PAT-positive in H2 FY26, a significant improvement from prior losses.
Killed by: PBT margins expanded ~40 bps YoY, aided by operating leverage and lower ad spends. Management did not flag competitive ad spend as a current risk.
Killed by: Q4 PAT grew 37% YoY to INR 188 Cr, with no mention of a customs duty write-off in the current quarter. The remaining INR 50 crore impact appears to have been absorbed or not materialized as expected.
Latest test: Middle East revenue grew 122% YoY in Q4 FY26, a sharp acceleration from 8% in Q2, indicating strong recovery.
Latest test: India gross margin declined ~100bps YoY in Q4 FY26, indicating margin pressure from franchisee mix shift.
Latest test: US showroom opened in Q3 FY25 as guided; Middle East revenue grew 23% YoY to ₹840 Cr, but PAT impacted by UAE corporate tax.
Latest test: Management commentary indicates the regional brand launch in Goa was not delivered in Q4 FY26, as per the management scorecard miss.
Latest test: Middle East PAT fell to INR 14 crore from INR 17 crore YoY, driven by a 2% interest rate hike and lower-margin franchise mix.
Latest test: Candere loss widened to INR 10 crore in Q1 FY26 from INR 2 crore in Q1 FY25, despite strong footfall growth of 75%+.
Latest test: Only 30 Candere stores opened in H1 FY26 against a full-year target of 80, indicating a significant shortfall.
Latest test: Management guided for debt reduction of INR 350-400 crore in FY26, which should lower finance costs. However, GML rates remain elevated at 5-5.5%.
Latest test: EBITDA margin was 7.0% in Q1 FY26, flat vs prior year (no delta provided). FOCO revenue share is 43%.
Latest test: Revenue grew 66% YoY to ₹10,275 Cr, with Non-South SSG of 29% and South SSG of 25%, indicating strong volume growth despite high gold prices.
Latest test: Revenue grew 31% YoY to INR 7,268 Cr, with India same-store growth of 18%, indicating strong demand despite high gold prices.
Latest test: Revenue grew 42% YoY to INR 10,343 Cr, with same-store sales growth exceeding 30% during Diwali.
Latest test: Employee attrition rate was 52%, driven by My Kalyan field staff. Management considers it industry norm and does not expect improvement.
Latest test: Management confirmed the pilot delivered ROCE above corporate average, but the full rollout requires INR 1,500-2,000 crore. No funding plan was disclosed.
Latest test: Management guided for an inventory loss of INR 120-130 crore, spread over Q2 and Q3. This is a one-time hit but will pressure near-term profitability.
