Kalyan Jewellers Management Guidance Tracker

Plan to open 52 franchisee showrooms in Non-South markets, with most openings before Diwali.

Candere to launch over 20 physical showrooms starting August, mostly on franchise model.

First franchise showroom in Middle East to open before end of September quarter.

Management plans to open approximately 80 Kalyan showrooms across India in the next financial year, mostly in non-South markets.

All 80 showrooms will be under FOCO model, with 70 in non-south and 10 in south India.

50 LOIs already signed; expansion will be a mix of franchise and owned stores.

Plan to open 80 Kalyan and 50 Candere showrooms in India during FY25.

Plans to open six showrooms overseas, including first U.S. store by H1 FY25.

Management reiterated plans to open 80 showrooms in FY25, with 35 Kalyan and 20 Candere stores expected before Diwali.

The company plans to launch its first showroom in the US before the Diwali festive season.

Management reiterated the target to open 80 Kalyan Jewellers and 50 Candere showrooms in India for the current financial year, with 49 Kalyan and 34 Candere already opened in H1.

The first US showroom, delayed earlier, is expected to open by the end of the current quarter (Q3 FY25).

Plans to open 170 showrooms in FY26: 90 Kalyan and 80 Candere. LOIs for H1 already signed.

On track to launch 30 Kalyan and 15 Candere showrooms in India during Q4 FY25.

Plans to open 90 Kalyan and 80 Candere showrooms in India during the current financial year.

Management plans to add 80 Candere showrooms in India during the current financial year.

The first regional brand under the new subsidiary will be launched before the end of 2025, with 5 showrooms in 12 months.

Management plans to open 84 Kalyan-branded stores in India this fiscal year, with 40 already opened as of the call date.

A new regional/local jewelry brand will launch in Q4 FY26, with five stores planned over the next 12 months and investment of ₹300-350 crore.

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.

Plan to open 150 showrooms across Kalyan, Candier, and a new regional brand, similar to FY26 pace.

Plan to reduce cash credit limit by ₹300 crore, aided by aircraft sale proceeds (~₹100 crore net).

The company aims to reduce debt by ₹350 crore in the current financial year, with ₹157 crore already achieved in H1.

Management expects to fully repay non-gold metal loan working capital debt in India within the next 2-3 years.

Free cash flow will be used to reduce working capital loans by INR 350-400 crore by March 2025.

Four company-owned showrooms in the Middle East will be converted to franchise model in Q2, with proceeds used to reduce regional debt.

The company aims to reduce non-GML working capital loans in India by INR 300 crore in FY25, with INR 143 crore already achieved in H1.

Management guided for a higher debt reduction of INR 350-400 crore in the next financial year, supported by improved cash flows from the franchise model.

Plan to further reduce debt by approximately ₹150 crore during Q4 FY25.

Target to reduce debt in India by INR 350-400 crore in the ongoing financial year.

The company targets reducing non-GML debt to approximately ₹400 crore by the end of FY26, with debt-free status next year.

Target to completely repay non-GML debt in India during the current financial year, possibly by H1.

For new franchisee stores from FY25, Kalyan expects to improve its margin share by 25-50 basis points through revised terms.

Management reiterated that full-year PBT growth will be higher than revenue growth, despite Q3 margin pressure.

Management aims to achieve ~5% PBT margin in India for the full year, despite Q1 margin pressure from higher ad spends.

Management targets PBT margins above 5% for FY26, driven by debt reduction and operational efficiencies.

Management guided that India PBT margin should be on the upper side of 5% for the current quarter and year.

Management expects India standalone PBT margin to remain in the 5.5-6% range, with potential operating leverage gains.

Incremental debt reduction target for next fiscal year, with average debt reduction of INR 200 crore for interest saving calculation.

CapEx for FY25 estimated at INR 250 crore, reducing to INR 150 crore in FY26 as more stores shift to fully franchise-funded model.

Candere will add 30-40 stores with a capital expenditure of INR 2-2.5 crore per store.

Target to take Candere revenue to ₹1,000 crore in the next 2-3 years.

Expects Candere to achieve profitability at the PAT level during the current financial year.

Candere is expected to end the current financial year with positive PAT, driven by strong store-level traction and brand campaign.

Candere is expected to achieve PAT neutrality for the full fiscal year, with revenue target of around ₹500 crore.

Candier will prioritize same-store sales growth and network expansion, with ~50 showrooms planned for FY27.