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Kalyan Jewellers Margin Trend — Quarter by Quarter

Kalyan Jewellers's EBITDA margin moved from 6.8% in Q4 FY24 to 6.3% in Q2 FY26 across 5 quarters. Management commentary below explains the cost and pricing drivers mentioned on calls.

EBITDA Margin by Quarter

QuarterEBITDA Margin (%)YoY Change
Q2 FY266.3%—
Q1 FY267.0%—
Q4 FY256.5%-6 bps
Q1 FY256.8%-60 bps
Q4 FY246.8%-85 bps

What management said about ebitda margin

G

Q4 FY26 · India PBT margin to sustain ~5.5-6%

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

G

Q1 FY26 · India PBT margin to be above 5%

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

G

Q4 FY25 · PBT margins in excess of 5% in FY26

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

G

Q4 FY25 · Candere to be profitable at PAT level in FY26

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

G

Q1 FY25 · India PBT margin target of ~5% for FY25

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

G

Q3 FY24 · PBT growth to outpace revenue growth for FY24

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

G

Q2 FY24 · Franchisee margin improvement of 25-50 bps

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