Kalyan Jewellers India Ltd — Q3 FY26
Kalyan Jewellers delivered a stellar Q3 FY26 with consolidated revenue of INR 10,343 crore (+42% YoY) and PAT of INR 416 crore (+90% YoY), driven by strong festive demand, same-...
bullish
high
✓ Verified against BSE filing
Bear Cases vs Reality
The market's top concerns about Kalyan Jewellers, tested against this quarter's numbers.
! Still alive
Middle East revenue growth decelerates
The bear thesis
Middle East revenue growth slowed to 8% YoY in Q2 FY26. Sustained slowdown could affect overall growth and diversification strategy.
What the numbers say
Middle East revenue growth in Q3 FY26
Middle East revenue data not separately disclosed in Q3 FY26. Overall revenue grew 42% YoY.
Middle East revenue was not disclosed, so the deceleration risk cannot be assessed. The bear case remains alive due to lack of data.
Source: Market narrative
↓ Weakening
Previously: Alive
Candere losses persist despite strong growth
The bear thesis
Candere has been posting losses even as revenue grows. In Q3 FY26, Candere revenue grew 144% to INR 135 crore and turned PAT-positive, but the sustainability of profitability is uncertain given past losses.
What the numbers say
Candere revenue and PAT in Q3 FY26
Candere revenue grew 144% YoY to INR 135 crore and turned PAT-positive for the quarter.
Candere turned PAT-positive in Q3 FY26 with 144% revenue growth, a significant improvement from prior losses. However, the bear case is weakened but not dead as profitability needs to be sustained.
Source: From analyst Q&A
↓ Weakening
Gold price volatility impacts volume and inventory
The bear thesis
Sharp rise in gold prices may reduce volume of jewelry sold and increase inventory carrying costs, pressuring cash flows. Management flagged this as a key risk.
What the numbers say
Revenue growth and same-store sales growth in Q3 FY26
Revenue grew 42% YoY to INR 10,343 Cr, with same-store sales growth exceeding 30% during Diwali.
Revenue and same-store sales growth remained strong despite high gold prices, indicating resilient demand. The bear case is weakened but not dead as gold price volatility remains a risk.
Source: Market narrative