Same-store sales growth (SSG) - Non-South
29%
+4pp YoY
Non-South SSG accelerated sharply in Q4, outpacing South SSG of 25%.
KALYANJEWELLERSINDIA
Other
15 May 2026
Kalyan Jewellers India Limited — Q4 FY26
Kalyan Jewellers delivered a stellar Q4 FY26 with consolidated revenue of ₹10,275 crore (+66% YoY) and PAT of ₹410 crore (+118% YoY), driven by strong same-store sales growth, aggressive network expansion (129 showrooms added in FY26), and a sharp turnaroun...
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2-Min Summary
Kalyan Jewellers delivered a stellar Q4 FY26 with consolidated revenue of ₹10,275 crore (+66% YoY) and PAT of ₹410 crore (+118% YoY), driven by strong same-store sales growth, aggressive network expansion (129 showrooms added in FY26), and a sharp turnaround in the Candier business which turned PAT-positive in H2. India standalone revenue grew 68% YoY to ₹8,990 crore, while the Middle East business posted a 122% revenue jump. Management guided for 150 new showrooms in FY27 across Kalyan, Candier, and a new regional brand, and reiterated its target to eliminate non-GML debt in India entirely this year. April has started off very well, though high bases in H2 FY26 and the inauspicious Adhik Maas period in Q1 could create near-term volatility. Key risk: sustained gold price inflation may pressure volume growth as customers stick to fixed budgets.
Key Numbers
Candier revenue
₹131 crore
+368% YoY
Candier revenue surged on strong SSG and network expansion; turned PAT-positive in H2.
Showroom additions (FY26)
129
+129 stores YoY
Includes Kalyan, Candier, and first UK showroom; 150 planned for FY27.
Non-GML debt reduction (India)
₹360 crore
-55% YoY
Reduced from ₹660 crore to ₹300 crore; target to zero by FY27 end.
Management Guidance
150 showroom openings in FY27
Plan to open 150 showrooms across Kalyan, Candier, and a new regional brand, similar to FY26 pace.
expansionNon-GML debt to zero in FY27
Target to completely repay non-GML debt in India during the current financial year, possibly by H1.
otherIndia 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.
marginsCandier focus on SSG and expansion
Candier will prioritize same-store sales growth and network expansion, with ~50 showrooms planned for FY27.
growthKey Risks
Gold price inflation impacting volumes
Sustained high gold prices may reduce volume growth as customers stick to fixed budgets, potentially pressuring revenue.
medium · management_commentaryAdhik Maas impact on Q1 wedding sales
The inauspicious Adhik Maas period in Q1 could shift wedding purchases to adjacent quarters, causing quarterly volatility.
low · analyst_questionMiddle East franchise conversion uncertainty
Plans to convert four FOCO showrooms to COCO and expand via Arab investors are still under discussion and may not materialize.
medium · management_commentaryGross margin pressure from franchise mix
Increasing franchisee share (FOCO) structurally compresses gross margins; Q4 saw ~100bps YoY decline in India gross margin.
medium · data_observationNotable Quotes
Q4 has been fantastic. The pickup in momentum we witnessed during the third quarter continued during the last quarter and we ended up the financial year on an excellent note.
If you are trying to put a 3 to 5 year projection, I always recommend only putting a 10% SSG even though I don't have a reason for it.
We are focusing on a major franchisee expansion in the Middle East through Arab investors but nothing has materialized but it's going the right direction.