Revenue rises 42 per cent as margin expansion and store additions lift December-quarter performance
Thrissur-headquartered Kalyan Jewellers India delivered a strong performance in the December quarter, with consolidated net profit surging 90 per cent year on year to Rs 416.2 crore, compared with Rs 218.8 crore in the same period last year.
Revenue from operations rose 42 per cent to Rs 10,343 crore from Rs 7,278 crore a year earlier. Operating performance improved sharply, with earnings before interest, tax, depreciation and amortisation (Ebitda) climbing 74.3 per cent to Rs 750 crore from Rs 430.3 crore. Ebitda margin expanded to 7.3 per cent from 5.9 per cent in the year-ago quarter.
India Operations Power Earnings
The company’s India business reported profit after tax (Pat) of Rs 401 crore in Q3 FY26, up 84 per cent from Rs 218 crore in the corresponding quarter last year.
During the quarter, Kalyan Jewellers added 21 new showrooms in India, resulting in a net addition of 18 outlets. Domestic revenue growth of around 42 per cent was driven by same-store sales growth (SSSG) of 27 per cent. New customers contributed more than 39 per cent of total footfall, while franchisee-operated company-owned (FOCO) outlets accounted for about 51 per cent of overall revenue.
Non-southern markets continued to gain share, recording SSSG of 29 per cent and contributing 58.5 per cent of India revenue, while South India posted SSSG of 25 per cent. The share of studded jewellery improved to 31.2 per cent from 29.5 per cent a year earlier.
Margin expansion in India was supported by a favourable product mix, improved procurement efficiencies, operating leverage, higher Foco contribution and stronger performance in platinum and silver categories.
Overseas Business And Candere Rebound
International operations reported revenue of Rs 1,164 crore in Q3FY26, compared with Rs 842 crore a year earlier, reflecting growth of over 38 per cent. Profit after tax from overseas markets rose 64 per cent to Rs 12 crore from Rs 8 crore in the year-ago quarter.
In the Middle East, demand remained resilient despite volatility in gold prices. Same-store sales growth of around 24 per cent supported revenue expansion, although higher Foco contribution weighed on gross and Ebitda margins, in line with expectations. Studded jewellery accounted for 18.2 per cent of regional sales, marginally lower than 18.7 per cent a year ago.
Candere, the company’s lifestyle jewellery brand, reported revenue of Rs 135 crore during the quarter, a sharp increase from Rs 55 crore in Q3FY25. The brand turned profitable, posting a Pat of Rs 3 crore, compared with a loss of Rs 7 crore in the year-ago period.
Expansion Plans And Debt Reduction
As of 31 December 2025, Kalyan Jewellers operated 195 FOCO showrooms across India and plans to open 89 additional outlets under the FOCO model in FY26. Candere’s FOCO network expanded to 68 outlets by December 2025, with further additions planned.
The company has also focused on deleveraging and shareholder returns. Between April 2023 and September 2025, it repaid Rs 646.1 crore of working capital loans in India. Dividend payout for FY25 exceeded 20 per cent.
Over the past few years, Kalyan Jewellers has significantly strengthened its financial profile. Trailing twelve-month PAT stood at Rs 1,128.5 crore, compared with Rs 142.3 crore in FY20, translating into a compound annual growth rate of 51 per cent, alongside improved return on capital employed and lower leverage.
Exceptional Items
During the quarter, the company recorded a one-time exceptional charge of Rs 41.5 crore linked to revised employee benefit provisions under the New Labour Codes. In the base quarter last year, earnings were impacted by a Rs 54.8 crore loss following a customs duty reduction.
Shares of Kalyan Jewellers India ended at Rs 379.80 on the BSE, up Rs 3.60, or 0.96 per cent.
