India and overseas operations post broad-based growth; Candere revenue surges, margins improve
Kalyan Jewellers India reported a strong performance in the December quarter, driven by robust festive demand across domestic and international markets, underscoring sustained consumer appetite for jewellery despite volatility in gold prices. The Thrissur-based jewellery retailer posted around 42 per cent year-on-year growth in consolidated revenue in Q3 FY2026.
India revenue also rose by about 42 per cent, supported by strong buying during and after the Diwali season. Growth was broad-based across both plain gold and studded jewellery segments, while same-store sales increased by approximately 27 per cent during the quarter, according to the company’s exchange filing.
In the preceding September quarter (Q2 FY2026), the company reported revenue of Rs 7,907 crore, up 29.8 per cent year on year. Net profit nearly doubled to Rs 261 crore, reflecting a 99.5 per cent increase from the year-ago period, supported by improved operating efficiency and strong consumer demand.
Ebitda rose 55.8 per cent year on year to Rs 497.1 crore, while the Ebitda margin improved to 6.3 per cent from 5.3 per cent, indicating better operating leverage.
International Operations And Digital Business
Overseas revenue increased around 36 per cent year on year, with the Middle East recording a 28 per cent rise in sales, largely driven by same-store growth. International markets contributed roughly 11 per cent to consolidated revenue.
The company’s digital-first jewellery platform, Candere, continued to scale rapidly, posting a 147 per cent jump in revenue compared with the year-ago period.
Retail Expansion
Kalyan Jewellers continued to expand its retail footprint during the quarter, opening 21 new showrooms in India, one store in the UK and 14 Candere outlets in India.
As of 31 December 2025, the company operated 469 showrooms globally, including 318 Kalyan stores in India, 38 in the Middle East, two in the US, one in the UK and 110 Candere showrooms.
Stock Performance And Valuation
Shares of Kalyan Jewellers India rose 5.21 per cent to Rs 527.50 on Wednesday. At current levels, the stock trades at a price-to-earnings ratio of 55.47, with a price-to-sales ratio of 1.92 and a price-to-book ratio of 10.75.
According to Trendlyne data, the 14-day Relative Strength Index (RSI) stands at 58, indicating neutral to mildly bullish momentum. The stock is trading above six of its eight key simple moving averages, pointing to a broadly positive technical trend.
