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What is the story about?
Thrissur-based Kalyan Jewellers India Ltd on Friday (February 6) reported a 90% year-on-year rise in net profit to ₹416.2 crore in Q3, up from ₹218.8 crore in the same quarter last year.
Revenue grew 42% to ₹10,343 crore compared with ₹7,278 crore a year ago. EBITDA increased 74.3% to ₹750 crore from ₹430.3 crore, while EBITDA margin expanded to 7.3% from 5.9% in the year-ago period.
Kalyan Jewellers’ India operations reported a profit after tax (PAT) of ₹401 crore for Q3 FY26, up 84% from ₹218 crore in the same quarter last year.
The company’s international operations generated total revenue of ₹1,164 crore during Q3 FY26, compared with ₹842 crore in Q3 FY25, marking a growth of over 38%. PAT from international operations stood at ₹12 crore, up 64% from ₹8 crore in the year-ago quarter.
Candere, the lifestyle jewellery brand under Kalyan Jewellers, recorded revenue of ₹135 crore in Q3 FY26, a 144% increase from ₹55 crore in Q3 FY25. The brand posted a PAT of ₹3 crore for the quarter, compared with a loss of ₹7 crore in the same period last year.
Also Read: Titan, Kalyan Jewellers shares up to 4% after Budget 2026 skips excise duty changes
As of December 31, 2025, the company operates 195 FOCO (Franchisee Owned Company Operated) Kalyan showrooms in India, with 89 additional FOCO openings planned for FY26. The first FOCO Candere showroom was launched in FY24, and the network grew to 68 FOCO showrooms by December 2025, with further expansion in FY26 planned mainly through FOCO showrooms.
The company has focused on using free cash flow generation to reduce debt and reward shareholders. Between April 1, 2023, and September 30, 2025, Kalyan Jewellers repaid ₹646.1 crore in working capital loans in India. The FY25 dividend payout exceeded 20%.
Over the past several years, the company has delivered strong execution, with trailing twelve-month PAT at ₹1,128.5 crore versus ₹142.3 crore in FY20, representing a 51% CAGR, along with meaningful improvements in ROCE and leverage metrics.
Also Read: Kalyan Jewellers reports 30% consolidated revenue growth in Q2 with same store sales at 16%
In India, Q3FY26 performance was marked by the addition of 21 new showrooms (18 net), compared with 24 new showrooms in Q3FY25. Revenue grew approximately 42% year-on-year, driven mainly by strong same-store-sales growth (SSSG) of 27%.
New customer additions remained healthy, accounting for over 39% of total customers, and revenue from franchised showrooms contributed around 51% of total revenue. Margin expansion was supported by a mix improvement, procurement efficiencies, operating leverage, higher FOCO revenue, and gains in platinum and silver.
A one-time exceptional impact of ₹41.5 crore arose during the quarter due to changes in employee benefit provisions under the New Labour Codes, while the base year was impacted by a loss of ₹54.8 crore from a customs duty reduction.
Also Read: Kalyan Jewellers shares end 12% lower, extend losses for the eighth day in a row
Revenue growth across India was robust, aided by strong SSSG across regions and categories. SSSG in South India was 25%, while non-South markets recorded 29%, contributing 58.5% of total revenue. The studded jewellery share improved to 31.2% from 29.5% YoY.
In the Middle East, consumer sentiment remained robust despite volatile gold prices. Studded share stood at 18.2% versus 18.7% YoY, and revenue growth was largely driven by same-store-sales growth of approximately 24%. Higher FOCO showroom contribution led to lower gross and EBITDA margins, as expected.
Shares of Kalyan Jewellers India Ltd ended at ₹379.80, up by ₹3.60, or 0.96%, on the BSE.
Revenue grew 42% to ₹10,343 crore compared with ₹7,278 crore a year ago. EBITDA increased 74.3% to ₹750 crore from ₹430.3 crore, while EBITDA margin expanded to 7.3% from 5.9% in the year-ago period.
Kalyan Jewellers’ India operations reported a profit after tax (PAT) of ₹401 crore for Q3 FY26, up 84% from ₹218 crore in the same quarter last year.
The company’s international operations generated total revenue of ₹1,164 crore during Q3 FY26, compared with ₹842 crore in Q3 FY25, marking a growth of over 38%. PAT from international operations stood at ₹12 crore, up 64% from ₹8 crore in the year-ago quarter.
Candere, the lifestyle jewellery brand under Kalyan Jewellers, recorded revenue of ₹135 crore in Q3 FY26, a 144% increase from ₹55 crore in Q3 FY25. The brand posted a PAT of ₹3 crore for the quarter, compared with a loss of ₹7 crore in the same period last year.
Also Read: Titan, Kalyan Jewellers shares up to 4% after Budget 2026 skips excise duty changes
As of December 31, 2025, the company operates 195 FOCO (Franchisee Owned Company Operated) Kalyan showrooms in India, with 89 additional FOCO openings planned for FY26. The first FOCO Candere showroom was launched in FY24, and the network grew to 68 FOCO showrooms by December 2025, with further expansion in FY26 planned mainly through FOCO showrooms.
The company has focused on using free cash flow generation to reduce debt and reward shareholders. Between April 1, 2023, and September 30, 2025, Kalyan Jewellers repaid ₹646.1 crore in working capital loans in India. The FY25 dividend payout exceeded 20%.
Over the past several years, the company has delivered strong execution, with trailing twelve-month PAT at ₹1,128.5 crore versus ₹142.3 crore in FY20, representing a 51% CAGR, along with meaningful improvements in ROCE and leverage metrics.
Also Read: Kalyan Jewellers reports 30% consolidated revenue growth in Q2 with same store sales at 16%
In India, Q3FY26 performance was marked by the addition of 21 new showrooms (18 net), compared with 24 new showrooms in Q3FY25. Revenue grew approximately 42% year-on-year, driven mainly by strong same-store-sales growth (SSSG) of 27%.
New customer additions remained healthy, accounting for over 39% of total customers, and revenue from franchised showrooms contributed around 51% of total revenue. Margin expansion was supported by a mix improvement, procurement efficiencies, operating leverage, higher FOCO revenue, and gains in platinum and silver.
A one-time exceptional impact of ₹41.5 crore arose during the quarter due to changes in employee benefit provisions under the New Labour Codes, while the base year was impacted by a loss of ₹54.8 crore from a customs duty reduction.
Also Read: Kalyan Jewellers shares end 12% lower, extend losses for the eighth day in a row
Revenue growth across India was robust, aided by strong SSSG across regions and categories. SSSG in South India was 25%, while non-South markets recorded 29%, contributing 58.5% of total revenue. The studded jewellery share improved to 31.2% from 29.5% YoY.
In the Middle East, consumer sentiment remained robust despite volatile gold prices. Studded share stood at 18.2% versus 18.7% YoY, and revenue growth was largely driven by same-store-sales growth of approximately 24%. Higher FOCO showroom contribution led to lower gross and EBITDA margins, as expected.
Shares of Kalyan Jewellers India Ltd ended at ₹379.80, up by ₹3.60, or 0.96%, on the BSE.
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