Kalyan Jewellers India (KALYANKJIL) Q2 25/26 earnings summary

Executive summary

• Achieved consolidated Q2FY26 revenue of ₹78,560.26 million, up 30% year-over-year, with PAT doubling to ₹2,605.10 million, driven by strong festive sales and robust SSGs in both India and Middle East.

• Franchise (FOCO) model expansion accelerated, now contributing 49% of India revenue.

• Unaudited standalone and consolidated financial results for the quarter and half year ended 30 September 2025 were approved by the Board.

• Amendment to the Employee Stock Option Plan 2020, doubling reserved options from 3 million to 6 million, was approved, pending shareholder approval.

• Continued focus on capital efficiency, deleveraging, and shareholder returns.

Financial highlights

• Q2FY26 consolidated EBITDA rose 56% to ₹4,970 million, with EBITDA margin at 6.3%.

• Consolidated net profit for Q2FY26 was ₹2,605.10 million, compared to ₹1,303.29 million in Q2 FY25.

• Standalone revenue from operations for Q2 FY26 was ₹68,428.39 million, up from ₹52,206.88 million in Q2 FY25.

• Earnings per share (consolidated, basic) for Q2 FY26 was ₹2.52, up from ₹1.27 in Q2 FY25.

• H1 consolidated revenue was ₹1,51,250 million, up 31% year-over-year; H1 profit after tax was ₹5,250 million, up 70%.

Outlook and guidance

• Plans to open 84 India stores, 6 international stores, and 80 Candere stores in FY26.

• Candere expected to achieve PAT neutral or positive for the full year, with a revenue target of ₹5,000 million.

• Regional brand launch planned for Q4, with five showrooms and ₹3,000-3,500 million investment.

• Expansion to focus on capital-light franchise model, especially in non-south India and international markets.

• Continued focus on free cash flow generation and rewarding shareholders via dividends.