Kalyan Jewellers India (KALYANKJIL) Q3 24/25 earnings summary

Executive summary

• Consolidated revenue grew 40% year-over-year in Q3FY25, with India revenue up 42% and Middle East revenue up 23%.

• Same-store sales growth (SSG) was robust: Q1 at 12%, Q2 at 23%, and Q3 at 24%, driven by festive and wedding demand.

• 45 new showrooms opened in India and the first U.S. showroom launched during the quarter; total showrooms reached 349 as of December 2024.

• Strategic priorities include capital-light franchise expansion, focus on non-south markets, and rewarding shareholders through dividends.

• Board approved unaudited Q3 FY25 results and several director appointments, including Mr. Vinod Rai as Chairman.

Financial highlights

• Q3FY25 consolidated revenue: ₹72,869 million, up 40% year-over-year; TTM revenue reached ₹2,34,228 million.

• Q3FY25 consolidated PAT: ₹2,187 million, up 21% year-over-year; adjusted profit growth at 43%.

• India Q3FY25 revenue: ₹63,925 million, up 42%; India PAT: ₹2,180 million, up 30%.

• Middle East Q3FY25 revenue: ₹8,403 million, up 23%; PAT: ₹153 million, up 11%, impacted by new UAE corporate tax.

• Earnings per share (consolidated, basic) for Q3FY25 was ₹2.12, up from ₹1.75 in Q3 FY24.

Outlook and guidance

• Plans to launch 170 showrooms in FY 2026 (90 Kalyan, 80 Candere); all LOIs for H1 FY 2026 signed.

• Targeting mid to high single-digit same-store sales growth and further expansion via franchise model, especially in non-south and international markets.

• Margin leverage in employee and ad expenses expected to continue, with further interest savings as debt reduces.

• PBT growth expected to outpace revenue growth in FY 2026 and beyond.

• Continued focus on capital-efficient growth, deleveraging, and increasing shareholder returns through dividends.