Kalyan Jewellers India (KALYANKJIL) Q3 25/26 earnings summary

Executive summary

• Achieved consolidated revenue of ₹1,03,434 million in Q3 FY26, up 42% year-over-year, with PAT of ₹4,163 million, up 90% year-over-year, driven by strong festive sales, robust same-store sales growth, and network expansion.

• Candere, the e-commerce segment, turned PAT-positive and posted significant revenue growth, with ongoing expansion and inventory enhancement plans.

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

• Appointment of two new Non-Executive Independent Directors and incorporation of a wholly owned subsidiary were approved.

Financial highlights

• Q3 consolidated revenue reached ₹1,03,434 million, up from ₹72,780.92 million YoY; PAT was ₹4,162.98 million, up from ₹2,186.81 million YoY.

• Q3 India revenue grew 42% YoY to ₹90,477 million; PAT up 84% YoY to ₹4,008 million.

• Middle East Q3 revenue up 28% YoY to ₹10,726 million; PAT up 54% YoY to ₹236 million.

• Gross profit margin improved to 13.1% in Q3 FY26 (consolidated).

• One-time exceptional item of ₹415 million due to changes in employee benefit provisions from new Labour Codes.

Outlook and guidance

• Q4 has started strong with continued customer traction and robust store momentum, despite gold price volatility.

• Expansion to focus on capital-light FOCO franchise model, with 80-90 new stores annually in India and 6-7 in the Middle East; 84 new FOCO showrooms planned in India for FY26.

• Regional brand launch planned for Goa in the current quarter, with accelerated Candere showroom rollout and localized designs.

• The impact of the new Labour Codes will be further evaluated as the government notifies related rules.