Kalyan Jewellers India (KALYANKJIL) Q4 23/24 earnings summary

Executive summary

• FY24 consolidated revenue rose 31.8% YoY to ₹185,483m; PAT increased 38.1% to ₹5,963m, supported by store expansion, same-store growth and a higher studded-jewellery mix.

• Capital-light FOCO expansion accelerated: 58 new Kalyan India showrooms opened against a target of 52; total network reached 204 in India and 36 in the Middle East, plus 13 Candere stores.

• Strategic priorities remain network growth, deleveraging, stronger non-South India presence and omnichannel expansion, while increasing returns through franchise-led growth.

Financial highlights

• Consolidated revenue was ₹185,483m vs ₹140,714m in FY23; gross profit ₹27,137m vs ₹21,992m; EBITDA ₹13,127m vs ₹11,140m.

• Consolidated PBT was ₹7,888m vs ₹5,715m; PAT ₹5,963m vs ₹4,319m. FY24 revenue grew 31.8% and PAT 38.1% YoY.

• Operating cash flow was ₹13,218m vs ₹10,134m; cash and cash equivalents ended FY24 at ₹1,777m vs ₹1,409m.

• Standalone revenue from operations reached ₹157,826m vs ₹115,840m; standalone PAT was ₹5,541m vs ₹3,898m.

Outlook and guidance

• FY25 India plans include 80 new Kalyan FOCO showrooms and 50 Candere stores; 17 Kalyan and 16 Candere outlets had opened early in FY25 as reported.

• International FY25 plans include five new showrooms and three owned-to-FOCO conversions; management separately targeted six overseas openings and expects the first US store by end-H1 FY25.

• Targeted mid-to-high-single-digit same-store sales growth; incremental India stores are expected predominantly in non-South markets.

• Use free cash to reduce Non-GML loans by ₹3,000m–₹3,500m by March 2025; 40%–50% of profits are targeted for debt reduction and shareholder rewards.