Kalyan Jewellers India (KALYANKJIL) Q4 24/25 earnings summary

Executive summary

• FY25 consolidated revenue reached ₹250,451 million, up 35% year-over-year, with PAT at ₹7,142 million, a 20% increase from FY24 and a 38% CAGR over five years.

• Q4 FY25 saw consolidated revenue and PAT growth of 36%, with stand-alone revenue up 38% and PAT up 41% year-over-year.

• Expansion to 388 showrooms globally, including 351 in India, 36 in the Middle East, and 1 in the USA, leveraging a capital-light FOCO franchise model.

• Robust Akshaya Tritiya sales and strong consumer demand, especially for wedding purchases, continued into the new fiscal year.

• Board recommended a final dividend of Rs.1.50 per equity share for FY25, subject to shareholder approval.

Financial highlights

• Q4FY25 consolidated revenue grew 37% year-over-year to ₹61,815 million; PAT rose 36% to ₹1,876 million.

• India Q4FY25 revenue increased 38% year-over-year to ₹53,504 million, with SSSG at 21% and PAT up 41% to ₹1,854 million.

• Middle East Q4FY25 revenue rose 26% year-over-year to ₹7,845 million; PAT up 22% to ₹121 million.

• FY25 EBITDA margin at 6.1% (down from 6.9% in FY24); PAT margin at 2.9% (down from 3.2% in FY24), impacted by a one-time loss of ₹1,240 million due to customs duty reduction.

• Consolidated EPS for FY25 was Rs. 6.93, up from Rs. 5.80 in FY24.

Outlook and guidance

• FY26 expansion to be driven by 90–170 new showroom openings, predominantly through the FOCO franchise model in India and internationally.

• Maintenance CapEx for FY26 expected at INR 150 crore, with total CapEx likely exceeding INR 200 crore.

• Targeting PBT margins in excess of 5% for FY26, aided by interest savings from debt reduction.

• Candere expected to achieve PAT-level profitability in FY26.