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.

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

• Board recommended a final dividend of ₹1.50 per share for FY25, exceeding 20% of net profit, subject to shareholder approval.

• Strong brand presence, hyperlocal strategy, and digital initiatives have driven robust customer acquisition and operational efficiency.

• Audited standalone and consolidated financial results for FY25 were approved with an unmodified audit opinion from statutory auditors.

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 ₹6.93, up from ₹5.80 in FY24.

Outlook and guidance

• Plan to open 170 showrooms (90 Kalyan, 80 Candere) in FY26, with most Candere launches as franchise showrooms.

• Targeting further debt reduction in India by ₹3,500-4,000 million in FY26.

• Maintenance CapEx for FY26 expected at ₹1,500 million, with total CapEx (including Candere) exceeding ₹2,000 million.

• PBT margin targeted to exceed 5% in FY26, aided by interest savings from debt reduction.

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