India · Delayed Price · Currency is INR Kalyan Jewellers India Earnings Call Transcripts
Fiscal Year 2026
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Q3 FY26 saw 42% revenue growth and 90% PAT growth year-over-year, with strong festive sales and robust performance across India, Middle East, and Candere. Gross margins improved due to product mix and procurement changes, and store expansion remains on track despite gold price volatility.
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Q2 saw 30% revenue growth and doubled profit, driven by strong festive sales and robust SSGs. Debt reduction and store expansion targets are on track, with new regional brand and Candere profitability expected this year.
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Revenue and profit grew strongly year-over-year, driven by robust India and Middle East performance and expansion of the FOCO model. A successful pilot of a lean credit procurement model is set to improve margins and ROCE, with significant investments planned for a new regional brand.
Fiscal Year 2025
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Q4 and FY 2025 saw strong revenue and profit growth, driven by robust demand, network expansion, and effective cost management. The company targets further showroom openings, debt reduction, and improved margins in FY 2026, with Candere expected to turn profitable.
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Q3 saw 40% consolidated revenue growth and 43% adjusted profit growth, driven by strong festive and wedding demand. Expansion plans remain on track, margins improved, and debt reduction continues, with robust performance across segments and regions.
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Management addressed rumors, confirming no IT raids, auditor issues, or FIRs, and emphasized strong governance. Franchisee agreements were updated for new stores, with robust expansion plans and stable margins. One-time inventory losses from gold duty cuts are fully absorbed.
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Revenue grew 37% YoY in Q2 and 32% for H1, with strong SSG and robust store expansion. Gross margins remain steady, debt reduction is on track, and management is optimistic for the year-end, despite one-time customs duty impacts and increased competition.
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Q1 saw 27% revenue growth and strong SSGs, with Non-South revenue share rising to 49%. Store expansion and higher ad spend drove performance, while a gold customs duty cut led to a one-time inventory impact. Margins are expected to improve as new stores ramp up.