India · Delayed Price · Currency is INR Kalyan Jewellers India Earnings Call Transcripts
Fiscal Year 2026
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Q4 and FY 2026 delivered robust revenue and profit growth, driven by strong SSG, network expansion, and margin improvement. Debt reduction and disciplined capital allocation continue, with 150 new stores planned for FY 2027.
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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 FY25 saw strong revenue and PAT growth, robust demand, and significant showroom expansion. Debt reduction and a focus on studded jewelry and omnichannel growth continue, with FY26 targeting over 170 new stores, improved margins, and further deleveraging.
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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% in Q2 and 32% for H1 FY2025, with strong SSG and robust demand across gold and studded jewelry. Store expansion and debt reduction targets are on track, while a one-time customs duty write-off impacted margins. Franchise model and international expansion continue to drive growth.
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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.