Kalyan Jewellers India Ltd Q2 FY26 Results & Concall Highlights: Revenue, Margins & Order Book
Published 5 Aug 2026 | Consumer Durables | Market Cap: ₹58.8K Cr
Same-store sales growth (SSG) has shown strong double-digit growth consistently over the last 6-7 quarters, indicating positive volume trends despite gold price fluctuations. Strong growth momentum continues with a 30%+ same-store sales growth (SSG) during the 30-day period ending Diwali, expected to sustain in upcoming quarters.
From Kalyan Jewellers India Ltd's Q2 FY26 earnings-call transcript · updated 23 Aug 2026.
Price
₹604
Market Cap
₹58.8K Cr
P/E Ratio
40.2
How does Kalyan Jewellers India Ltd rank in Consumer Durables?
Compare Kalyan Jewellers India Ltd against every Consumer Durables company this quarter on revenue, margins and earnings-call signals.
Kalyan Jewellers India Ltd — Quarterly revenue & net profit
Reported quarterly figures (₹ Cr). Latest: revenue ₹10.3K Cr, net profit ₹410 Cr.
Full financials →📊 Revenue & Sales Performance
- →Same-store sales growth (SSG) has shown strong double-digit growth consistently over the last 6-7 quarters, indicating positive volume trends despite gold price fluctuations.
- →New buyer share is stable in mid-30s%, with more frequent shopping visits driving consistent ticket sizes regardless of rising gold prices.
- →The company plans to open 84 new Kalyan stores in India this year, with 40 already operational; international expansions include 6 stores (3 opened).
- →Candere store openings target 80 stores this year, with 30 already opened, expected to meet guidance with improving profitability.
- →FOCO model conversions are planned primarily in South India, optimizing store formats for growth; 5-10% stores underperform but balanced by similar proportion overperforming.
- →Debt reduction and pilot projects are expected to improve operating margins, supporting sustainable growth in revenues and profitability.
- →Overall, volume growth is expected to remain strong due to expanding store footprint, robust same-store sales, and new buyer addition.
📈 Profitability & Margins
- →Strong growth momentum continues with a 30%+ same-store sales growth (SSG) during the 30-day period ending Diwali, expected to sustain in upcoming quarters.
- →PBT margins are anticipated to improve in H2 FY26 compared to H1, supported by operational pilots on margin enhancement and debt repayment leading to interest savings.
- →EBITDA margins may face decline next year due to expansion predominantly through franchise-owned company-operated (FOCO) stores with lower margins, but margins expected to improve post FY27 with company-operated company-owned (COCO) store openings.
- →Candere segment is on track to achieve PAT neutrality this financial year with ongoing revenue growth (~INR500 crore target).
- →Stock turn and Return on Capital Employed (ROCE) for new regional brands targeted at around 16-18% in the initial year, expecting efficient capital usage.
- →Overall profit after tax (PAT) growth recorded 70% in H1 FY26; management looks forward to sustaining strong profitability growth.
🏗️ Capital Expenditure Plans
💰 Fundraising & Capital Structure
- →No explicit mention of new fundraising through debt or equity in the current earnings call transcript.
- →Focus remains on debt reduction: non-GML debt reduced by INR130 crores recently, targeting INR400 crores by March 31, 2026, and planning to be debt-free the following year.
- →No guidance given on peak net debt-to-EBITDA ratio; emphasis is on reducing debt and improving ratios via margin growth and operating leverage.
- →Company is monetizing non-core real estate assets valued between INR150-200 crores to aid debt repayment, expected in next financial year (H1/H2).
- →Expansion plans continue via franchise and company-owned stores without indicating need for fresh equity or debt fundraising.
📋 Order Book & Pipeline
Key Metrics
Frequently Asked Questions
What were Kalyan Jewellers India Ltd Q2 FY26 results?
Same-store sales growth (SSG) has shown strong double-digit growth consistently over the last 6-7 quarters, indicating positive volume trends despite gold price fluctuations. Strong growth momentum continues with a 30%+ same-store sales growth (SSG) during the 30-day period ending Diwali, expected to sustain in upcoming quarters.
What is Kalyan Jewellers India Ltd share price analysis?
Kalyan Jewellers India Ltd currently shows a neutral. The stock trades at a P/E of 40.2 with a market cap of ₹58,815 Cr. Investors should review the full earnings analysis for detailed insights.
Is Kalyan Jewellers India Ltd planning capital expenditure?
Planned to open 5 new showrooms in the next 12 months with an investment of INR 300-350 crores.
Keep Kalyan Jewellers India Ltd on your radar — track it to get its next earnings analysis in your feed.
This analysis is AI-generated based on publicly available earnings data and concall transcripts. This is not investment advice. Please consult a SEBI-registered advisor before making investment decisions.