Kalyan Jewellers India Ltd

Q3 FY25Consumer Durables

Kalyan Jewellers India Q3 FY25 earnings call: Revenue & Margins

Q3 FY25 earnings call: what management guided on revenue, margins and order book.

Price₹604

Market cap₹58.8K Cr

P/E40.2

Updated23 Aug 2026

Read4 min read

The short version

Kalyan Jewellers reported a strong Q3 with consolidated revenue growth of 40% YoY and India revenue growth of 42% YoY. Strong revenue growth observed: 40% consolidated in Q3 FY '25; 42% growth in India segment.

From Kalyan Jewellers India Ltd's Q3 FY25 earnings-call transcript · updated 23 Aug 2026.

Revenue & Sales Performance

Kalyan Jewellers reported a strong Q3 with consolidated revenue growth of 40% YoY and India revenue growth of 42% YoY.
Same Store Sales Growth (SSSG) has been robust, with Q1 at 12%, Q2 at 23%, and Q3 at 24%, driven by festive and wedding demand.
For FY 2026, plans are set to launch 170 new showrooms (90 Kalyan and 80 Candere).
LOIs for H1 FY 2026 showroom openings are already signed, indicating aggressive expansion.
Candere is targeting revenue growth to INR 1,000 crore in 2-3 years through new store additions and marketing campaigns.

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Profitability & Margins

Strong revenue growth observed: 40% consolidated in Q3 FY '25; 42% growth in India segment.
Earnings growth: PBT margin expanded by ~40 basis points; profit after tax grew ~30-54% adjusting for customs duty cut.
Operating leverage expected as same-store sales growth (SSSG) remains high (23-25% regionally).
EBITDA margins expected to improve from FY 2027 with increased COCO (company-owned, company-operated) stores.
Post-debt repayment (around 2027), focus will shift to COCO expansion, leading to higher EBITDA and PBT margins.
PBT growth anticipated to outpace revenue growth from FY '26 onwards due to margin expansion and reduced interest costs.
Employee costs and advertising & promotion expenses expected to gain operating leverage.

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Capital Expenditure Plans

Kalyan Jewellers plans to launch 170 new showrooms in FY 2026 across Kalyan and Candere formats (90 Kalyan, 80 Candere), with LOIs already signed for H1 FY 2026.
Candere is in an expansion phase, adding 50 more stores in Q4 and focusing on making stores EBITDA positive next year, with a 2-3 year target revenue of INR 1,000 crores.
The company intends to start opening more Company-Owned Company-Operated (COCO) stores from FY 2027 onwards, especially large metro showrooms, once debt repayment allows excess cash deployment.

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Top-ranked in Consumer Durables

Ranked on what management guided this quarter

Guidance-ranked

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2Visdem Technosys₹100 Cr

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3₹3.2K Cr

Rev 1Mar 2

4₹2.4K Cr

Rev 1Mar 3

5₹2.2K Cr

Rev 1Mar 3

Rank buckets describe management commentary on revenue and margin. Not investment advice, and not a forecast of returns.

Fundraising & Capital Structure

No specific mention of any current or immediate new fundraising through debt or equity in the call.
The company is focused on reducing existing debt; approx. INR 450 crores debt reduced over past 18 months and planned further reduction of around INR 150 crores in the current quarter.
Discussions ongoing with banks for collateral release after debt reduction.
From FY 2027 onwards, post debt repayment, the company plans to use excess cash for opening Company Owned Company Operated (COCO) stores instead of relying solely on franchise partners.

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Order Book & Pipeline

The provided transcript of Kalyan Jewellers India Limited's Q3 FY '25 Earnings Call does not explicitly mention the current or expected order book or pending orders. However, some relevant operational details that indirectly reflect business outlook include: - Plans to launch 170 new showrooms in FY 2026 (90 Kalyan and 80 Candere), with Letters of Intent (LOIs) already signed for the first half of FY 2026. - Expansion efforts ongoing with 45 showrooms opened in India in the recent quarter and the first showroom operational in the U.S. - Continuous addition of 50 more Candere stores planned in Q4 and next year.

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Kalyan Jewellers India Ltd — Quarterly revenue & net profit

Revenue Net profit

Dec 2024Q3 FY25

Mar 2025Q4 FY25

Jun 2025Q1 FY26

Sep 2025Q2 FY26

Dec 2025Q3 FY26

Mar 2026Q4 FY26

Reported quarterly figures (₹ Cr). Latest (Q4 FY26): revenue ₹10.3K Cr, net profit ₹410 Cr. Revenue and profit are scaled separately — hover a quarter for exact figures.

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What Kalyan Jewellers India Ltd's management said in earlier quarters

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Frequently Asked Questions

What were Kalyan Jewellers India Ltd Q3 FY25 results?

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?

Kalyan Jewellers plans to launch 170 new showrooms in FY 2026 across Kalyan and Candere formats (90 Kalyan, 80 Candere), with LOIs already signed for H1 FY 2026.

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This analysis is AI-generated based on publicly available earnings data and the company's earnings call transcript. This is not investment advice. Please consult a SEBI-registered advisor before making investment decisions.

Revenue & Sales Performance

Profitability & Margins

Capital Expenditure Plans

Top-ranked in Consumer Durables

Fundraising & Capital Structure

Order Book & Pipeline

Kalyan Jewellers India Ltd — Quarterly revenue & net profit

Continue your research

What Kalyan Jewellers India Ltd's management said in earlier quarters

Others in Consumer Durables this season

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Frequently Asked Questions

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