Kalyan Jewellers India Ltd

Q3 FY26Consumer Durables

Kalyan Jewellers India Q3 FY26 earnings call: Revenue & Margins

Q3 FY26 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

The company anticipates ending FY 2026 on a very strong note with robust momentum continuing into Q4. Strong momentum expected to continue with the year ending on a very strong note (Page 15).

From Kalyan Jewellers India Ltd's Q3 FY26 earnings-call transcript · updated 23 Aug 2026.

Revenue & Sales Performance

The company anticipates ending FY 2026 on a very strong note with robust momentum continuing into Q4.
For FY 2027, store additions are expected to remain in the range of 80-90 new stores in India, similar to FY 2026.
Middle East expansion is targeted at opening about 6-7 showrooms annually for the next couple of years, with potential upside if franchisee interest from Arab investors materializes.
Candere (e-commerce) is focused on adding more inventory in existing showrooms and driving higher same-store sales growth.
Studded jewelry ratio and gross margin improvements are expected to continue, supporting revenue growth.

2 more points management made on revenue & sales performance

Profitability & Margins

Strong momentum expected to continue with the year ending on a very strong note (Page 15).
Q3 & 9MFY26 showed robust revenue and profit growth; consolidated profit after tax grew 90% YoY in Q3 and 79% over nine months (Page 4).
Growth drivers include expansion of FOCO stores, increased studded jewelry share, and margin improvements via procurement changes (Page 10-12).
Franchisee expansion ongoing with 80-90 new stores planned annually in India for FY26 and FY27, supporting stable growth (Page 12).
Overseas (Middle East) growth steady, targeting 6-7 new showrooms annually (Page 12).
E-commerce business Candere showing strong growth with 117% revenue increase in 9 months and turned PAT positive (Page 2).

2 more points management made on profitability & margins

See what Kalyan Jewellers India Ltd said on profitability & margins — free account, 30 seconds.

Capital Expenditure Plans

Maintenance CAPEX India for the current year is expected to be around Rs. 175 crore.
Opening of five regional showrooms planned next year with CAPEX of Rs. 4 to 5 crore per store.
Candere is planning 30-40 showrooms with CAPEX of around Rs. 2 to 2.5 crore per store.
Total CAPEX for regional five showrooms might partly occur this year, mostly in the next financial year.
Rs. 300 crore has been invested for expansion of Candere including pilot stores in the U.S. and U.K.

2 more points management made on capital expenditure plans

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

Fundraising & Capital Structure

There is no explicit mention on pages 3 to 15 about any current or planned future fundraising through debt or equity.
The company has focused on debt reduction recently, using around Rs. 300 crores for debt reduction and dividend payments during the nine months period ending December 2025.
The management mentioned meaningful reduction in loans over the last six months and plans to reduce pledges over the next six months.
There is no indication of any new debt or equity raising during the call.

2 more points management made on fundraising & capital structure

See what Kalyan Jewellers India Ltd said on fundraising & capital structure — free account, 30 seconds.

Order Book & Pipeline

The provided transcript from Kalyan Jewellers India Limited's Q3 FY 2026 earnings call does not contain any specific information regarding the company's current or expected order book or pending orders. Key points covered in the call focus on: - Store additions and franchise model updates. - Debt repayment and debt levels. - CAPEX plans for India and international markets. - Performance insights on revenues, margins, and segment growth including FOCO stores, Middle East business, and Candere.

2 more points management made on order book & pipeline

Kalyan Jewellers India Ltd — Quarterly revenue & net profit

Revenue Net profit

Dec 2024

Mar 2025

Jun 2025

Sep 2025

Dec 2025

Mar 2026

Reported quarterly figures (₹ Cr). Latest: 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's management said in earlier quarters

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Frequently Asked Questions

What were Kalyan Jewellers India Ltd Q3 FY26 results?

The company anticipates ending FY 2026 on a very strong note with robust momentum continuing into Q4. Strong momentum expected to continue with the year ending on a very strong note (Page 15).

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?

Maintenance CAPEX India for the current year is expected to be around Rs.

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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.