Kalyan Jewellers

Q4 FY26Consumer Durables

Kalyan Jewellers Q4 FY26 earnings call: Revenue & Margins

Q4 FY26 earnings call: what management guided on revenue, margins and order book.

Price₹604

Market cap₹62.3K Cr

P/E42.6

Updated23 Aug 2026

Read5 min read

The short version

SSSG (Same Store Sales Growth) has been very strong at 20%-30% in the last 2-3 years, with Q4FY26 being exceptionally high; however, conservative guidance suggests modeling 10% SSSG over the next 3-5 years for projection purposes. The company expects Profit Before Tax (PBT) margins in India to remain stable around 5.5%-5.6%, with potential for slight improvement due to operating leverage.

From Kalyan Jewellers's Q4 FY26 earnings-call transcript · updated 23 Aug 2026.

Revenue & Sales Performance

SSSG (Same Store Sales Growth) has been very strong at 20%-30% in the last 2-3 years, with Q4FY26 being exceptionally high; however, conservative guidance suggests modeling 10% SSSG over the next 3-5 years for projection purposes.
Volume growth is expected to be moderated due to higher gold prices; customers come with a fixed budget, so higher gold rates reduce volume but sales are pushed towards studded and lower-carat jewellery to ease price impact.
South India expansion is focused on metros like Bangalore, Chennai, and Hyderabad with 13 stores opened last year, continuing with targeted store addition in Tier-1 cities.
Non-South markets show strong SSSG similar to South; initial years post-opening see higher revenue growth.

2 more points management made on revenue & sales performance

Profitability & Margins

The company expects Profit Before Tax (PBT) margins in India to remain stable around 5.5%-5.6%, with potential for slight improvement due to operating leverage.
Growth in same-store sales growth (SSSG) is anticipated to be sustained, supported by strong Akshaya Tritiya sales and ongoing demand momentum.
Operating leverage and interest savings are expected to contribute positively to margins in the coming year, though gains from silver and platinum prices may not sustain.
The company plans aggressive showroom expansion (150 stores across Kalyan, Candere, and a new regional brand in the ongoing year) to drive revenue growth.
Candere will focus on driving SSSG and expanding its showroom footprint, aiming for profitable growth as it turned PAT positive in H2 FY 2026.

2 more points management made on profitability & margins

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

Capital Expenditure Plans

The company's expansion is predominantly franchise-based, which requires minimal incremental capital investment.
Renovation and opening of stores in expanded markets or bigger formats may need capital, but often financed partly by franchise partners.
For relocated stores (hybrid stores), the existing inventory is carried over with franchisees contributing additional inventory.
Approximately 7-8 stores have undergone relocation/expansion in the last 4 years.
Close to 50% of cash flow is allocated for dividends, debt reduction, and capex; the remaining includes funds for Candere and regional brand investments.
Capex will be needed for renovations, additional inventory in specific stores, and capital investments in Candere and new regional brands.

2 more points management made on capital expenditure plans

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Fundraising & Capital Structure

No explicit mention of any current or planned new fundraising through equity or debt.
The company is focused on repaying non-GML (non-gold metal loans) debt, aiming to be debt-free on non-GML by FY'27, possibly by H1 FY'27.
GML (gold metal loan) levels are maintained according to bank limits; incremental increase in GML depends on bank sanction availability.
Expansion primarily through franchise model, requiring minimal incremental capital.

2 more points management made on fundraising & capital structure

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

Order Book & Pipeline

The provided pages of the Kalyan Jewellers India Limited transcript do not mention any information regarding the current or expected order book or pending orders. The discussion primarily centers around: - Store openings and relocations (e.g., 150-store opening guidance for FY '27, including 50-55 Candere stores) - Sales performance and margins (Candere's gross margins in the mid-30s due to >70% studded ratio) - Regional expansion strategies (focus on South India metros, non-South expansion) - Financial performance metrics (revenue, profit, margins) - Inventory management and gold price impact - Interest cost and debt repayment updates

2 more points management made on order book & pipeline

Kalyan Jewellers — 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 Q4 FY26 results?

What is Kalyan Jewellers share price analysis?

Kalyan Jewellers currently shows a neutral. The stock trades at a P/E of 42.6 with a market cap of ₹62,332 Cr. Investors should review the full earnings analysis for detailed insights.

Is Kalyan Jewellers planning capital expenditure?

The company's expansion is predominantly franchise-based, which requires minimal incremental capital investment.

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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.