Kalyan Jewellers India Ltd has reported a robust start to FY26, posting consolidated revenue from operations of Rs 72.68 billion and a net profit of Rs 2.64 billion for the quarter ended June 2025. The company’s international operations, primarily in the Middle East, contributed Rs 10.7 billion to the top line, marking a 32 percent year-on-year growth. This strong performance underscores the brand’s growing global footprint and its resilience amid fluctuating gold prices and evolving consumer preferences.
The quarter was marked by festive demand, strategic store expansions, and continued traction in wedding-related purchases, especially in Tier 1 and Tier 2 cities.
Key Performance Highlights
- Consolidated revenue from operations reached Rs 72.68 billion, reflecting strong domestic and international demand
- Net profit stood at Rs 2.64 billion, driven by improved operating leverage and efficient cost management
- International operations contributed Rs 10.7 billion, up 32 percent year-on-year
- Steady growth in footfall and ticket size across flagship stores and franchise outlets
Domestic Market Momentum
Kalyan’s India operations remained the cornerstone of its growth strategy:
1. Wedding Season Boost
- The quarter benefited from Akshaya Tritiya and early wedding purchases
- Bridal collections and high-value gold jewellery saw increased traction
2. Store Network Expansion
- New showrooms launched in key urban and semi-urban markets
- Enhanced focus on customer experience and personalized services
3. Product Diversification
- Diamond jewellery and lightweight gold collections gained popularity
- Regional designs tailored to local tastes helped drive volume growth
International Operations Surge
The company’s overseas business, particularly in the Middle East, delivered impressive results:
- Revenue from international operations rose to Rs 10.7 billion, a 32 percent increase
- Strong demand from expatriate communities and festive buying supported growth
- Continued investment in brand visibility and showroom upgrades across UAE and Qatar
Operational Efficiency and Strategic Focus
Kalyan Jewellers continues to optimize its operations while investing in long-term growth:
- Improved inventory management and supply chain agility helped reduce costs
- Digital initiatives, including virtual try-ons and appointment-based shopping, enhanced customer engagement
- Marketing campaigns focused on trust, purity, and craftsmanship resonated well with target audiences
Leadership Commentary and Future Outlook
Executive Director Ramesh Kalyanaraman expressed confidence in sustaining the growth momentum:
- The company plans to launch 25 new showrooms across India and the Middle East in the next two quarters
- Focus remains on expanding the Candere e-commerce platform despite current profitability challenges
- Continued emphasis on omni-channel retailing and customer loyalty programs
Investor Sentiment and Market Reaction
The strong Q1 performance has been well received by the market:
- Shares of Kalyan Jewellers saw modest gains following the earnings announcement
- Analysts remain bullish on the company’s long-term prospects, citing its brand strength and execution capabilities
- Dividend policy remains stable, with reinvestment prioritized for expansion and technology upgrades
Conclusion
Kalyan Jewellers India Ltd has delivered a glittering Q1 performance, with strong revenue growth and a healthy profit margin. The surge in international sales and sustained domestic demand reflect the brand’s strategic agility and deep market understanding. As the festive and wedding seasons approach, Kalyan is well-positioned to capitalize on consumer sentiment and further strengthen its leadership in the jewellery retail space.
Sources: Economic Times, ETMarkets.com, Kalyan Jewellers official disclosures
