Kalyan Jewellers India Limited reported an excellent, all-round performance for Q3 FY26 (quarter ended December 31, 2025). Consolidated revenue surged by 42% year-over-year to Rs. 10,343 crores, while consolidated PAT grew by 90% to Rs. 416 crores. A major highlight was the e-commerce arm, Candere, turning PAT positive during the quarter, posting 144% revenue growth.
Q3 FY26 Earnings Overview
Kalyan Jewellers India Limited announced highly positive results for the third quarter of the financial year 2026. Management noted that the festive period, particularly the 30-day period ending Diwali, saw same-store sales growth in excess of 30% on a like-for-like basis. The company is optimistic about the ongoing wedding season, expecting to close the financial year strongly.
Consolidated Financial Highlights
For the quarter ended December 31, 2025, consolidated performance showed significant gains:
- Consolidated Revenue: Rs. 10,343 crores, a growth of 42% YoY.
- Consolidated Profit Before Tax (PBT): Rs. 560 crores (versus Rs. 294 crores in the prior year), noted after accounting for an exceptional item of Rs. 41.5 crores related to the Labour Code changes.
- Consolidated Profit After Tax (PAT): Rs. 416 crores, representing a growth of 90% YoY (versus Rs. 219 crores previously).
For the nine-month period ending December 2025, consolidated revenue stood at Rs. 25,468 crores (35% growth), and PAT reached Rs. 941 crores (79% growth).
Segmental Performance Breakdown
India Business
The India business demonstrated robust performance:
- Revenue: Rs. 9,048 crores (up from Rs. 6,386 crores YoY).
- India PAT: Rs. 401 crores, achieving an 84% growth compared to Rs. 218 crores in Q3 of the previous year.
Middle East Business
The Middle East operations also delivered growth:
- Revenues reached Rs. 1,073 crores (versus Rs. 838 crores in the corresponding period).
- Quarterly Profit After Tax was Rs. 24 crores, up from Rs. 15 crores YoY.
Candere E-commerce Growth
The transformed omnichannel platform, Candere, showed significant momentum:
- Revenue for the nine months grew by 117%.
- During Q3 FY26, Candere revenue grew by 144%, and the business turned PAT positive for the quarter. Management noted there are now 110 Candere stores.
Capital Deployment and Balance Sheet
Free cash flow generated from operations was deployed strategically, with nearly Rs. 300 crores used for Candere expansion and pilot showrooms in the U.S. and U.K., and another Rs. 300 crores used for debt reduction and dividend payments.
Operational Focus and Karatage Strategy
Management confirmed a commitment to expanding the franchisee base over store count, emphasizing long-term partnership building. Regarding product mix, the company is gradually increasing the share of 18-karat products, noting that acceptance is faster in North markets than in South India. For the Middle East, overseas expansion remains conservative, targeting six to seven showrooms annually.
Forward Guidance and Capex
Looking ahead, CAPEX for the current year is estimated around Rs. 175 crore for maintenance in India. The plan for Candere is to add 30 to 40 showrooms requiring approximately Rs. 2 crore to Rs. 2.5 crore of CAPEX. Regional expansion (five showrooms) in the next 12 months will require Rs. 4 crores to Rs. 5 crore per store.
Source: BSE
