Kalyan Jewellers has reported a stellar financial performance for FY26, achieving consolidated revenues of ₹3,57,429 million and a profit after tax of ₹13,504 million. This growth is underpinned by the company’s successful transition to a capital-efficient franchise model, with 342 Kalyan showrooms and 124 Candere showrooms in India. The company continues to see strong momentum with a 46% CAGR in profit after tax over the last six years.
FY26 Financial Highlights
Kalyan Jewellers has demonstrated consistent growth, closing FY26 with consolidated revenues reaching ₹3,57,429 million, a significant increase from ₹2,50,451 million in FY25. The profit after tax (PAT) for the year stood at ₹13,504 million, marking a remarkable 46% CAGR in profit since FY20. The company’s profitability is also reflected in its ROCE, which climbed to 28.8%, and ROE, which reached 24.3%, showcasing enhanced efficiency in capital deployment.
Strategic Shift to Franchise Model
A core pillar of the company’s recent success is its adoption of the Franchisee Owned Company Operated (FOCO) model. By 31st March 2026, the company had expanded its footprint to 342 Kalyan showrooms, with 222 operating under the FOCO model. This capital-light strategy has enabled rapid expansion while simultaneously reducing financial leverage, as evidenced by a decline in net debt-to-equity ratios. The company plans to continue this trajectory, with 84 new FOCO Kalyan showroom openings planned for FY27.
Focus on Diverse Customer Segments
The company continues to leverage its hyperlocal strategy to cater to diverse customer needs. Alongside its core jewellery offerings, the digital-first platform Candere has seen substantial growth, reaching 124 showrooms as of March 2026, with a reported revenue of ₹4,253 million for the year. By diversifying its product categories—ranging from bridal-focused Muhurat collections to lightweight lifestyle jewellery—Kalyan Jewellers maintains a strong competitive edge across both urban and rural markets.
Future Outlook
Looking ahead, Kalyan Jewellers remains committed to its strategy of deleveraging and rewarding shareholders. The company has earmarked 40% to 50% of its generated profits to be utilized for debt reduction, strategic investments, and dividend payouts. With plans to launch new regional brands and further optimize its international operations in the Middle East, the company is well-positioned for sustained growth in the organized jewellery retail sector.
Source: BSE
