Kalyan Jewellers India Limited (NSE: KALYANKJIL) Q3 2026 Earnings Call dated Feb. 06, 2026
Corporate Participants:
Rahul Agarwal — STRATEGIC GROWTH ADVISORS
Ramesh Kalyanaraman — Executive Director
Analysts:
Unidentified Participant
Gaurav Jogani — Analyst
Devanshu Bansal — Analyst
Ashish Kanodia — Analyst
Presentation:
operator
Ladies and gentlemen, good day and welcome to Kalyan Jewela’s India Limited Q3 FY26 earnings call. As a reminder, all participant lines will be in the listen only mode and there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during the conference call, please signal an operator by pressing Star then zero on your touchtone phone. Please note that this conference is being recorded. I now hand the conference over to Mr. Rahul Agarwal for his opening remarks. Thank you. And over to you, sir.
Rahul Agarwal — STRATEGIC GROWTH ADVISORS
Yeah. Hi. Thank you. Good evening everyone and thank you for joining us on Kalyan Jewellers India Limited Q3 and 9M FY26 earnings conference call. We have with us Mr. Ramesh Kalyanaraman, Executive Director, Mr. Sanjay Raghuraman, CEO, Mr. V. Swaminathan, CFO, Mr. Sanjay Mehrotra, Head of Strategy and Corporate affairs, and Mr. Abraham George, Head of Investor Relations and Treasury. I hope everyone had a chance to review our financial results and investor presentation which were recently posted on the company’s website and stock exchanges. We will begin the call with opening remarks from management followed by an open forum for question and answers.
Before we begin, I’d like to point out that some of the statements made during today’s call may be forward looking. A disclaimer to that effect was included in the earnings presentation. I would now like to invite Mr. Ramesh Kalyanaraman, Executive Director of Kalyan Dwellers India Limited to give his opening remarks. Thank you. And over to you sir.
Ramesh Kalyanaraman — Executive Director
Good evening. We had an excellent all round performance during the recently concluded quarter. Momentum on the ground remained robust for most part of the quarter with the festive period growth meaningfully higher than the rest of the quarter. As previously communicated, same store sales growth for the 30 day period ending Diwali was in excess of 30% on a like for like basis. Over the last couple of years we have been focused on transforming Candir into an omnichannel platform. And as you are aware, we have 110 Candir stores now. Candir recorded revenue growth of 117% for the nine months ended 31 December.
And more importantly, Candir has turned pat positive during the recently concluded quarter with revenue growth of 144%. Going forward, in addition to new showroom launches, our efforts in Candier would also be on adding more inventory in the already launched showrooms and drive higher same store sales growth. Talking about the ongoing quarter, we have Started off well despite continuing volatility in gold prices. We are upbeat about the ongoing wedding season across the country and expect to end the financial year on a very strong note. I will now hand over to Sanjay. He will take you through the numbers in detail.
Thank you. Thank you Ramesh and good afternoon everybody. I am really happy to be talking to you all again. In the just concluded quarter we reported A consolidated revenue of 10,343 crores. A growth of 42% over the corresponding quarter of the previous year. Consolidated profit before tax was 560 crores versus 294 crores in the corresponding quarter of the previous year. This is after the impact of changes in the Labour code. An amount of 41.5 crores has been provided under exceptional items for the quarter. Consolidated profit after tax was 416 crores versus 219 crores in the corresponding quarter the previous year.
A growth of 90% for the corresponding quarter of the previous year. Talking now about the Numbers for the nine months ending December 2025 we recorded a revenue of 25,468 crores on a consolidated basis versus 18,860 crores in the same period of the previous year. A 35% growth. Consolidated profit before tax for the nine month period stood at 1,263 crores versus 709 crores in the same period of THE previous year. A 78% growth and consolidated profit after tax for the nine months was 941 crores versus 527 crores in the corresponding nine months of the previous year.
A 79% growth out of the free cash generated from operations. Nearly 300 crores was used for our Candir expansion and pilot showrooms in the US and the UK and another 300 crores was used for debt reduction and dividend payments. Now I shall give you the breakup between the quarterly performance between India, the Middle east and Candir. Starting with the India numbers, India revenue was 9,048 crores versus 6,386 crores in the corresponding quarter of the previous year. And India profit before tax was 541 crores versus 2.92crores in Q3 of the previous year. India PAT was 401 crores compared to 218 crores in Q3 of the previous Year and 84% growth.
Moving now to the Middle East, Business revenues in the Middle east came in at 10. 73 crores versus 838 crores. Profit before tax in the Middle east was 26 crores versus 18 crores in the same period. The Middle east business posted a profit of 24 crores for the quarter compared to a profit of 15 crores for the corresponding period in the previous year. Lastly, our E commerce business Candir posted revenues of 135 crores versus 55 crores in the corresponding period of the previous year. And the quarter recorded a profit of 3 crores versus a small small loss of 7 crores in the corresponding previous year’s period.
We are now done with the summary of the financials and would like to open the floor for questions. Thank you.
Questions and Answers:
operator
Thank you very much. We will now begin the question and answer session. Anyone who wishes to ask a question may press star N1 on their touchstone telephone. If you wish to remove yourself from the question queue, you may press Star and two participants are requested to use handsets while asking a question. Ladies and gentlemen, we will wait for a moment while the question queue assembles. The first question is from the line of Gaurav Jagani from JM Financial. Please go ahead.
Gaurav Jogani
Hello. Sorry, am I audible?
Ramesh Kalyanaraman
Yeah.
Gaurav Jogani
Hello. Yeah. So sir, my first question is with regards to, you know the volatility in the gold prices because you know the gold price is almost risen by I would say almost near 100%. So in this context how is this impacting the new franchise edition for you given you know that the. The newer guys would now almost require 80 or 90% higher amount to put up the same kind of tonnage. So how are you navigating this? What are. Are you seeing any changes in your franchise store relation plans because of this?
Ramesh Kalyanaraman
The franchise signups meaning it has been. It has been very strong. And again the 80, 90% is like one year difference which you are talking about. And we don’t sign up franchise one year before with all the amounts what you call finalized. We always say that the volume at the store should be in this range and you will have to be prepared for XYZ amount. So we don’t see anything majorly changing for them because everyone knows about how a jewelry store investment comes in and next year was also everything is finalized franchise.
Gaurav Jogani
Sure. So no, so what I meant was that you know, because initially when they would have signed the agreements, you know, last year maybe so the prices would have been lower to that extent. So then there would there be a recalibration in the tonnage that would probably be kept in the store while the value could remain the same. I mean, how are you, how. What are the changes that you would need to make because of this sharp rise in good prices.
Ramesh Kalyanaraman
Two things here. One is that our franchisee have the financial ability to take multiple showrooms and we give them only one store and ask them to start the journey with Kalyan. And then later we might give them a couple of stores more. So I have told you earlier that our objective is to create a good base of franchisee partners rather than only opening stores. That is point number one. Point number two is. Yes, every market has a size. So if that market size is maybe 60 crore, 70 crore with the stock turn of around 2, 2 and a half in the first three years, the inventory amount will not change too much because then that market cannot absorb that kind of revenue.
So it is a mix wherein our inventory levels 18 carat percentage would we will increase a bit so that the volume does not get hurt too much. We also keep a buffer of some inventory. When we tell the franchisee itself, we would have told them at least to keep 30% more than what is required. So it is a mix of things wherein we also know that these kind of situations can. Can surely come. No?
Gaurav Jogani
Sure, sure. So. So in one more thing, you know, you also keep a certain inventory at your end for your existing cocoa stores as well as, you know, some backup inventory that you need to keep for the upcoming franchises as well. And given the prices have increased, would that mean that you know the. The debt or rather the. Any changes are there because of this in your debt reduction plan that you might have because of this volatility in gold prices.
Ramesh Kalyanaraman
So in our own showroom also we cannot keep the same volume of jewelry when the price is going up. We will have to trim the volume. Not directly to the percentage of the price increase, but to some extent to manage our inventory. Because our turns will also go bad otherwise. So there is no. What you call. There is no major change in our cash flow planning for the year. And those showroom do not need the level of inventory at such rates. So that is how we plan our cash flow.
Gaurav Jogani
Okay, sure. And just lastly on the. The. The initiative that you know you were supposed to launch in Q4, the. You mean the. The third brand. That is. Where are we on that? What. What are. What stages are we. Is it launched? If not the planning stages etc. Subcolors can give on that.
Ramesh Kalyanaraman
It is yet to launch, but the regional brand will be launched in the running quarter. And as I had mentioned previously, it is in one state in India at GO wherein there will be only the region brand will come Only in one state.
Gaurav Jogani
Sure. Thanks Ramesh. That’s all for me.
operator
Thank you. Before we take the next question, a reminder to all, if you wish to ask a question, please press star N1. The next question is from the line of yes from Edelweiss public alternate, please go ahead.
Unidentified Participant
Hi team. Thank you for taking my question. I hope I’m audible.
Ramesh Kalyanaraman
Yeah, loud and clear.
Unidentified Participant
Yeah. So my first question is on gml. Like with all the stress going on on global economy or politics and the current rally in the gold prices, are we seeing any headwind or any risk of this GML going out of the books for us or maybe the interest cost on this increasing going ahead? Nothing remains very consistent as we speak. Got it, got it. And also needed one clarity. Like for Candir, we were growing through Foco model. Right. So where we used 300 crores for the expansion of Candir.
Ramesh Kalyanaraman
Could you, could you repeat the question again?
Unidentified Participant
So my understanding was for Candir we were broadly growing through Foco model. So I wanted to understand where we spent 300 crores on the same brand. Like it was more on advertisement or cocoa stores or something else.
Ramesh Kalyanaraman
No, no, no. So Candir, it’s a mix of Foco and Coco. It is not only Foco. So that is where this 300 crore amount investment is required. Not only for what you call, it’s not only for candy. Again, if you are asking about the 300 crore which Sanjay was mentioning in his speech, it is including the pilot stores which we opened in UK and us.
Unidentified Participant
Oh, makes sense. Makes sense. And one last clarity. Like with this gold price going, our studded mix has increased. Ideally what our understanding was with increasing prices there will be some headwinds on the studded mix. Are we seeing the same in the upcoming quarters or the months?
Ramesh Kalyanaraman
Studded has an organic growth also these days because of the social media and because of the campaigns which we do because of the youngsters who do a lot of research before buying jewelry, there is an organic growth for studded jewelry and it becomes actually relatively easier for us to upsell also during high gold prices because the product looks bigger than the plain gold jewelry and it also comes in 18 carat.
Unidentified Participant
Got it. Thank you. That’s all from my side.
operator
Thank you. The next question is from the line of Srinivas from Phoenix State. Please go ahead.
Unidentified Participant
Hello sir. Good evening.
Ramesh Kalyanaraman
Good evening.
Unidentified Participant
Yeah, my question is from last Q1, Q2 and Q3. I’m continuously following the share. So even though it has extremely good results then why it’s still. It’s underperforming sir.
Ramesh Kalyanaraman
Underperforming in the sense.
Unidentified Participant
Means actually it’s on the undervalue means the value the results were good and what are the things water Everything is good. Even the stock was continuously downfall for past months.
Ramesh Kalyanaraman
Our job you know is to keep focused on execution and delivering numbers on the ground and rest will not be our our criteria to comment on. Yes yes, I understand it’s not under our control also.
Unidentified Participant
Okay. Okay. Somewhere I feel like there is a list of no proper update from management side so that that’s what the investors suggest a panic anyway.
Ramesh Kalyanaraman
No. So there’s meaning is there anything late relating to the company then we give constant updates for everything. No.
Unidentified Participant
Yes. Yes. And one more thing is if the gold prices are still more up is there anything like is there in the buying prices or anything will be compared to your commentators There will be anything added for the persons like employees or anyone who in the marriage season they have a lot of plans to buy the gold for marriage seasons due to the higher prices. Is there any Kalyani can do anything for them? Like.
Ramesh Kalyanaraman
It’S a very retail question wherein we we have constant promotions at the store level which will happen season dull season off season drivers, exchange offers, etc. Which is a constant driver for revenue at stores.
operator
Thank you. A reminder to all the participants if you wish to ask a question please press star and 1. The next question is from the line of Devanshu Bansal from MK Global. Please go ahead.
Devanshu Bansal
Hi sir. Good evening. Thanks for taking my question. Sir, a bit on a conceptual end in a high gold price environment there are we are noticing that players are pushing on installment schemes as well as gold exchange programs, right? So I just wanted to check how are we placed there then in terms of mix. If you can share some data around the revenue from installment schemes or through gold exchange programs. What is it trending currently and how was it like a year before?
Ramesh Kalyanaraman
Our gold saving schemes are very active over the last many years and we still continue to see traction on gold savings scheme at the store level and it gives the customer an opportunity to fix the price on a monthly basis. And again it will be easier for them to purchase jewelry also because they they don’t feel the pinch of spending money at a go. And regarding the exchange of jewelry old gold exchange we have seen a bit more traction in Q3 when compared to last Q3 and that’s also a constant driver for revenue. We are not done any specific specific we have not done any specific activations around exchange because SSGs were strong.
We Might do it in the future. But as we speak for the full financial year, for the nine months we have not done something very specific around the exchange.
Devanshu Bansal
Yeah, that was what I was intending because we have seen players sort of marketing both these things very aggressively. Our performance has no doubt being very strong. But maybe if you could just comment our sales from these two mix perspective. What is it trending as of now and what was it like a year before would be helpful.
Ramesh Kalyanaraman
Gold savings. The exchange gold usually is in the range of 30% plus and it has been in that range. It has been 1 or 2% more in Q3 when compared to last year. Again gold saving scheme usually is in the range of 18 to 20% which remains the same.
Devanshu Bansal
Understood, Understood. And sir, secondly, I wanted to check the, the players or maybe the. Because of this gold price increase there is high adoption of 18 carat, 14 carat and even 9 carat. Now I wanted to check from our inventory perspective as in are we at a, at a level which likely represent the consumer preference as of now or we need to do some more work to sort of maybe introduce more these lower carrot inventories in line with the consumer difference.
Ramesh Kalyanaraman
So some states have already accepted 18 karat and in most of the other markets we are slowly, gradually increasing the share of 18 karat products. Customers are accepting 18 karat jewelry as it enables them more choice within their budget. So two, three states which are predominantly 18 carat market still continue to be strong.
Devanshu Bansal
By when can we, by when can we sort of expect that all the stores will be at this optimum level of reduced carrot inventory?
Ramesh Kalyanaraman
Again it’s a process meaning I told you two three states are very 18 carat friendly where we have increased our inventory for 18 carat more than last year. But there are certain states, especially south India where 18 karat acceptance will be much slower than outside south markets where we, we have launched many collections in 18 carat which is attractive so that people start trying out 18 carat. So it’s a process and it cannot be done overnight. But, but we are doing this because customers will also be happier enough for 18 carat because the products can be bigger than a 22 carat, it will be customer friendly.
So we are on the journey.
Devanshu Bansal
I understand that, but there is some religious perspectives as well. Right. So are we seeing a change in consumer behavior towards more accessibility for these lower carriages? Or maybe if you could share some regional growth perspectives here since south is more 22 carat, is it like seeing relatively slower growth? Maybe the other regions are performing better if you could just share some perspective here.
Ramesh Kalyanaraman
No growth numbers will be very high because the base would have is very low. Right. 18 Garrett so the growth rate will be higher in 18 carat than in 22 carat. That is because the base is really low. So that will go. It will take you in the wrong direction which is not the right way to do it. Acceptance is slower in south north markets. Acceptance is much faster. And student jewelry 18 carat acceptance is much higher than plain gold jewelry. And within studded we are now focusing on launching 14 carat as well and 9 carat.
Devanshu Bansal
Got it. And lastly sir, the space LGBT space is seeing lot of investments. Even some of the leading players are already announced plans and open stores. What is your view from investing into that space?
Ramesh Kalyanaraman
So we continue to watch the space very closely but as of now we don’t have any immediate plans for a lab grown brand. It will not be appropriate for me to comment on what the competition which you mentioned is doing, but as of now we don’t have any plans.
Devanshu Bansal
Fair enough. This last one you can avoid answering if you have already answered. I joined the call late. Any color on how the trends have been so far in January have been improved or maybe because Q3 saw a very strong pickup towards Festive in October. So has that sort of Trend sustained in Q4 as well?
Ramesh Kalyanaraman
Yeah, Q4 so far has been good. Customer traction has been strong. Even with this volatile gold prices, the customer walk ins footfalls, the momentum at the store is running strong.
operator
Thank you. The next question is from the line of Avakshi from Sundaram. Please go ahead.
Unidentified Participant
Hi team. Am I audible?
Ramesh Kalyanaraman
Yeah, loud.
Unidentified Participant
So a couple of questions from my side. Firstly just wanted some help with your current store structure. Are we also seeing say franchisee expansion in the south market? And you know if that is the case then what would be the count of franchisees currently operating in the southern market?
Ramesh Kalyanaraman
The southern markets, the franchisee number of stores or the demand for south market franchisees when you compare to non south is not as big as the non south markets and the number of south franchisees will be what minimal when compared to the non south markets.
Unidentified Participant
Right. So the question why I asked this question is because I if you if I see a yo y growth specifically on the south revenue side, specifically on this quarter it has grown by around 34%. However if I see your own store growth, you know on the revenue side that’s only grown by 16%. So that’s where I was trying to understand. Possibly there are some franchisees which are also in the southern market. Which is why that discrepancy in the number.
Ramesh Kalyanaraman
Yeah. For that case there may be. There will be 30 plus showrooms in South. I am only telling you that you cannot compare the South. The non south number of focus showrooms are much, much higher. That’s what I am trying to.
Unidentified Participant
That’s fair. But that’s.
Ramesh Kalyanaraman
How you know that the revenue the south also the per store revenues higher than the non South. That’s also there.
Unidentified Participant
Sure sir.
Ramesh Kalyanaraman
Overall, Overall we have 200 plus franchise store rooms. Okay. And out of which maybe 195. 200 out of which what? 30 plus will be around 30 will be south.
Unidentified Participant
Understood, sir, that’s very helpful. Secondly sir, in terms of our gross margin construct, you know, given the policy of hedging we operate with and also you know the shift mix towards your franchisee stores, you know what drove this gross margin expansion. And second part to this question, if you could help me understand the gross margin which say accrues to Kalyan from a franchisee versus an owned store.
Ramesh Kalyanaraman
Yeah. So margins have improved. Multiple factors have contributed. First being the encouraging improvement in our studded share across most of our markets including south markets during the last quarter. Then as I mentioned in my previous call, the margin improvement because of the procurement changes that we had made also have ceased continuing to be benefiting our side. Also you would have noticed the share of franchisee revenue it has been improving and more importantly the share of revenue from the new set of Foco showrooms have increased which is also a contributor and it will keep growing again. While strong SSGs with the strong SSGs may be.
The operating leverage across Cocoa. And Foco is there.
Unidentified Participant
Understood sir, just pressing here a bit. Apologies, but you mentioned that incremental new franchisees contribution to the revenue. Are they coming on different term structure, sir, or they are still on the older structure. Yeah, so it is not immediate. Meaning we we had changed our franchisee. The. What you call the franchisee sharing the margin sharing quite different. A year before, if you remember
Ramesh Kalyanaraman
Right.
Unidentified Participant
We had changed the terms on capex, expense sharing etc and the margin for Kalyan will be better in the range of 0.25 to 0.5. Maybe a year before we had changed so that revenues also started coming now.
Ramesh Kalyanaraman
Understood. And so from the procurement changes part that would be a sizable chunk in our own procurement process now or it is yet to materialize.
Unidentified Participant
Procurement we just meaning the pilot phase which we started. We continue, we are not adding anything but that is also a good contributor for the margin growth. Gross margin growth.
Ramesh Kalyanaraman
And the hedging policy. Continues to remain like it was in the past quarter.
Unidentified Participant
Yeah, so gold, gold, we don’t take any margin benefit or what you call.
Ramesh Kalyanaraman
Right, right.
Unidentified Participant
We are fully protected. But yes, one more area where the margin driver of course not significant is some margin benefit due to the surge in silver and platinum prices in the last quarter when compared to the Q3 of last year.
Ramesh Kalyanaraman
Okay, so this one, right, this one last question on the cost structure, you know, nine month basis Y over N. While absolute growth is more or less similar, our cost structures have become more efficient. I’m talking specifically on the ANP and the employee cost as a percentage of sales. So sir, how should one think about, you know, as we go ahead in the upcoming quarters, how will there those trends.
Unidentified Participant
Exactly? The leverage on advertisement and employee and other operating expenses are really helping and I think it should continue except for the silver and platinum which is not in our hand. Otherwise all the margin growth should continue ideally.
operator
Nehal Mahi from sspc, please go ahead. Nehal, your line is unmuted. Please proceed with a question.
Unidentified Participant
Good evening. I had my first question on the land parcel that we were discussing that how are we progressing on the sale of that? Have we managed to liquidate some of it as we were mentioning about.
Ramesh Kalyanaraman
So we have appointed mediators for finding out interested buyers for the real estate which we are planning to sell. Hopefully should happen by H one of the next financial year.
Unidentified Participant
Got it. And the second question was that you. Mentioned that despite the increase in gold prices, you try looking at moderating the absolute inventory. So do we still say target the. Asset terms of 2 1/2 x and. If that is the case, then how do we optimize the quantity of gold? Do we end up letting go of slow moving inventory in that phase when the prices of gold gold has increased in the store?
Ramesh Kalyanaraman
No, it cannot happen overnight. The optimization happens over a period of time and not immediately. So that’s why I told you when the inventory price goes up by say X percent, we cannot bring down the inventory by the same experts. So it will be what, 30, 40% of the tax is where we reduce immediately so that our cash flows taken care and it cannot happen overnight. We will keep on monitoring. And again, 18 carat is also helping us to maintain the volume of jewelry there. So these kind of things we constantly do.
Unidentified Participant
Got it. Just one final question was that on the store additions, you’ve obviously given a target of around 84 stores for FY26 for FY27. Are we looking At a similar number of store ads or just what is. The same as.
Ramesh Kalyanaraman
The store count for the next couple of years May will be in this range of 80 to 90 KJ India.
Unidentified Participant
Sure. Thank you so much.
operator
Thank you. The next question is from the line of Naveen Trivedi from Motilal Oswal. Please go ahead.
Unidentified Participant
Yeah. Good evening everyone. So my first question is for our focus stores. So are we still seeing this budget looks expanding for our focus stores and any sense the on the gross margin side are we seeing gross margin expansion for our coasters Also given that the expanding in our.
Ramesh Kalyanaraman
Studded ratio has been growing across our markets when you compare to Q3 last year and margin has also improved in our own stores south and north. South.
Unidentified Participant
Okay. So typically if you look at the franchisee store, what are the extended mix in the franchisee store side.
Ramesh Kalyanaraman
What are the.
Unidentified Participant
What is the studied mix for franchises.
Ramesh Kalyanaraman
Which should be in the range of what 30% in the non south markets as they are mostly in our own store. Also there is no difference between own and franchisee which you know.
Unidentified Participant
Sure, sure. And my second question is on our Middle east business this quarter revenue growth is close to 28% while we added close to stores. How should we look at the demand side there and how can you look at the near term trend in the merging side?
Ramesh Kalyanaraman
Yeah, so Middle east is also strong. If you look at our revenue growth has been strong, we strong quarter and still continues.
Unidentified Participant
Sure, sure. So any. Any plans for the storage expansion for another 6 months, 12 months time.
Ramesh Kalyanaraman
So you. You know that franchisee ecosystem in Middle east has not turned up the way like what is what we did in India. So that is why we maintain overseas expansions in the range of what six to seven showrooms a year. That should be the target for the next couple of years. If there is anything drastically which is going to change because of franchisee demand, we will get back to you. But yeah, the only change is that we are in active discussions with a few Arab investors for franchise and the interest level from Arab investors for a Kalyan franchise has now developed.
When compared to the recent past, if that materializes then the growth can be much higher but better. We only target for six to seven showrooms in overseas.
Unidentified Participant
Sure sir. That’s all for my. Thank you.
operator
Thank you ladies and gentlemen. A reminder to all that you may press star and one to ask a question. The next question is from the line of Ashish Kanodia from Citigroup. Please go ahead.
Ashish Kanodia
Yeah, thank you sir. Just from the focal stores in South Did I heard you correctly that there are 3030 stores of Kalyan Jewelers in south? Because I think the last quarter this number was around 8, 9 stores.
Ramesh Kalyanaraman
So it is 30. We have converted a few stores in the last what you call two, three quarters.
Ashish Kanodia
And. Okay, got it. And then when I look at you know your net store addition in 3Q also it says, you know 18 made while the gross was 21. So you know what led to the three store closure in India.
Ramesh Kalyanaraman
It is not a closure. Maybe wherein for example there has been stores where like Jaipur or Southeast where we have shifted from our old premise to a new premise in a hybrid franchise model. That is where you see the net and gross number different. And one conversion of Kalyan to Candir also.
Ashish Kanodia
And in terms of date repayment, what was the total date repayment in third quarter and what is the debt balance as of December? End.
Ramesh Kalyanaraman
That there is no major change from Q2 to Q3 because usually we don’t repay debt in Q1 and Q3. Predominantly we do it in Q2 and Q4 only. So it is in the same level.
Ashish Kanodia
Got it. And this last question is on the pledging. You know, if you can highlight what was the total borrowing which was taken for the purpose of pledge and where are you know in terms of the total outstanding balance?
Ramesh Kalyanaraman
Yes. First of all, you know the pledge was done only for buyback of Kalyan shares. And again, this might not be the right platform to discuss this but since you asked, we have reduced our loans meaningfully over the last six months to enable us to manage situations effectively. And we have also drawn up plans to reduce the pledges over the next six months.
Ashish Kanodia
Sure. Namash. Thank you.
operator
Thank you. The next question is from the line of Gaurav Chagani from JM Financial. Please go ahead.
Gaurav Jogani
Thank you for taking my questions. Again just on the Capex bit if you can, you know, highlight the Capex bit for India for this year, in the next year and also for the the candy and the international market.
Ramesh Kalyanaraman
Can you. Can you repeat the question once more?
Gaurav Jogani
The Capex plans, the. The amount of keeping that would be spent in India as well as outside India, including the new venture also that you are planning to do.
Ramesh Kalyanaraman
So you are talking about this year, right?
Gaurav Jogani
Yeah. 26 and 27 both sir, if you can.
Ramesh Kalyanaraman
So this year should be in the range of what? 175 crore for maintenance. Capex India and the Regional 5 showrooms might not come this year. It can come in the next financial year. Maybe partly this year and candier around what? 30, 40 showrooms with around two two and a half crore of capex. That should be the.
Gaurav Jogani
So for the Regional 5 showrooms, how much capex would be required for next year?
Ramesh Kalyanaraman
So regional we will open only five showrooms in the next 12 months. Okay. And the capex should be in the range of what? 4 to 5 crores per store.
Gaurav Jogani
Okay, sure. Thank you.
operator
Thank you. Ladies and gentlemen. Due to time constraint we’ll take that as the last question for today. I now hand the conference over to the management for closing comments.
Ramesh Kalyanaraman
Can you hear me?
operator
Yes, we can hear you sir.
Ramesh Kalyanaraman
Yeah. So thank you everyone and before I end the call, I just wanted to mention that this quarter has been started off very well and we look for ending up this year on a very strong note. Thank you everyone.
operator
Thank you sir. On behalf of Kalyan Dwellers India limited that concludes this conference. Thank you all for joining us today. And you may now disconnect your lines.