About Kalyan Jewellers India Limited
Kalyan Jewellers India Limited (NSE: KALYANKJIL) is a major Indian multinational jewelry retailer headquartered in Thrissur, Kerala, India. It was originally founded in 1993 by T. S. Kalyanaraman and later incorporated as a public limited company in 2009, with its shares listed on the BSE and NSE.
The company designs, manufactures and sells a wide range of gold, diamond and gemstone jewelry across various categories — from traditional wedding pieces to contemporary and everyday wear. It has grown from a single showroom into one of India’s largest organized jewelry chains with a vast network of showrooms across India and the Middle East, serving diverse customer preferences.
Kalyan Jewellers is known for its focus on trust, transparency and customer-centric practices, including initiatives like clearly tagged pricing and certified jewelry, which have helped establish its brand reputation. It has also expanded its digital footprint through the acquisition of the online platform Candere.
Today, the company continues to pursue broad geographic expansion and aims to enhance its omni-channel retail presence while catering to both traditional jewelry buyers and modern consumers.
Exceptional Items and Base Impact
During Q3FY26, the company recorded a one-time exceptional impact of ₹415 million due to changes in employee benefit provisions following the implementation of the New Labour Codes. Additionally, the base year performance was impacted by a loss of approximately ₹548 million arising from a reduction in customs duty.
India Performance
India operations delivered robust revenue growth across regions and categories, supported by strong same-store sales growth (SSSG). SSSG stood at 25% in the South and 29% in Non-South, with Non-South markets contributing 58.5% of total India revenue. Revenue growth was led by higher gold and studded jewelry sales, alongside a meaningful improvement in studded share to 31.2% from 29.5% YoY. The showroom network expanded significantly, strengthening market presence and scale.
Middle East Performance
Middle East operations reported healthy revenue growth, driven largely by SSSG of 24%, despite volatility in gold prices. Consumer sentiment remained resilient, while the studded share was broadly stable at 18.2% compared to 18.7% YoY. A higher contribution from FOCO showrooms resulted in lower gross and EBITDA margins, in line with expectations, while showroom count increased modestly.
Consolidated Performance
On a consolidated basis, the company posted strong year-on-year growth in revenue, EBITDA, gross profit, and PAT. Revenue increased by 42% YoY, EBITDA grew by 75%, and PAT rose sharply by 90%, reflecting operating leverage, scale benefits, and sustained demand across geographies.
Historical Financial Performance and Returns
The company has demonstrated consistent and strong financial momentum, with trailing twelve-month (TTM) revenue reaching ₹3,16,495 million and TTM PAT of ₹11,285 million, representing a PAT CAGR of 51% over the last five years.
EBITDA margins and absolute EBITDA have improved steadily, while ROCE and ROE trends highlight a significantly enhanced return profile. The FOCO model has played a key role in accelerating expansion in India and the Middle East through a capital-efficient and return-accretive growth strategy, supporting sustained profitability and returns.