Kalyan Jewellers India (KALYANKJIL) Q4 25/26 earnings summary

Executive summary

• Q4 and FY26 delivered strong momentum, with consolidated revenue up 66% in Q4 and 43% for FY26, and PAT up 118% in Q4 and 89% for FY26; standalone revenue and PAT also saw significant growth.

• FY26 consolidated revenue reached ₹357,429 Mn, with PAT at ₹13,504 Mn, reflecting a 46% CAGR in PAT over six years.

• 129 new showrooms were launched, including the first in the UK, bringing the global total to 507 showrooms as of March 2026.

• Candere achieved 160% revenue growth, turned PAT positive in H2 FY26, and expanded to 124 showrooms.

• Audited standalone and consolidated results for FY26 were approved with unmodified opinions from statutory auditors.

Financial highlights

• Q4 consolidated revenue: ₹102,749 Mn (+66% YoY); PAT: ₹4,095 Mn (+118% YoY).

• FY26 consolidated revenue: ₹357,429 Mn (+43% YoY); PAT: ₹13,504 Mn (+89% YoY); EBITDA: ₹24,912 Mn (7.0% margin); gross profit: ₹47,043 Mn (13.2% margin).

• India Q4 revenue: ₹89,943 Mn; PAT: ₹3,656 Mn (+97% YoY); SSSG: 47%.

• Middle East Q4 revenue: ₹10,736 Mn; PAT: ₹213 Mn (+75% YoY); SSSG: ~34%.

• Candere Q4 revenue: ₹131 crores; PAT: ₹3 crores (vs. ₹12 crore loss YoY); FY26 revenue: ₹4,253 Mn.

Outlook and guidance

• Plan to open 150 showrooms in FY27 across all brands, including 84 new FOCO showrooms in India and 6 internationally.

• Focus on mid to high single-digit same-store sales growth and expansion in non-south Indian markets.

• Continued capital-light expansion, with new regional brands launching in FY27.

• PBT margin for India expected to remain around 5.5%-5.6%.

• Board recommended a final dividend of ₹2.50 per share for FY26, subject to shareholder approval.