#KalyanJewellers #Q1FY26Results #IndianJewelleryMarket #GoldJewellery #DiamondJewellery #MiddleEastMarket #Candere #LuxuryRetail #BusinessNews #FinancialResults
Chandigarh: Kalyan Jewellers India Limited has announced a strong set of financial results for the first quarter of FY26, reporting consolidated revenue of ₹7,268 crore, a 31% year-on-year (YoY) growth from ₹5,528 crore in the same quarter last fiscal. The company’s consolidated profit after tax (PAT) surged by nearly 49% to ₹264 crore, compared to ₹178 crore in Q1 FY25.
The results reflect strong operational performance across domestic and international markets despite a volatile gold price environment and a relatively high base from the previous year.
Domestic Operations – A Major Growth Driver
India continues to be the company’s largest revenue contributor. In Q1 FY26, standalone revenue from the Indian business stood at ₹6,142 crore, marking a 31% increase over Q1 FY25. PAT for India operations came in at ₹256 crore, recording an impressive 55% YoY growth.
The company credited this growth to:
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Strong wedding jewellery demand across multiple states
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Increased footfalls driven by targeted marketing campaigns
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Product portfolio expansion in both gold and diamond jewellery
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Growing traction in smaller towns and tier-2/3 cities, where Kalyan continues to expand its retail footprint
International Operations – Sustained Momentum
Kalyan Jewellers’ international segment recorded revenue of ₹1,070 crore in Q1 FY26, a 32% YoY increase. The Middle East market accounted for the bulk of international sales, contributing ₹1,026 crore in revenue—a growth of 27%. PAT from Middle East operations rose 18% to ₹22 crore.
Factors supporting international growth include:
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Higher expatriate community spending in the Gulf during festive and wedding seasons
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Competitive pricing strategies in the face of global gold price fluctuations
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Strengthened brand visibility in overseas markets through digital and influencer-led campaigns
Candere – E-commerce Challenges Persist
Kalyan’s online lifestyle jewellery platform Candere reported revenue of ₹66 crore in Q1 FY26. However, the segment posted a net loss of ₹10 crore, indicating ongoing challenges in scaling profitability in the highly competitive online jewellery space.
Despite the loss, management stated that Candere remains a strategic investment to capture the growing digital-first customer base, particularly among younger consumers in metro and tier-1 cities.
Management Commentary & Strategic Outlook
Commenting on the results, Mr. Ramesh Kalyanaraman, Executive Director, Kalyan Jewellers India Limited, said:
“We have started the ongoing quarter well despite continued volatility in gold prices and a higher base. We are upbeat about the upcoming festive season across the country and are gearing up for the launch of fresh collections and campaigns.”
The company is betting on festive and wedding season demand in the coming quarters, with new product lines and marketing campaigns planned for Diwali, Dussehra, and the South Indian Onam festival.
Operational Strengths and Market Positioning
Kalyan Jewellers has positioned itself as one of India’s most trusted jewellery brands through:
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A wide-format retail network across India and the Middle East
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Customer trust initiatives like BIS-hallmarked jewellery and transparent pricing
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Innovative marketing featuring celebrity brand ambassadors
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Regional customization of product designs to cater to diverse cultural preferences
The company’s diversified approach—balancing domestic market leadership with international expansion—has helped it withstand challenges like gold price volatility, changing consumer preferences, and e-commerce disruption.
Industry Context
The Indian jewellery industry has witnessed significant growth in recent years, driven by:
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Rising disposable incomes
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Urbanization and lifestyle changes
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Cultural affinity for gold and diamond jewellery
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Expanding retail and digital presence of organized players
However, the industry also faces challenges such as fluctuating gold prices, evolving hallmarking regulations, and competition from both organized and unorganized players.
Kalyan Jewellers’ Q1 FY26 performance suggests that organized retail brands with scale, brand equity, and a hybrid online-offline model are better placed to capture market share.
Investor Perspective
The strong Q1 results could boost investor confidence in Kalyan Jewellers’ growth trajectory. Key points for investors to note:
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Consistent revenue growth across both domestic and international markets
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Margin resilience despite gold price volatility
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Continued focus on expansion into high-growth geographies
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Strategic investments in digital and lifestyle jewellery platforms like Candere
If this momentum sustains through the festive and wedding seasons, FY26 could turn into another record year for the company.
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