Kalyan Jewellers India Limited has completed a ₹350 crore rights issue in its wholly owned subsidiary, Candere Lifestyle Jewellery Pvt Ltd, on September 19, 2026. The capital infusion is designated entirely for the repayment of loans extended by the holding company to its e-commerce jewellery arm.

The transaction involved the subscription of 1,750,000 equity shares with a face value of ₹10 each at a premium of ₹2,000 per share. As Candere remains a 100% wholly owned subsidiary, the investment does not alter Kalyan Jewellers' shareholding percentage in the entity. The company disclosed that the allotment of shares was completed on September 19, 2026.

Transaction Details

The investment falls under related party transactions but is exempt from approval requirements under Regulation 23(5) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, due to the wholly owned nature of the subsidiary. The transaction was executed at arm's length.

Subsidiary Financial Position

Candere Lifestyle Jewellery Pvt Ltd, incorporated in December 2010 and renamed in August 2025, operates as an e-commerce retailer specializing in jewellery sales. The subsidiary reported a turnover of ₹4,253.66 million for the fiscal year ended March 31, 2026.

This represents a significant increase from ₹1,638.15 million in FY25 and ₹1,303.47 million in FY24. Despite the revenue growth, Candere reported a net loss after tax of ₹127.77 million for FY26. Its net worth stood at a negative ₹325.14 million as of March 31, 2026.

What the Numbers Show

The data reveals a divergence between top-line growth and profitability for Candere. While revenue more than doubled from FY25 to FY26, rising from ₹1,638.15 million to ₹4,253.66 million, the subsidiary incurred a wider net loss of ₹127.77 million compared to previous periods. This suggests that the rapid expansion in e-commerce sales has not yet translated into operational profitability, necessitating the parent company's financial support to manage debt obligations.

Kalyan Jewellers concluded its 18th Annual General Meeting on September 19, 2026. The company declared a final dividend of ₹2.50 per equity share for the financial year ended March 31, 2026.

The meeting was chaired by Vinod Rai and conducted via video conferencing. Members approved the adoption of audited financial statements for FY26 through remote e-voting facilitated by the National Securities Depository Limited.

Key Resolutions

Shareholders passed several ordinary resolutions during the session:

• Adoption of standalone and consolidated audited financial statements for FY26.
• Declaration of final dividend of ₹2.50 per share of face value ₹10 each.
• Re-appointment of TK Seetharam as a director retiring by rotation.
• Re-appointment of Salil Nair as a director retiring by rotation.
• Approval to accept deposits from the public and members.

A special resolution was passed to approve remuneration for Chairman Vinod Rai for FY27, which may exceed 50% of the total annual remuneration payable to all non-executive directors.

Governance Details

The board appointed M. R. Thiagarajan, a practicing company secretary, as the scrutinizer for the e-voting process. CEO Sanjay Raghuraman and Executive Director TK Ramesh addressed member queries regarding operations and financial performance.

The detailed voting results were submitted to stock exchanges in compliance with SEBI Listing Regulations.