Kalyan Jewellers India Limited announced its audited standalone and consolidated financial results for the quarter and year ended March 31, 2026, approved at a Board of Directors meeting held on May 08, 2026. The audited results were subsequently published in newspapers on May 09, 2026, pursuant to Regulation 47 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The company reported robust growth across key metrics, with consolidated revenue rising 43% to Rs 35,743 crore in FY26 from Rs 25,045 crore in the previous year. Profit after tax (PAT) grew by 86% to Rs 1,350 crore compared to Rs 714 crore in FY25. The statutory auditors, M/s. Walker Chandiok & Co LLP, Chartered Accountants, issued an unmodified audit opinion on both the standalone and consolidated financial results.

Q4 Performance Highlights

For the quarter ended March 31, 2026 (Q4 FY26), Kalyan Jewellers delivered strong operational and financial performance. Q4 consolidated revenue stood at Rs 10,275 crore, compared to Rs 6,181 crore in the same quarter of the previous year, reflecting a growth of 66%. Consolidated net profit for Q4 came in at Rs 410 crore against Rs 188 crore in the year-ago period, a growth of 118%. Consolidated profit before tax for Q4 was Rs 539 crore versus Rs 251 crore in the corresponding quarter of the previous year. The following table summarises key Q4 metrics:

Segment-Wise Quarterly Performance

During the earnings conference call held on May 08, 2026, management provided a detailed breakdown of Q4 FY26 performance across business segments. On a standalone basis, the India business reported revenue of Rs 8,990 crore versus Rs 5,350 crore in the corresponding quarter of the previous year, with profit before tax of Rs 495 crore compared to Rs 249 crore, and PAT of Rs 366 crore against Rs 185 crore — a growth of 97%. The Middle East business recorded revenue of Rs 1,074 crore versus Rs 784 crore, with profit before tax of Rs 20 crore versus Rs 15 crore, and PAT of Rs 21 crore compared to Rs 12 crore in the prior year period. The lifestyle jewellery platform Candere posted revenue of Rs 131 crore versus Rs 28 crore in the corresponding quarter, turning profitable with a PAT of Rs 3 crore against a loss of Rs 12 crore in the year-ago period.

Full-Year Financial Highlights

For the full financial year FY26, consolidated profit before tax came in at Rs 1,802 crore versus Rs 960 crore in FY25, an 88% growth. Consolidated PAT for the year ending March 2026 stood at Rs 1,350 crore versus Rs 714 crore for the year ending March 2025, a growth of 89%. Out of the free cash generated from operations, approximately Rs 350 crore was used for debt reduction and approximately Rs 150 crore was used for dividend payments. The table below presents the consolidated annual financial performance for FY26:

The audited extract (₹ in Millions) filed with stock exchanges further details the following key financial metrics:

Exceptional Item

During the year, the Government of India consolidated multiple existing labour legislations into a unified framework comprising four Labour Codes, collectively referred to as the 'New Labour Codes', effective November 21, 2025. Under Ind AS 19, this legislative amendment constitutes a plan amendment, requiring immediate recognition of past service cost in the statement of profit and loss. As a result, the company recognised a one-time increase in provision for employee benefits amounting to Rs 415.02 million, reported as an exceptional item in the financial results. The government is in the process of notifying related rules to the New Labour Codes, and the impact will be evaluated and accounted for in accordance with applicable accounting standards in the period in which they are notified.

Dividend Recommendation

The Board of Directors has recommended a final dividend of Rs 2.50 (25%) per equity share of Rs 10 each for the financial year ended March 31, 2026, subject to the approval of members at the ensuing Annual General Meeting. The Board recommended a dividend of approximately INR 257 crores for FY26, representing about 20% of net profit.

Concall Highlights: Strategy and Operational Updates

During the earnings conference call, management addressed several strategic and operational topics in detail. On the SSSG front, management noted that non-South regions outpaced South in Q4 FY26, with the acceleration in non-South further widening from Q3, partly attributed to a higher base in the South. On gold supply, management confirmed there is abundant supply of gold in the country, with banks and importers permitted to import gold through India International Bullion Exchange at GIFT City Gujarat, and banks also procuring gold from domestic sources such as gold deposit schemes. On Candere's margin profile, management noted that store-level gross margins are in the mid-30s, driven by a studded jewellery ratio of more than 70%. On the Middle East, management noted that 4 FOCO showrooms were temporarily converted to COCO to facilitate discussions with Arab investors for potential franchisee expansion, though no deal has been finalised. On interest cost, management indicated that approximately Rs 20 crore was a one-off element in FY26 interest costs related to advanced tax payments, and approximately Rs 30 crore reduction is expected in FY27 from non-GML debt repayment, implying a combined reduction of approximately Rs 50 crore. On India standalone PBT margin, management indicated that the range of 5.5%–5.6% is expected to be maintained, with potential for some additional improvement from operating leverage.

Management also addressed questions on gross margin drivers, noting that some benefit was derived from platinum and silver margins during FY26, which may not sustain at the same level going forward. On store expansion, management clarified that 13 stores were opened in South India in the last financial year, predominantly in metros such as Bangalore, Chennai, and Hyderabad, with future South expansion expected to remain in the range of 13–15 showrooms, largely in metros. Outside South India, expansion exceeded 60–65 showrooms. On the asset divestment front, management confirmed that collateral for approximately INR 180 crores has been released, with the timeline for disposal set before September of the current year, and the process for releasing a second set of assets worth approximately INR 200 crores has also been initiated. On the FOCO-COCO revenue dynamics, management noted that COCO stores generate higher revenue per store than FOCO stores due to larger inventory baskets, while FOCO stores are evaluated on stock turn and profitability. On inventory management amid rising gold prices, management stated that for every INR 100 increase in gold price, inventory at the store level is increased by only INR 30–40, with volume reduced to protect ROCE.

Management Guidance — FY27 Outlook

Management shared key forward-looking guidance during the earnings conference call. For long-term projections, management recommends budgeting a 10% same-store sales growth (SSSG) for the next three to five years, despite higher recent performance. The company plans to open 150 showrooms across Kalyan, Candere, and new regional brands during the current financial year (FY27), with approximately 50–55 of these under the Candere format. The company also aims to become Non-GML debt-free in the current financial year, potentially by H1 FY27 if conditions are favorable. Over the last three years, the company has reduced non-GML debt in India from Rs 1,300 crore to Rs 300 crore. Candere will focus on driving same-store sales growth and expanding its showroom footprint in the current financial year. Management also noted that close to 50% of cash generated will be used for dividends, debt reduction, and capex, with the balance allocated towards Candere and the new regional brand. On the new regional brand, management noted that the launch is pending stabilisation of the post-election environment in the target state, with timing to be managed based on ground conditions.

Management Commentary

Mr. Ramesh Kalyanaraman, Executive Director, stated, "We ended the previous financial year on a very strong note and have carried the momentum into the ongoing financial year. We witnessed strong growth in our Akshaya Tritiya sale this year and we continue to see encouraging momentum in consumer demand, especially around the wedding purchases during the current quarter."

About Kalyan Jewellers

Headquartered in Thrissur in the state of Kerala, Kalyan Jewellers is one of the largest jewellery retailers in India with a presence in the Middle East, UK and the US. The company has enjoyed a longstanding presence in the Indian market for over three decades and has set industry benchmarks in quality, transparency, pricing and innovation. Kalyan Jewellers has 507 showrooms across India, UK, USA and the Middle East, with a retail area exceeding 12,00,000 sq. ft.

A notable block trade was recorded on the National Stock Exchange (NSE) for Kalyan Jewellers India Ltd., with the transaction valued at ₹25.59 crores. The deal involved approximately 667,700 shares, executed at a price of ₹383.20 per share, reflecting significant market activity in the counter.

Block Trade Details

The following table summarizes the key parameters of the block trade:

Block trades of this scale are typically executed by institutional investors or large market participants, and are carried out outside the regular order book to minimize market impact. The transaction in Kalyan Jewellers India Ltd. underscores the continued interest of large investors in the company's stock.