Kalyan Jewellers: Candere Digital Platform Sees 360% Jump In Q4
Kalyan Jewellers delivered exceptional Q4 FY26 results with Candere digital platform leading growth at 360% YoY, consolidated revenue up 64%, and India operations growing over 65% driven by strong same-store sales growth of 45%.

*this image is generated using AI for illustrative purposes only.
Kalyan Jewellers India Limited has delivered exceptional financial performance in Q4 FY26, with its digital platform Candere leading the charge with remarkable 360% revenue growth. The jewellery retailer reported consolidated revenue growth of approximately 64% compared to the same period in the previous financial year, marking a significant milestone in the company's expansion trajectory. For the full year FY26, the company achieved consolidated revenue growth of approximately 42%.
Digital Platform Achieves Exceptional Growth
Candere, the company's digital-first jewellery platform, delivered outstanding performance with revenue growth exceeding 360% during Q4 FY26 compared to the same period in the previous year. This remarkable growth underscores the company's successful digital transformation strategy. For the full year FY26, Candere recorded revenue growth of approximately 160% when compared to the prior year.
| Digital Performance: | Growth Metrics |
|---|---|
| Candere Q4 FY26 Growth: | Over 360% |
| Candere Full Year Growth: | Approximately 160% |
| New Candere Showrooms: | 14 |
| Total Candere Outlets: | 124 |
Strong Domestic Performance Drives Growth
The company's India operations emerged as a key growth driver, witnessing revenue growth exceeding 65% during Q4 FY26 compared to Q4 FY25. This impressive performance was primarily attributed to strong same-store-sales-growth (SSSG) across most key markets, with the quarter recording same-store-sales-growth of over 45%.
| Performance Metric: | Q4 FY26 Growth |
|---|---|
| India Operations Revenue Growth: | Over 65% |
| Same-Store-Sales-Growth: | Over 45% |
| Full Year India Revenue Growth: | Approximately 43% |
Despite volatile gold prices during the quarter, both wedding and discretionary demand remained robust, contributing to the strong performance. For the full year FY26, the India business recorded revenue growth of approximately 43% when compared to the prior year.
International Markets Show Resilience
The company's international operations demonstrated solid performance with revenue growth of approximately 45% for Q4 FY26 compared to the same period in the previous financial year. Within the Middle East specifically, revenue growth reached approximately 39% for the quarter, driven predominantly by same-store-sales-growth.
| International Performance: | Details |
|---|---|
| Q4 FY26 Revenue Growth: | Approximately 45% |
| Middle East Growth: | Approximately 39% |
| Full Year International Growth: | Approximately 33% |
| Revenue Contribution: | Approximately 11% of consolidated revenue |
The ongoing geopolitical situation in the region impacted customer walk-ins during the first three weeks of March, even though showrooms remained operational. However, excellent Ramadan sales during the last 10 days of the month compensated for the earlier impact. For the full year FY26, international business recorded revenue growth of approximately 33% compared to the prior year.
Significant Retail Expansion
During Q4 FY26, Kalyan Jewellers continued its aggressive expansion strategy, launching 28 Kalyan showrooms in India with a net addition of 24 showrooms, alongside 14 new Candere showrooms. The ongoing geopolitical situation in West Asia caused supply-side disruptions for building materials, impacting some planned showroom launches during March.
| Showroom Distribution: | Count as of March 31, 2026 |
|---|---|
| Kalyan India: | 342 |
| Kalyan Middle East: | 38 |
| Kalyan USA: | 2 |
| Kalyan UK: | 1 |
| Candere: | 124 |
| Total Showrooms: | 507 |
Positive Outlook for New Financial Year
The new financial year has commenced on a positive note with strong footfalls across most markets. The company reports encouraging trends in advance collections for both Akshaya Tritiya and wedding purchases for the upcoming festive and wedding season, indicating sustained momentum in customer demand.
The company noted that all metrics and details are subject to statutory audit processes, with a detailed information update to follow post-approval of financials for the quarter and year ended March 31, 2026, by the board of directors.
Historical Stock Returns for Kalyan Jewellers
| 1 Day | 5 Days | 1 Month | 6 Months | 1 Year | 5 Years |
|---|---|---|---|---|---|
| +7.53% | +18.53% | +12.64% | -8.64% | -8.38% | +537.41% |
Can Candere sustain its 360% growth trajectory as the digital platform scales, or will growth rates normalize as the base increases?
How will ongoing geopolitical tensions in West Asia affect Kalyan's Middle East expansion plans and supply chain operations in FY27?
What impact will volatile gold prices have on consumer demand and Kalyan's margin sustainability in the upcoming quarters?


































