Kalyan Jewellers India Limited has delivered robust financial performance for Q3FY26, demonstrating strong growth across all key metrics. The jewellery retailer's consolidated revenue reached ₹1,03,434 Mn, marking a significant 42% year-on-year increase from ₹72,781 Mn in Q3FY25.

Consolidated Financial Performance

The company's consolidated performance showcased remarkable growth momentum across all major financial parameters:

The gross profit margin improved to 13.1% from 12.2% in the previous year, while EBITDA margin expanded to 7.3% from 5.9%. The profit after tax margin strengthened to 4.0% compared to 3.0% in Q3FY25.

India Operations Drive Growth

The India segment emerged as the primary growth driver, delivering exceptional performance across all metrics. Revenue from India operations reached ₹90,477 Mn, representing a 42% year-on-year increase from ₹63,864 Mn in Q3FY25.

The India operations maintained healthy margins with gross profit margin at 12.7% and EBITDA margin at 7.2%. The segment's profit after tax margin improved to 4.4% from 3.4% in the corresponding quarter last year.

Regional Performance Analysis

The company's pan-India presence delivered balanced growth across regions. South India revenue reached ₹37,582 Mn while Non-South revenue contributed ₹52,895 Mn, highlighting the company's successful geographical diversification strategy.

Product-wise performance showed strong momentum in both categories:

• Gold Revenue: ₹60,092 Mn
• Studded Revenue: ₹28,238 Mn

Middle East Operations Show Resilience

The Middle East segment continued its steady performance trajectory with revenue of ₹10,726 Mn, marking a 28% year-on-year growth from ₹8,377 Mn in Q3FY25.

The Middle East operations maintained a gross profit margin of 14.3% and EBITDA margin of 7.0%, demonstrating operational efficiency in international markets.

Expansion Through Asset-Light Model

Kalyan Jewellers continues to execute its franchise-led expansion strategy with 195 FOCO (Franchisee Owned Company Operated) showrooms in India as of December 31, 2025. The company operates 318 showrooms in India and 38 showrooms in the Middle East, providing extensive geographical coverage.

The company's TTM performance reflects sustained growth with revenues of ₹3,16,495 Mn and profit after tax of ₹11,285 Mn, underlining the effectiveness of its strategic initiatives and operational excellence.

Kalyan Jewellers India Ltd. shares extended their declining trend on Wednesday, January 21, falling 12% and marking the eighth consecutive session of losses. The stock closed at ₹396.00, representing a significant 12.40% decline from the previous session.

Extended Losing Streak Continues

The current eight-day losing streak has resulted in a cumulative decline of 22% for the jewelry retailer's stock. This downward trajectory reflects broader challenges facing the company, with the stock declining in 10 out of 13 trading sessions recorded in 2026. Over the past 12 months, including Wednesday's decline, the stock has fallen 18%.

Mutual Fund Holdings Show Mixed Activity

Institutional investor activity in Kalyan Jewellers has shown notable changes during the recent period. The following table highlights key mutual fund position changes:

Motilal Oswal Midcap Fund significantly reduced its stake, trimming its holding by 2.75 percentage points. Conversely, Sundaram Midcap Fund appeared among public shareholders for the first time with a 1.02% stake at the end of the December quarter.

Promoter Activity and Share Pledging

Promoter activity has included both acquisitions and increased pledging. In August 2024, promoters acquired a 2.36% stake from Warburg Pincus at ₹535.00 per share, significantly above current trading levels. However, the amount of pledged shares from promoters increased substantially:

Retail Investor Base Expands

Despite the stock's declining performance, retail investor participation has grown significantly. The retail shareholder base, comprising investors with authorized share capital up to ₹2.00 lakh, expanded both in absolute numbers and percentage terms:

The increase of over one lakh retail shareholders indicates continued interest from individual investors despite the stock's poor performance.

Current Trading Position

Shares of Kalyan Jewellers closed Wednesday's session at ₹396.00, down 12.40% from the previous close. The stock is trading well below the ₹535.00 level at which promoters acquired shares from Warburg Pincus in August 2024, highlighting the significant value erosion over recent months.