Kalyan Jewellers India Limited conducted its Q3FY26 earnings conference call on February 6, 2026, following the publication of exceptional financial results that demonstrated robust performance across all business segments. The company reported consolidated revenue of ₹1,04,075.98 Mn and profit after tax of ₹4,162.98 Mn for the quarter ended December 31, 2025.

Earnings Call Highlights and Management Commentary

The earnings call was moderated by Rahul Agarwal from Strategic Growth Advisors, with key management personnel including Executive Director Ramesh Kalyanaraman, CEO Sanjay Raghuraman, CFO V. Swaminathan, and other senior executives. The call transcript was published on February 10, 2026, pursuant to Regulation 46(2)(oa) of SEBI regulations.

Consolidated Financial Performance

During the earnings call, management detailed the company's exceptional Q3FY26 performance, with consolidated revenue reaching ₹10,343 crores, representing 42% growth over the corresponding quarter of the previous year. The company achieved consolidated profit before tax of ₹560 crores versus ₹294 crores in Q3FY25.

Segment-wise Performance Analysis

Management provided detailed segment breakdowns during the call. India operations generated revenue of ₹9,048 crores versus ₹6,386 crores in Q3FY25, with profit after tax of ₹401 crores compared to ₹218 crores, marking 84% growth. Middle East operations posted revenues of ₹1,073 crores versus ₹838 crores, with profit of ₹24 crores compared to ₹15 crores in the previous year.

Candere Transformation and Profitability

Executive Director Ramesh Kalyanaraman highlighted Candere's remarkable transformation, with the omnichannel platform achieving 144% revenue growth in Q3FY26 and turning PAT positive for the first time. The platform now operates 110 stores and recorded 117% revenue growth for the nine months ended December 31, 2025.

Strategic Initiatives and Future Outlook

Management discussed several strategic initiatives during the call, including plans for a regional brand launch in Q4FY26, expansion of 18-karat jewelry offerings to manage gold price volatility, and continued focus on franchisee expansion. The company allocated ₹300 crores from operational cash flows for Candere expansion and international pilot stores in the US and UK.

Nine Months Performance Overview

For the nine months ended December 31, 2025, the company maintained strong growth momentum with consolidated total income of ₹2,56,297.81 Mn compared to ₹1,89,673.09 Mn in the corresponding period, representing 35.1% growth.

The earnings call provided comprehensive insights into the company's operational excellence and strategic direction, with management expressing confidence about ending the financial year on a strong note despite ongoing gold price volatility.

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.