Kalyan Jewellers , one of India's largest jewellery retailers, has unveiled plans for growth, projecting an 18-20% revenue increase for the fiscal year 2026. This outlook is underpinned by a store expansion strategy across India and the Middle East.

Expansion Plans

The company aims to add 30 new stores annually, including franchise outlets. This expansion is expected to boost Kalyan Jewellers' market presence and accessibility to customers.

Financial Performance

Recent financial results underscore the company's trajectory:

The company's performance shows growth across key financial indicators, with revenue, EBITDA, and Profit After Tax (PAT) all showing significant year-over-year increases.

Strategic Initiatives

Kalyan Jewellers is focusing on several key areas:

1. Omni-channel Integration: The company is working on integrating its online and offline presence to enhance customer experience and reach.

2. Margin Stability: Through gold exchange programs and premiumization strategies, Kalyan Jewellers aims to maintain profit margins.

3. Working Capital Optimization: Efforts are being made to improve working capital management, which could support expansion plans.

4. Franchise Model: The company is leveraging a franchise-owned company-operated (FOCO) model to accelerate expansion. As of September 30, 2025, Kalyan Jewellers had 174 FOCO showrooms in India and 4 in the Middle East.

Market Position

Kalyan Jewellers has established a presence in the Indian jewellery market:

• Total showrooms: 436 across India, USA, and the Middle East
• Retail area: Exceeding 10,67,000 sq. ft.
• Product range: Traditional and contemporary designs in gold, diamonds, and precious stones

Outlook

The company's growth strategy aims to capitalize on the increasing organized share of the Indian jewellery market. With its focus on expansion, omni-channel presence, and operational efficiencies, Kalyan Jewellers aims to create value for its stakeholders.

Kalyan Jewellers India Ltd , a leading jewelry retailer, has reported a stellar performance for the second quarter of the fiscal year 2025-26, with net profit nearly doubling and significant revenue growth.

Financial Highlights

• Net profit surged 99.5% year-on-year to ₹260 crore
• Revenue from operations increased by 37.4% to ₹7,856 crore
• EBITDA grew by 55.8% to ₹497.1 crore
• EBITDA margin improved to 6.3% from 5.3% in the same quarter last year

Strong Performance Across Metrics

Kalyan Jewellers has demonstrated robust growth across key financial parameters in Q2 FY26. The company's net profit nearly doubled to ₹260 crore, compared to ₹130 crore in the corresponding quarter of the previous year, reflecting a 99.5% year-on-year increase.

Revenue from operations saw a significant uptick, growing by 37.4% to reach ₹7,856 crore, up from ₹6,057 crore in the same period last year. This substantial revenue growth indicates strong consumer demand and effective market strategies.

Improved Profitability

The company's profitability metrics showed notable improvement:

The EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortization) increased by 55.8% to ₹497.10 crore, compared to ₹319.00 crore in the same quarter last year. This growth outpaced the revenue increase, indicating improved operational efficiency.

Moreover, the EBITDA margin expanded by 100 basis points, rising to 6.3% from 5.3% in the corresponding period. This margin improvement suggests better cost management and operational leverage.

Market Response

The market response to Kalyan Jewellers' strong quarterly performance was positive but measured. The company's shares ended at ₹512.75 on the BSE, up ₹0.25 or 0.049%, indicating that investors may have already priced in expectations of good results.

Looking Ahead

While the results are impressive, it's important to note that the jewelry market can be influenced by various factors, including gold prices, consumer sentiment, and overall economic conditions. Kalyan Jewellers' ability to maintain this growth trajectory will depend on its continued execution of business strategies and market dynamics.

The company's board meeting, which concluded on November 07, 2025, also approved an amendment to the Employee Stock Option Plan 2020, increasing the number of stock options reserved under the plan from 30,00,000 to 60,00,000, subject to shareholders' approval.

As Kalyan Jewellers continues to expand its market presence and enhance its operational efficiencies, investors and industry observers will be keenly watching its performance in the coming quarters.