Kalyan Jewellers has just reported a 37% year-on-year surge in consolidated revenue for Q4 FY25. That’s despite global gold price volatility. That resilience—coupled with the company’s strategic expansion drive—underscores its growing market presence.
Domestic Market Leads the Charge
Kalyan Jewellers’ domestic revenues jumped 39% year-on-year. That was largely driven by wedding season demand. Same-store sales growth was recorded at 21% for the quarter. Kalyan Jewellers opened 25 new showrooms in India during Q4 FY25 and another three in the first week of April 2025. This highlights its retail expansion strategy.
Middle East Market Contributes
The Middle East business saw a revenue growth of 24% year-on-year. This growth was also powered by same-store sales growth. The region accounts for nearly 12% of the consolidated revenue during the quarter. That underlines its importance in Kalyan’s international portfolio.
Digital Platform: Candere Performance
Candere, the digital-first jewellery platform under Kalyan Jewellers, reported a 22% revenue decline in Q4 FY25 compared to the same period last year. However, Candere continued its physical retail expansion with 14 new showrooms launched during the quarter.
Expansion Plans for FY 2026
The company reiterated its previously announced expansion blueprint for FY 2026, which includes the launch of 170 new showrooms across its Kalyan and Candere formats. This will consist of:
- 75 Kalyan showrooms (all under the FOCO – Franchisee Owned, Company Operated – model) in non-South Indian regions, including 5 large-format flagship outlets
- 15 FOCO Kalyan showrooms in South India and international markets
- 80 Candere showrooms across India
Kalyan has already signed Letters of Intent (LOIs) for all FOCO-format stores planned for FY2026 within India, reflecting solid execution of strategic goals.
Store Network Snapshot
The company operated 388 showrooms globally as of 31 March 2025:
- Kalyan Jewellers India: 278 stores
- Kalyan Jewellers Middle East: 36 stores
- Kalyan Jewellers USA: 1 store
- Candere: 73 stores
Looking Ahead
The company is optimistic about the ongoing quarter. There are positive signs in advance bookings for Akshaya Tritiya and wedding-related purchases. That suggests continued strong demand in the upcoming festive season.
Kalyan Jewellers Post-IPO Performance
Kalyan Jewellers launched its IPO on 16 March 2021 with an issue size of INR 1,175 crore. The IPO was subscribed to 2.61X, the IPO delivered a 13.56% listing return.
Notably, Kalyan Jewellers reached its all-time high of INR 777.80 per share on 3 January 2025, reflecting a multibagger 794% return on investment. Currently, the stock is trading around INR 484 per share with a correction of 37.77% from its all-time high.
In the previous quarter (Q3 FY25), Kalyan Jewellers reported a net profit of INR 218.82 crore—a 21.2% jump compared to INR 180.61 crore in Q3 FY24. Net sales had increased by 39.5% YoY to INR 7,286.88 crore.
Conclusion
Kalyan Jewellers’ Q4 FY25 results reflect a strong combination of strategic retail expansion, strong demand during the wedding season, and effective market penetration in both domestic and international markets. While Candere’s online operations showed a decline, the physical store rollout continues to pick up pace. With plans to open 170 showrooms in FY 2026 and early signs of a strong upcoming quarter, Kalyan Jewellers remains a player to watch in the organised jewellery retail space.
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