Kalyan Jewellers India Ltd(KALYANKJIL)

NSE: KALYANKJILBSE: 543278

₹ 512.2-3.44%refreshed 23 Oct, 03:30 pm ISTMarket cap: ₹ 52,898 crNext results: 10 Nov 2026Website: www.kalyanjewellers.netUpdated: 24 Oct 2026

About

Kalyan Jewellers India Ltd is one of India's largest jewellery retail chains, selling gold, diamond and studded jewellery through its Kalyan showrooms, the Candere e-commerce and studio format, and the newly launched regional brand Akshaya Thanga Maligai (ATM) in Tamil Nadu. It operates on an asset-light Franchisee-Owned Company-Operated (FOCO) model that by Q1 FY27 accounted for ~57% of India revenue.^[1][2][3]

Store network and formats

Kalyan India operated 354 showrooms (234 FOCO) as of Q1 FY27 (June 30, 2026), up from 342 (222 FOCO) at end of FY26.^[3][2]
Candere (e-commerce and studio format) had 129 showrooms (73 FOCO) as of June 30, 2026, up from 124 (70 FOCO) at March 31, 2026.^[3][2]
International Kalyan network stood at 41 showrooms (5 FOCO) at end of FY26, including the first UK showroom opened during FY26.^[2]
In Q2 FY27 (to September 30, 2026), 12 Kalyan India showrooms and 9 Candere showrooms were launched, along with 1 international Kalyan showroom.^[4]
Regional brand ATM (Akshaya Thanga Maligai) launched in Chennai on 21 August 2026, with four more Tamil Nadu showrooms to follow; inventory curated specifically for regional preferences.^[3]

Key operating metrics

India same-store sales growth (SSSG) was 28% in Q1 FY27 - South ~30%, Non-South ~27% - and 20% in Q2 FY27.^[3][4]
Middle East SSSG was ~25% in Q1 FY27 and international revenue grew 18% in Q2 FY27.^[3][4]
Candere revenue grew 64% in Q2 FY27; in Q1 FY27 it was INR141 crores vs INR66 crores in Q1 FY26 (+114% YoY).^[4][3]
Inventory turns were 3.7x on a trailing-twelve-month basis as of Q1 FY27.^[3]
Consolidated ROCE (TTM) was 30.3% in Q1 FY27, up from 28.8% in FY26 and 19.8% in FY25.^[3][2]

Studded mix and product composition

India studded jewellery share was 29.7% in Q1 FY27, marginally down from 30.3% in Q1 FY26; studded share peaked at ~31.2% in Q3 FY26.^[3][5]
Middle East studded share was 16.3% in Q1 FY27, down from 18.3% in Q1 FY26.^[3]
Non-South India contributed ~57% of total India revenue in Q1 FY27, up from ~54% in Q4 FY26 and ~49% in Q2 FY26.^[3][2][6]

Gold sourcing and recycled-gold initiative

Recycled gold as a share of revenue rose to 46% in Q1 FY27, up from 30% in Q1 FY26 and 31% in Q4 FY26; June 2026 alone exceeded 55%.^[3]
Management targets a recycled gold share of 55 - 60% going forward, reducing dependence on imported gold.^[3]
Cash-for-gold (buying at a discount to spot) moved from single-digit to double-digit share of old-gold receipts in Q1 FY27 and is described as margin-accretive versus the exchange model.^[3]

Candere business

Candere turned PAT positive for the first time in H2 FY26; FY26 full-year revenue grew 160% YoY to INR4,253 Mn.^[2]
Candere posted PAT of INR2.1 crores in Q1 FY27 versus a loss of INR10 crores in Q1 FY26.^[3]

Debt reduction and balance sheet

India standalone non-GML debt fell from INR8,808 Mn (March 2025) to INR3,168 Mn (March 2026); management confirmed complete repayment by end of September 2026.^[3][2]
Agreements signed to sell two non-core land parcels for ~INR102 crores aggregate; one parcel (INR86 crores) was sold by Q2 FY27, with a second (INR16 crores) planned in Q3 FY27.^[3][4]

Expansion plans

Target of 84 Kalyan India FOCO showrooms in FY27 (12 opened in Q1, H2 weighted); plus 6 international Kalyan showrooms.^[3][2]
Target of 50 Candere showrooms in FY27, focused on deepening inventory in existing 129 stores to drive SSSG alongside new openings.^[3][2]
ATM regional brand to reach 5 Tamil Nadu showrooms within months of the August 2026 Chennai launch, predominantly FOCO, with capex of Rs 4 - 5 crores per store.^[3][5]
Working with potential Arab investors for a larger FOCO partnership in the Middle East; conversion of existing COCO showrooms to FOCO also in scope for FY27.^[3][2]

Recent developments

Q2 FY27 (October 2026 filing): India revenue grew 27% and SSSG was 20%; Candere revenue grew 64%; one international Kalyan showroom opened.^[4]
Sale of a non-core real estate asset for INR86 crores was completed in Q2 FY27; a second asset worth INR16 crores is planned for sale in Q3 FY27.^[4]
Akshaya Thanga Maligai (ATM) brand launched in Chennai on 21 August 2026 as Kalyan's first dedicated regional brand for Tamil Nadu.^[3][4]
FY26 full-year consolidated revenue reached INR35,740 crores (+43% YoY) and PAT INR1,350 crores (+89% YoY), with 129 showrooms launched across formats during the year.^[2]

Market Cap

₹52,898 Cr

High / Low

₹649 / 327

Stock P/E

36.9

Price / Book

8.4

Book Value

₹61

EPS

₹13.1

No. of Shares

103.27 Cr

ROCE

28.8%

ROE

24.3%

OPM

6.3%

Debt / Equity

0.08

Sales

₹35,743 Cr

Net Profit

₹1,350 Cr

Promoter holding

62.9%

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