Kalyan Jewellers posts 38% YoY Q1 revenue growth on robust demand
Kalyan Jewellers reported an estimated 38% YoY consolidated revenue growth in Q1 FY27, with India up 38% and same-store sales up 28%. International revenue rose 35%, Candere doubled (+112%), and recycled gold hit 46% of revenue. The chain now operates 524 stores globally.
What happened
Kalyan Jewellers posted an estimated 38% YoY Q1 FY27 revenue growth, driven by strong domestic demand, 28% same-store growth, expanding international
Key facts
- 38% YoY consolidated revenue growth
- India business +38%
- same-store sales +28%
- international revenue +35%
- Middle East +30%
- international 14% of revenue
- Candere +112%
- recycled gold 46% of revenue
- June recycled gold 55%
- 12 showrooms opened in India
- Candere +5 outlets
- 524 stores globally
- 354 India showrooms
- 38 Middle East
- 2 US
- 1 UK
- 129 Candere
Why this matters
Candere doubling and international revenue up 35% highlight scalable digital and overseas platforms that could anchor bolt-on acquisitions or market-entry partnerships.
What to watch
- Full Q1 results with EBITDA margin and net debt figures
- Gold price trajectory and its effect on discretionary studded demand
- Same-store growth deceleration in subsequent quarters (base normalization)
- Franchise vs owned-store mix shift affecting capital intensity
- Festive/wedding season demand signals for Q2-Q3
- Peers (Titan/Tanishq, Senco, Thangamayil) report comparable SSSG to benchmark organized-sector share gains
- Sell-side revises FY27 revenue estimates upward but flags margin caveats pending detailed P&L
- Kalyan guides on H2 store-addition pace and Candere online scaling
- Management commentary on recycled-gold mix (46%) impact on realized margins