Kalyan Jewellers Q1 revenue rises 46%; 134-store FY27 expansion plan intact

Kalyan Jewellers reported Q1 revenue of ₹10,589 crore and net profit of ₹348 crore, up 46% and 32% year on year. The chain added 12 Kalyan showrooms and five Candere stores, while planning 84 Kalyan FOCO and 50 Candere openings in FY27. Margin pressure and promotions weighed on investor sentiment.

— Source publishedWed, 5 Aug, 2026, 14:54 IST·First seen Wed, 5 Aug, 2026, 14:57 IST·Source Mint · Markets

What happened

Kalyan Jewellers reported strong Q1 sales and profit growth but margin compression from lower studded-jewellery mix, gold exchanges and promotions triggered a

Key facts

  • Q1 net profit: ₹348 crore, up 32% YoY
  • Q1 revenue: ₹10,589 crore, up 46% YoY
  • India revenue growth: 38% YoY; SSSG: 28%
  • EBITDA: ₹632 crore, up 25% YoY; margin: 6%
  • India stores: 483
  • Quarter additions: 12 Kalyan showrooms and 5 Candere stores
  • FY27 plan: 84 Kalyan FOCO showrooms and 50 Candere stores
  • Stock down 11.2% in four trading sessions

Why this matters

The intact plan for 84 Kalyan FOCO and 50 Candere openings in FY27 signals aggressive network and format expansion, with Candere offering a complementary growth avenue.

What to watch

  • Quarterly same-store sales growth versus growth contributed by new stores.
  • Gross margin, EBITDA margin and net-profit growth relative to the 46% revenue increase.
  • Gold-price movement and its impact on consumer ticket size, demand elasticity and inventory funding.
  • Pace of Kalyan FOCO and Candere openings versus the 84 and 50 FY27 targets.
  • New-store productivity, franchisee appetite and working-capital/inventory turnover.
  • Promotional intensity during festive and wedding seasons.
  • Candere's online-to-offline conversion and contribution to consolidated revenue and profitability.
  • Prioritize FOCO openings in underpenetrated tier-2 and tier-3 markets to accelerate footprint growth with lower company-owned capex.
  • Use Candere expansion to capture younger, digital-first and lighter-jewellery demand, creating a customer funnel for Kalyan stores.
  • Tighten promotional discipline and improve inventory turns to protect gross margin amid elevated gold prices.
  • Increase local wedding-season marketing and regional assortment to lift productivity of newly opened stores.
  • Provide investors with clearer guidance on store-level payback, FOCO economics, same-store sales growth and margin trajectory.