Kalyan Jewellers reports 38% revenue growth, adds 17 stores in June quarter
Kalyan Jewellers said consolidated revenue rose about 38% year on year, supported by roughly 28% same-store sales growth. The retailer opened 12 Kalyan showrooms and five Candere stores, while Candere revenue grew 112%.
What happened
Kalyan Jewellers reported strong June-quarter momentum, with consolidated revenue up about 38% and same-store sales up 28%. It added 12 showrooms and five
Key facts
- 54% one-month stock return
- 4.14% intraday rise to Rs 600.85
- approximately 38% year-on-year consolidated revenue growth
- around 28% same-store sales growth
- recycled gold exceeded 46% of revenue and 55% in June
- nearly 35% international revenue growth
- around 30% Middle East growth
- 14% overseas revenue contribution
- 112% Candere revenue growth
- 12 new Kalyan showrooms
- 5 new Candere stores
- 524 global showrooms
- Citi target price: Rs 750
Why this matters
Candere’s 112% revenue jump strengthens the strategic case for expanding Kalyan’s digital-first and accessible-jewellery formats.
What to watch
- Same-store sales growth trajectory through the festive and wedding seasons.
- Gold-price direction, volatility and its effect on ticket size, exchange transactions and consumer footfall.
- Candere revenue growth, store-level ramp-up and whether its rapid expansion dilutes consolidated margins.
- New-store productivity, particularly the sales contribution from the 17 June-quarter additions.
- Inventory growth, net working-capital days and debt levels relative to revenue expansion.
- Gross-margin and EBITDA-margin commentary, including discounting and making-charge trends.
- Competitive store openings and promotional intensity from Titan/Tanishq, Senco, Malabar and regional chains.
- Accelerate pre-festive showroom openings in underpenetrated tier-2 and tier-3 markets.
- Increase Candere's omnichannel presence through additional physical stores, digital marketing and lower-ticket everyday-jewellery assortments.
- Use strong demand data to deepen inventory ahead of the wedding and festive cycle, increasing working-capital requirements.
- Expand customer-finance, exchange and bridal-booking programmes to protect conversion if gold prices remain elevated.
- Step up regional advertising and celebrity-led campaigns as competing organised jewellers add stores.