Kalyan reports 38% June-quarter revenue growth; Candere sales more than double

Kalyan Jewellers said consolidated revenue rose about 38% year on year in the June quarter, with same-store sales up roughly 28%. Digital-first brand Candere grew 112% and the group opened 17 stores, taking its global network to 524 as of June 30, 2026.

— Source publishedTue, 21 Jul, 2026, 10:39 IST·First seen Tue, 21 Jul, 2026, 10:48 IST·Source NDTV Profit

What happened

Kalyan Jewellers shares declined after a recent rally, despite a strong June-quarter update. Consolidated revenue grew about 38%, same-store sales rose 28%, and

Key facts

  • Shares fell as much as 2.63% to Rs 555; traded 1.63% lower at Rs 560.70
  • Citi target price: Rs 750 per share
  • Consolidated June-quarter revenue growth: about 38% YoY
  • India business growth: about 38% YoY
  • Same-store sales growth: about 28%
  • Recycled gold: more than 46% of quarterly revenue; over 55% in June
  • International business growth: nearly 35% YoY
  • Middle East growth: about 30% YoY
  • Overseas revenue contribution: nearly 14%
  • Candere revenue growth: 112% YoY
  • Opened 12 Kalyan showrooms and five Candere stores
  • Global showroom count: 524 as of June 30, 2026
  • Citi valuation: 40x FY28 estimated consolidated EPS

Why this matters

Candere’s rapid scaling and Kalyan’s 524-store global footprint strengthen its omni-channel platform and may expand partnership, acquisition and market-entry options.

What to watch

  • Festive-quarter same-store sales growth versus the reported 28% June-quarter level.
  • Gross margin, EBITDA margin and inventory days as the store network expands.
  • Candere growth quality: order volumes, average order value, repeat rates, customer-acquisition cost and profitability trajectory.
  • Net store additions, mix of company-owned versus franchise stores, and ramp-up productivity of new locations.
  • Gold-price movements and their effect on ticket size, volume demand, exchange purchases and consumer financing.
  • Competitive promotional intensity from organised jewellery chains and local retailers.
  • Accelerate store openings in underpenetrated tier-2 and tier-3 markets while increasing franchise-led expansion where capital efficiency is attractive.
  • Use Candere's customer data and digital traffic to drive omnichannel conversions, repeat purchases and cross-selling into Kalyan-format stores.
  • Prioritise inventory turns, hedging discipline and product mix management to protect gross margin amid gold-price volatility.
  • Increase wedding-led marketing and regional assortment ahead of the festive season to convert strong brand momentum into same-store sales.