Kalyan Jewellers Q1 FY27: 38% Revenue Growth Update

Board meeting and earnings call schedule

Kalyan Jewellers is scheduled to hold its board meeting on Tuesday, August 4, 2026, to consider and approve its financial results for the quarter ended June 30. The company has also scheduled its Q1 FY27 earnings conference call for 5:15 PM IST. The detailed financial results were not available at the time of the business update. That makes the board meeting and call the next key events for investors tracking margins, costs, and profitability. Until then, the market is relying on the company’s operational update and headline growth indicators disclosed through exchange filings. The update outlined broad-based demand across geographies, along with a notable operational shift towards recycled gold.

What the company has disclosed so far

In its exchange filings, Kalyan Jewellers reported consolidated revenue growth of approximately 38% year-on-year in Q1 FY27. The company described the April-June quarter as “very satisfying,” despite the 28-day Adhik Maas period falling fully within the quarter. Adhik Maas is typically associated with a pause in wedding-related demand, which can influence jewellery purchases. Even with that seasonal headwind, the company indicated strong operating momentum in India. The business update also pointed to growth in international markets and a sharp expansion in Candere, its digital-first offering. These disclosures provide directional visibility on demand and network expansion, but they do not include profit, margin, or cash flow details.

India business: demand held up despite Adhik Maas

Kalyan said its India operations delivered revenue growth of more than 38% year-on-year in Q1 FY27 versus Q1 FY26. The company attributed this to robust on-ground execution and steady demand across key markets. Same-store sales growth (SSSG) for India stood at around 28% during the quarter. The update specifically noted that growth came even though Adhik Maas coincided entirely with the quarter. This context is important because wedding jewellery demand is a meaningful driver for the sector, and demand slowdowns can show up quickly in store-level performance. The India numbers, particularly SSSG, suggest the uplift was not only driven by new stores.

International operations: Middle East performance and conditions

International operations recorded around 35% year-on-year revenue growth in Q1 FY27, according to the filing. Within this, the Middle East business grew approximately 30% year-on-year versus the same quarter last year. The company flagged lower customer footfalls during April due to geopolitical tensions in the region, even as same-store sales growth supported performance. International markets contributed around 14% of consolidated revenue during the quarter. This split indicates India continues to drive the bulk of revenue, while overseas markets remain a growing but smaller contributor. Investors typically watch international performance for diversification benefits and currency and cost implications, which are expected to become clearer with the detailed results.

Recycled gold: a key operational shift

A notable data point in the update was the increase in recycled gold usage. Kalyan said recycled gold accounted for over 46% of revenue in Q1 FY27. For the month of June, the share of recycled gold as a percentage of revenue was in excess of 55%. The company linked this to its gold recirculation campaign. While the business update did not provide cost or margin impact, the scale of the mix change is significant for operational planning and sourcing strategy. It also signals execution capability across procurement, customer engagement, and refining or sourcing processes.

Candere: triple-digit growth continues

Kalyan’s digital-first platform Candere reported approximately 112% year-on-year revenue growth during Q1 FY27. The company also expanded its footprint during the quarter, launching 5 Candere showrooms in India. The combination of high growth and offline expansion suggests Candere is being scaled through a broader distribution strategy. The business update does not disclose Candere’s revenue base or profitability, so the forthcoming quarterly results will be important for clarity on contribution and cost structure. Still, triple-digit growth stands out against the already-strong growth in the core jewellery business.

Store network additions and total showroom count

During the quarter under review, the company launched 12 showrooms and added 5 Candere showrooms in India. Total showrooms were reported at 524. Network expansion remains a key lever for jewellery retailers, but it also increases operating complexity and working capital requirements. The detailed quarterly results will typically provide more context on capital expenditure, inventory build-up, and operating costs associated with expansion. For now, the disclosed showroom count provides a snapshot of scale and pace of rollout.

Key metrics table: what is known before results

Stock move and brokerage views after the update

On July 7, 2026 at 10:22 AM, Kalyan Jewellers shares on NSE were reported at ₹356.35, down 6.53% from the previous closing price. Another report from the same day cited the stock at ₹351.60, down 8% for the session. The mixed prints reflect intraday volatility around the update. On the brokerage side, Motilal Oswal Financial Services maintained a ‘Buy’ rating and set a target price of ₹525, implying an upside of 47% from a previous close of ₹354.75. Separately, the provided material also mentioned a brokerage upgrading the stock by two notches to ‘Buy’ with a target price of ₹750, citing a potential upside of nearly 97% from an opening price of around ₹380. These targets are external views and not company guidance, and the detailed Q1 FY27 financials could shape future revisions.

Why the August 4 results matter

The business update shows strong top-line momentum across India, international operations, and Candere, alongside a major increase in recycled gold share. But the update does not include profit, gross margin, operating leverage, or finance cost data. Those numbers will be central to assessing whether revenue growth translated into earnings strength during a quarter that included Adhik Maas. Investors will also watch for commentary on demand conditions after the quarter ended, given the mention of geopolitical impacts on Middle East footfalls during April. With the board meeting and earnings call scheduled, August 4 is the next catalyst for fuller financial visibility.