Kalyan Jewellers Q3 Profit Soars 90% to ₹416 Crore in FY26

Introduction to Q3 Performance

Kalyan Jewellers India Ltd. announced a significant financial upswing in the third quarter of fiscal year 2026, reporting a 90.36 percent increase in its consolidated net profit. The company's profit after tax (PAT) reached ₹416.29 crore for the quarter ending December 31, 2025, a substantial rise from the ₹218.68 crore recorded in the same period of the previous fiscal year. This growth was primarily fueled by strong consumer demand during the festive and wedding seasons across both its domestic and international markets.

Revenue and Operational Growth

The company's revenue from operations also saw a remarkable increase, growing by 42.11 percent to ₹10,343.41 crore from ₹7,278.09 crore in the corresponding quarter of the previous year. This top-line growth reflects the company's successful strategy in navigating market dynamics, including volatility in gold prices. The operational performance was further strengthened, with Earnings Before Interest, Taxes, Depreciation, and Amortization (EBITDA) rising by 75 percent year-on-year to ₹750.5 crore. The EBITDA margin consequently expanded to 7.3 percent from 5.9 percent, indicating improved operating leverage and efficiency.

Domestic Market Dominance

India operations continued to be the primary engine of growth for Kalyan Jewellers. The standalone revenue from the Indian market increased by 42 percent year-on-year, amounting to ₹9,048 crore in Q3 FY26. The profit from the domestic business stood at ₹401 crore, an 84 percent increase from the ₹218 crore reported in the same quarter last year. A key indicator of this robust performance was the healthy same-store sales growth of approximately 27 percent, demonstrating strong consumer loyalty and brand pull.

International Business Expansion

The company's international operations also delivered a strong performance, with total revenue growing by 38 percent to ₹1,164 crore compared to ₹842 crore a year earlier. These markets, which contribute about 11 percent to the consolidated revenue, recorded a PAT of ₹12 crore for the quarter, a 64 percent increase from the ₹8 crore in the corresponding period of the previous year. The Middle East operations were a significant contributor, with revenue rising by approximately 28 percent, driven largely by strong same-store sales.

Key Financial Metrics for Q3 FY26

Turnaround of Digital Platform Candere

Candere, Kalyan Jewellers’ lifestyle and online jewellery brand, reported a significant turnaround. Its revenue surged by 144 percent year-on-year to ₹135 crore in Q3 FY26. More importantly, the brand posted a profit after tax of ₹3 crore, a notable improvement from the loss of ₹7 crore it incurred in the third quarter of the previous fiscal year. This performance highlights the growing traction of the company's digital-first strategy.

Strategic Showroom Expansion

During the quarter, Kalyan Jewellers continued its aggressive retail expansion. The company launched 21 new Kalyan showrooms in India, one in the United Kingdom, and 14 Candere showrooms in India. As of December 31, 2025, the total number of showrooms reached 469 across India and international markets. This network includes 318 Kalyan showrooms in India, 38 in the Middle East, two in the USA, one in the UK, and 110 under the Candere brand.

Management's Outlook

Ramesh Kalyanaraman, Executive Director of Kalyan Jewellers India, expressed optimism regarding the company's performance. "We are extremely excited with the way the current year has progressed so far. The current quarter has started off very well despite the volatility in gold prices," he stated. Kalyanaraman added that the company is upbeat about the ongoing wedding season and expects to conclude the financial year on a strong note, reinforcing confidence in its growth trajectory.

Market Reaction and Stock Performance

Following the strong quarterly results, the company's shares reflected positive investor sentiment. On the day of the announcement, the shares of Kalyan Jewellers closed at ₹379.80 on the BSE, marking a 0.96 percent increase. The stock's technical indicators, such as the 14-day Relative Strength Index (RSI) at 58.0, suggest a neutral to slightly bullish momentum, while trading above most of its simple moving averages indicates a generally positive trend.

Conclusion

Kalyan Jewellers' third-quarter results for FY26 underscore a period of exceptional growth, driven by robust demand, strategic expansion, and improved operational efficiencies across all its business segments. The impressive 90 percent jump in net profit and 42 percent revenue growth demonstrate the company's resilience and ability to capitalize on market opportunities. With a positive outlook for the remainder of the fiscal year, Kalyan Jewellers appears well-positioned to maintain its growth momentum.