Kalyan Jewellers Q4 profit up 36%, dividend Rs 1.5

Key update and why it matters

Kalyan Jewellers India Ltd reported a stronger March-quarter performance for FY25 and paired it with a final dividend recommendation, as the jewellery retailer navigated volatile gold prices and uneven market sentiment. The company said consolidated net profit for Q4 FY25 rose 36% year-on-year (YoY) to about Rs 188 crore, alongside a sharp jump in revenue. The dividend recommendation of Rs 1.50 per equity share is subject to shareholder approval at the company’s Annual General Meeting. The stock reaction was positive in some sessions, with reports of the shares gaining over 3% intraday on the BSE after the results. The announcements come amid a period where jewellery demand is being tracked closely for signals on discretionary spending, wedding demand, and the impact of gold price volatility.

Q4 FY25 numbers: profit, revenue, and margins

For the quarter ended March 31, 2025 (Q4 FY25), Kalyan Jewellers reported consolidated net profit of Rs 187.60 crore, compared with Rs 137.49 crore in the corresponding quarter last year. Revenue from operations was reported at Rs 6,181.53 crore, up 36.60% YoY from Rs 4,525.01 crore. EBITDA for the quarter was reported at Rs 399.4 crore, up 34.7% YoY from Rs 296.3 crore, with EBITDA margin stated to be unchanged at 6.5%. Another report on the same results also cited EBITDA of Rs 343.5 crore versus Rs 255 crore, indicating variation across sources included in the provided data. The company attributed the revenue uptick largely to healthy same-store sales growth (SSSG) of 21%.

Segment performance: India and Middle East

The company’s India business led the reported growth in Q4 FY25. Standalone India revenue was stated at Rs 5,350 crore in Q4 FY25, with standalone India profit after tax (PAT) at Rs 185 crore. Middle East operations reported revenue of Rs 784 crore and PAT of Rs 12 crore for the quarter, with the Middle East revenue growth cited at 26% and profits up 22%. This split highlights the company’s continued reliance on domestic demand, while maintaining a profitable international footprint. Separately, the lifestyle jewellery platform Candere recorded revenue of Rs 28 crore and a net loss of Rs 12 crore in Q4 FY25.

Dividend: recommendation, yield, and key date

Kalyan Jewellers’ board recommended a final dividend of Rs 1.50 per equity share (15% of face value) for the financial year ended March 31, 2025, subject to shareholder approval. The provided data also states the current year dividend is Rs 1.5 and dividend yield is around 0.3648%. Dividend yield is also shown at 0.36% to 0.38% in different snapshots. The ex-dividend date listed in the data is Sep 4, 2025. These details matter for investors tracking payout consistency, especially in a sector where working capital cycles can be sensitive to gold price moves.

What the quarterly trend shows (Dec 2024 to Dec 2025)

Beyond Q4 FY25, the dataset includes a quarterly results table (all figures in crore) through December 2025, showing fluctuations in sales and profitability across quarters. Net sales rose from Rs 6,386.38 crore in Dec 2024 to Rs 9,047.71 crore in Dec 2025, while profit after tax increased from Rs 217.96 crore to Rs 400.81 crore over the same period. The December 2025 quarter includes exceptional items of -Rs 41.5 crore in the table. Adjusted EPS rose from Rs 2.11 in Dec 2024 to Rs 3.88 in Dec 2025, according to the table.

FY26 signals: Q3 profit surge and Q4 revenue update

The provided data also includes a strong Q3 FY26 print and a separate Q4 FY26 business update. For Q3 FY26 (quarter ended December 2025), consolidated net profit surged 90.24% to Rs 416.29 crore, supported by a 42.17% increase in revenue from operations to Rs 10,343.4 crore. Separately, a “Spotlight” update stated consolidated revenue jumped 64% YoY in Q4 FY26, with India operations reporting revenue growth of over 65% YoY and SSSG exceeding 45%. International operations recorded revenue growth of around 45% YoY in Q4 FY26, with the Middle East posting 39% growth, and international markets contributing approximately 11% to consolidated revenue for the quarter. The update also said Candere recorded revenue growth of over 360% in Q4 FY26 and around 160% for the full year, and that the company launched 28 showrooms (net 24) in India and 14 Candere stores during the quarter.

Stock moves, valuation snapshot, and key metrics

Kalyan Jewellers’ stock showed mixed moves around different news points in the dataset. One item noted the stock rose about 3% in early trade after a strong Q4 update and later trimmed gains. Another noted the shares were at Rs 512.40 on the NSE, down 2.05% on a Thursday when results were announced after market hours, while a separate report cited intraday levels near Rs 527.70 on the BSE on May 9 after the Q4 FY25 results. The share price is also listed as Rs 410.55 as on 8 May 2026 in the provided data.

Market impact: what investors are tracking

The Q4 FY25 results and dividend recommendation were closely watched because jewellery retail is tied to discretionary demand, wedding spend, and gold price swings. The company’s reported SSSG of 21% in Q4 FY25 and strong India and Middle East performance provide data points on demand resilience. At the same time, the FY26 updates in the dataset highlight the role of store expansion and digital-led growth, including Candere’s sharp growth rates in Q4 FY26. The dataset also mentions geopolitical tensions affecting customer walk-ins in early March in international markets, with stronger Ramadan sales later helping offset the impact. For investors, these operational datapoints often influence expectations on near-term volume trends and working capital discipline, without being a substitute for audited financial statements.

Analysis: why the Q4 FY25 result and dividend stand out

A 36% YoY rise in Q4 FY25 profit to around Rs 188 crore, alongside a 36.60% rise in revenue to Rs 6,181.53 crore, points to scale-led earnings growth in a quarter where gold prices were described as volatile. The unchanged EBITDA margin of 6.5% (as reported in one source) suggests the company maintained operating efficiency even as it expanded. The India business remains the primary earnings driver, while the Middle East segment continued to be profitable with Rs 12 crore PAT in Q4 FY25. The Rs 1.50 final dividend recommendation, with yields cited around 0.36% to 0.38% in the dataset, adds a shareholder return element but remains relatively modest in percentage terms. Investors will likely compare the reported FY26 revenue momentum and Candere growth rates against profit conversion, given the platform’s reported net loss of Rs 12 crore in Q4 FY25.

Conclusion and what to watch next

Kalyan Jewellers’ Q4 FY25 results combined profit growth, revenue expansion, and a final dividend recommendation of Rs 1.50 per share, with India and Middle East operations contributing to the quarter’s performance. The dataset also flags strong FY26 signals, including Q3 FY26 profit of Rs 416.29 crore and a Q4 FY26 revenue update pointing to high YoY growth and continued expansion. Next, investors will watch the shareholder vote at the ensuing AGM for dividend approval and track the company’s disclosures, including items such as newspaper publication and the appointment of a secretarial auditor mentioned in the provided information. The dataset also notes earnings were expected on 08/05/2026, keeping the focus on near-term updates.