Kalyan Jewellers Q1 FY27: Growth scales up, margins absorb the mix shift

Q1 FY27 consolidated revenue was INR10,588.9 crore, EBITDA was INR632.5 crore and PAT was INR348.7 crore (all as per management commentary and financial tables).

India revenue excluding bullion was INR8,503.3 crore, EBITDA was INR500.0 crore and PAT was INR321.3 crore in Q1 FY27.

Middle East revenue was INR1,320.1 crore, EBITDA was INR89.9 crore and PAT was INR25.1 crore in Q1 FY27.

The company reiterated targets of 84 Kalyan showrooms in India (all FOCO) and 50 Candere showrooms in FY27; management noted H2 is typically heavier for store openings.

ATM is a new regional brand tailored for Tamil Nadu. Management stated the first showroom will open on 21 August 2026 in Chennai, followed by four more showrooms in the next few months.

Management attributed margin pressure largely to higher old-gold exchange mix and promotional offers; they also highlighted that cash-for-gold is margin accretive and said full-year PBT margin should be at least in line with the prior year on a conservative basis.

Management said non-GML debt repayment is on track to be completed by end of September 2026 and that agreements were signed to sell two non-core land parcels for about INR102 crore with proceeds expected before the end of the ongoing quarter.