Kalyan Jewellers reports robust Q2 performance, strong expansion continues

Kalyan Jewellers India Limited reported consolidated revenue of INR7,856 crores for Q2 FY26, a 30% growth year-over-year. Consolidated profit after tax doubled to INR261 crores, up from INR130 crores in the corresponding quarter of the previous year. India’s revenue stood at INR6,843 crores, contributing to an India profit after tax of INR262 crores, an increase of 118%. The Middle East business generated INR866 crores in revenue, with a profit of INR15 crores. For the first half of FY26, consolidated revenue reached INR15,125 crores, a 31% growth, and consolidated profit after tax was INR525 crores, up 70%.

The company highlighted an excellent festive season, with same-store sales growth for the 30-day period ending Diwali exceeding 30% on a like-for-like basis. Kalyan Jewellers is on track to open 84 stores in India and 6 internationally this financial year, having already opened 40 stores in India. The company also reduced its debt by INR130 crores, with non-GML debt levels at INR550 crores as of September 30, 2025, aiming to be debt-free by next year.

Candere, the company's online business, recorded INR93 crores in revenue but posted a loss of INR9 crores for the quarter, though it aims for PAT neutrality and a revenue target of INR500 crores for the full year. The company is also progressing with its pilot project for a hyperlocal jewellery brand, which is expected to launch in Q4.