Kalyan Jewellers India Limited — Investor Meet, 12-05-2025: Analysts/Institutional Investor Meet/Con. Call Updates

Kalyan Jewellers India reported consolidated revenue of INR 6,182 Cr in Q4 FY25, up 36% YoY, with EBITDA at INR 399 Cr (+35%) and PAT at INR 188 Cr (+37%). India revenue grew 38% to INR 5,350 Cr; Middle East rose 26% to INR 784 Cr. FY25 revenue crossed INR 25,000 Cr with PAT near INR 714 Cr. Debt was cut by ~INR 250 Cr in India, targeting another INR 300-400 Cr reduction in FY26. Plans include opening 170 showrooms across brands and markets.

Strong demand during key seasons and focus on studded jewellery are driving growth. Gold price volatility is shifting consumer preference towards lighter and 18-carat pieces. Interest rates on gold loans have risen but are easing. Capex for FY26 is ~INR 200 Cr for stores, plus Candere investments. Same-store sales rose ~21%, with stable studded mix growth (~30-32%).

Management is confident in sustained revenue and margin expansion, aiming for PBT margins above 5%, led by omni-channel growth through Candere. Inventory and receivables remain well-managed, supporting operational stability.