Analyst Concall
Kalyan Jewellers plans to reduce debt by INR 4 bln in FY26
This story was originally published at 20:43 IST on 8 May 2025
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--Reduced INR 5.20 bln in debt over last 2 years
--To add 170 new Kalyan, Candere showrooms in FY26
--Plan capex of INR 1.50 bln in FY26
--To add new stores mainly in metro, tier-1, tier-2 cities
--To focus on making Candere profitable in near-term
By Sandeep Sinha and Gopika Balasubramanium
MUMBAI – Kalyan Jewellers India Ltd. is planing to reduce debt by INR 3.5 billion-INR 4 billion in 2025-26 (Apr-Mar), the company's management said in a post-earnings call with analysts on Thursday. The company had reduced debt by INR 5.20 bln over the last two years, it said.
The company further said that it plans to launch 80 Candere showrooms in the country in FY26 through a mix of company-owned, company-operated and franchise-owned, company-operated model. The majority of the upcoming showroom launches in Apr-Jun and Jul-Oct will be franchise-owned, Ramesh Kalyanaraman, executive director at Kalyan Jewellers, said.
The jewellery firm plans to open 170 new showrooms across Kalyan and Candere formats, Kalyanaraman said. The company expects its Candere business to become profitable at the profit after tax level in FY26.
The management said the company is working on creating a merchandising strategy, brand identity and omni-channel roll-out plan for the Candere brand. It has 73 active Candere showrooms and finalised official nationwide campaign launch plan, which was held back because of the Pahalgam terror attack.
Despite continuing volatility in gold prices, the company has started the new financial year on a strong note. "We witnessed robust growth in our Akshaya Tritiya sale this year and we continue to see encouraging momentum in consumer demand, especially around the wedding purchases during the current quarter (Apr-Jun)," Kalyanaraman said.
The Kerala-based jewellery retailer posted a consolidated net profit of INR 1.88 billion, up 36% on year, for the March quarter. Its revenue was INR 61.82 billion, up nearly 37%.
Kalyan Jewellers' management has planned a capital expenditure of INR 1.5 billion in the ongoing financial year. The company will also incur additional capital expenditure for the nine stores opened in south India and the inventory will managed by the franchisee.
The management said the company is planning to open its first showroom in the UK this year. They said it is focussed on expanding to metro, tier-I, and tier-II cities across the country.
On Thursday, shares of the company closed 2.1% lower at INR 512.40 on the National Stock Exchange. End
Edited by Tanima Banerjee
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