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Informist, Thursday, Aug. 7, 2025 

By Gopika Balasubramanium and Kabir Sharma

MUMBAI – Kalyan Jewellers India Ltd.'s bottom line for the June quarter saw the highest on-year growth in five quarters, driven by double-digit sales growth in both its India and international operations. The sharp growth in net profit came despite a surge in raw material prices, gold prices in this case, and a higher base in the year-ago quarter.

The company's consolidated net profit for the June quarter jumped nearly 49% on year to INR 2.64 billion. This is higher than INR 2.32 billion profit estimated by Motilal Oswal Financial Services Ltd. Even, sequentially, the net profit rose around 41%. In its quarterly update released in July, Kalyan Jewellers had said that robust sales during Akshaya Tritiya festival and strong wedding demand have lifted its performance in the quarter ended June. 

The jewellery-maker reported a revenue of INR 72.68 billion, up 31.5% from the year-ago quarter. The sales number was also slightly higher than Motilal Oswal's expectations of INR 70.77 billion. On a quarter-on-quarter basis, the company's sales rose around 18%. 

"We have started off the ongoing quarter well despite continuing volatility in gold prices and a higher base," Ramesh Kalyanaraman, executive director at Kalyan Jewellers India, said in a press release. "We are upbeat about the upcoming festive season across the country and are gearing up for the launch of fresh collections and campaigns."

During the quarter, the company's total expenses rose 31% on year to INR 69.62 billion, mainly driven by a surge in costs of gold prices, which is its main raw material. Input costs rose nearly 45% on year to INR 69.94 billion. The company's inventory for the quarter was significantly higher on an year-on-year basis at INR 7.98 billion. Its employee costs rose 22% on year to INR 2.10 billion.

Kalyan Jewellers added 10 new showrooms during Apr-Jun in India. The company said it will launch 84 franchised Kalyan showrooms in India in the current financial year started April. The company will also expand its network in West Asia and the US during 2025-26 (Apr-Mar) through the franchise model, it said. Even the expansion of Candere showrooms will be done largely through franchised showrooms, it said. Total showrooms in India were 287 as on Jun. 30, compared to 217 showrooms year ago. 

The company's revenue from West Asia rose 27% on year to INR 10.27 billion in the June quarter. The Kerala-based jeweller currently has 36 showrooms in the region, unchanged from last year. The total international revenue of the company rose 32% on year to INR 10.70 billion, the company said. 

The consolidated earnings before interest, taxes, depreciation, and amortisation, or EBITDA, rose 38% on year to INR 5.08 billion in the quarter. EBITDA margin of the company rose 30 basis points from the year-ago period to 7% in Apr-Jun. The company said growth this quarter was mainly driven by same-store sales, which reported a growth of 18% on year, unchanged from the corresponding quarter of the previous year. 

Consolidated earnings before interest and taxes rose to INR 4.10 billion in the reporting quarter from INR 2.93 billion a year ago. The company's EBIT margin rose by 30 bps to 5.6% in the quarter from 5.3% a year ago. The company said that a higher share of revenue from franchised showrooms during the quarter led to lower growth in overall gross margin and EBITDA margin. 

Revenue from gold, which has the lion's share in the jeweller's sales, rose 32% on year to INR 42.24 billion in the June quarter. Studded jewellery revenue rose slower than gold, rising 30% on year to INR 18.58 billion. Studded jewellery had a 30.3% share in revenue in Apr-Jun, compared to 30.4% year ago. 

Candere, Kalyan Jewellers' digital-first platform, reported a revenue of INR 1.91 billion in the last 12 months and a revenue of INR 660 million in Apr-Jun, the investor presentation showed. The company is upbeat about the upcoming festive season, it said. Shares of the company have risen over 15% since it declared its earnings for the March quarter on May 8. Shares of the company closed 0.1% higher at INR 590.95 on the National Stock Exchange on Thursday.  End

Edited by Tanima Banerjee

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