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Informist, Friday, Nov. 7, 2025

--Kalyan Jewellers: Demand on ground remained robust for most part of Q2 

--CONTEXT: Comments by Kalyan Jewellers mgmt in post-earnings analyst call 

--Kalyan Jewellers: Expect higher profit before tax margin in Oct-Mar vs H1 

--Kalyan Jewellers: Expect Candere PAT to be neutral or positive for FY26 

--Kalyan Jewellers: Expect to launch regional brand in Jan-Mar 

--Kalyan Jewellers: Making charges largely unch amid sharp rise in gold price 

--Kalyan Jewellers: Attrition in My Kalyan segment high 

--Kalyan Jewellers: Attrition in My Kalyan segment in line with industry norm 

--Kalyan Jewellers: Demand back to pre-Diwali levels after festival 

By Shakshi Jain and Arundathi A R

MUMBAI - Thrissur-based jewellery retailer Kalyan Jewellers India Ltd. expects a better profit before tax margin for the second half of the ongoing financial year, compared to Apr-Sept, a top company official said in a post-earnings conference call with analysts Friday. 

In the first half of 2025-26 (Apr-Mar), the company's profit before tax margin expanded 100 basis points on year to 4.6%.

Further, the Candere brand of the company is expected to hit the break-even mark or turn profitable by the end of FY26. The segment recorded a net loss of INR 90 million on revenues of INR 930 million in the September quarter.

The company plans to open 80 stores for the lifestyle jewellery platform in FY26. "Candere is going a bit behind run rate. Candere, we've opened only 30 as we speak....Candere, it is much easier to open a store than a Kalyan Jewellers... because inventory is the same and showroom size is smaller. So we are still optimistic to beat the number 80," the management said.

The jewellery retailer also expects to launch its first regional brand in the March quarter with around two company-owned stores. "...what we are trying to do is to open a new brand which can be 100% local, 100% authentic to that region so that we can address to customers who are non-aspirational and are extremely happy with the regional/local/unorganised players," the management said, adding that the regional brand will have a lesser margin. 

In Jul-Sept, demand on ground remained robust for most part of the quarter, the company's management said.

"Samestore-sales-growth for the 30-day period ending Diwali was in excess of 30% on a like for like basis. We are upbeat about the ongoing wedding season across the country and are fully geared up with fresh collections and campaigns," the company said in a press release earlier in the day. Following the festivals, demand has returned to pre-Diwali levels, the management said.

The company's consolidated net profit nearly doubled on year in the September quarter to INR 2.61 billion while its revenue from operations grew around 30% on year to INR 78.56 billion. The quarter saw a sharp rise in gold prices, however, making charges remained largely the same, the management said. "...when the price goes up, some benefit we pass on to the customers also, which is an industry norm, some tactical campaigns, etc. But otherwise, we don't see any competitive intensity increasing because of this."

Responding to a query on rising attrition rate in the company, the management said it is largely due to the 'My Kalyan' segment, which includes door-to-door marketing. "It should continue at the same levels only. We cannot do anything on that," the management said.

Friday, shares of the company closed flat at INR 512.80 on the National Stock Exchange.  End

Edited by Vandana Hingorani

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