A Glimmering Quarter for Kalyan Jewellers
Kalyan Jewellers, one of India’s largest jewellery retail chains, has once again proven its shine in the market. In Q4 FY2025, the company recorded an impressive 37% jump in consolidated revenue compared to the same quarter last year. This growth came despite the unpredictable rise and fall in gold prices — a challenge for most jewellery brands.
What made this quarter truly golden was the strong wedding season demand, especially across India. As families rushed to buy gold and ornaments ahead of wedding ceremonies and religious festivals, Kalyan Jewellers capitalised on the momentum with aggressive expansion and timely product offerings.
Wedding Season Drives India Growth
India remained the heart of Kalyan’s success story this quarter. Revenue in the domestic market surged by about 39% year-on-year, with same-store sales growth (SSSG) touching 21% — a strong indicator of customer loyalty and brand trust.
The brand didn’t stop at just growing sales. Kalyan also launched 25 new showrooms across India in the quarter, followed by 3 more in the first week of April 2025, adding fuel to its growth engine. With wedding shopping at its peak, the new stores helped the company tap into fresh markets and boost footfall across regions.
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Middle East Shines Bright Too
Even outside India, Kalyan saw a solid performance. The Middle East operations posted 24% revenue growth, mostly driven by same-store sales. While the region contributed about 12% to Kalyan’s overall revenue, it continues to be a key market as Indian expats and locals in the Gulf region are known for their affinity for gold.
Candere: A Mixed Quarter for the Digital Arm
Not all that glittered was gold this quarter though. Candere, Kalyan’s digital-first jewellery platform, saw a 22% decline in revenue compared to the same quarter last year. However, the company is far from giving up on the brand. In fact, it launched 14 new Candere showrooms, showing commitment to an omnichannel future.
A Glittering Road Ahead
As of March 31, 2025, Kalyan Jewellers had 388 showrooms globally — 278 in India, 36 in the Middle East, 1 in the USA, and 73 Candere outlets.
Looking forward, the company has set its eyes on 170 new showrooms in FY2026, a massive expansion that includes:
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75 Kalyan showrooms in non-South India (all under the FOCO model)
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15 Kalyan showrooms across South India and global markets
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80 Candere showrooms across India
Impressively, Letters of Intent (LOIs) have already been signed for all the FOCO outlets in India, showing strong momentum going into the next financial year.
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Optimism Ahead of Akshaya Tritiya
In its exchange filing, the company struck an optimistic tone about the current quarter. It mentioned that early collections and advance bookings for Akshaya Tritiya and the upcoming wedding season are showing encouraging trends, hinting at another potentially successful quarter ahead.
Past Performance Also Sparkles
Looking back, in Q3 FY2025, Kalyan Jewellers reported a 21.2% rise in net profit, reaching ₹218.82 crore compared to ₹180.61 crore in Q3 FY2024. Net sales were also up 39.5% YoY, standing at ₹7,286.88 crore — numbers that reflect the brand’s consistent growth.
However, the company’s stock saw a slight dip recently, falling 4.15% to ₹466.90 on the BSE — likely a market reaction or profit-booking post-results.
Final Thoughts
Despite gold prices swinging wildly, Kalyan Jewellers Q4 FY2025 results shine with solid performance across markets. The combination of smart expansion, strong wedding demand, and strategic planning has made Kalyan not just a retailer, but a household name in the Indian jewellery space.
With big plans for FY2026 and the festive season ahead, Kalyan Jewellers is clearly set to sparkle even more brightly.
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