Earnings Call Transcript - Q4
KALYANKJIL · price
▲ positive · ▼ negative · ● neutral filings · teal = economic event · numbered = multiple that day (click to pick). Times IST.
Kalyan Jewellers reported strong Q4 FY26 with consolidated revenue of INR10,275 crores (66% YoY growth) and PAT of INR410 crores (118% YoY growth). Full year FY26 revenue was INR35,740 crores with PAT of INR1,350 crores (89% YoY growth). India standalone PAT grew 97% in Q4. The company reduced non-GML debt by INR360+ crores in FY26, taking it from INR1,300 crores to INR300 crores over 3 years, with plans to completely eliminate it in FY27 (possibly by H1). Candere turned PAT positive in H2 FY26 with mid-30s gross margins (studded ratio >70%). 129 showrooms opened in FY26 including first UK Kalyan showroom. Management targets 150 showrooms in FY27, plans to maintain India PBT margin at ~5.5%, and recommends 10% SSSG for long-term projections despite recent 20-30% SSSG. New regional brand launch is delayed due to post-election environment. Strong Akshaya Tritiya sales reported.
Strong earnings beat with robust revenue and profit growth; debt reduction roadmap on track, which will save ~INR30 crores in annual interest. The stock benefits from margin stability, improving balance sheet, and Candere's profitable trajectory.