KALYAN JEWELLERS IND LTD

Sells gold and diamond jewellery through a multi-brand showroom network across India, the Middle East, the US and the UK, and runs a separate digital-only platform called Candere. In Q4 FY26 the India standalone business generated INR8,990 crore of revenue, up 68% year-on-year, with same-store sales growth running at 62% outside the South versus 29% inside the South. Middle East operations reported INR1,074 crore of Q4 FY26 revenue (+37%) and the company is converting franchise-owned showrooms to company-operated outlets there. The international business covering the US and the UK contributed INR1,157 crore in Q4 FY26 (+43%), with the US subsidiary's revenue moving from USD 3.2 million in FY25 to USD 26 million in FY26. Candere turned profit-after-tax positive in H2 FY26 on 160% revenue growth for the full year, with studded pieces making up over 70% of its mix. The network reached 524 showrooms as of Q1 FY27 after adding 129 showrooms in FY26 including the first Kalyan store in the UK; management has guided to roughly 150 more showrooms in FY27 split across Kalyan, Candere and a new regional brand. Cost is dominated by raw materials, primarily gold, at 98.6% of revenue, leaving margins sensitive to gold price moves and to operating leverage from showroom expansion. Non-gold-metal-loan debt has been reduced from INR1,300 crore to INR300 crore over three years, with the balance targeted for full repayment in FY27 to save roughly INR30 crore in annual interest.