Quarterly Performances
Kalyan Jewellers Reports Strong Q1 FY2027 Revenue Growth; India SSSG at 28%, Candere Revenue Surges 112%
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Kalyan Jewellers India Limited reported a strong business update for Q1 FY2027, with approximately 38% consolidated revenue growth year-on-year. India operations recorded over 38% revenue growth, supported by 28% same-store sales growth, while international operations grew 35%. The company also expanded its retail network by opening 12 Kalyan showrooms and 5 Candere showrooms during the quarter.
PRICE-SENSITIVE TRIGGER
Event: Q1 FY2027 Business Update
Type: Quarterly Performances
Impact: Positive
Immediate Effect: The company reported strong operational momentum across domestic and international markets, healthy same-store sales growth, robust expansion of its showroom network, and continued acceleration in its digital jewellery business.
Key Metrics:
- Consolidated Revenue Growth (YoY): Approximately 38%
- India Revenue Growth (YoY): Above 38%
- India Same-Store Sales Growth (SSSG): Approximately 28%
- International Revenue Growth (YoY): Approximately 35%
- Middle East Revenue Growth (YoY): Approximately 30%
- Candere Revenue Growth (YoY): Approximately 112%
- International Revenue Contribution: Approximately 14% of consolidated revenue
- Recycled Gold Contribution (Q1): Over 46% of revenue
- Recycled Gold Contribution (June): Above 55%
- New Kalyan Showrooms Opened: 12
- New Candere Showrooms Opened: 5
- Total Showrooms (30 June 2026): 524
- India Showrooms: 354
- Middle East Showrooms: 38
- USA Showrooms: 2
- UK Showrooms: 1
- Candere Showrooms: 129
Highlight:
- Kalyan Jewellers delivered approximately 38% consolidated revenue growth in Q1 FY2027, supported by robust domestic demand, strong same-store sales, rapid growth in Candere, and continued showroom expansion.
What Happened ?
Kalyan Jewellers released its business update for the quarter ended June 30, 2026, highlighting strong operating performance across both domestic and international markets.
India remained the primary growth driver with revenue growth exceeding 38% and same-store sales growth of approximately 28%, despite demand being affected by the Adhik Maas period. International operations also delivered healthy performance, while the digital-first jewellery platform Candere continued its rapid expansion with triple-digit revenue growth.
The company simultaneously expanded its retail footprint by opening new Kalyan and Candere stores, taking the total showroom count to 524 across India and international markets.
Key Details
Q1 FY2027 Operational Highlights:
- Consolidated revenue grew approximately 38% year-on-year.
- India operations delivered revenue growth exceeding 38%.
- Same-store sales growth in India stood at approximately 28%.
- International business recorded approximately 35% revenue growth.
- Middle East operations achieved approximately 30% revenue growth despite temporary geopolitical disruptions affecting April footfalls.
- International markets contributed roughly 14% of consolidated revenue.
- Candere reported exceptional revenue growth of approximately 112% year-on-year.
- The “Shine with India” gold recirculation campaign increased recycled gold contribution to more than 46% during the quarter and over 55% during June.
- The company opened 12 Kalyan Jewellery showrooms and 5 Candere showrooms during the quarter.
- Total retail network expanded to 524 showrooms, comprising:
- India: 354
- Middle East: 38
- USA: 2
- UK: 1
- Candere: 129
- Management remains optimistic regarding upcoming festive and wedding season demand supported by fresh collections and showroom launches.
Note:
- The operational metrics disclosed are provisional and remain subject to the statutory auditors’ limited review and subsequent Board approval. Detailed financial results for Q1 FY2027 will be released separately.
Risk Analysis
Summary:
- Although operating momentum remains strong, the reported figures represent preliminary business updates rather than audited financial results. Future performance will depend on consumer demand during the festive season, gold price movements, and execution of ongoing expansion plans.
Key Risks:
- Financial metrics remain subject to limited review by statutory auditors.
- Revenue figures exclude bullion sales.
- Jewellery demand remains sensitive to gold price volatility.
- International business may continue to face geopolitical and macroeconomic uncertainties.
- Sustaining strong same-store sales growth after a high-growth quarter may become more challenging.
Worst Case:
- If festive demand softens, gold prices remain volatile, or consumer discretionary spending weakens, future revenue growth and operating leverage could moderate despite the expanded retail network.
Risk Level: Medium
Company Commentary
- Management described Q1 FY2027 as a highly satisfying quarter with approximately 38% consolidated revenue growth.
- Strong operating momentum and healthy same-store sales supported domestic growth despite the Adhik Maas period.
- The “Shine with India” campaign has significantly increased recycled gold usage, reducing dependence on imported gold.
- Management remains optimistic about the upcoming festive and wedding season, supported by new showroom launches, fresh product collections, and marketing campaigns.
Official Exchange Filing: Kalyan Jewellers India Limited
