Kalyan Jewellers Q2 Results: Net Profit Doubles to ₹260 Crore | Stock Market Today

Market Performance

Kalyan Jewellers posted strong Q2 numbers, highlighting robust performance across both domestic and international markets. The company’s net profit nearly doubled, rising to ₹260 crore in the quarter ended September 30, 2025, compared to ₹130.3 crore in the same period last year.

Sequentially, the profit saw a slight dip from ₹264 crore in Q1 FY26, reflecting minor quarter-on-quarter fluctuations amid continued expansion.

Strong Revenue Growth

Revenue from operations rose 30% year-on-year to ₹7,856 crore, up from ₹6,057 crore in Q2FY25. On a sequential basis, revenue improved 8% from Q1 FY26, supported by a healthy same-store sales growth (SSSG) of 16%.

• Studded jewellery revenue: ₹2,115 crore, up 36% YoY
• Gold jewellery revenue: ₹4,583 crore, up 27% YoY
• Franchise showroom contribution: 49% of total revenue

Consumers continued to favour gold, even at high prices, with new customer additions increasing by over 38% during the quarter.

Operational Efficiency

Kalyan Jewellers maintained a strong operating performance, reporting:

• EBITDA: ₹497 crore, up 56% YoY from ₹319 crore
• EBITDA margin: 6.3%, up 100 bps YoY, down 70 bps sequentially

Store Network Expansion

As of Q2FY26, Kalyan Jewellers’ footprint includes:

• India: 300 Kalyan showrooms (174 FOCO outlets) and 96 Candere showrooms (54 FOCO)
• Middle East: 38 Kalyan showrooms (4 FOCO)
• USA: 2 Kalyan showrooms

The company follows a capital-light FOCO (Franchise-Owned Company-Operated) model, enabling faster expansion with lower capital requirements.

Kalyan Jewellers plans to open 89 additional FOCO outlets during FY26, with LOIs already signed. The strategy focuses on non-South markets for incremental growth, aligning with its objective of mid to high single-digit same-store sales growth in the coming quarters.

International Growth

The company is expanding its global presence, with four FOCO showrooms in the Middle East as of September 30, 2025. The international expansion aims to capture growing demand for premium jewellery in key overseas markets, complementing domestic growth.

Summary

Kalyan Jewellers’ Q2 performance reflects strong operational efficiency, broad-based revenue growth, and a strategic expansion strategy.

• Net profit doubled to ₹260 crore YoY.
• Revenue rose 30% YoY to ₹7,856 crore.
• Studded jewellery revenue up 36%, gold jewellery up 27%
• EBITDA rose 56% YoY with margins at 6.3%
• FOCO-led store expansion drives scalability across India and international markets.

With continued focus on non-South expansion, FOCO outlets, and same-store sales growth, Kalyan Jewellers demonstrates resilience and consistent growth in a competitive jewellery market.