Kalyan Jewellers delivered a strong and resilient performance in Q3 FY26, supported by festive-led demand, effective customer engagement, and disciplined execution across markets. Despite volatility in gold prices, the company sustained healthy growth momentum, reinforcing its position as one of India’s leading organised jewellery retailers.
Strong Consolidated Performance Driven by Festive Demand
During Q3 FY26, consolidated revenue grew by approximately 42% year-on-year, reflecting robust festive demand and strong consumer traction across jewellery categories. India operations mirrored this growth, highlighting the strength of Kalyan Jewellers’ domestic franchise and its ability to convert festive footfalls into sales even in a high gold price environment.
A key operational highlight was same-store sales growth of around 27%, indicating strong underlying demand beyond network expansion. Growth remained broad-based, with healthy traction across plain gold jewellery as well as studded jewellery, supported by competitive pricing and a wide product portfolio.
Importantly, post-Diwali demand remained resilient, underscoring effective customer engagement, strong brand recall, and consistent execution. This resilience reflects the continued relevance of Kalyan’s value-focused proposition among Indian consumers.
India Operations: Execution Strength Amid Price Volatility
India continues to be the primary growth driver for Kalyan Jewellers. Despite fluctuations in gold prices during the quarter, the company maintained demand momentum through:
- Strong festive season footfalls
- Attractive product offerings across price points
- Trust-led branding and regional market strength
- Disciplined pricing and inventory management
These factors enabled Kalyan to sustain volumes and protect margins while navigating commodity price volatility.
International Business Shows Steady Expansion
International operations contributed meaningfully to overall performance, recording approximately 36% YoY revenue growth in Q3 FY26. The Middle East region delivered around 28% growth, largely driven by same-store sales, indicating stable consumer demand and improving operational efficiency.
International markets accounted for around 11% of consolidated revenue, reflecting steady overseas scale-up while maintaining execution discipline and profitability focus.
Candere Delivers Exceptional Digital-Led Growth
Candere, Kalyan Jewellers’ digital-first and omnichannel jewellery platform, emerged as a clear standout during the quarter. Revenue surged by approximately 147% YoY, highlighting rapid traction in online jewellery purchases and strong acceptance of the omnichannel model.
Candere’s performance underscores growing consumer preference for digital discovery, younger customer engagement, and seamless online-to-offline experiences, strengthening Kalyan’s long-term growth engine.
Aggressive Store Expansion Strengthens Market Presence
Kalyan Jewellers continued its network expansion strategy in Q3 FY26, adding 36 new stores across geographies. With a total showroom count of 469, the company has further strengthened its physical footprint while complementing it with growing digital capabilities.
This expansion enhances brand visibility, improves customer accessibility, and supports sustained growth across domestic and international markets.
Outlook: Well-Positioned for Sustainable Growth
Kalyan Jewellers’ Q3 FY26 performance reflects strong execution, and brand strength. With resilient festive demand, accelerating digital growth through Candere, and a steadily expanding store network, the company remains well-positioned to capitalise on both near-term consumption trends and long-term structural growth in organised jewellery retail.
As consumers increasingly gravitate toward trusted brands and omnichannel experiences, Kalyan Jewellers’ balanced physical and digital strategy provides a solid foundation for sustainable growth.
Source: Company Filings
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