KALYANKJIL - Kalyan Jewellers
📢 Recent Corporate Announcements
Kalyan Jewellers India Limited has announced the successful passage of two special resolutions via postal ballot for the appointment of new Independent Directors. Shareholders approved the appointment of Ms. Radhika Ramani and Mr. C. R. Rajagopal for five-year terms, effective March 14, 2026. Both resolutions received overwhelming support, with over 99.97% of votes cast in favor. The high voter turnout of 81.52% indicates strong shareholder engagement and confidence in the company's governance structure.
- Ms. Radhika Ramani appointed as Non-Executive Independent Director for 5 years with 99.97% approval.
- Mr. C. R. Rajagopal appointed as Non-Executive Independent Director for 5 years with 99.97% approval.
- Total voter turnout was 81.52%, representing 841.8 million shares out of 1.03 billion total shares.
- Institutional investor participation was high at 80.64%, with 99.9% of them voting in favor of the appointments.
- Promoter group participation stood at 92.89%, providing unanimous support for both resolutions.
Kalyan Jewellers India Limited has successfully passed two special resolutions via postal ballot for the appointment of new Independent Directors. Ms. Radhika Ramani and Mr. C. R. Rajagopal have been appointed for five-year terms following a voting process that concluded on March 14, 2026. Both appointments received overwhelming shareholder support, with over 99.97% of votes cast in favor for each candidate. The high participation rate of 81.52% of outstanding shares reflects strong institutional and promoter engagement in the company's governance.
- Ms. Radhika Ramani appointed as Non-Executive Independent Director for 5 years with 99.97% approval.
- Mr. C. R. Rajagopal appointed as Non-Executive Independent Director for 5 years with 99.97% approval.
- Total of 841.8 million votes were polled, representing 81.52% of the company's total shareholding.
- Promoter group and public institutions showed near-unanimous support for both resolutions.
Kalyan Jewellers India Limited has allotted 77,545 equity shares to eligible employees following the exercise of vested options under the Kalyan Jewellers ESOP 2020 scheme. The shares were issued at an exercise price of Rs. 150 per share, which includes a premium of Rs. 140 over the face value of Rs. 10. This allotment results in a marginal increase in the total issued share capital to 1,03,27,40,207 shares. The dilution to existing shareholders is negligible.
- Allotment of 77,545 equity shares of face value Rs. 10 each to employees.
- Shares issued at an exercise price of Rs. 150 per share.
- Total issued share capital increased to 1,03,27,40,207 shares post-allotment.
- The new shares will rank pari passu with existing equity shares in all respects.
Kalyan Jewellers India Limited has initiated a postal ballot process to seek shareholder approval for the appointment of two new Non-Executive Independent Directors. Ms. Radhika Ramani and Mr. C.R. Rajagopal are proposed to serve five-year terms effective from January 14, 2026, until January 13, 2031. The voting process will be conducted entirely through electronic means, with the results expected to be announced by March 16, 2026. This move is a standard regulatory requirement to formalize additional director appointments made by the board.
- Appointment of Ms. Radhika Ramani as Independent Director for a 5-year term until January 2031.
- Appointment of Mr. C.R. Rajagopal as Independent Director for a 5-year term until January 2031.
- E-voting period is set from February 13, 2026, to March 14, 2026.
- The cut-off date for shareholder eligibility to participate in the vote was February 07, 2026.
- Final results of the postal ballot will be declared on or before March 16, 2026.
Kalyan Jewellers reported a robust 42% YoY growth in consolidated revenue to ₹10,343 crores for Q3 FY26. Net profit (PAT) saw a significant jump of 90%, reaching ₹416 crores despite a ₹41.5 crore exceptional provision for labor code changes. The company's e-commerce brand, Candere, turned profitable this quarter with a 144% revenue increase. Management remains optimistic about the ongoing wedding season and plans to launch a new regional brand in the current quarter.
- Consolidated Q3 revenue grew 42% YoY to ₹10,343 crores, while PAT rose 90% to ₹416 crores.
- Candere segment turned PAT positive with ₹3 crores profit on 144% revenue growth during the quarter.
- India operations revenue reached ₹9,048 crores, up from ₹6,386 crores in the previous year.
- Same-store sales growth (SSSG) during the 30-day Diwali period exceeded 30% on a like-for-like basis.
- Allocated ₹300 crores for debt reduction and dividends, plus ₹300 crores for expansion into US and UK markets.
Kalyan Jewellers India Limited has responded to a clarification sought by the National Stock Exchange (NSE) regarding media reports suggesting the company flagged market manipulation to SEBI and sought suspension from the F&O segment. The company stated it is not aware of any undisclosed information that could explain trading movements or the news item. It further clarified that the article has nil material impact on the company. This response follows a surveillance inquiry from the exchange dated February 09, 2026.
- NSE sought clarification on news titled 'Kalyan Jewellers flags alleged market manipulation to SEBI'.
- Company officially states it is not aware of any information not already informed to the exchanges.
- Kalyan Jewellers reports 'Nil' material impact on the company resulting from the media article.
- The response was filed on February 09, 2026, under Regulation 30 of SEBI (LODR) Regulations.
- The company maintains that no undisclosed negotiations or events are currently taking place.
Kalyan Jewellers India Limited has officially released the audio recording of its earnings conference call for the third quarter ended December 31, 2025. The recording covers management's discussion on the unaudited standalone and consolidated financial results for the period. This disclosure is a standard regulatory requirement under SEBI (LODR) Regulations, 2015. Investors can access the full audio via the company's website to understand the nuances of the quarter's performance and future outlook.
- Audio recording for the Q3 FY 2025-26 earnings conference call is now publicly available.
- The call discusses financial performance for the quarter ending December 31, 2025.
- Compliance with SEBI Regulation 46(2)(oa) regarding the availability of call recordings.
- The recording provides management commentary on both standalone and consolidated results.
Kalyan Jewellers India Limited has received board approval to incorporate a 100% wholly-owned subsidiary named KJG Brands Private Limited. This new entity is strategically designed to operate jewellery retail showrooms that focus exclusively on regional customers under separate brand names across various Indian states. The move is intended to deepen the company's market penetration by tailoring offerings to localized consumer preferences. The incorporation will be funded through cash consideration and remains subject to regulatory approvals.
- Board approved the incorporation of 100% Wholly Owned Subsidiary (WOS) named KJG Brands Private Limited.
- The subsidiary will focus on regional-specific jewellery retail showrooms under distinct brand identities.
- The business model aligns with the parent company's core jewellery retail operations.
- Investment for the new entity will be made via cash consideration.
- The strategy aims to capture specific regional market segments across one or more states in India.
Kalyan Jewellers demonstrated robust financial performance with Last Twelve Months (LTM) revenues reaching ₹3,16,495 million and a Profit After Tax (PAT) of ₹11,285 million as of December 31, 2025. The company has successfully expanded its global footprint to 469 showrooms across 7 countries, significantly leveraging a capital-efficient franchise (FOCO) model. With a ~7% share of the organized Indian jewellery market, the firm continues to utilize its 1,111 'My Kalyan' grassroots stores to drive deep regional penetration. The strategic shift toward franchising is expected to further enhance return on equity and accelerate store expansion.
- Achieved LTM Revenue of ₹3,16,495 million and Profit After Tax of ₹11,285 million.
- Expanded global network to 469 showrooms, including 318 Kalyan and 110 Candere stores in India.
- Successfully transitioned to an asset-light model with 195 Kalyan India showrooms now operating under FOCO.
- Maintains a massive distribution reach through 1,111 'My Kalyan' grassroots customer outreach stores.
- Holds approximately 7% market share in the organized Indian jewellery retail sector.
Kalyan Jewellers reported a robust performance for the quarter ended December 31, 2025, with standalone revenue reaching ₹90,417.10 million, up from ₹63,863.80 million in the same period last year. Standalone Profit After Tax (PAT) nearly doubled to ₹1,402.63 million, despite a one-time exceptional charge of ₹415.02 million related to new labor code provisions. The company also announced the incorporation of a new wholly-owned subsidiary and the appointment of two independent directors. These results indicate strong operational momentum and market share gains in the organized jewellery sector.
- Standalone revenue for Q3 FY26 grew by 41.5% YoY to ₹90,417.10 million.
- Standalone Profit After Tax (PAT) for the quarter rose by 89.7% YoY to ₹1,402.63 million.
- Recognized a one-time exceptional cost of ₹415.02 million for employee benefits under New Labour Codes.
- Nine-month standalone revenue reached ₹2,20,321.89 million compared to ₹1,62,882.07 million in the previous year.
- Board approved the incorporation of a new wholly-owned subsidiary and the appointment of two independent directors.
Kalyan Jewellers India Limited has announced that Ms. Kishori J. Udeshi has ceased to be a Non-Executive Independent Director of the company effective January 16, 2026. This cessation is a result of her completing her second and final consecutive term as per regulatory guidelines. The transition is a routine administrative matter and does not indicate any internal conflict or sudden resignation. The company will likely seek a replacement to maintain board composition and compliance with SEBI regulations.
- Ms. Kishori J. Udeshi (DIN: 01344073) ceased to hold office as of close of business on January 16, 2026.
- The cessation follows the completion of her second consecutive term as an Independent Director.
- The disclosure was made in compliance with Regulation 30 of SEBI (LODR) Regulations, 2015.
- No other material reasons were cited for the departure beyond the completion of the statutory tenure.
Kalyan Jewellers has updated its Board of Directors and committee structures following the appointment of two new additional independent directors, Ms. Radhika Ramani and Mr. C.R. Rajagopal. The Board now consists of 12 members, including 6 Independent Directors, ensuring a strong governance framework. Mr. C.R. Rajagopal has been specifically inducted into the Audit, Nomination & Remuneration, and CSR committees. This restructuring is a routine regulatory requirement aimed at strengthening corporate oversight and compliance.
- Appointment of Ms. Radhika Ramani and Mr. C.R. Rajagopal as Additional Independent Directors
- Total Board strength reaches 12 members, with 50% being Independent Directors
- Mr. C.R. Rajagopal added to the 4-member Audit Committee and 4-member Nomination & Remuneration Committee
- CSR Committee reconstituted with 4 members, chaired by Managing Director Mr. T.S. Kalyanaraman
Kalyan Jewellers India Limited has announced its earnings conference call to discuss the financial and operational performance for the third quarter of FY 2025-26. The call is scheduled for Friday, February 6, 2026, at 5:00 PM IST. Senior management, including the Executive Director, CEO, and CFO, will be present to address investor queries. This is a routine regulatory filing following SEBI disclosure requirements for upcoming financial results.
- Conference call scheduled for February 6, 2026, at 5:00 PM IST to discuss Q3 FY26 performance.
- Management participants include Executive Director Ramesh Kalyanaraman and CEO Sanjay Raghuraman.
- Primary dial-in numbers for the call are +91 22 6280 1309 and +91 22 7115 8210.
- International toll-free numbers provided for USA, UK, Singapore, and Hong Kong investors.
Kalyan Jewellers has appointed Ms. Radhika Ramani and Mr. C.R. Rajagopal as Additional Independent Directors for a five-year term effective January 14, 2026. Ms. Ramani brings over 25 years of global experience in media and growth strategy, while Mr. Rajagopal, a former Deloitte partner, offers 35+ years of expertise in finance and M&A. These appointments are intended to strengthen corporate governance and provide diverse strategic oversight. The board reconstitution reflects the company's commitment to institutionalizing its operations and enhancing long-term value creation.
- Appointment of two new Independent Directors for a five-year term ending January 13, 2031.
- Ms. Radhika Ramani brings 25+ years of global media and growth operations experience from Dentsu and GroupM.
- Mr. C.R. Rajagopal, a Chartered Accountant, has 35+ years of experience in finance, governance, and M&A.
- The appointments aim to enhance board diversity and independent oversight in line with SEBI regulations.
- Board reconstitution focuses on strengthening expertise in finance, risk management, and media strategy.
Kalyan Jewellers India Limited has appointed Ms. Radhika Ramani and Mr. C.R. Rajagopal as Additional Independent Directors for a five-year term effective January 14, 2026. Ms. Ramani brings over 25 years of global experience in media strategy and digital transformation, currently serving as Global Head of Growth Operations at Dentsu, UK. Mr. Rajagopal is a veteran Chartered Accountant with 35+ years of experience, including a former partnership at Deloitte Haskins & Sells LLP. These appointments are intended to strengthen the board's oversight in areas of governance, financial restructuring, and consumer growth strategy.
- Appointment of two new Independent Directors for a 5-year term ending January 13, 2031.
- Ms. Radhika Ramani offers 25+ years of expertise in media, data science, and global marketing mandates.
- Mr. C.R. Rajagopal brings 35+ years of experience in finance, M&A, and family business governance.
- The appointments were recommended by the Nomination & Remuneration Committee and approved by the Board via circular resolution.
- Both directors are non-executive and not liable to retire by rotation, pending shareholder approval.
Financial Performance
Revenue Growth by Segment
Consolidated revenue grew 31% YoY to INR 15,124.5 Cr in H1 FY26. Standalone India revenue grew 31% YoY to INR 6,843 Cr in Q2 FY26, while Middle East revenue grew 8% YoY to INR 866 Cr. Candere segment revenue surged 127% YoY to INR 93 Cr in Q2 FY26.
Geographic Revenue Split
Non-South India markets contributed 54% of total India revenue in Q2 FY26, up from 34% in FY22. South India contributed 46%. Middle East operations accounted for approximately 13% of consolidated revenue in FY25.
Profitability Margins
Consolidated PAT margin improved to 3.5% in H1 FY26 from 2.7% in H1 FY25. Standalone India PAT margin rose to 3.8% in Q2 FY26 from 2.3% YoY. Middle East PAT margin remained stable at 2.0% in H1 FY26.
EBITDA Margin
Consolidated EBITDA margin improved to 6.6% in H1 FY26 from 5.9% in H1 FY25, driven by procurement efficiencies and a higher share of FOCO revenue. India standalone EBITDA margin was 6.3% in Q2 FY26.
Capital Expenditure
Historical capex for FY25 was INR 350 Cr. Planned capex for FY26 is lower at INR 250 Cr as the company shifts to the asset-light FOCO model where franchisees undertake showroom capex.
Credit Rating & Borrowing
Credit rating upgraded to [ICRA]AA- (Stable) from [ICRA]A+ (Positive). Consolidated interest coverage improved to 4.0x in H1 FY25 from 2.5x in FY22, supported by debt reduction and lower cost of debt.
Operational Drivers
Raw Materials
Gold represents approximately 87% of total cost of sales (INR 21,760.8 Cr cost on INR 25,045.1 Cr revenue in FY25). Studded jewellery (diamonds and precious stones) accounts for 31% of revenue.
Import Sources
Gold is primarily sourced from global markets and the Middle East, with Middle East operations contributing 13% to consolidated revenue and acting as a procurement hub.
Capacity Expansion
Current capacity includes 300 Kalyan showrooms in India (174 FOCO), 96 Candere showrooms (54 FOCO), and 38 showrooms in the Middle East. Planned expansion of 84 new stores in FY26.
Raw Material Costs
Raw material costs (Cost of Sales) stood at INR 21,760.8 Cr in FY25, representing 86.9% of revenue. Procurement efficiencies and higher studded jewellery mix (31% vs 30% YoY) are used to mitigate gold price volatility.
Manufacturing Efficiency
Procurement efficiencies and operating leverage from the FOCO model contributed to a 100 bps improvement in consolidated PBT margins (5.1% vs 4.5% in Q2).
Strategic Growth
Expected Growth Rate
31%
Growth Strategy
Growth is driven by the asset-light FOCO (Franchisee Owned Company Operated) model, which reduces capital intensity and improves ROCE (14.4% in FY25). The company is expanding aggressively in Non-South India (54% of revenue) and targeting 84 new store openings in FY26.
Products & Services
Gold jewellery, studded jewellery (diamonds, precious stones), and daily/fashion jewellery sold through Kalyan and Candere brands.
Brand Portfolio
Kalyan Jewellers, Candere.
New Products/Services
Launching new regional formats with the first showrooms expected in Q4 FY26 to deepen market penetration.
Market Expansion
Expansion focused on Non-South India and international markets including the USA (2 showrooms) and Middle East (38 showrooms).
Market Share & Ranking
Ranked among the top few players in the organized Indian jewellery retail industry.
Strategic Alliances
Equity investment by global private equity firm Warburg Pincus; acquired 15% minority stake in Candere for INR 42 Cr in FY25.
External Factors
Industry Trends
The industry is seeing a rapid shift from unorganized to organized trade. Organized players are benefiting from government policies like hallmarking and mandatory KYC norms.
Competitive Landscape
Intense competition from both large organized retailers and local unorganized players limits pricing flexibility.
Competitive Moat
Moat is built on a 32-year brand track record, a Pan-India network of 396 showrooms, and a capital-efficient FOCO model that has improved ROCE from 8.9% to 14.4%.
Macro Economic Sensitivity
Highly sensitive to gold price volatility and consumer sentiment; however, formalization of the sector is driving a 20% SSSG in FY25.
Consumer Behavior
Shift towards daily/fashion jewellery and less gold-intensive products; studded jewellery share increased to 31%.
Geopolitical Risks
Exposure to Middle East (13% revenue) and USA markets; volatile gold prices influenced by global geopolitical tensions.
Regulatory & Governance
Industry Regulations
Operations are governed by gold import policies, hallmarking standards, and mandatory KYC norms for high-value transactions.
Environmental Compliance
Physical climate change risks identified as a potential threat to revenue growth and profitability.
Taxation Policy Impact
Effective tax rate impacted by customs duty changes; 9% duty cut in July 2024 impacted FY25 margins by 50 bps due to inventory revaluation.
Risk Analysis
Key Uncertainties
Volatility in gold prices remains the primary risk, impacting inventory valuation and consumer demand timing.
Geographic Concentration Risk
Geographic risk is reducing as Non-South revenue contribution reached 54% in Q2 FY26 compared to 34% in FY22.
Third Party Dependencies
Increasing dependency on franchisee partners as FOCO revenue share reached 49% of India operations.
Technology Obsolescence Risk
Digital transformation focused on Candere (online-first brand) and integrated inventory management systems.
Credit & Counterparty Risk
Liquidity is adequate with free cash and liquid investments of INR 376 Cr and healthy CFO above INR 660 Cr in FY25.