Kalyan Jewellers Shares Slide Over 4% Despite Strong Q4 Revenue Growth Driven by Wedding Demand

In a mixed bag of quarterly updates, shares of Kalyan Jewellers declined over 4% on Monday, April 7, after the company released its business update for the fourth quarter of FY25. At ₹465.85 apiece, the stock was down 4.37%, extending its year-to-date loss to nearly 40%.

Strong Domestic Growth, But Digital Arm Falters

The company reported around 39% revenue growth in its India operations for the March quarter compared to the same period last year, primarily driven by robust wedding demand. It also posted a healthy same-store-sales growth (SSSG) of 21% during the period.

Kalyan launched 25 new showrooms across India in Q4, and three more in the first week of April 2025, signaling continued expansion momentum.

However, performance of its digital-first jewellery platform Candere remained weak, with a 22% revenue decline year-on-year, despite the launch of 14 new Candere showrooms during the quarter.

Middle East Sees Growth; 388 Total Showrooms

In the Middle East, Kalyan Jewellers saw around 24% revenue growth over the same quarter last year, driven largely by strong SSSG. This business contributed approximately 12% to the company’s consolidated revenue.

As of March 31, 2025, Kalyan operated 388 showrooms globally, including:

• 270 in India (Kalyan format)
• 36 in the Middle East
• 1 in the US
• 73 Candere showrooms in India

Aggressive Expansion Plans for FY26

Looking ahead, the company has reiterated plans to launch 170 showrooms across both Kalyan and Candere formats in FY26. This includes:

• 75 franchise-owned company-operated (FOCO) Kalyan showrooms in non-South India
• 15 FOCO Kalyan showrooms in South India and international markets
• 80 new Candere showrooms across India
  Kalyan confirmed that it has already signed letters of intent for all the FOCO-format expansions.

The company also expressed optimism about the ongoing first quarter of FY26, citing strong advance bookings for Akshaya Tritiya and the upcoming wedding season.

Conclusion 

Kalyan Jewellers reported strong Q4 revenue growth in India (39%) and the Middle East (24%), driven by wedding demand and same-store sales.

However, shares fell 4.37% due to a 22% decline in digital arm Candere’s revenue. Despite this, the company remains optimistic, planning to launch 170 new showrooms in FY26 across India and international markets.

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