Kalyan Jewellers India Limited Earnings Summary — Q4 FY2026
Kalyan Jewellers Delivers Strong Q4 Performance with 66% YoY Revenue Growth and Record Quarterly Profit
Quarterly Business Intelligence
AI Quarterly Scorecard™
Computed deterministically from the last 10 reported quarters.
Quarterly Business Momentum
- Revenue grew 3.1% sequentially in Q1 FY2027.
- Revenue of ₹10,589 Cr is 45.7% higher year-on-year.
- Revenue has compounded at 45.9% annualised over the last 10 quarters.
- Revenue is at its highest level in 10 quarters.
- Net profit of ₹349 Cr is 32.0% above the same quarter last year.
- Profit growth is trailing revenue growth this quarter.
- Net profit has compounded at 51.2% annualised across the period.
- Operating margin stands at 6.0% in Q1 FY2027.
- Operating margin compressed by 102 bps year-on-year.
- Over the last two years operating margin has contracted by 69 bps.
- PBT margin is 4.4%.
- Expenses grew 47.3% against revenue growth of 45.7%.
- Operating profit of ₹633 Cr is 24.5% higher year-on-year.
- Operating leverage continues to improve.
- 6 of the last 6 measured quarters delivered year-on-year revenue growth.
- Overall quarterly business momentum scores 65/100 (Healthy) on the latest 10 quarters.
- Business momentum remains positive heading into the next quarter.
Quarterly Financials
Last 10 Reported Quarters • All figures in ₹ Crore • Margins in %
| Metric | Trend | Latest Q1 FY2027 | Q4 FY2026 | Q3 FY2026 | Q2 FY2026 | Q1 FY2026 | Q4 FY2025 | Q3 FY2025 | Q2 FY2025 | Q1 FY2025 | Q4 FY2024 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | Improving | 10,589 | 10,275 | 10,343 | 7,856 | 7,268 | 6,182 | 7,278 | 6,065 | 5,528 | 4,525 |
| Expenses | Improving | 9,956 | 9,539 | 9,593 | 7,359 | 6,760 | 5,782 | 6,848 | 5,738 | 5,159 | 4,229 |
| Operating Profit | Improving | 633 | 736 | 750 | 497 | 508 | 399 | 430 | 327 | 368 | 296 |
| Operating Margin | Stable | 6.0% | 7.2% | 7.3% | 6.3% | 7.0% | 6.5% | 5.9% | 5.4% | 6.7% | 6.5% |
| Other Income | Accelerating | 56 | 46 | 23 | 51 | 46 | 41 | 40 | 26 | 30 | 39 |
| Interest | Improving | 108 | 130 | 104 | 95 | 104 | 96 | 88 | 90 | 85 | 78 |
| Depreciation | Improving | 115 | 113 | 109 | 103 | 98 | 93 | 89 | 85 | 75 | 74 |
| Profit Before Tax | Improving | 465 | 539 | 560 | 350 | 353 | 251 | 294 | 178 | 237 | 184 |
| Tax | Improving | 116 | 129 | 144 | 90 | 89 | 63 | 75 | 48 | 60 | 46 |
| Net Profit | Improving | 349 | 410 | 416 | 261 | 264 | 188 | 219 | 131 | 178 | 138 |
| Net Margin | Improving | 3.3% | 4.0% | 4.0% | 3.3% | 3.6% | 3.0% | 3.0% | 2.1% | 3.2% | 3.0% |
Key Takeaways
- Revenue grew substantially by 66% YoY to ₹10,275 Cr, showcasing massive market share gains in the organized sector.
- Quarterly Net Profit more than doubled YoY, rising from ₹188 Cr to ₹410 Cr, benefiting from operating leverage.
- Operating margins remained resilient at 7% despite aggressive expansion and competition.
- ROCE has structurally improved to 21% for the full year, a significant jump from single digits in prior cycles.
- The successful pivot to the FOCO (franchised) model has enabled rapid scale with better capital efficiency.
- Interest costs rose to ₹130 Cr this quarter, reflecting higher borrowing to support the inventory requirements of new stores.
- Asset base expanded significantly with total assets crossing ₹20,000 Cr as of March 2026.
Management Guidance
Management remains focused on a capital-light expansion strategy via the FOCO model, prioritizing Tier-2 and Tier-3 cities and hyperlocal outreach through the 'My Kalyan' program.
Sentiment Shift
Improving
The company has transitioned from a loss-making regional player to a highly profitable national powerhouse with a consistent 40%+ TTM profit growth trajectory.
Outlook
The outlook remains robust driven by the shift from unorganized to organized jewellery retail and the company's ability to maintain a 30%+ revenue CAGR over the medium term.
From the Annual Report (Key Quotes)
“Kalyan Jewellers has transitioned from a family-run regional player to an institutionalised national powerhouse.”
“The presence of high-profile institutional investors reinforces its competitive positioning against titan-level peers.”
“Management has demonstrated high transparency and strategic agility during this rapid expansion phase.”
Official Quarterly Documents
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This summary is AI-generated from Kalyan Jewellers India Limited's latest quarterly filing and earnings call. For informational purposes only — not investment advice.