Kalyan Jewellers Profit Doubles in Q4 as Gold Prices Surge, Sales Soar

Kalyan Jewellers India reported a sharp rise in its March quarter earnings, with profits more than doubling, driven by strong gold price momentum and robust festive and wedding demand.

Strong Q4 Performance Boosted by Gold Price Rally

Kalyan Jewellers India delivered an impressive financial performance in the fourth quarter of FY26, with net profit surging to ₹409 crore. This marks a significant jump compared to ₹188 crore reported during the same period last year.

The sharp increase in profitability was largely driven by a strong rally in gold prices, which enhanced revenue realization and improved margins across its jewellery portfolio.

However, on a sequential basis, net profit witnessed a marginal decline of around 2%, compared to ₹416 crore recorded in the December quarter, indicating some normalization after a strong festive period.

Revenue Sees Significant Year-on-Year Growth

The company also reported a substantial rise in revenue during the March quarter. Total revenue climbed 66% year-on-year to ₹10,274 crore, up from ₹6,181 crore in the corresponding period last year.

Despite the strong annual growth, revenue saw a slight dip on a quarter-on-quarter basis, falling marginally from ₹10,343 crore recorded in Q3 FY26.

This minor sequential decline reflects typical seasonal fluctuations in demand following the festive-heavy December quarter.

Dividend Announcement for Shareholders

In line with its strong financial performance, Kalyan Jewellers India has announced a final dividend of ₹2.50 per share for FY26.

The dividend reflects the company’s commitment to delivering value to shareholders while maintaining a balanced approach to growth and capital allocation.

International Operations Show Strong Growth

Kalyan Jewellers’ international business also performed well during the quarter. Net profit from overseas operations doubled to ₹29 crore, compared to ₹14 crore in the same quarter last year.

This growth highlights the company’s expanding global footprint and its ability to capture demand across international markets, particularly in regions with a strong affinity for gold jewellery.

Candere Platform Continues to Grow

The company’s lifestyle jewellery platform, Candere, delivered steady growth during the quarter.

Candere reported revenue of ₹131 crore and a net profit of ₹3 crore in Q4 FY26. The platform continues to cater to a younger, digitally-savvy audience seeking modern and lightweight jewellery designs.

Its performance reflects the increasing importance of online and omni-channel strategies in the jewellery retail segment.

Full-Year FY26 Financial Highlights

For the full financial year FY26, Kalyan Jewellers India reported strong growth across key metrics:

• Net profit rose to ₹1,350 crore, nearly doubling from ₹714 crore in FY25
• Revenue increased significantly to ₹35,743 crore, up from ₹25,045 crore in the previous year

This robust annual performance underscores the company’s ability to capitalize on favorable market conditions and strong consumer demand.

Akshaya Tritiya Sales Drive Momentum

The company witnessed strong sales momentum during Akshaya Tritiya, one of the most auspicious occasions for gold purchases in India.

According to Ramesh Kalyanaraman, Executive Director of Kalyan Jewellers, the festive season played a crucial role in boosting demand, particularly for wedding-related jewellery.

He noted that consumer sentiment remains positive, with continued traction expected in the current quarter driven by wedding purchases and festive buying trends.

Wedding Demand Continues to Support Growth

Wedding-related jewellery purchases remain a key growth driver for the company. The March quarter and early FY27 period have seen sustained demand in this segment, supported by cultural factors and seasonal trends.

Kalyan Jewellers continues to benefit from its strong brand presence and extensive retail network, which positions it well to capture this demand.

Gold Prices Play a Crucial Role

The rally in gold prices has been a double-edged sword for the jewellery industry. While higher prices can sometimes dampen volume demand, they also enhance revenue and profitability for retailers due to better realization.

In the case of Kalyan Jewellers India, the recent surge in gold prices has contributed positively to its financial performance, particularly in terms of revenue growth and margin expansion.

Outlook for the Coming Quarters

Looking ahead, Kalyan Jewellers remains optimistic about growth prospects. The company expects continued demand momentum driven by:

• Ongoing wedding season purchases
• Festive buying patterns
• Expansion in domestic and international markets
• Growth of digital platforms like Candere

With these factors in play, the company is well-positioned to sustain its growth trajectory in the coming quarters.

Conclusion

Kalyan Jewellers India has delivered a strong Q4 FY26 performance, with profits more than doubling and revenue witnessing substantial growth. The combination of rising gold prices, festive demand, and expanding operations has strengthened its financial position.

While minor sequential declines reflect seasonal trends, the overall outlook remains positive. Backed by strong consumer demand and strategic expansion, the company is poised for continued growth in the evolving jewellery market.