Kalyan Jewellers India Ltd., one of India’s largest jewellery retail chains, posted a strong set of numbers for the first quarter of FY26 on 7th August 2025, reflecting robust consumer demand and expansion-led growth. Both revenue and profit saw healthy double-digit increases, supported by higher footfalls, festive purchases, and premium product sales.
1. Consolidated Financial Performance
For Q1 FY26, the company reported consolidated revenue from operations of ₹7,268.48 crore, up from ₹5,527.82 crore in Q1 FY25, marking a 31.49% YoY increase.
Profit After Tax (PAT) jumped from ₹177.77 crore to ₹264.08 crore, a 48.56% YoY rise. The profit growth outpaced revenue growth, suggesting better margins driven by an improved product mix and operational efficiencies.
Consolidated figures summary (₹ in crores):
| Particulars | Q1 FY26 | Q1 FY25 | YoY Change |
|---|---|---|---|
| Revenue from Operations | 7,268.48 | 5,527.82 | +31.49% |
| Profit Before Tax (PBT) | 554.29 | 398.19 | +39.17% |
| Profit After Tax (PAT) | 264.08 | 177.77 | +48.56% |
2. Standalone Performance
Standalone operations, which primarily reflect the domestic jewellery retail business, also recorded strong growth.
Revenue increased from ₹4,142.24 crore in Q1 FY25 to ₹6,142.24 crore in Q1 FY26—a 31.21% YoY rise. Standalone PAT rose from ₹165.09 crore to ₹256.48 crore, up 55.36% YoY.
Standalone figures summary (₹ in crores):
| Particulars | Q1 FY26 | Q1 FY25 | YoY Change |
|---|---|---|---|
| Revenue from Operations | 6,142.24 | 4,142.24 | +31.21% |
| Profit Before Tax (PBT) | 486.29 | 339.98 | +43.03% |
| Profit After Tax (PAT) | 256.48 | 165.09 | +55.36% |
The stronger growth in standalone PAT compared to consolidated PAT indicates that the core domestic business was the primary profit driver.
3. Key Highlights from Q1 FY26
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Robust Revenue Growth: Consolidated revenue up 31.49% YoY.
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Higher Margins: PAT growth of 48.56% YoY on the back of premium jewellery sales and operational efficiency.
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Strong Domestic Performance: Standalone PAT up 55.36%, highlighting the strength of the Indian market.
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Festive Demand: Sales boosted by wedding season purchases and festivals in Q1.
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Geographic Expansion: Store openings in Tier-2 and Tier-3 cities contributed to volume growth.
4. Share Price Performance and Market Reaction
On 8th August 2025, the stock opened at ₹602.40 but was later trading at ₹540.20, showing that investors booked profits despite the strong quarterly results.
Long-Term Performance Snapshot:
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1-Year Returns: +0.14% (flat performance over the past year)
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5-Year Returns: +631.17% (significant medium-term wealth creation)
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All-Time Returns: +699.12% (strong long-term performance)
5. Factors Driving Q1 FY26 Performance
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Seasonal Boost: Festive and wedding season demand in India.
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Premium Product Sales: Higher contribution from diamond and designer collections.
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Retail Expansion: Increased number of showrooms in high-growth regions.
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Brand Strength: Strong consumer trust in Kalyan’s quality and craftsmanship.
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Operational Efficiency: Improved inventory turnover and cost management.
6. Industry Outlook and Competitive Landscape
The Indian jewellery retail industry is witnessing steady growth, supported by rising incomes, cultural affinity towards gold, and increasing formalization of the sector.
Opportunities:
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Growing organized retail share in jewellery.
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Export potential in premium gold and diamond jewellery.
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Digital channels for luxury product sales.
Challenges:
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Volatility in gold prices impacting margins.
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Competition from major organized players like Tanishq, Malabar Gold, and PC Jeweller.
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Regulatory changes in hallmarking and gold imports.
7. Technical Analysis Outlook
The stock has been volatile in recent months, with Q1 results providing a positive long-term outlook but near-term selling pressure.
Key Levels:
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Support: ₹520 – ₹500
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Resistance: ₹580 – ₹600
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Short-Term Trend: Bearish bias due to profit booking.
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Long-Term Trend: Bullish, supported by earnings growth.
8. Investor Outlook
Positives:
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Strong revenue and profit growth in Q1 FY26.
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Market leadership in Tier-2 and Tier-3 cities.
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Consistent expansion strategy and brand equity.
Risks:
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Dependence on gold prices for margin stability.
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Economic slowdown affecting discretionary purchases.
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Intense competition from both organized and unorganized players.
9. Conclusion
Kalyan Jewellers’ Q1 FY26 performance reflects strong consumer demand, strategic store expansion, and a focus on high-margin products. With PAT up nearly 49% and revenue up over 31%, the company is on track for a solid FY26.
While the share price saw some post-results profit booking, the long-term fundamentals remain intact. For investors seeking exposure to India’s growing jewellery retail market, Kalyan Jewellers offers a compelling case—provided they are comfortable with the inherent volatility of the gold market.
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