Kalyan Jewellers India Limited reported a strong year-on-year performance for the quarter ended March 2026, with net profit more than doubling to ₹40.95 crore from the year-ago period, driven by robust revenue growth as gold demand remained elevated across the company’s retail network.
Net profit for Q4 FY26 rose 118.3% year-on-year, though it declined marginally by 1.6% on a sequential basis compared to the October-December quarter. Revenue from operations jumped 66.2% year-on-year to ₹1,027.49 crore, a decline of just 0.7% quarter-on-quarter, reflecting sustained momentum in jewellery retail demand even as the base period benefited from wedding season activity.
The board has declared a dividend of ₹2.5 per share for the quarter.
How did Kalyan Jewellers’ operating performance look in Q4 FY26?
EBITDA for the quarter came in at ₹73.57 crore, up 84.2% year-on-year and marginally lower by 2% sequentially. EBITDA margin expanded to 7.2% from 6.5% in Q4 FY25, reflecting operating leverage as revenues scaled. On a sequential basis, margins contracted slightly from 7.3% in Q3 FY26, largely in line with normal seasonal patterns.
The year-on-year margin improvement is notable in the context of elevated gold prices, which typically compress jewellery retail margins as making charges become a smaller proportion of the total bill value. Kalyan’s ability to expand margins despite this headwind suggests improved operational efficiency and a favourable product mix shift.
What is driving Kalyan Jewellers’ revenue growth?
The 66.2% year-on-year revenue jump reflects a combination of store expansion, elevated gold prices boosting per-gram realisation, and strong underlying consumer demand for jewellery across both metros and tier-2 and tier-3 markets where Kalyan has been aggressively expanding its Candere and Kalyan-branded store network. Gold prices have remained near record highs through much of FY26, providing a significant tailwind to jewellery retail revenues even without volume growth.
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