Kalyan Jewellers has reported a strong revenue growth of approximately 37% year-on-year (YoY) for Q2 FY2025. The growth was primarily driven by a robust 39% increase in India operations, buoyed by healthy same-store sales growth of around 23%. Additionally, the company’s Middle East operations and its digital-first brand Candere also saw notable revenue increases.
Key Highlights from Q2 FY2025:
- India Operations: India operations recorded a 39% YoY revenue growth for Q2 FY2025. The company saw a significant uptick in footfall during the quarter, mainly due to the reduction in customs duty on gold imports, which was announced in the Union Budget. This offset the impact of the 14-day Shradh period when sales are typically subdued.
- Expansion of Showrooms: The company launched 15 Franchisee-Owned-Company-Operated (FOCO) Kalyan showrooms in India during the quarter. Looking forward, there are plans to launch around 25 new Kalyan showrooms in India, 18 Candere showrooms, and the company’s first showroom in the U.S. by Diwali.
- Middle East Operations: The Middle East market experienced a revenue growth of approximately 24% YoY in Q2 FY2025. Kalyan Jewellers also converted some of its owned showrooms to FOCO showrooms, bringing the total number of franchised showrooms in the region to four. The Middle East operations contributed around 13% to the consolidated revenue for the quarter.
- Candere’s Performance: The digital-first brand, Candere, recorded an impressive revenue growth of approximately 30% YoY. During Q2 FY2025, 12 new Candere showrooms were launched as part of the company’s expansion strategy.
Upcoming Launches and Expansion Plans
As part of the plan to launch over 130 new showrooms during the current financial year, Kalyan Jewellers has already opened 51 showrooms. The upcoming launches include around 25 Kalyan showrooms in India, 18 Candere showrooms, and the brand’s first U.S. showroom by Diwali. The festive season is expected to be a period of significant activity, with new showroom launches, fresh collections, and promotional campaigns.
Current Store Count
By the end of September 2024, Kalyan Jewellers’ total store count stood at 303, which includes:
- 231 Kalyan showrooms in India
- 36 Kalyan showrooms in the Middle East
- 36 Candere showrooms
The company is gearing up to maximize the opportunities presented by the upcoming festive season, expanding its retail footprint, and introducing new offerings to attract customers. Further detailed financial updates are expected post the limited review by statutory auditors.
