Bengaluru, May 8, 2026, 15:41 (IST)
Kalyan Jewellers India reported a 118.2% rise in March-quarter profit on Friday and recommended a final dividend, helped by strong wedding and festival demand. The stock rose after the earnings release.
The result matters now because investors have been watching whether organised jewellery chains can keep growing while gold prices stay high. It is also a read-through for discretionary spending before the June-quarter wedding season, when Indian jewellery demand usually picks up.
The print landed on the same day as results from larger rival Titan, owner of Tanishq and CaratLane. Titan missed profit estimates as higher raw material and advertising costs offset demand for gold ornaments and coins, showing the sector’s central tension: sales are holding, but costs are not quiet.
Kalyan’s consolidated net profit rose to Rs 409.5 crore for the quarter ended March 31 from Rs 187.6 crore a year earlier. Revenue from operations climbed 66.2% to Rs 10,274.9 crore from Rs 6,181.5 crore.
EBITDA, or earnings before interest, tax, depreciation and amortisation — a measure of operating profit — rose 84.2% to Rs 735.7 crore. The EBITDA margin improved to 7.2% from 6.5%, the company said in a regulatory filing cited by the Economic Times.
The board recommended a final dividend of Rs 2.50 per equity share of face value Rs 10 for the financial year ended March 31, 2026. The payout needs shareholder approval at the annual general meeting.
On a standalone basis, revenue rose 68% to Rs 8,994 crore, while profit after tax rose 97% to Rs 366 crore. International operations posted revenue of Rs 1,157 crore, up 43%, and profit after tax of Rs 29 crore, versus Rs 14 crore a year earlier.
Executive Director Ramesh Kalyanaraman pointed to “strong growth” in Akshaya Tritiya sales, referring to the Indian festival viewed as an auspicious day to buy gold, and cited “encouraging momentum” in demand around wedding purchases. Candere, the company’s lifestyle jewellery platform, recorded revenue of Rs 131 crore and profit of Rs 3 crore in the quarter. The Economic Times
Kalyan shares were quoted at Rs 425.10 on the NSE, up 3.39%, at 15:17 IST. On the BSE, the stock was at Rs 425.00, up 3.37%, at 15:29 IST.
But the risk is gold itself. Reuters reported that bullion’s rally over the past 12 months, driven by geopolitical and macroeconomic uncertainty, has threatened jewellers’ margins even as demand has held up; if prices stay volatile, Kalyan may need to balance growth with tighter control over pricing, hedging and discounts.
Management is due to speak to investors at 5 p.m. IST, where the focus is likely to shift from headline profit growth to margins, store expansion and demand after Akshaya Tritiya.
