Kalyan Jewellers Q2 Results: Net profit nearly doubles to ₹260 crore, revenue jumps 30% YoY

Kalyan Jewellers India, one of the country’s largest jewellery companies, announced its financial performance for the September quarter today, November 7, post market hours.

The company reported a net profit of ₹260 crore in Q2, marking a 99% jump from ₹130.3 crore recorded in the same period last year. However, sequentially, the profit came in slightly lower compared to ₹264 crore reported in the first quarter of FY26.

Its revenue from operations during the reporting quarter stood at ₹7,856 crore, up 30% year-on-year from ₹6,057 crore and 8% higher quarter-on-quarter, driven majorly by healthy SSSG of 16%.

In an exchange filing, the company reported a strong performance in terms of both foot traffic and revenue across all its markets in India and the Middle East for the September quarter.

Studded jewellery revenue, which typically carries better profit margins, jumped 36% year-on-year to ₹2,115 crore, while revenue from the gold jewellery segment rose 27% YoY to ₹4,583 crore. The revenue share from franchised showrooms stood at 49%.

Consumers continued to favour gold despite record-high prices, as the company said new customer additions rose over 38% during the quarter.

At the operating level, the company reported an EBITDA of ₹497 crore, a 56% jump from ₹319 crore in the same period last year, with margins expanding by 100 basis points year-on-year to 6.3% but fell 70 basis points on a sequential basis.

As of Q2FY26, Kalyan Jewellers operated 300 Kalyan showrooms (including 174 FOCO outlets) and 96 Candere showrooms (of which 54 are FOCO) across India. Internationally, the company has 38 Kalyan showrooms (including 4 FOCO stores) in the Middle East and 2 showrooms in the USA.

Focus on non-south expansion and FOCO-led growth strategy

Kalyan Jewellers aims to achieve mid to high single-digit same-store sales growth in the coming quarters, supported by continued expansion and improving consumer sentiment.

The company plans to increase its revenue contribution from non-south markets, with most of its incremental showroom openings expected to come from these regions.

The network expansion will primarily follow a capital-light franchise-owned-company-operated (FOCO) model, enabling faster scalability with lower capital requirements.

The company said it plans to open 89 additional FOCO outlets during FY26 and has already completed the signing of letters of intent (LOIs) for the same.

It also expanded its international footprint by launching its first FOCO showroom in the Middle East during FY24, taking the total count in the region to four FOCO showrooms as of September 30, 2025.

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