Q4FY26 of Kalyan Jewellers: Quarter at a Glance
For the quarter ended March 31, 2026, consolidated revenue came in at ₹10,274.9 crore, up 66% YoY from ₹6,181.5 crore in Q4FY25. On a QoQ basis, revenue was marginally lower by 1% from ₹10,343.4 crore in Q3FY26, showing a seasonally steady quarter after a strong Q3FY26.
Gross Profit for Q4FY26 stood at ₹1,321.9 crore, up 55% YoY from ₹850.1 crore in Q4FY25 and down 3% QoQ from ₹1,357.7 crore in Q3FY26. Gross Profit margin for the quarter came in at 12.9%, compared to 13.8% in Q4FY25 YoY and 13.1% in Q3FY26 QoQ, showing a modest compression on account of revenue mix.
EBITDA for Q4FY26 came in at ₹735.7 crore, up a strong 84% YoY from ₹399.4 crore in Q4FY25, and down 2% QoQ from ₹750.5 crore in Q3FY26. EBITDA margin stood at 7.2% in Q4FY26, compared to 6.5% in Q4FY25 YoY and 7.3% in Q3FY26 QoQ, showing consistent margin improvement on an annual basis.
EBIT came in at ₹622.6 crore, up 103% YoY from ₹306.1 crore in Q4FY25, and down 3% QoQ from ₹641.6 crore in Q3FY26. EBIT margin expanded to 6.1% from 5% in Q4FY25 YoY.
PBT for Q4FY26 came in at ₹538.8 crore, up 115% YoY from ₹250.6 crore in Q4FY25 and down 4% QoQ from ₹559.9 crore in Q3FY26. PBT margin stood at 5.2%, compared to 4.1% in Q4FY25 YoY and 5.4% in Q3FY26 QoQ.
PAT for Q4FY26 came in at ₹409.5 crore, up 118% YoY from ₹187.6 crore in Q4FY25 and down 2% QoQ from ₹416.3 crore in Q3FY26. PAT margin for the quarter stood at 4%, compared to 3% in Q4FY25 YoY and 4% in Q3FY26 QoQ.
Full Year FY26 Performance of Kalyan Jewellers
The full year picture is where the scale of Kalyan's growth really comes through. On an annual basis, consolidated revenue for FY26 stood at ₹35,742.9 crore, up 43% from ₹25,045.1 crore in FY25, a meaningful step-up in size within a single year.
Gross Profit for the full year came in at ₹4,704.3 crore, up 43% from ₹3,284.3 crore in FY25. Gross Profit margin remained stable at 13.2% in FY26 vs 13.1% in FY25, showing consistent pricing discipline even as the business scaled rapidly.
EBITDA for FY26 came in at ₹2,491.2 crore, up 64% from ₹1,517.2 crore in FY25. EBITDA margin expanded to 7% in FY26 from 6.1% in FY25, an improvement of 90 basis points on an annual basis, driven by the operating leverage benefits of rapid revenue scaling with controlled cost growth.
EBIT for FY26 stood at ₹2,068.3 crore, up 76% from ₹1,174.5 crore in FY25. EBIT margin expanded to 5.8% from 4.7% in FY25. PBT for FY26 stood at ₹1,802 crore, up 88% from ₹959.6 crore in FY25. PBT margin expanded to 5% in FY26 from 3.8% in FY25.
PAT for FY26 came in at ₹1,350.4 crore, up 89% from ₹714.2 crore in FY25. PAT margin expanded to 3.8% in FY26 from 2.9% in FY25, showing both revenue growth and improving operating efficiency across the business.
Jewellery Market Trends Favour Kalyan
Kalyan's growth is playing out against a jewellery market that continues to evolve in its favour. The organised retail segment's share of the Indian jewellery market has grown from 5% in 2000 to 40% in 2025, and that shift towards branded, organised players like Kalyan is still underway.
Wedding wear dominates the industry at 60% of total demand, followed by daily wear at 30% and fashion wear at 10%. Gold jewellery demand in rural India, which accounts for 60% of total ownership, continues to rise with income levels.
South India constitutes the largest regional market at 40% share, followed by West at 25%, North at 20%, and East at 15%; a geographic profile that Kalyan, with its strong southern roots and expanding national presence, is well positioned to serve.
Management Commentary
Mr Ramesh Kalyanaraman, Executive Director, Kalyan Jewellers India Limited said, “We ended the previous financial year on a very strong note and have carried the momentum into the ongoing financial year. We witnessed strong growth in our Akshaya Tritiya sale this year and we continue to see encouraging momentum in consumer demand, especially around wedding purchases during the current quarter.”
