Kalyan Jewellers reported a robust 31% year-on-year increase in consolidated revenue for the first quarter of fiscal year 2025–26, reaching Rs. 5,557.63 crore despite economic headwinds and fluctuations in gold prices. The company’s India and Middle East operations, as well as its digital platform Candere, contributed significantly to the growth. With a strategic expansion plan in place, Kalyan aims to launch 170 new showrooms globally this fiscal year. Its continued push into the U.S. and e-commerce space demonstrates its commitment to strengthening omnichannel presence while navigating shifting consumer dynamics and geopolitical uncertainties.
Strong Growth Amid Market Headwinds
Kalyan Jewellers has begun FY26 on a promising note, delivering a 31% year-on-year increase in consolidated revenue during the April–June quarter. This surge came despite demand softening intermittently due to volatile gold prices and broader geopolitical uncertainties. The jeweller's ability to post strong top-line performance amid such challenges underscores the resilience of its operational model and brand positioning in both domestic and international markets.
India and Middle East Operations Drive Revenue
Revenue from Indian operations rose 31% year-on-year in Q1 FY26, mirroring the company's overall growth trajectory. This momentum was underpinned by robust consumer demand, especially in non-metro cities, where aspirational buying behavior and seasonal gold purchases remain strong. The company’s strategic retail expansion, including new showroom launches, helped boost footfalls and revenue per square foot.
The Middle East segment, which now contributes 15% to the group’s consolidated revenue, posted a 26% rise during the quarter. This growth was primarily led by same-store sales, pointing to brand loyalty and effective customer engagement in mature markets.
Digital Arm Candere Sees Exponential Growth
Candere, Kalyan’s digital-first jewellery brand, delivered a staggering 67% revenue growth in Q1 FY26. This growth reflects India's shifting retail landscape, with more customers opting for omnichannel and online-first jewellery purchases. With rising internet penetration and consumer comfort with high-value online transactions, Candere is well-positioned to capture a growing share of the e-commerce jewellery segment.
Aggressive Retail Expansion Plans
In the first quarter alone, Kalyan Jewellers launched 10 new Kalyan showrooms and eight Candere outlets across India, along with a new Kalyan showroom in the United States. This expansion reinforces the company’s vision to strengthen both its domestic and global retail footprint.
The company has unveiled ambitious plans to roll out 170 new showrooms across both Kalyan and Candere formats in FY26. The expansion strategy targets Tier II and III cities in India, as well as select international markets, further diversifying revenue streams and enhancing brand visibility.
Network Footprint and Strategic Outlook
As of June 30, 2025, Kalyan Jewellers operated a total of 406 showrooms under its various brands. The company’s continued focus on innovation, digital integration, and strategic retail expansion places it in a strong position to leverage growth opportunities in a dynamically evolving marketplace.
By reinforcing its omnichannel approach and doubling down on customer experience, Kalyan aims to consolidate its position as one of the most trusted jewellery brands in India and abroad.
Conclusion
Despite macroeconomic pressures and commodity price volatility, Kalyan Jewellers has demonstrated exceptional revenue growth in Q1 FY26, backed by geographical diversification, strategic showroom additions, and digital platform success. The company’s forward-looking retail expansion plan and robust brand equity indicate a clear pathway toward sustained growth, value creation, and global market leadership in the jewellery sector.
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