Kalyan Jewellers has experienced a strong performance in the fourth quarter of FY2025, delivering approximately 37% year-on-year growth in consolidated revenue, notwithstanding the significant volatility in gold prices.

The growth was mainly driven by strong wedding demand, supplemented by expansion in India and the Middle East.In fact, in India, the company reported a 39% growth in revenue growth in Q4 FY2025 compared to Q4 FY2024, with same-store-sales growth of around 21%.

During the quarter Kalyan Jewellers opened 25 showrooms in India and opened another 3 in the first week of April 2025.Meanwhile, the Middle East business also performed well, providing year-on-year revenue growth of 24%, which was driven largely by same-store sales growth.

The Middle East business provided around 12% of Kalyan Jewellers’ consolidated revenue in the quarter.However, Kalyan Jewellers’ jewellery brand that focuses on a digital-first experience, Candere, underperformed, recording a revenue decline of around 22% year-on-year in the quarter.

Nonetheless, Kalyan Jewellers did add 14 new Candere showrooms in Q4 FY2025.Looking ahead and into FY2026, the company has a defined expansion strategy, which is aggressive in outlook. The firm is planning to add 170 showrooms within Kalyan and Candere formats, which includes:

75 Kalyan FOCO (Franchisee Owned Company Operated) showrooms in non-south India, including 5 flagship showrooms,15 Kalyan FOCO showrooms in south India and international locations, 80 Candere showrooms in India.

The company has already executed the Letter of Intent (LOIs) for all of the planned FOCO showrooms in India.After accounting for the March 31, 2025 history, Kalyan Jewellers had a total of 388 showrooms, 278 in India, 36 in the Middle East, 1 in the USA, and 73 Candere showrooms.

The company is maintaining a positive outlook for the current quarter, following strong advance collections for Akshaya Tritiya, and festive and wedding season customer demand.

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