Q2 2026 Kalyan Jewellers India Ltd Earnings Call Transcript
Key Points
- Kalyan Jewellers India Ltd (BOM:543278) reported a consolidated revenue growth of 30% year-over-year, reaching INR7,856 crores for the quarter.
- The company achieved a 100% increase in consolidated profit after tax, amounting to INR261 crores compared to INR130 crores in the previous year.
- Same-store sales growth for the 30-day period ending Diwali exceeded 30% on a like-for-like basis.
- The company successfully reduced INR130 crores of debt, bringing non-GML debt levels down to INR550 crores as of September 30.
- Kalyan Jewellers India Ltd (BOM:543278) opened 32 new stores during the quarter, including 15 in India, 2 in the Middle East, and 15 Candere stores.
- The Middle East business showed subdued performance with only a 7% same-store sales growth and a slight increase in revenue from INR800 crores to INR866 crores.
- Candere, the online jewelry business, recorded a loss of INR9 crores in the quarter, compared to a INR4 crore loss in the previous year.
- The company's employee attrition rate has increased significantly, with My Kalyan division contributing to a high turnover rate.
- There is a noted decline in revenue growth from COCO stores, attributed to conversions to FOCO stores, raising concerns about market share.
- The company faces challenges in maintaining gross margins due to a higher mix of franchisee stores and competitive pressures on making charges.
Ladies and gentlemen, good day, and welcome to the Kalyan Jewellers India Limited Q2 and H1 FY26 Earnings Call. (Operator Instructions) Please note this conference is being recorded. I now hand the conference over to Mr. Rahul Agarwal. Thank you, and over to you, sir.
(inaudible) '26 Earnings Conference Call. Today on the call, we have with us Mr. Ramesh Kalyanaraman, Executive Director; Mr. Sanjay Raghuraman, CEO; Mr. V. Swaminathan, CFO; Mr. Sanjay Mehrottra, Head of Strategy and Corporate Affairs; and Mr. Abraham George, Head of Investor Relations and Treasury.
I hope everyone had a chance to view our financial results and investor presentation, which were recently posted on the company's website and stock exchanges. We will begin the call with opening remarks from management, followed by an open forum for question and answers. Before we begin, I'd like to point out that some of the statements made during today's call may be forward-looking. A disclaimer to that effect was included in
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