Kalyan Jewellers on Tuesday said that it saw a consolidated revenue growth of 64% in the March quarter (Q4FY26), as wedding and festive demand remained strong. The disclosure was made in its latest business update for the period. The strong buying sentiment comes at a time when gold prices have remained volatile. Kalyan Jewellers is the country’s second-largest organised jeweller after rival Titan. The latter is yet to report its business update for the period.
For the full year of FY26, Kalyan Jewellers said that it saw approximately 42% revenue growth on a consolidated basis, marked a surge in discretionary spending. It also said that the new financial year had started off well with strong footfalls across most of the markets. It added that it was seeing encouraging advance bookings for Akshaya Tritiya and the upcoming wedding and festive season.
What do analysts say?
Analysts say that while affluent consumers have been unaffected by the volatility in gold prices, there is stress among consumers at the lower end of the market.
India operations, which gives Kalyan Jewellers about 88-89% of its overall revenue, posted topline gains of over 65% in the March quarter compared to a year ago, with same-store sales growth exceeding 45%. The domestic business grew approximately 43% for the full year. International operations, which contributed around 11% to consolidated quarterly revenue, grew approximately 45% in Q4.
Impact of the West Asia war
The ongoing geopolitical situation in the Middle East, though, did impact customer walk-ins, the retailer said, in the first three weeks of March, as consumers stayed indoors. Ramadan sales in the last week of March, it added, compensated for the shortfall seen in previous weeks, helping push up revenue growth for the quarter to 39%. For the full year, the international business saw revenue growth of 33%.
The company’s digital-first platform Candere posted revenue growth of over 360% in the quarter and approximately 160% for the full year. In Q3, the company had said that Candere had touched a revenue of Rs 323.1 crore over a 12-month period. Analysts estimate Candere to cross Rs 500 crore in revenue at the end of Q4.
Kalyan launched 28 new showrooms in India and 14 Candere outlets during the quarter. Supply-side disruptions from the West Asia conflict, however, delayed some planned store openings in March, it said.
As of March 31, 2026, the company operated 507 showrooms across India and international markets, including 342 Kalyan India stores, 38 in the Middle East, two in the United States, one in the United Kingdom and 124 Candere outlets.