The jewellery companies have seen strong Q4 despite high gold prices. Kalyan Jewellers is no exception. It has reported a strong performance in the fourth quarter. The company said ongoing geopolitical tensions in the Middle East impacted operations, but robust Ramadan sales in the last 10 days of March helped offset the decline in customer footfalls. India revenue also surged on strong same-store sales growth.
The company’s provisional consolidated revenue grew approximately 64% year-on-year (YoY) in Q4. “The recently concluded quarter has been a very encouraging one,” the company noted in its regulatory release. For the full year FY26, Kalyan Jewellers recorded revenue growth of approximately 42% YoY.
Strong wedding demand lifts India revenue over 65%
The India business remained the key growth driver during the quarter. Revenue from domestic operations jumped more than 65% year-on-year in Q4, supported by strong same-store-sales growth (SSSG) of over 45%. Kalyan Jewellers noted that “both wedding and discretionary demand stayed robust during the quarter despite volatile gold prices.”
For the full year, the India business recorded revenue growth of around 43% compared to the previous year.
International business grows 45% in Q4 despite Middle East challenges
International operations also delivered a healthy performance, with revenue growing about 45% YoY in Q4. In the Middle East, revenue rose around 39%, mainly driven by same-store-sales growth.
“Ongoing geopolitical situation in the region impacted customer walk-ins during the first three weeks of March even though the showrooms remained open. Excellent Ramadan sales during the last 10 days of the month made up for the impact on customer walk-ins during the rest of the month,” Kalyan Jewellers said.
For the full year, the international business posted revenue growth of around 33%. International markets contributed nearly 11% to the company’s consolidated revenue in Q4.
| Segment | Q4 FY2026 | Full Year FY2026 |
|---|---|---|
| India Domestic | >65%YoY | ~43%YoY |
| International Global | ~45%YoY | ~33%YoY |
| Middle East Intl. Subset | ~39%YoY | — |
India + International
Net 24 in Q4 FY2026
in Q4 FY2026
28 new showrooms added, supply disruptions impacted planned launches
Kalyan Jewellers continued to expand its retail footprint during Q4. It launched 28 Kalyan showrooms (net addition of 24) in India and added 14 Candere showrooms.
As of March 31, the total showroom count stood at 507, including 342 in India, 38 in the Middle East, 2 in the US, 1 in the UK, and 124 under Candere.
However, the company said that the geopolitical issues in West Asia led to supply-side disruptions in building materials, which delayed some planned showroom launches in March.
Positive outlook for FY2027
The company said the new financial year has started on a strong note, with healthy footfalls across most markets. “We are upbeat about the ongoing quarter and are witnessing encouraging trends in the advance collections for both Akshaya Tritiya as well as for wedding purchases for the festive/wedding season,” Kalyan Jewellers said.
Kalyan Jewellers share price
The share price of Kalyan Jewellers is steady in early trade. It has declined 13.15% so far this year.