Prime Highlights:
The India jewellery market size was estimated at USD 85.52 billion in 2023 and is expected to grow at a CAGR of 5.7% from 2024 to 2030.
The company’s stock price rallied 4.57% at Rs 779 on the BSE and it has more than doubled at 107% in the past year.
Key Facts:
Consolidated revenue expanded 39% YoY in Q3 with strong demand during the festive and wedding seasons.
Indian operations revenue surged 41% with same-store sales growth at 24% and the company added 24 new showrooms in India during the quarter.
Key Background:
Kalyan Jewellers India Ltd.’s stock surged by 4.57%, reaching a new high of Rs 779 on the Bombay Stock Exchange (BSE) following a strong third-quarter business update. Over the past year, the stock has gained 107%, significantly outperforming the BSE Consumer Durables index, which rose by 29%. The stock has demonstrated exceptional growth over the past two years, increasing by 518%.
The jeweller reported a 39% year-over-year (YoY) increase in consolidated revenue in the December quarter, mainly driven by healthy demand during the festive and wedding seasons in both gold and studded jewellery. Revenue from India operations surged 41%, driven by strong growth of 24%. In the quarter, the company has added 24 new Kalyan showrooms across India and more will be added in the next few months.
Kalyan Jewellers posted 22% YoY growth in revenue, contributing 11% to the consolidated revenue for the quarter. The company further expanded its global footprint by opening its first showroom in the United States through the Company Owned Company Operated (COCO) model.
Candere which is its online jewellery platform posted 89% YoY revenue growth. The company added 23 Candere showrooms during the quarter and will add 30 new Kalyan showrooms and 15 Candere showrooms in India in the March quarter as well. Further, Kalyan Jewellers is targeting 170 new shows in both formats of Kalyan and Candere, with significant portions coming in the FOCO format during FY26. This expansion strategy is in line with the long-term growth trajectory of the company, and it is set to capture more market share, both at home and overseas.