StockWatch
·

Kalyan Jewellers India Ltd

BSE: 543278

P/L Snapshot

Q1 FY27 · standalone

vs Q4 FY26·vs Q1 FY26
Revenue
9.1K
+0.6%+46.9%
Expenditure
8.7K
+1.3%+48.1%
Net Profit
321.32
-12.1%+25.3%
OPM %
5.54%
-1.18pp-1.53pp

Shareholding

Pattern breakdown

P/L Trends

(in crores)

RevenueExpenditureNet Profit
0.002.6K5.1K7.7K10.2KQ2 FY25Q3 FY25Q4 FY25Q1 FY26Q2 FY26Q3 FY26Q4 FY26Q1 FY27
Price Chart
Reports

Revenue record, margin miss: where Kalyan can recover

margin compression · recycled gold · customs duty

Result verdictFollow-upQ1 FY2708 Aug 20266 minConsumer & Retail

Strong revenue, margin miss: recycled gold headwind vs delivery

gold recirculation · margin dilution · FOCO expansion

TranscriptDeep diveQ1 FY2708 Aug 20266 minConsumer & Retail

Kalyan Jewellers Q1 FY27: revenue up 46% YoY, margins compress as consol PAT rises 32%

jewellery retail · margin compression · revenue growth

ResultsQ1 FY2704 Aug 20263 minConsumer & Retail
Latest
Board Meeting4 Aug, 4:51 pm

Kalyan Jewellers Q1 FY27: revenue up 46% YoY, margins compress as consol PAT rises 32%

Kalyan Jewellers posted consolidated revenue of ₹10,588.9 Cr for Q1 FY27, up 45.7% YoY from ₹7,268.5 Cr and up 3.1% QoQ from ₹10,274.9 Cr in Q4 FY26. Consolidated PAT came in at ₹348.7 Cr, up 32.0% YoY from ₹264.1 Cr but down 14.9% QoQ from ₹409.5 Cr — the QoQ dip reflects Q4's seasonally stronger wedding-season base rather than a genuine sequential slowdown. Basic EPS was ₹3.38 (consolidated) versus ₹2.56 a year ago. Standalone told a similar but slightly stronger story: revenue +47.0% YoY to ₹9,025.5 Cr, PAT +25.3% YoY to ₹321.3 Cr — the ~7-point gap versus consolidated PAT growth (32.0%) reflects a stronger showing from the overseas/Candere subsidiaries this quarter. The real story is margin, not growth: consolidated total expenses rose to 95.6% of total income versus 95.1% a year ago, pushing consolidated OPM/EBITDA margin down to roughly 6.0% from ~7.0% YoY and ~7.2% QoQ, and NPM to 3.3% from 3.6% YoY. Standalone (India) PBT margin worked out to ~4.8% (₹432.1 Cr PBT / ₹9,025.5 Cr revenue) — below the 5.5–5.6% band management guided for FY27 in the Q4 FY26 concall, where it cited operating leverage and interest-cost savings as the levers to hold that range. No exceptional items appear in either the current or year-ago quarter, so the growth and margin figures are on a like-for-like reported basis with no adjustment needed. Against the Street, the print was mixed: pre-result consensus (Uniresearch) modeled revenue of ~₹9,556 Cr and PAT of ~₹392 Cr; actual revenue beat that by ~11%, but PAT missed it by a similar margin — consistent with the margin compression described above. Our pre-result preview had flagged exactly this risk ("watch for gross margin pressure" alongside SSSG and US-subsidiary progress), and it materialized: PAT growth of 32% sits at the lower end of the company's own 30–50% FY27 growth aspiration cited in the preview, even as revenue cleared the preview's ₹9,000–9,200 Cr expectation comfortably. On corporate developments, the quarter included the ₹12M (~USD) loan-to-equity conversion in the US subsidiary (26 June 2026), consistent with funding the company's stated US expansion track, alongside the routine insider-trading window closure ahead of results. No standalone management press release/commentary was available in our records to cross-check against the numbers, so management's own framing of the quarter could not be verified here — the margin and guidance reads above rely solely on the filed statements and the prior concall record.

4 Aug 2026, 04:51 pm

Corporate Events

Board MeetingKALYANKJIL
2026
19Sep

Board Meeting

The 18th Annual General Meeting of the Company will be held …

BSE Filing
DividendKALYANKJIL
2026
12Sep

₹2.5 / share

BSE Filing
Board MeetingKALYANKJIL
2026
4Aug

Board Meeting

A Meeting of the Board of Directors of the Company is schedu…

BSE Filing
Board MeetingKALYANKJIL
2026
26Jun

Board Meeting

The Executive Committee of the Board of Directors approved t…

BSE Filing
Board MeetingKALYANKJIL
2026
8May

Board Meeting

The Board of Directors recommended a final dividend of 25% o…

BSE Filing
Board MeetingKALYANKJIL
2026
6Feb

Board Meeting

Consideration and approval of Unaudited Financial Results (S…

BSE Filing
DividendKALYANKJIL
2025
5Sep

₹15 / share

BSE Filing
Board MeetingKALYANKJIL
2024
13Nov

Board Meeting

Q2 Unaudited Results

BSE Filing
Board MeetingKALYANKJIL
2024
10May

Board Meeting

Consider and approve audited financial results

BSE Filing
Board MeetingKALYANKJIL
2024
31Jan

Board Meeting

Consider and approve Q3 unaudited results

BSE Filing
Board MeetingKALYANKJIL
2023
14Nov

Board Meeting

Consider and approve quarter 2 unaudited financial results

BSE Filing