Kalyan Jewellers India Ltd has reported a strong performance for the fourth quarter of FY25, with consolidated revenue growing by approximately 37% year-on-year. The company described the quarter as “very fulfilling,” crediting the growth to strong consumer demand, especially from the wedding segment, despite the challenges posed by volatile gold prices.
In India, revenue grew by about 39% compared to the same period last year, largely driven by a surge in wedding purchases. The company also noted a healthy same-store sales growth (SSSG) of around 21%, indicating strong performance even from its existing outlets. During the quarter, Kalyan Jewellers expanded its presence by opening 25 new showrooms across India, followed by 3 additional openings in the first week of April 2025.
Kalyan’s international operations also showed solid growth. The Middle East market recorded a 24% year-on-year increase in revenue, primarily supported by same-store sales growth. The region contributed around 12% to the company’s total consolidated revenue for the quarter. However, the company’s digital-first jewellery platform, Candere, saw a revenue decline of around 22% year-on-year, signaling a slowdown in the online segment.
Looking forward, the company remains optimistic about the ongoing quarter. It reported positive trends in advance bookings for Akshaya Tritiya and the upcoming festive and wedding season. As of March 31, 2025, Kalyan Jewellers operated a total of 388 showrooms worldwide, including 278 in India, 36 in the Middle East, one in the USA, and 73 under the Candere brand.
Despite the strong quarterly performance, Kalyan’s stock slipped by 3.41% to ₹470.50. The stock has corrected by over 39% in 2025 so far, reflecting broader market concerns or profit booking. From a technical perspective, the stock is trading below most major simple moving averages (5, 10, 50, 100, 150, and 200-day), but remains above the 20-day and 30-day averages. The 14-day Relative Strength Index (RSI) stands at 47.93, indicating a neutral stance — neither overbought nor oversold.
In terms of valuation, Kalyan Jewellers has a price-to-earnings (P/E) ratio of 77.08 and a price-to-book (P/B) value of 11.25. The company’s earnings per share (EPS) is ₹11.25, and its return on equity (RoE) is 14.60%. With a beta of 1.2, the stock is considered relatively volatile. According to BSE data, promoters hold a 62.85% stake in the company, indicating strong promoter confidence.
