“Candere’s 147% Growth — Is Kalyan Becoming India’s Digital Jewellery Leader?”

🧾 Kalyan Jewellers Q3 FY26: Financial Highlights - Consolidated Revenue: ₹7,286.8 crore (↑ 39.5% YoY) - India Revenue: ₹6,393 crore (↑ 42% YoY) - Middle East Revenue: ↑ 36% YoY - Net Profit (PAT): ₹218.8 crore (↑ 21.2% YoY) - EBITDA Margin: 6.0% (↓ from 7.1% YoY) - Digital Arm (Candere): Revenue ↑ 147% YoY 💎 Business Drivers - Festive Demand: Strong Dussehra and Diwali sales across India - Non-South India Growth: Significant traction in Maharashtra, Gujarat, and North India - Digital Acceleration: Candere’s growth reflects rising online jewellery demand - Middle East Expansion: Strong NRI-driven demand in UAE, Qatar, and Oman 🏪 Retail & Expansion - Store Count: Over 250 showrooms across India and GCC - New Openings: Focus on Tier 2/3 cities and international markets - Omni-Channel Strategy: Seamless integration of online and offline experiences ⚠️ Investor Watchouts - Margin Pressure: EBITDA margin declined due to promotional intensity and input cost inflation - High Base Effect: Sustaining high growth rates may be challenging in FY27 - Competitive Landscape: Facing stiff competition from Titan, Senco, and regional players 📈 Stock Snapshot - 52-Week Range: ₹110 – ₹340 - Recent Price: Around ₹300 (as of Jan 2026) - Valuation: Attractive vs. Titan; growth potential in digital and international segments 🧭 Strategic Outlook - Pan-India Brand Building: Strengthening presence in North and West India - Digital-First Focus: Scaling Candere and enhancing personalization - Franchise-Led Growth: Expanding with asset-light models in smaller towns - NRI Market Penetration: Leveraging brand equity in GCC countries