KALYAN JEWELLARS Results Analysis-Q3FY26

Operating Revenue for Q3FY26 is Rs. 10,343 Crs., 42.11% growth YoY, Total Income is Rs. 10,408 Crs., 42.22% growth YoY, Gross Profit is Rs. 1,358 Crs., 52.41% growth YoY, EBITDA is Rs. 750 Crs., 74.42% growth YoY, EBITDA Margin is 7.25% Improved by 134 Basis points YoY, PBT Rs. 560 Crs, 90.5% growth YoY (Contained INR 41.50 Cr. provision for New Labour Code impact), PAT Rs. 416 Crs., 90% growth YoY. On QoQ basis Op. Revenue is up by 31.66%, Total Income is up by 31.63%, Gross Profit is up by 33.53%, EBITDA is up by 48.51%, PBT is up by 60% YoY (Contained INR 41.50 Cr. provision for New Labour Code impact), and PAT is also up by 59.39%. Demand momentum stayed strong through Q3 and will continue into Q4, Middle East demand characterized as “strong… very strong quarter and still continues.” Candere has turned PAT positive during the recently concluded quarter” alongside 144% revenue growth in Q3, Margin structure improved from a combination of (i) studded mix up, (ii) procurement changes continuing to benefit, (iii) higher franchise (FOCO) contribution—especially newer FOCO terms, and (iv) operating leverage (lower A&P/employee costs as % of sales). India store additions are guided to remain ~80–90 stores per year for the next couple of years. Middle East continues with 6–7 stores/year unless franchising meaningfully accelerates. Franchise sign-ups remain “very strong” and management does not see plans changing materially because investment is framed in volume bands rather than fixed rupee amounts. Pledge-related borrowing: management stated pledge was “only for buyback of Kalyan shares,” and that loans have been reduced “meaningfully over the last six months,” with “plans to reduce the pledges over the next six months.”