Kalyan Jewellers Q3 Results FY26: Profit Jumps 90% to ₹416 Crore
Kalyan Jewellers Q3 results for FY26 delivered strong growth during the festive and wedding season, with consolidated profit rising about 90% year-on-year as revenue expanded sharply across India and overseas markets. The December quarter remains the company’s most important demand period, driven by wedding purchases and festival-led discretionary spending.
Q3 FY26 Live Earnings Snapshot (Consolidated)
| Metric | Q3 FY26 | Q3 FY25 | YoY Change |
|---|---|---|---|
| Revenue from Operations | ₹10,343 crore | ₹7,278 crore | +42% |
| Net Profit | ₹416 crore | ₹219 crore | +90% |
| Profit Before Tax | ₹601 crore | ₹294 crore | +105% |
| Earnings Per Share | ₹4.03 | ₹2.12 | +90% |
Source: Company exchange filing, consolidated results (December quarter)
Table of Contents
- Key Earnings Highlights
- Quarterly Financial Performance
- Operational Drivers
- Exceptional Items and Cost Structure
- Segment and Geographic Trends
- Capital-Flow Impact
- Valuation and Sector Context
- Key Risks
- Outlook
- Internal Links
- External Links
Kalyan Jewellers Q3 Results FY26: Key Earnings Highlights
- Net profit rose about 90% year-on-year during the festive quarter.
- Revenue increased over 40% YoY, driven by wedding demand and higher ticket sizes.
- Profit before tax more than doubled on operating leverage.
- EPS increased to ₹4.03 from ₹2.12 a year earlier.
Kalyan Jewellers Q3 Results FY26: Quarterly Financial Performance
The December quarter is historically the strongest period for jewellery retailers due to peak wedding season demand. In Q3 FY26, Kalyan Jewellers reported consolidated revenue of ₹10,343 crore, compared with ₹7,278 crore a year earlier, reflecting strong festive demand and store expansion.
Profit after tax increased to ₹416 crore, up from ₹219 crore in the same quarter last year. Profit before tax rose to ₹601 crore, more than doubling year-on-year.
According to the consolidated financial results table on page 9 of the exchange filing, the company reported revenue of ₹1,03,434 million and net profit of ₹4,162.98 million for the quarter, which converts to ₹10,343 crore revenue and ₹416 crore net profit.
Kalyan Jewellers Q3 Results FY26: Operational Drivers
- Strong wedding season demand across India.
- Higher gold prices increasing ticket sizes.
- Store expansion and franchise-led growth.
- Premiumisation trends in organised jewellery retail.
The company continues to operate primarily as a single jewellery segment, with the CODM evaluating performance on a consolidated business basis.
Exceptional Items and Cost Structure
The company recorded a one-time exceptional expense of ₹415 million related to employee benefit provisions after the implementation of new labour codes, as disclosed in the explanatory notes.
Advertisement expenses remained a major component of operating costs, exceeding 10% of other expenses in the quarter, reflecting continued investment in brand visibility.
Segment and Geographic Trends
Kalyan Jewellers operates across India and key international markets including the Middle East and the United States through multiple subsidiaries, as listed in the annexure of the filing.
India continues to be the primary growth driver, supported by strong wedding demand and rising formalisation in the jewellery sector.
Capital-Flow Impact
- Strong earnings reinforce the discretionary consumption theme.
- Organised jewellery chains gaining market share from unorganised players.
- Positive institutional flows expected toward premium retail stocks.
Valuation and Sector Context
Jewellery retailers have benefited from structural tailwinds, including rising formalisation, higher consumer trust in organised brands, and growing disposable incomes. Companies with strong brand equity and expansion pipelines are attracting institutional capital.
Key Risks
- Volatility in gold prices impacting demand.
- High working capital requirements.
- Competitive intensity in organised jewellery retail.
- Currency fluctuations affecting international operations.
Outlook
Kalyan Jewellers’ strong Q3 performance reflects sustained momentum in India’s wedding-led consumption cycle. Continued store expansion, franchise-led growth, and premium product mix are expected to support earnings growth, though gold price volatility remains a key macro variable.
External Links
About The Author
