Shares of Kalyan Jewellers India Ltd surged over 3% in early trade on Friday, May 9, 2025, following the release of the company’s robust Q4 FY25 results. The multinational jewellery retailer, based in Thrissur, Kerala, impressed investors with a sharp rise in both profit and revenue, reflecting strong operational performance and sustained consumer demand across its core markets.
As of 10:00 am, Kalyan Jewellers’ stock price rose 3.2% to ₹527.70 per share on the Bombay Stock Exchange (BSE). At the time of writing, the stock was trading at ₹523.80, marking a gain of 2.44% from the previous close.
Strong Financial Performance in Q4 FY25
For the quarter ended March 31, 2025, Kalyan Jewellers reported a consolidated net profit of ₹187.60 crore, up 36.44% from ₹137.49 crore in Q4 FY24. The surge in profit was backed by broad-based revenue growth across India and the Middle East, as well as improved operating metrics.
The company’s revenue from operations stood at ₹6,181.53 crore during the quarter, reflecting a growth of 36.60% from ₹4,525.01 crore in the same quarter of the previous year.
In terms of operational profitability, EBITDA (Earnings Before Interest, Tax, Depreciation and Amortization) rose 34.7% to ₹399.4 crore in Q4 FY25, compared to ₹296.3 crore in Q4 FY24. Despite the strong jump in EBITDA, the EBITDA margin remained steady at 6.5%, indicating that operating efficiency was maintained even amid expansion.
This consistent margin performance is noteworthy considering the volatility in gold prices and input costs that jewellers have faced in recent months.
Full-Year Performance: FY25 vs FY24
Looking at the full financial year performance, Kalyan Jewellers recorded a consolidated net profit of ₹714 crore for FY25, which is a 19.8% increase from ₹596 crore reported in FY24.
The company’s annual revenue also witnessed significant growth, rising 35% to ₹25,045 crore in FY25 from ₹18,516 crore in the previous year.
This solid financial footing reaffirms the company’s leadership position in the Indian jewellery retail segment and showcases its resilience amidst fluctuating market dynamics, especially related to commodity prices and changing consumer behavior.
India Business Leads the Growth
Kalyan Jewellers’ core business in India continues to contribute a major chunk of the overall revenue. In Q4 FY25, the company posted a standalone revenue of ₹5,350 crore from its India operations, marking a 38% year-on-year growth. The standalone profit for the Indian market was ₹185 crore, up 41% compared to the same quarter last year.
This performance was driven by strong festive and wedding season demand, particularly during the Akshaya Tritiya period — one of the most auspicious festivals for buying gold and jewellery in India. The company has confirmed that it saw a robust spike in Akshaya Tritiya sales, which helped sustain its momentum into the new fiscal year.
Kalyan Jewellers’ physical retail presence continues to grow in India. The brand’s large-format showrooms and focus on Tier 2 and Tier 3 cities have helped it expand market share in both traditional and modern retail formats.
Middle East Business Shows Steady Improvement
Apart from India, Kalyan Jewellers has a significant presence in the Middle East, where it operates several showrooms catering to the Indian and South Asian diaspora.
In Q4 FY25, the company reported revenue of ₹784 crore from its Middle East operations, a 26% rise from the year-ago quarter. PAT (Profit After Tax) from this region stood at ₹12 crore, reflecting a 22% year-on-year increase.
While growth in the Middle East was slightly lower than India, it was still notable given the region’s ongoing macroeconomic challenges and currency fluctuations. Kalyan’s ability to deliver steady growth here underlines its brand recall and operational efficiency in foreign markets.
Candere Performance and Challenges
Kalyan Jewellers also operates Candere, its online lifestyle jewellery platform, which caters to younger, digital-savvy consumers. However, the platform has been facing challenges.
In Q4 FY25, Candere recorded a revenue of ₹28 crore, but incurred a net loss of ₹12 crore. The company did not provide detailed commentary on the reasons for this loss, but analysts point to rising digital marketing costs, heavy competition in the online jewellery space, and ongoing customer acquisition expenses as possible contributing factors.
Kalyan Jewellers is expected to revisit its digital strategy for Candere and could potentially integrate it more deeply with its offline retail operations to improve profitability.
Management Commentary
Ramesh Kalyanaraman, Executive Director of Kalyan Jewellers, expressed confidence about the company’s future prospects. He stated:
“We had an excellent start to the current financial year despite continuing volatility in gold prices, carrying forward the momentum in business from the previous financial year. We witnessed robust growth in our Akshaya Tritiya sales this year, and we continue to see encouraging momentum in consumer demand, especially around the wedding purchases during the current quarter.”
His statement reflects the company’s bullish outlook on customer sentiment and continued demand for gold jewellery — especially driven by cultural, festive, and wedding-related purchases in India.
Stock Market Response
Following the release of the Q4 results, Kalyan Jewellers’ stock price reacted positively. The shares surged 3.2% in early trading on the BSE, touching ₹527.70 apiece. At the time of this report, the stock was trading at ₹523.80, up 2.44%.
The surge reflects investor confidence in the company’s ability to sustain growth amid headwinds. The market is particularly encouraged by the consistency in margins and the broad-based growth across geographies.
Stock Performance Snapshot
- Day’s High: ₹527.70
- Day’s Low: ₹510.80
- Current Price (10:00 am): ₹523.80
- Previous Close: ₹511.20
- 1-Year Return: Over 80% (based on April-May 2024-25 performance)
Kalyan Jewellers has significantly outperformed the broader markets over the past year, reflecting its strong fundamentals and high investor trust.
Future Outlook
Looking ahead, Kalyan Jewellers appears well-positioned to build on its strong performance. Key growth drivers include:
- Wedding Season Demand: The Indian wedding season is expected to be vibrant in 2025, with increased spending on gold jewellery.
- Tier 2/3 Market Expansion: Kalyan continues to tap into underserved cities with strong aspirational demand.
- Gold Price Volatility Management: Despite volatility, the brand’s hedging and procurement strategies are helping it maintain steady margins.
- Brand Equity and Customer Loyalty: Its legacy brand value and trust among customers provide a solid foundation for long-term growth.
However, rising competition from regional jewellers and online-first brands, coupled with gold price unpredictability, remain risks to watch.
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