Kalyan Jewellers India Ltd. · NSE:KALYANKJIL
Kalyan Jewellers India — Q4 FY2026 Earnings Presentation
50 slides from Kalyan Jewellers India's earnings presentation, May 8, 2026
Slide 1: Exchange filing cover letter: Investors/Analysts Presentation
SEC/10/2026-2027 May 08, 2026 1. National Stock Exchange of India Ltd. 2. BSE Limited Exchange Plaza Corporate Relationship Dept. Plot No. C/1, G Block Phiroze Jeejeebhoy Towers, Dalal Street Bandra –Kurla Complex Bandra (E), Mumbai 400001 Mumbai 400 051 Maharashtra, India Symbol: KALYANKJIL Scrip C
Slide 2: Investor Presentation May 2026
INVESTOR P R E S E N TAT I O N May 2026 K A LYA N J E W E L L E R S I N D I A L I M I T E D
Slide 3: Safe Harbor
Safe Harbor This presentation and the accompanying slides (the “Presentation”), which have been prepared by Kalyan Jewellers India Limited (the “Company”), have been prepared solely for information purposes and do not constitute any offer, recommendation or invitation to purchase or subscribe for an
Slide 4: Contents
CONTENTS 01 5-8 03 27-29 COMPANY OVERVIEW STRATEGIC PRIORITIES 02 04 10-25 31-48 INVESTMENT HIGHLIGHTS PERFORMANCE REVIEW
Slide 5: Company Overview
01 COMPANY OVERVIEW KALYAN
Slide 6: Introduction To Kalyan Jewellers
Company at a Glance Introduction To Kalyan Jewellers ESTABLISHED IN 1993 BY MR. T.S. KALYANARAMAN. BUILT ON A RICH FAMILY LEGACY AND DECADES’ OLD INDUSTRY EXPERTISE OF ITS FOUNDER. KALYAN JEWELLERS: INDIA’S TRUSTED JEWELLER One of India’s largest Pan-India presence with scaled jewellery companies op
Slide 7: History of Trust – Thriving on a 100-Year-Old Legacy
Timeline History of Trust – Thriving on a 100-Year-Old Legacy Kalyan’s First Generation Kalyan’s Second Generation 1908: Started the entrepreneurial 1972: The second generation expanded retail journey with the first textile mill in presence to more textile showrooms Kerala 1913: Commenced textile re
Slide 8: Evolution Of A Trusted Pan-India Brand
Key Milestones Evolution Of A Trusted Pan-India Brand Opened first Launched “My Entered Maharashtra Entered Chennai Incremental equity Entered Bihar Launched 1st franchise store showroom under Kalyan” customer and Middle East and East India investment by Warburg market (Aurangabad) as a pilot to a t
Slide 9: Company at a Glance: Key Highlights
Company at a Glance Key Highlights 33 Years 466 38 2 1 7 23 Since Showrooms in India Showrooms in Showrooms Showroom Countries States and UTs Formation (including Candere) Middle East in the USA in the UK in India 1,139 15 15,736 ₹3,57,429 Mn ₹13,504 Mn "My Kalyan" Procurement Employees Current Reve
Slide 10: Investment Highlights
02 INVESTMENT HIGHLIGHTS KALYAN
Slide 11: Kalyan Jewellers: Built On Core Competitive Strengths
Key Pillars of Strength Kalyan Jewellers: Built On Core Competitive Strengths 1 Leading brand in a large market with rapidly 6 Robust and Effective Internal Control Processes increasing organised share driven by significant Information technology and operations management growth tailwinds systems to
Slide 12: Indian Jewellery Market: Favorable Trends And Characteristics
Industry Overview Indian Jewellery Market: Favorable Trends And Characteristics Rising Share Of Organised Retail In Gold Jewellery Demand And Jewellery To Continue Ownership Is Higher In Rural India And 2nd 3rd Rises With Income Levels Organised (%) Unorganised (%) Largest gold Highest component of
Slide 13: Organised Jewellery Market: Structural Growth Drivers
Key Market Trends & Characteristics Organised Jewellery Market: Structural Growth Drivers JEWELLERY IN INDIA IS A LARGE AND ATTRACTIVE MARKET WITH SIGNIFICANT TAILWINDS Shifting Customer Superior Organisational Supportive Regulatory Behaviour Capabilities And Legislative Changes Customers’ expectati
Slide 14: A Brand Built On Decades Of Trust And Transparency
Established Brand A Brand Built On Decades Of Trust And Transparency PIONEERS IN THE INDIAN JEWELLERY RETAILING SPACE IN: Institutionalising Highest Introducing Highest Degree Customer Education Quality Standards Of Pricing Transparency For And Awareness Customers BIS Hallmarking Of Gold Jewellery P
Slide 15: A True Pan-India Player With Expansive Geographical Presence
Presence A True Pan-India Player With Expansive Geographical Presence Pan-India Presence • 92% 8% Jammu & Kashmir 2 • 1 • 32 Tamil Nadu Odisha • Karnataka Chandigarh • •5 • 14 • 28 12 • 1 1 •6 Showrooms in India Showrooms Punjab Jharkhand • 11 (Including Candere) outside India • •2 • 9 3 •6 Uttarakh
Slide 16: Effective Marketing Strategy
Marketing and Promotion Strategy Effective Marketing Strategy REINFORCING THE LOCAL TOUCH, PLAYING AS A PAN-INDIA BRAND ~₹17,000+ Mn Marketing and Advertising Investments In Last 4 Years NATIONAL BRAND AMBASSADORS Amitabh Katrina Jaya Shweta Nanda Bachchan Kaif Bachchan Bachchan REGIONAL BRAND AMBAS
Slide 17: Hyperlocal Jeweller Catering To Varied Geographies And Customer Segments
Hyperlocal Jeweller Hyperlocal Jeweller Catering To Varied Geographies And Customer Segments Localisation In Brand Localisation Of Our Localisation Of Our Localisation Through Our Communication And Product Portfolio Showroom Experience For “My Kalyan” Network Marketing Customers State and city speci
Slide 18: Hyperlocal Jeweller… helps build a large customer base
Hyperlocal Jeweller Hyperlocal Jeweller… helps build a large customer base Mumbai Region – Localised design Borivali Extensive Personalized shopping Gujarati & North Indian Thane Maharashtrian understanding of local experience with locally requirements and its recruited sales staff and design prefer
Slide 19: “My Kalyan” Centres: Unique Grassroots Customer Outreach Network
‘My Kalyan’ Network “My Kalyan” Centres: Unique Grassroots Customer Outreach Network ACTIVITIES AND STRATEGIES IMPLEMENTED TO PROMOTE KALYAN BRAND 1,139 Grassroots Network: ‘My Kalyan“ centres Facilitator of the Dedicated “My Kalyan” Showcase product Drive traffic to neighborhood jeweller personnel
Slide 20: Wide Range Of Product Offerings Targeted At A Diverse Set Of Customers
Product Offerings Wide Range Of Product Offerings Targeted At A Diverse Set Of Customers WEDDING ASPIRATIONAL STAPLE REGIONAL STUDDED JEWELLERY - JEWELLERY JEWELLERY JEWELLERY DIAMOND, POLKI, UNCUT DIAMOND, PRECIOUS STONES SOLD VIA BRANDS SOLD VIA BRANDS SOLD VIA BRANDS SOLD VIA BRANDS MUHURAT MUDHR
Slide 21: Jewellery Sub-brands Catering To Various Product Themes And Price Points
Product Offerings Jewellery Sub-brands Catering To Various Product Themes And Price Points LAUNCHED A NUMBER OF SUB-BRANDS TARGETING DIFFERENT CUSTOMER SEGMENTS AND OCCASIONS ANTIQUE (NON-YELLOW DIAMOND JEWELLERY DIAMOND JEWELLERY DIAMOND JEWELLERY UNCUT DIAMOND PRECIOUS STUDDED GOLD FINISH) STUDDED
Slide 22: Leveraging Technology To Drive Footfalls, Customer Engagement And Conversion
Digital Initiatives Leveraging Technology To Drive Footfalls, Customer Engagement And Conversion Targeted Digital Analytics-driven Digitally-enabled Online/Omni-channel Improving Employee Marketing through Customer Outreach My Kalyan Centres Productivity and Efficiency Rich Data Mining and through T
Slide 23: Candere - A Kalyan Jewellers Company
E-Commerce Platform Candere - A Kalyan Jewellers Company 2013 2014 2016 2017 Candere website launched Achieved revenue of ₹1.1 Crores Increased catalogue to 100 product Kalyan Jewellers make categories & a variety of 4,000+ Candere.com their online Identified need for versatility of Established a fu
Slide 24: Robust And Effective Internal Processes And Controls
Internal Process and Controls Robust And Effective Internal Processes And Controls Enterprise Resource Strict Inventory Strong Board With Top-tier Auditor Integrated Operations Planning System Management & Independent Chair To Allow Inventory Allowing Real-time Monitoring Practices - Movement Betwee
Slide 25: Board Of Directors: Enriching Kalyan With Their Expertise And Insight
Board of Directors Board Of Directors: Enriching Kalyan With Their Expertise And Insight Visionary Promoters: Laying Out Business Strategy MR. VINOD RAI MR. T.S. KALYANARAMAN MR. T.K. SEETHARAM MR. T.K. RAMESH Chairman & Independent Managing Director Whole-time Director Whole-time Director Non-Execu
Slide 26: Professional Management Team Driving Business Growth & Expansion
Management Team Professional Management Team Driving Business Growth & Expansion Mr. SANJAY RAGHURAMAN Chief Executive Officer CEO instrumental in driving geographical expansion and evolution into a • Qualified CA and CWA Pan India business, supported by a strong and experienced team of • 13+ years
Slide 27: Strategic Priorities
03 STRATEGIC PRIORITIES KALYAN
Slide 28: A Purpose-led Growth Across Different Phases
History & Future Roadmap A Purpose-led Growth Across Different Phases PHASE I PHASE II PHASE III PHASE IV 1993-2003 2004-2011 2012- 2021 Since IPO and Road Ahead Strengthening Growing In Pan-India Expansion, Capitalising On The Foundation – Our Roots Southern India Professionalisation & Public Listi
Slide 29: Our Strategic Priorities: Balancing Growth And Expansion
Long-term Objectives & Priorities Our Strategic Priorities: Balancing Growth And Expansion LONG-TERM OBJECTIVES Leverage Scalable Leverage “My Kalyan” Invest In CRM, Widen Product Offerings Business Model To Expand Network To Deepen Marketing And Analytics To Further Increase Showroom Network And Cu
Slide 30: Way Forward
Long-term Objectives & Priorities Way Forward Same Stores International Reward Return Profile India Expansion Sales Growth Expansion Shareholders Target same stores sales • Capital-efficient franchise • To increase the share of • Calibrated expansion in • Use the benefits of growth of mid to high st
Slide 31: Performance Review
04 PERFORMANCE REVIEW KALYAN
Slide 32: Kalyan Jewellers Has Made Significant Progress Over the Past Few Years
Recap of Performance through COVID Kalyan Jewellers Has Made Significant Progress Over the Past Few Years Meaningful Progress Across Key Business Metrics … … Supported by Clear Strategic Steps/Direction & Execution FY20 FY25 FY26 Clear Strategic Direction Towards Capital-Efficient Growth, ROCE Accre
Slide 33: Ushering Into New Era of Growth With Franchise Model
Franchise Model Ushering Into New Era of Growth With Franchise Model 1st Franchise store at Aurangabad, Maharashtra First showroom launch Q1FY23 31st Mar 2026 222 Kalyan showrooms in India, 70 Candere showrooms in India, 4 Kalyan showrooms in Middle East 1 Kalyan showroom in the UK Objectives: FY27
Slide 34: Kalyan’s Asset Light Journey Continues
Performance Highlights Kalyan’s Asset Light Journey Continues Particulars FY 2023 FY 2024 FY 2025 FY 2026 FY 2027 Total Showroom • Kalyan India - 147 • Kalyan India - 204 • Kalyan India - 278 • Kalyan India - 342 • Kalyan India – 426 Network (15 FOCO showrooms) (76 FOCO showrooms) (152 FOCO showroom
Slide 35: India: Q4FY26 Performance Summary
India Performance India: Q4FY26 Performance Summary Revenue (₹ Mn) • Added 28 (24 Net) new showrooms during Q4FY26 in India (base quarter, Q4FY25 saw launch of 25 showrooms) No. of Showrooms • Revenue growth of ~68% when compared to Q4FY25 driven majorly by healthy SSSG of 47%; B2C revenue growth of
Slide 36: India: Q4FY26 Performance Summary
India Performance India: Q4FY26 Performance Summary • Robust revenue growth across markets and South Revenue (₹ Mn) categories aided by strong same-store-sales Non-South Revenue (₹ Mn) growth (SSSG) 36,782 • SSSG: South 29%, Non-South 62% 53,161 45% • Non-south contributed to ~60% of the 89% 25,396
Slide 37: Middle East: Q4FY26 Performance Summary
ME Performance Middle East: Q4FY26 Performance Summary • Revenue growth largely led by Same-store-sales- Revenue (₹ Mn) growth (SSSG) of ~34% No. of Showrooms 10,736 • Studded share at 15% vs. 19% YoY • Excellent Ramadan sale during the last 10 days of March made up for the impact on customer walk-i
Slide 38: Consolidated: Q4FY26 Performance Summary
Consolidated Performance Consolidated: Q4FY26 Performance Summary Revenue (₹ Mn) Gross Profit (₹ Mn) 1,02,749 13,219 66% 55% 61,815 8,501 Q4FY25 Q4FY26 Q4FY25 Q4FY26 EBITDA (₹ Mn) PAT (₹ Mn) 7,357 4,095 8% 84% 11 3,994 1,876 Q4FY25 Q4FY26 Q4FY25 Q4FY26 KALYAN JEWELLERS INDIA LIMITED 37
Slide 39: Historical Financial Performance Summary
Consolidated Performance Historical Financial Performance Summary Revenue (₹ Mn) • FY26 Profit After Tax of ₹13,504 Mn in EBITDA (₹ Mn) & EBITDA Margins (%) consolidated business - PAT CAGR of 46% over 3,57,429 the last 6 years (FY20) 7.9% 7.5% 6.9% • Significant improvement in the return profile of
Slide 40: Continued Focus On Strengthening Balance Sheet
Consolidated Performance Continued Focus On Strengthening Balance Sheet Net Debt to Equity (Times) Net Debt 2 to Equity (with GML) Net Debt 3 to Equity (without GML) 0.7 0.6 0.5 0.5 0.20 0.02 (0.02) (0.05) FY23 FY24 FY25 FY26 Notes: 1. GML: Gold Metal Loan 2. Net Debt calculated as (non-current borr
Slide 41: Continued Focus On Strengthening Balance Sheet
Consolidated / India Performance Continued Focus On Strengthening Balance Sheet ROCE1 (%) ROE2 (%) Inventory Turn3 (x) Consolidated India Consolidated India Consolidated India 28.8% 24.3% 23.6% 3.4 26.1% 3 3.0 2.8 2.4 2.5 19.1% 19.8% 15.9% 15.4% 16.7% 17.4% 15.2%14.1% FY24 FY25 FY26 FY24 FY25 FY26 F
Slide 42: Continued Focus On Strengthening Balance Sheet
Consolidated / India Performance Continued Focus On Strengthening Balance Sheet Net Debt2 to EBITDA (including GML) Net Debt2 to Equity (including GML) Consolidated India Consolidated India 1.8 1.4 1.5 1.3 0.6 1 0.5 0.5 0.4 0.5 0.3 0.2 FY24 FY25 FY26 FY24 FY25 FY26 Net Debt3 to EBITDA (excluding GML
Slide 43: Q4FY26 India: Income Statement
Standalone India Performance Q4FY26 India: Income Statement Particulars (₹ Mn) Q4FY26 Q4FY25 YoY Q3FY26 QoQ Revenue 89,943 53,504 68% 90,477 (1%) Gross Profit 11,074 7,126 55% 11,467 (3%) Gross Profit Margin % 12.3% 13.3% 12.7% Total Opex 5,032 3,691 36% 4,929 2% Advertisement & Promotion 1,035 840
Slide 44: Q4FY26 ME: Income Statement
Middle East Performance Q4FY26 ME: Income Statement Particulars (₹ Mn) Q4FY26 Q4FY25 YoY Q3FY26 QoQ Revenue 10,736 7,845 37% 10,726 0% Gross Profit 1,410 1,168 21% 1,538 (8%) Gross Profit Margin % 13.1% 14.9% 14.3% Total Opex 623 581 7% 782 (20%) Advertisement & Promotion 159 123 29% 167 (5%) Other
Slide 45: Q4FY26 Consolidated: Income Statement
Consolidated Performance Q4FY26 Consolidated: Income Statement Particulars (₹ Mn) Q4FY26 Q4FY25 YoY Q3FY26 QoQ Revenue 1,02,749 61,815 66% 1,03,434 (1%) Gross Profit 13,219 8,501 55% 13,577 (3%) Gross Profit Margin % 12.9% 13.8% 13.1% Total Opex 5,862 4,507 30% 6,073 (3%) Advertisement & Promotion 1
Slide 46: Standalone Income Statement
Standalone India Performance Standalone Income Statement Particulars (₹ Mn) FY26 FY25 YoY Revenue 3,10,271 2,16,386 43% Gross Profit 39,453 27,571 43% Gross Profit Margin % 12.7% 12.7% Total Opex 18,210 14,776 23% Advertisement & Promotion 4,526 3,955 14% Other Opex 13,684 10,821 26% EBIDTA 21,242 1
Slide 47: Consolidated Income Statement
Consolidated Performance Consolidated Income Statement Particulars (₹ Mn) FY26 FY25 YoY Revenue 3,57,429 2,50,451 43% Gross Profit 47,043 32,843 43% Gross Profit Margin % 13.2% 13.1% Total Opex 22,131 17,671 25% Advertisement & Promotion 5,811 4,734 23% Other Opex 16,320 12,937 26% EBIDTA 24,912 15,
Slide 48: Standalone Balance Sheet
Standalone India Balance Sheet Standalone Balance Sheet As on 31st March 2026 As on 31st March 2025 As on 31st March 2026 As on 31st March 2025 Particulars (₹ Mn) Particulars (₹ Mn) (Audited) (Audited) (Audited) (Audited) Equity and Liabilities Assets I. Equity I. Non-current Assets (a) Equity Share
Slide 49: Consolidated Balance Sheet
Consolidated Balance Sheet Consolidated Balance Sheet As on 31st March 2026 As on 31st March 2025 As on 31st March 2026 As on 31st March 2025 Particulars (₹ Mn) Particulars (₹ Mn) (Audited) (Audited) (Audited) (Audited) Equity and Liabilities Assets I. Equity I. Non-current Assets (a) Equity Share C
Slide 50: For further information, please contact
For further information, please contact CIN: L36911KL2009PLC024641 CIN: U74140MH2010PTC204285 Tel : +91 487 24 37 333 Mr. Rahul Agarwal / Mr. Mandar Chavan Fax : +91 487 24 37 334 rahul.agarwal@sgapl.net / mandar.chavan@sgapl.net Email: investor.relations@kalyanjewellers.net +91 98214 38864 / +91 96
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