Kalyan Jewellers India Ltd. · NSE:KALYANKJIL
Kalyan Jewellers India — Q2 FY26 Earnings Presentation
53 slides from Kalyan Jewellers India's earnings presentation, Nov 7, 2025
Slide 1: Cover letter to stock exchanges: Investors/Analysts Presentation
SEC/52/2025-2026 November 07, 2025 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 Sc
Slide 2: Investor Presentation November 2025
INVESTOR PRESENTATION November 2025 KALYAN JEWELLERS INDIA LIMITED
Slide 3: Safe Harbor
Safe Harbor This presentation and the accompanying slides (the “Presentation”), which have been prepared by Kalyan Jewellers India Limite d (the “Company”), have been prepared solely for information purposes and do not constitute any offer, recommendation or invitation to purchase or su bsc ribe for
Slide 4: Contents
CONTENTS 01 5 -8 03 27 - 29 COMPANY OVERVIEW STRATEGIC PRIORITIES 02 04 10 - 25 31 - 51 INVESTMENT HIGHLIGHTS PERFORMANCE REVIEW
Slide 5: Company Overview
01 COMPANY OVERVIEW ‘ KALYAN JEWELLERS
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 o
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
Slide 8: Evolution Of A Trusted Pan-India Brand
Key Milestones Evolution Of A Trusted Pan -India Brand Opened first Launched “My Kalyan” Entered Maharashtra Entered Chennai Incremental equity Entered Bihar Launched 1st franchise store showroom under customer outreach and Middle East markets and East India investment by Warburg market (Aurangabad)
Slide 9: Company at a Glance: Key Highlights
Company at a Glance Key Highlights 32 Years 396 38 2 6 23 Since Showrooms in India Showrooms in Showroom Countries States and UTs Formation (including Candere ) Middle East in USA in India 1,092 15 14,669 ₹2,85,841 Mn ₹9,309 Mn "My Kalyan" Procurement Employees Current Revenues Current Profit After
Slide 10: Investment Highlights
02 INVESTMENT HIGHLIGHTS ‘ KALYAN JEWELLERS
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 systems to growth tailwinds
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 market in Highest com
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 Jammu & Kashmir Karnataka • • 25 • • 2 1 Chandigarh • 1 Tamil Nadu • 30 •4 Odisha • 10 •5 91% Showrooms in India 9% Showrooms 7 • 1 Jharkhand Punjab •9 (Including Candere) outside India • 9 •2 • 3 Uttarakhand
Slide 16: Effective Marketing Strategy
Marketing and Promotion Strategy Effective Marketing Strategy REINFORCING THE LOCAL TOUCH, PLAYING AS A PAN -INDIA BRAND ~₹13,000+ mn Marketing and Advertising Investments In Last 4 Years NATIONAL BRAND AMBASSADORS Amitabh Katrina Jaya Shweta Nanda Janhvi Kriti Bachchan Kaif Bachchan Bachchan Kapoor
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 understanding Personalized shopping Gujarati & North Indian Thane Maharashtrian of local requirements and experience with locally its design preferences recruited sales staf
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 1,092 Grassroots Network: ‘My Kalyan“ centres Facilitator of the neighborhood Dedicated “My Kalyan” personnel Showcase product Drive traffic to jeweller
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) STUDDE
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 Rich Customer Outreach My Kalyan Centres Productivity and Efficiency 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 f
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 Betw
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 -Ex
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 JEWELLERS
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 Lis
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 Network To Deepen Marketing And Analytics To Further Increase Expand Showroom Customer Out
Slide 30: Way Forward
Long -term Objectives & Priorities Way Forward Same Stores Reward Return Profile India Expansion International Expansion Sales Growth Shareholders Target same stores sales growth • Capital-efficient franchise • To increase the share of • Calibrated expansion in • Use the benefits of of mid to high s
Slide 31: Performance Review
04 PERFORMANCE REVIEW ‘ KALYAN JEWELLERS
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 TTM 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 292+ showrooms launch Q1FY23 FY26 End 30 th Sept 2025 174 Kalyan showrooms in India, 54 Candere showrooms in India, 4 Kalyan showrooms in Middle East Objectives: Recent
Slide 34: Kalyan’s Asset Light Journey Continues
Performance Highlights Kalyan’s Asset Light Journey Continues Highlights as on September 2025: Total Showroom Network Gross Debt (Standalone) • ROCE3: 23.4% • KJ India: 300; (174 FOCO showrooms) • Total Debt: ₹17,690 Mn • ROE: 19.2% • KJ International: 40; (4 FOCO showrooms) • GML: ₹12,191 Mn • Cred
Slide 35: India: Q2FY26 Performance Summary
India Performance India: Q2FY26 Performance Summary Revenue ( ₹mn) • Added 15 (13 Net) new showrooms during Q2FY26 in India No. of Showrooms (base quarter, Q2FY25 saw launch of 15 (14 Net) showrooms) 300 68,428 52,207 • Revenue growth of ~31% when compared to Q2FY25 231 driven majorly by healthy SSS
Slide 36: India: Q2FY26 Performance Summary
India Performance India: Q2FY26 Performance Summary South Revenue ( ₹mn) Non -South Revenue ( ₹mn) • Robust revenue growth across markets and categories aided by strong same -store -sales 31,635 36,794 growth (SSSG) • SSSG: South 14%, Non -South 17% 25,531 • Non -south contributed to 54% of the tota
Slide 37: Middle East: Q2FY26 Performance Summary
ME Performance Middle East: Q2FY26 Performance Summary Revenue ( ₹mn) • Launched two showrooms in the region during No. of Showrooms Q2FY26 • Consumer sentiment remained robust despite 8,657 volatile gold prices 38 • Studded share at 18% vs. 19% YoY 36 • Revenue growth largely led by Same -store -sa
Slide 38: Consolidated: Q2FY26 Performance Summary
Consolidated Performance Consolidated: Q2FY26 Performance Summary Revenue ( ₹mn) Gross Profit ( ₹mn) 10,166 78,560 60,576 7,573 Q2FY25 Q2FY26 Q2FY25 Q2FY26 EBITDA ( ₹mn) PAT ( ₹mn) 2,605 4,970 3,194 1,303 Q2FY25 Q2FY26 Q2FY25 Q2FY26 KALYAN JEWELLERS INDIA LIMITED 37
Slide 39: Historical Financial Performance Summary
Consolidated Performance Historical Financial Performance Summary Revenue ( ₹mn) EBITDA ( ₹mn) & EBITDA Margins (%) • TTM Profit After Tax of ₹9,30 9 Mn in 2,85,841 consolidated business - PAT CAGR of 46% 7.9% 7.5% 2,50,451 over the last 5 years (FY20) 6.9% 6.9% 6.4% • Significant improvement in the
Slide 40: Continued Focus On Strengthening Balance Sheet
Consolidated Performance Continued Focus On Strengthening Balance Sheet Net Debt to Equity (Times ) Net Debt2 to Equity (with GML) Net Debt 3 to Equity (without GML) 0.7 0.6 0.5 0.5 0.2 0.02 -0.02 -0.04 FY23 FY24 FY25 TTM Notes: 1. GML: Gold Metal Loan 2. Net Debt calculated as (non-current borrowin
Slide 41: Continued Focus On Strengthening Balance Sheet
Consolidated / India Performance Continued Focus On Strengthening Balance Sheet ROCE 1 (%) ROE 2 (%) Inventory Turn 3 (x) Consolidated India Consolidated India Consolidated India 23.4% 3.2 21.0% 3 19.1% 19.8% 19.2% 19.2% 2.8 2.8 16.7% 17.4% 2.4 2.5 15.2% 14.1% 15.9% 15.4% FY24 FY25 TTM FY24 FY25 TTM
Slide 42: Continued Focus On Strengthening Balance Sheet
Consolidated / India Performance Continued Focus On Strengthening Balance Sheet Net Debt 2 to EBITDA (including GML) Net Debt 2 to Equity (including GML) Consolidated India Consolidated India 1.8 1.4 1.5 1.5 0.6 0.5 0.5 1 0.4 0.8 0.3 0.2 FY24 FY25 TTM FY24 FY25 TTM Net Debt 3 to EBITDA (excluding GM
Slide 43: Q2FY26 India: Income Statement
Standalone India Performance Q2FY26 India: Income Statement Particulars (₹mn) Q2FY26 Q2FY25 YoY Q1FY26 QoQ Revenue 68,428 52,207 31% 61,422 11% Gross Profit 8,547 6,311 35% 8,364 2% Gross Profit Margin % 12.5% 12.1% 13.6% Total Opex 4,227 3,741 13% 4,023 5% Advertisement & Promotion 1,088 1,018 7% 9
Slide 44: H1FY26 India: Income Statement
Standalone India Performance H1FY26 India: Income Statement Particulars (₹mn) H1FY26 H1FY25 YoY Revenue 1,29,851 99,018 31% Gross Profit 16,912 12,896 31% Gross Profit Margin % 13.0% 13.0% Total Opex 8,249 7,239 14% Advertisement & Promotion 2,050 1,968 4% Other Opex 6,200 5,272 18% EBIDTA 8,663 5,6
Slide 45: Q2FY26 ME: Income Statement
Middle East Performance Q2FY26 ME: Income Statement Particulars (₹mn) Q2FY26 Q2FY25 YoY Q1FY26 QoQ Revenue 8,657 7,989 8% 10,265 (16)% Gross Profit 1,188 1,142 4% 1,437 (17)% Gross Profit Margin % 13.7% 14.3% 14.0% Total Opex 575 551 4% 709 (19)% Advertisement & Promotion 102 144 (29)% 185 (45)% Oth
Slide 46: H1FY26 ME: Income Statement
Middle East Performance H1FY26 ME: Income Statement Particulars (₹mn) H1FY26 H1FY25 YoY Revenue 18,921 16,081 18% Gross Profit 2,625 2,333 13% Gross Profit Margin % 13.9% 14.5% Total Opex 1,285 1,120 15% Advertisement & Promotion 288 281 2% Other Opex 997 839 19% EBIDTA 1,341 1,214 10% EBIDTA Margin
Slide 47: Q2FY26 Consolidated: Income Statement
Consolidated Performance Q2FY26 Consolidated: Income Statement Particulars (₹mn) Q2FY26 Q2FY25 YoY Q1FY26 QoQ Revenue 78,560 60,576 30% 72,685 8% Gross Profit 10,166 7,573 34% 10,081 1% Gross Profit Margin % 12.9% 12.5% 13.9% Total Opex 5,196 4,379 19% 5,001 4% Advertisement & Promotion 1,414 1,199
Slide 48: H1FY26 Consolidated: Income Statement
Consolidated Performance H1FY26 Consolidated: Income Statement Particulars (₹mn) H1FY26 H1FY25 YoY Revenue 1,51,245 1,15,854 31% Gross Profit 20,247 15,432 31% Gross Profit Margin % 13.4% 13.3% Total Opex 10,197 8,554 19% Advertisement & Promotion 2,696 2,305 17% Other Opex 7,501 6,250 20% EBIDTA 10
Slide 49: Standalone Income Statement
Standalone India Performance Standalone Income Statement Particulars (₹mn) TTM FY25 FY24 Revenue 2,47,218 2,16,386 1,57,582 Gross Profit 31,587 27,571 22,667 Gross Profit Margin % 12.8% 12.7% 14.4% Total Opex 15,786 14,776 11,754 Advertisement & Promotion 4,037 3,955 3,112 Other Opex 11,749 10,821 8
Slide 50: Consolidated Income Statement
Consolidated Performance Consolidated Income Statement Particulars (₹mn) TTM FY25 FY24 Revenue 2,85,841 2,50,451 1,85,156 Gross Profit 37,658 32,843 26,810 Gross Profit Margin % 13.2% 13.1% 14.5% Total Opex 19,313 17,671 14,010 Advertisement & Promotion 5,125 4,734 3,553 Other Opex 14,189 12,937 10,
Slide 51: Standalone Balance Sheet
Standalone India Balance Sheet Standalone Balance Sheet As at 30th September As at 31st March 2025 As at 30th September As at 31st March 2025 Particulars (₹mn) Particulars (₹mn) 2025 (Unaudited) (Audited) 2025 (Unaudited) (Audited) Equity and Liabilities Assets I. Equity I. Non-current assets (a) Eq
Slide 52: Consolidated Balance Sheet
Consolidated Balance Sheet Consolidated Balance Sheet As at 30th September As at 31st March 2025 As at 30th September As at 31st March 2025 Particulars (₹mn) Particulars (₹mn) 2025 (Unaudited) (Audited) 2025 (Unaudited) (Audited) Equity and Liabilities Assets I. Equity I. Non-current Assets (a) Equi
Slide 53: 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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