Kalyan Jewellers India Ltd. · NSE:KALYANKJIL
Kalyan Jewellers India — Q3 FY26 Earnings Presentation
50 slides from Kalyan Jewellers India's earnings presentation, Feb 6, 2026
Slide 1: Cover letter to stock exchanges: Investors/Analysts Presentation
SEC/76/2025-2026 February 06, 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 Sc
Slide 2: Investor Presentation February 2026
INVESTOR P R E S E N TAT I O N February 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 32 Years 428 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 1,111 15 15,133 ₹3,16,495 Mn ₹11,285 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 Information technology and operations management significant 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 • 91% 9% Jammu & Kashmir 2 • 1 • 32 Tamil Nadu Odisha • Karnataka Chandigarh • •4 • 12 • 26 11 • 1 1 •5 Showrooms in India Showrooms Punjab Jharkhand • 10 (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 ~₹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 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 1,111 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 TTM Clear Strategic Direction Towards Capital-Efficient Growth, ROCE Accret
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 31st Dec 2025 195 Kalyan showrooms in India, 68 Candere showrooms in India, 4 Kalyan showrooms in Middle East 1 Kalyan showroom in
Slide 34: Kalyan’s Asset Light Journey Continues
Performance Highlights Kalyan’s Asset Light Journey Continues Highlights as on 31st December 2025: Total Showroom Network Gross Debt (Standalone) 5 • ROCE3: 28.2% • KJ India: 318; (195 FOCO showrooms) • Total Debt: ₹17,690 Mn • ROE: 23.3% • KJ International: 41; (5 FOCO showrooms) • GML: ₹12,191 Mn
Slide 35: India: Q3FY26 Performance Summary
India Performance India: Q3FY26 Performance Summary • Added 21 (18 Net) new showrooms during Q3FY26 in India Revenue (₹ Mn) (base quarter, Q3FY25 saw launch of 24 showrooms) No. of Showrooms • Revenue growth of ~42% when compared to Q3FY25 driven 90,477 majorly by healthy SSSG of 27% • 318 42% New c
Slide 36: India: Q3FY26 Performance Summary
India Performance India: Q3FY26 Performance Summary South Revenue (₹ Mn) • Robust revenue growth across markets and Non-South Revenue (₹ Mn) categories aided by strong same-store-sales growth (SSSG) 37,582 52,895 • SSSG: South 25%, Non-South 29% 34% 47% 27,950 • Non-south contributed to 58.5% of the
Slide 37: Middle East: Q3FY26 Performance Summary
ME Performance Middle East: Q3FY26 Performance Summary Revenue (₹ Mn) • Consumer sentiment remained robust despite No. of Showrooms volatile gold prices 10,726 • Studded share at 18.2% vs. 18.7% YoY 28% • Revenue growth largely led by Same-store-sales- 8,377 growth (SSSG) of ~24% 38 36 • Higher shar
Slide 38: Consolidated: Q3FY26 Performance Summary
Consolidated Performance Consolidated: Q3FY26 Performance Summary Revenue (₹ Mn) Gross Profit (₹ Mn) 1,03,434 13,577 42% 72,781 52% 8,910 Q3FY25 Q3FY26 Q3FY25 Q3FY26 EBITDA (₹ Mn) PAT (₹ Mn) 4,163 7,505 % 75 % 90 4,300 2,187 Q3FY25 Q3FY26 Q3FY25 Q3FY26 KALYAN JEWELLERS INDIA LIMITED 37
Slide 39: Historical Financial Performance Summary
Consolidated Performance Historical Financial Performance Summary Revenue (₹ Mn) • TTM Profit After Tax of ₹11,285 Mn in EBITDA (₹ Mn) & EBITDA Margins (%) consolidated business - PAT CAGR of 51% 3,16,495 over the last 5 years (FY20) 7.9% 7.5% 2,50,451 • Significant improvement in the return profile
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 0.2 0.02 -0.02 -0.04 4 FY23 FY24 FY25 TTM Notes: 1. GML: Gold Metal Loan 2. Net Debt calculated as (non-current borrow
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 28.2% 23.3%23.0% 25.2% 3.5 3 3.1 19.8% 2.8 19.1% 15.2%14.1% 15.9% 15.4% 2.4 2.5 16.7% 17.4% 4 4 4 FY24 FY25 TTM FY24 FY25 TT
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 0.7 0.4 0.3 0.2 4 4 FY24 FY25 TTM FY24 FY25 TTM Net Debt3 to EBITDA (excluding G
Slide 43: Q3FY26 India: Income Statement
Standalone India Performance Q3FY26 India: Income Statement Particulars (₹ Mn) Q3FY26 Q3FY25 YoY Q2FY26 QoQ Revenue 90,477 63,864 42% 68,428 32% Gross Profit 11,467 7,549 52% 8,547 34% Gross Profit Margin % 12.7% 11.8% - 12.5% - Total Opex 4,929 3,845 28% 4,227 17% Advertisement & Promotion 1,441 1,
Slide 44: Q3FY26 ME: Income Statement
Middle East Performance Q3FY26 ME: Income Statement Particulars (₹ Mn) Q3FY26 Q3FY25 YoY Q2FY26 QoQ Revenue 10,726 8,377 28% 8,657 24% Gross Profit 1,538 1,221 26% 1,188 29% Gross Profit Margin % 14.3% 14.6% - 13.7% - Total Opex 782 602 30% 575 36% Advertisement & Promotion 167 168 0% 102 63% Other
Slide 45: Q3FY26 Consolidated: Income Statement
Consolidated Performance Q3FY26 Consolidated: Income Statement Particulars (₹ Mn) Q3FY26 Q3FY25 YoY Q2FY26 QoQ Revenue 1,03,434 72,781 42% 78,560 32% Gross Profit 13,577 8,910 52% 10,166 34% Gross Profit Margin % 13.1% 12.2% - 12.9% - Total Opex 6,073 4,609 32% 5,196 17% Advertisement & Promotion 1,
Slide 46: Standalone Income Statement
Standalone India Performance Standalone Income Statement Particulars (₹ Mn) TTM FY25 FY24 Revenue 2,73,832 2,16,386 1,57,582 Gross Profit 35,505 27,571 22,667 Gross Profit Margin % 13.0% 12.7% 14.4% Total Opex 16,870 14,776 11,754 Advertisement & Promotion 4,331 3,955 3,112 Other Opex 12,539 10,821
Slide 47: Consolidated Income Statement
Consolidated Performance Consolidated Income Statement Particulars (₹ Mn) TTM FY25 FY24 Revenue 3,16,495 2,50,451 1,85,156 Gross Profit 42,325 32,843 26,810 Gross Profit Margin % 13.4% 13.1% 14.5% Total Opex 20,776 17,671 14,010 Advertisement & Promotion 5,547 4,734 3,553 Other Opex 15,229 12,937 10
Slide 48: Standalone Balance Sheet
Standalone India Balance Sheet Standalone Balance Sheet As on 30th September As on 31st March 2025 As on 30th September As on 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 49: Consolidated Balance Sheet
Consolidated Balance Sheet Consolidated Balance Sheet As on 30th September As on 31st March 2025 As on 30th September As on 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 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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