Brands
Kalyan Jewellers FY26 profit jumps 87 per cent to Rs 1,285 crore
Jewellery retailer crosses Rs 31,027 crore revenue in FY26
MUMBAI: Kalyan Jewellers seems to have struck gold yet again and this time, the sparkle is showing up just as strongly on the balance sheet as it is in the display cabinets. The jewellery retailer closed FY26 with a sharp surge in profits and record revenues, as wedding demand, festive buying and India’s enduring appetite for gold continued to shine through an otherwise volatile consumer market. For the year ended March 31, 2026, Kalyan Jewellers reported standalone revenue from operations of Rs 31,027 crore, up sharply from Rs 21,638 crore a year earlier. Profit after tax climbed to Rs 1,285 crore, nearly doubling from Rs 688 crore in FY25.
The March quarter, meanwhile, reflected continued momentum. Revenue stood at Rs 8,994 crore compared with Rs 5,350 crore in the corresponding quarter last year, while quarterly profit rose to Rs 365 crore from Rs 185 crore.
But beneath the glitter sat a familiar challenge for jewellery retailers: inventory swings and gold price volatility.
The company’s cost of materials consumed for FY26 surged to Rs 30,567 crore, reflecting elevated gold procurement costs amid rising bullion prices and strong consumer demand. Inventory adjustments also remained significant, with changes in inventories of finished goods and work-in-progress standing at negative Rs 3,485 crore during the year.
Even so, Kalyan’s operational momentum stayed firmly intact.
Employee benefit expenses rose to Rs 806 crore, while advertisement expenses alone crossed Rs 396 crore during FY26, a reminder that in India’s jewellery market, visibility often sparkles almost as brightly as the products themselves.
Commission and rebate expenses also crossed Rs 102 crore for the year.
The company’s balance sheet reflected aggressive growth. Total assets expanded to Rs 10,687 crore from Rs 7,567 crore a year earlier, while reserves climbed to Rs 5,087 crore.
At the same time, borrowings increased sharply. Current borrowings stood at Rs 2,900 crore, while metal gold loans rose to Rs 1,868 crore, underscoring the working capital-heavy nature of the jewellery business.
Cash flows, meanwhile, remained under pressure from expansion and inventory investments. Net cash generated from operating activities stood at Rs 1,587 crore, while investing outflows touched Rs 487 crore.
The company also spent heavily on growth infrastructure, store expansion and subsidiaries, alongside continued marketing pushes that kept the brand firmly in the public eye during wedding and festive seasons.
Still, the larger story is difficult to miss.
In an economy where consumers may delay gadgets, fashion or luxury holidays, gold jewellery continues to occupy a uniquely emotional corner of spending behaviour part investment, part tradition, part status symbol.
And Kalyan Jewellers, it seems, is making sure it stays right at the centre of that sparkle economy.
