Brands
Kalyan Jewellers sparkles with 82pc profit surge despite labour code hit
KERALA: Kalyan Jewellers India has delivered a dazzling performance for the quarter ending 31st December 2025, with consolidated profit after tax soaring 82 per cent to Rs 4.16bn from Rs 2.19bn a year earlier. Revenue climbed 42 per cent to Rs 103.43bn, propelled by robust festive season demand across its domestic and Middle Eastern markets.
The Thrissur-based jewellery chain’s standalone profit jumped 87 per cent to Rs 4.01bn on revenue of Rs 90.42bn, up 42 per cent year-on-year. For the nine months ending December, consolidated profit reached Rs 9.41bn on revenue of Rs 254.68bn, marking growth of 79 per cent and 35 per cent respectively.
The stellar numbers came despite a Rs 415m exceptional charge triggered by India’s new consolidated labour codes, which came into force on 21st November 2025. The legislation, which consolidates multiple existing labour laws into a unified framework, required the company to immediately recognise increased employee benefit provisions as past service cost under accounting standards.
Earnings per share for the quarter stood at Rs 4.03 on a consolidated basis and Rs 3.88 standalone, nearly doubling from Rs 2.12 and Rs 2.13 respectively in the same period last year. The company’s board, which met on 6th February 2026, also approved a postal ballot to appoint CR Rajagopal and Radhika Ramani as non-executive independent directors, alongside plans to incorporate a wholly owned subsidiary.
Advertisement spending surged to Rs 1.48bn for the quarter, up from Rs 1.11bn a year earlier, as the jeweller sought to capitalise on wedding season demand. The company’s international footprint spans the UAE, Oman, Kuwait, Qatar, the United States and the United Kingdom through subsidiaries and step-down entities.
Finance costs jumped 64 per cent to Rs 1.04bn on a consolidated basis, reflecting the company’s expansion drive. Inventory changes showed a sharp swing, with finished goods and work-in-progress declining Rs 4.45bn during the quarter compared with an increase of Rs 180m in the previous year’s corresponding period.
Walker Chandiok & Co, the statutory auditors, issued an unqualified review report on both standalone and consolidated results. The firm noted that ten subsidiaries’ results, representing Rs 12.1bn in quarterly revenue, were reviewed by other auditors.
With gold prices remaining elevated and wedding season demand holding firm, Kalyan Jewellers has proven that even regulatory headwinds cannot tarnish a well-polished growth story. The company’s shares trade on both the BSE and NSE under the symbols KALYANKJIL and scrip code 543278.
Brands
Sapphire Foods FY26 revenue rises to Rs 3,125 crore, posts loss
Q4 revenue at Rs 792 crore, FY26 loss at Rs 32 crore amid cost pressures.
MUMBAI: If growth is on the menu, profitability seems to have taken a brief detour. Sapphire Foods India reported a steady rise in topline for FY26, even as rising costs weighed on profitability. Revenue from operations grew to Rs 3,125 crore for the year ended March 31, 2026, up from Rs 2,882 crore in FY25. However, the company swung to a loss, reporting a net loss of Rs 32 crore for FY26, compared to a profit of Rs 17 crore in the previous year. Total income for the year stood at Rs 3,153 crore, while total expenses climbed to Rs 3,167 crore, reflecting pressure across key cost heads.
In the March quarter, revenue came in at Rs 792 crore, compared to Rs 711 crore in the same period last year. The company reported a quarterly net loss of Rs 13 crore, against a profit of Rs 2 crore a year earlier.
Cost pressures remained visible across operations. Material costs rose to Rs 995 crore for FY26, while employee expenses increased to Rs 428 crore. Other expenses, the largest component, stood at Rs 1,229 crore, underscoring the impact of store operations and expansion-related spends.
Depreciation and amortisation expenses also climbed to Rs 392 crore for the year, reflecting continued investments in store infrastructure and growth.
At the operating level, the company reported a loss before tax of Rs 37 crore for FY26, compared to a profit of Rs 23 crore in FY25. Exceptional items added Rs 24 crore to the cost burden during the year.
On the balance sheet, total assets rose to Rs 3,256 crore as of March 31, 2026, up from Rs 3,041 crore a year earlier, indicating ongoing expansion. Net worth stood at Rs 1,389 crore.
Despite profitability pressures, operating cash flow remained resilient at Rs 507 crore, highlighting underlying business strength and demand stability.
The numbers paint a familiar picture in the quick-service restaurant space, growth continues to be served hot, but margins are still finding their footing.
