National News
Assets of MFs in gold ETFs up 95 per cent to Rs 55,677 crore
The sharp rise in gold prices has led to a spike in the assets under management (AUM) of gold exchange traded funds (ETFs). AUM of gold ETFs have nearly doubled in the last one year.Assets of mutual funds in gold ETFs have jumped 95 per cent to Rs 55,677 crore as of February 2025 as against Rs 28,529 crore in the same period of last year, according to data from the Association of Mutual Funds in India (AMFI).
Gold ETFs allow investors to get exposure to gold without physically owning it, tracking the price of gold and trading like stocks on exchanges. They are a convenient and liquid way to invest in gold, since they can be easily bought and sold on exchanges and investors don’t need to worry about storing or insuring physical gold.
Gold ETFs have been increasingly gaining popularity among investors due to liquidity, transparency and global price alignment. With the escalating geopolitical tensions boosting the “safe-haven” appeal of the bullion, investors are preferring to park their funds in Gold ETFs as compared to investing in physical gold as there is no hassle of storing it. Also, there are concerns of purity and theft while investing in physical gold, which is not the case with Gold ETFs, according to ICRA Analytics.
Kalyan Jewellers said it will accelerate the rollout of franchise-owned company-operated (FOCO) showrooms to drive expansion in India and overseas. Nearly half its revenue now comes from franchised stores, and most new openings in FY26 will follow the capital-light FOCO model as the company focuses on improving returns and reducing debt.
Thrissur-based jewellery retailer Kalyan Jewellers plans to sharpen its focus on franchise-owned company-operated (FOCO) showrooms as it scales both in India and overseas, according to its Q2FY26 earnings investor presentation. The jeweller said future incremental expansion will be driven largely through capital-light franchise formats, aimed at improving returns and reducing balance sheet leverage.
The company, which has 174 FOCO showrooms in India as of September 30, 2025, has signed letter of intents (LOIs) for 89 new FOCO outlets to be opened in FY26. Its digital-first brand Candere will also expand primarily through the FOCO route, with 54 such showrooms already in place. Internationally, Kalyan said calibrated expansion in the Middle East and entry into the US market will similarly rely on franchise-led stores.
The shift is part of a broader strategy towards capital-efficient growth. The company aims to use 40-50% of profits to repay debt and invest in shareholder returns. Since April 2023, Kalyan has repaid Rs 6,461 crore in working capital loans in India and declared a dividend payout of over 20% for FY25.
The jeweller reported about 31% revenue growth in Q2FY26, supported by 16% same-store sales growth and continued strong new customer additions, which accounted for over 38% of sales. Nearly 49% of quarterly revenue came from franchised showrooms. Margin gains were driven by improved procurement efficiencies and operating leverage.
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