National News
Kalyan Jewellers India Ltd recorded PAT of Rs 219 crore in Q3 FY25
~ The first-of-its-kind store aims to redefine Gold and Silver Shopping with Innovation, Luxury, and Unmatched Convenience ~
Kalyan Jewellers India Limited recorded consolidated revenue of Rs 7287 crore in Q3 FY25 as against Rs 5223 crore in the corresponding period of the previous year, a growth of 40%. Consolidated PAT for Q3 FY25 was Rs 219 crore as against a PAT of Rs 180 crore for the corresponding period in the previous year. Consolidated PAT growth would be 44% adjusting for the loss due to reduction in customs duty (announced during Union Budget in July 2024).
The standalone revenue for the company (India) in Q3 FY25, was Rs 6393 crore, as against Rs 4512 crore in Q3 of the previous financial year, a growth of 42%. The India operations recorded PAT of Rs 218 crore for the quarter compared to a PAT of Rs 168 crore for the corresponding period in the previous year. Adjusting for the customs duty loss the PAT growth would be 54%.
Total revenue from the Middle East operations during Q3 FY25 was Rs 840 crore as against Rs 683 crore in Q3 FY24, a growth of over 23%. The Middle East operations recorded PAT of Rs 15 crore for the quarter compared to a PAT of Rs 14 crore for the corresponding period in the previous year. The PBT grew by 23% over the corresponding quarter of the previous year. However, the PAT growth for Q3FY25 was impacted due to the introduction of new corporate tax in the UAE.
The e-commerce division, Candere, recorded a revenue of Rs 55 crore in Q3 FY25 versus Rs 29 crore in Q3 FY24. The company recorded a loss of Rs 6.9 crore in Q3 FY25 versus a loss of Rs 1.6 Cr during Q3 FY24.
Ramesh Kalyanaraman, Executive Director, Kalyan Jewellers India Limited said, “We are extremely excited with the way the current year has progressed. The current quarter has started off well despite the volatility in gold prices. We are upbeat about the ongoing wedding season and expect to end the financial year on a strong note. We are on track for the launch of 30 Kalyan showrooms and 15 Candere showrooms in India during the current quarter.”
For generations, the “locker of the house”—the family’s ancestral gold— was a sacred reserve of last resort. To pledge a wife’s mangalsutra or a grandmother’s bangles was a mark of deep financial shame, the ultimate signal of a family in distress.
But a fundamental shift in the Indian psyche is turning that social taboo into a sophisticated financial strategy. As gold prices hit historic highs, what was once “idle” jewelry is being recast as a high-octane asset class, driving triple-digit growth across the sector and attracting a new breed of affluent borrower.
The shift is most visible in the scale of borrowing. Historically, the gold loan market was dominated by the small borrower, with loans under Rs.2.5 lakh ($3,000) making up 60% of the market.
New data from CRIF High Mark reveals a sharp reversal:
- FY2025: Small-ticket loans dipped to 51% of the market.
- Current Fiscal (8 Months): Small-ticket loans have cratered to just 40%.
The vacuum is being filled by entrepreneurs and high-net-worth individuals (HNIs) who are using gold as collateral to secure single-digit interest rates for business expansion, often bypassing more expensive unsecured loans.
According to a Morgan Stanley note in Oct 2025, India holds about 34,600 tonnes of gold, valued at approximately ₹550 lakh crore. In comparison, the value of gold loans in India stands at around ₹15 lakh crore, against which nearly ₹25 lakh crore worth of gold is pledged.
Why Monetization Failed Where Loans Succeeded
The trend represents a private sector victory where government policy stumbled. In 2015, the Reserve Bank of India (RBI) launched the Gold Monetization Scheme to bring an estimated 25,000 tonnes of privately held gold into the formal economy.
The policy failed largely due to sentimental barriers. To earn interest, owners had to melt their jewelry into bullion, effectively destroying the artistic value and ancestral craftsmanship of heirlooms.
A Structural Change
Banking analysts suggest this is not a temporary spike, but a structural realignment in how India perceives wealth. The modern borrower is increasingly pragmatic, prioritizing the cost of capital over the stigma of the pawnshop.
As banks and NBFCs digitize the process—offering doorstep pick-up and instant credit—the traditional local moneylender is being replaced by fintech-driven platforms and institutional vaults.
The family gold is finally stepping out of the shadows—returning not as ornamentation, but as a powerful line of credit.
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