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Kalyan Jewellers Q4 Update:Revenue Surges 37% Year-on-Year

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The recently concluded quarter has been a very fulfilling one recording consolidated revenue growth of approximately 37% when compared to the same period in the previous financial year despite extreme volatility in the gold prices.Our India operations witnessed revenue growth of approximately 39% during Q4 FY2025 as compared to Q4 FY2024, driven primarily by robust wedding demand. The quarter recorded healthy same-store-sales-growth of approximately 21%.

We launched 25 Kalyan showrooms in India during the recently concluded quarter, and another 3 showrooms during the first week of April 2025. We launched 14 Candere showrooms during Q4 FY 2025.

In the Middle East, we witnessed revenue growth of approximately 24% when compared to the same period in the previous financial year driven primarily by same-store-sales-growth. Middle East contributed approximately 12% to our consolidated revenue for the recently concluded quarter.

Our digital-first jewellery platform, Candere, recorded a revenue de-growth of approximately 22% during the recently concluded quarter as compared to the same period during the last year.

As communicated earlier, for FY 2026, we have drawn up plans to launch 170 showrooms across Kalyan and Candere formats – 75 Kalyan showrooms (all FOCO) in non-south India (including 5 larger-format flagship Kalyan showrooms), 15 Kalyan showrooms (all FOCO) across south India and international markets and 80 Candere showrooms in India. We have completed signing LOIs for the Franchisee Owned Company Operated (FOCO) showrooms planned for the year in India.

Kalyan is  upbeat about the ongoing quarter and are witnessing encouraging trends in the advance collections for both Akshaya Tritiya as well as for wedding purchases for the festive/wedding season.As of March 31, 2025, our total number of showrooms across India and the Middle East stood at 388 (Kalyan India – 278, Kalyan Middle East – 36, Kalyan USA – 1, Candere – 73).

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National News

Modest Uptick in Gold and Silver Prices as Global Macroeconomic Factors Continue to Influence Market Sentiment

The Surge in Energy Costs has Concurrently Kept the U.S. Dollar Elevated, Creating a Complex Trading Environment for Domestic Commodities

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There was a modest uptick in gold and silver prices as global macroeconomic factors—specifically crude oil volatility and a firming U.S. Dollar—continue to influence market sentiment. Gold and silver showed the following movements on the Multi-Commodity Exchange (MCX): Gold (MCX): Traded at Rs 1,48,745 per 10 grams, representing a 0.14% increase from its previous close. Silver (MCX): Surged to Rs 2,38,699 per kilogram, an appreciation of 0.57%.

This follows earlier morning volatility (09:37 IST), where gold briefly dipped 0.08% to Rs 1,48,410 before recovering in response to shifting global indicators.

The upward movement in precious metals coincides with Brent crude oil prices stabilizing near the $110 per barrel mark. This sustained pricing follows the recent U.S. decision to extend the blockade around Iranian ports, fueling supply-side concerns. The surge in energy costs has concurrently kept the U.S. Dollar elevated, creating a complex trading environment for domestic commodities.

Brent crude at $110 remains a significant headwind for the domestic economy. As long as energy prices remain at these elevated levels, investors anticipate a persistent downside risk to India’s growth and a heightened upside risk to inflation.

While futures markets indicate a broad upward trend, retail gold prices continue to vary across Indian cities based on local taxes, duties, and purity levels (22K vs. 24K). Investors are advised to monitor the Federal Reserve’s upcoming announcement, as it will provide further direction for interest rate trajectories and the subsequent valuation of non-yielding assets like gold.

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