National News
Kalyan Jewellers Q4 Update:Revenue Surges 37% Year-on-Year
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).
National News
Rapid Growth In Gold Loan Merits Continued Vigilance: RBI FSR
The Report Cautioned That A Prolonged Correction In Gold Prices Could Weaken Collateral Protection
The rapid growth in lending against gold collateral amid elevated gold price volatility merits continued vigilance, even as asset impairment risks remain contained and LTV (loan-to-value) ratios provide comfortable cushion, according to the RBI’s Financial Stability Report (FSR).
Since March 2024, gold loans have grown at a staggering 42.4% annually (CAGR). To put that into perspective, other non-housing retail loans only grew at about half that speed (23%). Overall, the gold loan portfolio of lenders rose 54.5 per cent year-on-year (y-o-y) as of March-end 2026.
Both regular banks and NBFCs (Non-Banking Financial Companies) have been aggressively handing out these loans because gold prices have been so high. When gold is worth more, your gold jewelry can suddenly fetch you a much bigger loan.
FSR assessed that the recent increase in gold loans is driven primarily by existing borrowers, who are using higher gold prices to secure larger loans and roll over existing debt, as indicated by the gap between fresh originations and loan outstanding.
The report cautioned that a prolonged correction in gold prices could weaken collateral protection, increase borrower stress and result in higher delinquencies. Gold loans include agriculture gold loans that are offered against the collateral security of gold jewellery, ornaments and coins.
Right now, the situation is stable, and banks aren’t losing money yet. But the RBI is reminding lenders not to get blinded by the current gold rush. If gold prices take a tumble, a lot of these seemingly “safe” loans could turn into a major headache for the financial system.
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