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
Correction In Gold Prices Prompts Margin Calls On Some Bullet‑Repayment Gold Loans
NBFCs, Have Started Shifting Toward EMI Based Gold Loan Products To Reduce LTV Vulnerability
A sharp correction in gold prices over recent months has prompted margin calls on some bullet‑repayment gold loans, while EMI (regular‑instalment) loans have stayed largely insulated; this dynamic and recent RBI rules (effective April 1, 2026) have pushed non‑bank lenders to migrate toward EMI‑based products to reduce future margin‑call risk.
Bullet loans keep principal outstanding until maturity, so a fall in gold’s market value raises the loan‑to‑value (LTV) ratio quickly and can trigger margin calls or demands for extra collateral; lenders have invoked margin calls in some cases as prices fell over five months.
EMI loans reduce outstanding principal every month, creating an equity cushion that buffers the borrower against modest price corrections and so have remained largely unaffected in the recent correction.
Market participants attribute the correction to geopolitical events and renewed concerns about interest‑rate trajectories, which reduced safe‑haven flows and weighed on prices.
Key elements of the new RBI gold‑loan framework (effective April 1, 2026)
- Tiered LTV caps: 85% for loans up to Rs 2.5 lakh, 80% for Rs 2.5–5 lakh, and 75% above Rs 5 lakh. This standardises collateral limits across lenders.
- Requirement that borrowers repay principal and interest within 12 months (ending the widespread practice of rolling by paying only interest) and stricter auction/valuation and borrower‑protection rules (30‑day average or previous‑day price for valuation, faster release of gold on closure, mandated disclosures, auction reserve pricing rules).
- LTV for bullet loans must be calculated on the total amount repayable at maturity, which makes bullet structures less attractive under the new framework.
Industry response and product shift
- Non‑bank lenders (NBFCs, smaller finance companies) have started shifting toward EMI‑based gold‑loan products to reduce LTV vulnerability and margin‑call exposure, and to align with RBI’s consumer‑protection and repayment‑discipline aims.
- Lenders say they can manage risks on short‑term loans and through active LTV monitoring, but the structural incentive now favours EMI schedules because they steadily reduce outstanding balances.
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