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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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Chandukaka Saraf: 200 Years Of Legacy, Trust and The Evolution Of Jewellery

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Few businesses have the privilege of celebrating a journey spanning two centuries. For Chandukaka Saraf, this milestone is not a celebration of longevity; it is a celebration of the generations of customers, employees, artisans, partners and communities who shaped the journey.

Established in 1827 in Baramati, Chandukaka Saraf began as a family enterprise and has grown into a jewellery brand with 19 stores across Maharashtra and Karnataka. The brand is looking to add another five to seven stores in the current calendar year. More than 1,000 employees contribute to the organisation’s journey.

Legacy Built Across Generations

From Late Shri Bhaichandji Shah, whose commitment to purity and excellence laid the foundation, to Late Shri Jyotichandji Shah and Late Shri Chandulalji Shah, who strengthened customer relationships and expanded the business, and Late Shri Jindattaji Chandulal Shah, who played a pivotal role in business growth, employee welfare and ethical practices—the family journey has been one of continuity and evolution. Today, Chairman Shri Kishorkumar Jindatta Shah and Managing Director Mr. Samyak Kishorkumar Shah are leading the next phase.

For Chairman Shri Kishorkumar Shah, the 200-year milestone is deeply personal. It represents generations of trust and responsibility.

When Customers Changed, Jewellery Changed Too

Over two centuries, India has undergone significant social and economic transformation, and jewellery has evolved alongside it. Traditionally associated with weddings, festivals and major family occasions, jewellery today has become increasingly connected to personal expression.

Customers are choosing jewellery to celebrate first salaries, professional milestones, birthdays, anniversaries and personal achievements. Traditional gold continues to hold emotional significance, while diamonds, gemstones, silver and lightweight designs have become part of modern wardrobes.

This evolution can be seen in heritage jewellery, where traditional craftsmanship and motifs are being interpreted through contemporary designs. Today’s customer wants the reassurance of heritage while also seeking individuality, versatility and convenience.

For Chandukaka Saraf, understanding this shift means serving both customers who value tradition and younger consumers with new expectations.

Samyak Shah, Managing Director, Chandukaka Saraf.

“Our responsibility is to nurture and cherish both tradition and modernity.”

“Our role is to understand and serve both, while continuously evolving without compromising the trust that defines Chandukaka Saraf.”

When Technology Became Part of Trust

While designs have changed, some things have remained constant: purity, craftsmanship, transparency and trust.

Chandukaka Saraf has adopted technology and new practices to strengthen customer confidence. Long before hallmarking became a formal industry standard, the brand introduced its own hallmark as a representation of its commitment to purity and authenticity. It was also among the early pioneers in introducing Karatmeters at its stores, enabling customers to check gold purity through technology.

From Baramati to the Future

From Baramati to 19 stores across Maharashtra and Karnataka, the brand has expanded while retaining its connection with its roots. With five to seven new stores planned in the year, the brand is preparing to take its legacy into newer markets.

In the evolving jewellery in Maharashtra landscape, the opportunity lies in combining the reassurance of heritage with the expectations of a new generation.

What Changes, and What Remains

A 200-year legacy is a story of evolution—adapting to changing times while preserving the values that endure. It is about understanding what needs to evolve while protecting what should remain constant.

Designs, technology and consumer aspirations will continue to evolve, but the desire to celebrate meaningful moments, give something lasting and create memories will remain.

From Baramati in 1827 to its growing presence today, Chandukaka Saraf continues a story built across generations—where heritage jewellery meets modern aspirations, and changing times are met with an enduring commitment to purity, transparency and trust.

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