1. Opening Hook
Gold prices soared, yet Kalyan kept flexing like it’s Akshaya Tritiya every quarter. The festive fever didn’t just hit stores—it infected the balance sheet too. With Diwali shoppers lining up and CFOs probably praying to Lakshmi herself, Kalyan pulled off a glitzy show of growth, debt cuts, and even a new regional brand launch tease. But wait till you see how “pilot projects” and “hyperlocal strategies” got the analysts buzzing.Keep reading—because the real sparkle is in the sarcasm, not just the karat weight. 💍✨
2. At a Glance
- Revenue up 30%:Navratri didn’t just bless the idols—sales got divine too.
- EBITDA up 56%:Profit muscles finally hit the gym.
- PAT doubled to ₹261 Cr:That’s not compounding—it’s pure festive euphoria.
- India Revenue ₹6,843 Cr:South India still buying gold like crypto in 2021.
- Debt down ₹130 Cr:CFO called it “discipline”; others call it “miracle post-Diwali”.
- Middle East growth 8%:Modest—probably customers saving for gold biscuits back home.
3. Management’s Key Commentary
“Momentum remained robust with 9 days of exceptional Navratri sales.”(Translation: People spent like gold prices were never going up again.)
“Same-store sales growth for Diwali minus 30 days was 30%+.”(Translation: Who needs data analytics when Goddess Lakshmi does forecasting?)
“We reduced INR130 Cr of debt, now at ₹550 Cr non-GML.”(Translation: CFO finally got to sleep through a night without bank calls 😴)
“Candere stores at strong double-digit store-level EBITDA.”(Translation: Online jewellery finally stopped burning money like scented candles.)
“Regional brand launch planned in Q4, with 5 stores and ₹300–350 Cr investment.”(Translation: Because one brand wasn’t enough to confuse franchisees.)
“Franchise interest already overboard.”(Translation: Everyone wants to open a Kalyan, even their accountants.)
“Employee attrition high due to My Kalyan marketing.”(Translation: Field agents left faster than gold prices moved.)
“Debt-free by next year.”(Translation: Management’s version of ‘New Year, New Me’.) 😏
4. Numbers Decoded
| Metric | Q2FY25 | Q2FY26 | YoY Growth | Comment |
|---|---|---|---|---|
| Consolidated Revenue | ₹6,035 Cr | ₹7,856 Cr | +30% | Navratri boom & Diwali hangover combo. |
| EBITDA | ₹319 Cr | ₹497 Cr | +56% | Making charges made miracles. |
| PAT | ₹130 Cr | ₹261 Cr | +101% | When profits double, CFO smiles gold. |
| India Revenue | ₹5,221 Cr | ₹6,843 Cr | +31% | South keeps the sparkle alive. |
| Middle East Revenue | ₹800 Cr | ₹866 Cr | +8% | Sand dunes & subdued sales. |
| Candere Revenue | ₹41 Cr | ₹93 Cr | +126% | From clicks to karats finally paying off. |
| Debt (Non-GML) | ₹680 Cr | ₹550 Cr | -19% | Slow but steady detox. |
Festive + franchise = fireworks. But gross margins still bowing to FOCO mix.
5. Analyst Questions
Q:How’s festive demand holding up post-Diwali?A:“Still strong.”(Translation: Customers are treating gold like it’s inflation insurance.)
Q:Candere losses narrowing—when breakeven?A:“PAT neutral this year.”(Translation: CFO whispered ‘finally’ under his breath.)
Q:Why new regional brand?A:“To target hyperlocal buyers.”(Translation: For customers who think Kalyan istoo fancyfor weddings.)
Q:Attrition 52%—reason?A:“It’s the field staff.”(Translation: Door-to-door marketing—more cardio than career.)
Q:Any impact from gold price fluctuations?A:“No major impact.”(Translation: As long as weddings continue, we’re fine.)
6. Guidance & Outlook
Management’s crystal ball sparkled: they expect84 new India stores,6
