KALYANKJIL · Consumer Durables
Kalyan Jewellers India Ltd. reported revenue of ₹7,856 cr for July to September 2025, +29.5% on the year and +8.1% on the quarter. It is the highest quarterly revenue in the last 10 quarters on record. Over the last four quarters revenue comes to ₹28,584 cr, +33.9% on the four before.
Operating profit (EBITDA) was ₹497 cr, a margin of 6.3%, +93 bps on the year and −66 bps on the quarter. Over the last 8 quarters the margin has ranged from 5.4% to 7.1%, averaging 6.4%. Operating costs grew +28.3% against revenue growth of +29.5%, so more of each rupee of sales reached operating profit.
Net profit was ₹261 cr, +100.8% on the year and −1.1% on the quarter, with earnings per share of ₹2.52. Profit before other income, one-offs and tax grew 96.7%, so 4 points of the headline growth came from outside the core business. The tax rate of 26% is in line with its recent average. Profit over the last four quarters totals ₹932 cr, +49.1% on the four before.
Retail growth comes from new stores and from sales at existing stores; the statements show the total, the filing shows how much each contributed. The quarterly statements do not carry same-store sales, stores added and revenue per square foot; those come with the filing read.
On earnings per share of ₹9.02 over the last four quarters, the stock at ₹610.45 trades at 67.7 times trailing earnings.
Written from the quarterly statements. The filing read adds the balance sheet and cash flow filed with this quarter, the auditor's review, segment results, one-off items line by line and what management said on the call.
No check fired. That is a statement about the checks below, not a verdict on the company.
Could not run on this quarter: Exceptional items that recur, Cash behind the profit, Receivables against sales, Inventory against sales, Borrowing while holding cash, Auditor's review or audit report, IPO money used as stated, Related-party transactions, Exits, postponements, restatements, Promoter pledges and allotments, Earlier promises against delivery, When the results were filed. Most need the filing read (balance sheet, cash flow, auditor, disclosures).
Net profit a year ago, each driver's change, and net profit now. Blue added profit, red took it away.
This quarter's filing carries a balance sheet and a cash flow statement. The cash, receivables and borrowing checks run once the filing read is in.
| Q2 FY24 | Q3 FY24 | Q4 FY24 | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | ₹4,415 cr | ₹5,223 cr | ₹4,525 cr | ₹5,528 cr | ₹6,065 cr | ₹7,278 cr | ₹6,182 cr | ₹7,268 cr | ₹7,856 cr | ₹10,343 cr | ₹10,275 cr | ₹10,589 cr |
| YoY | — | — | — | +26% | +37% | +39% | +37% | +31% | +30% | +42% | +66% | +46% |
| EBITDA margin | 7.1% | 7.1% | 6.5% | 6.7% | 5.4% | 5.9% | 6.5% | 7.0% | 6.3% | 7.3% | 7.2% | 6.0% |
| Other income, % of PBT | 7% | 8% | 21% | 13% | 15% | 14% | 16% | 13% | 15% | 4% | 9% | 12% |
| Exceptional items | — | — | — | — | — | — | — | — | — | — | — | — |
| Tax rate | 24% | 24% | 25% | 25% | 27% | 26% | 25% | 25% | 26% | 26% | 24% | 25% |
| Net profit | ₹135 cr | ₹180 cr | ₹137 cr | ₹178 cr | ₹130 cr | ₹219 cr | ₹188 cr | ₹264 cr | ₹261 cr | ₹416 cr | ₹410 cr | ₹349 cr |
| YoY | — | — | — | +24% | −4% | +22% | +37% | +48% | +101% | +90% | +118% | +32% |
| Core profit YoY | — | — | — | +18% | −8% | +16% | +45% | +48% | +97% | +111% | +135% | +33% |
| EPS | ₹1.31 | ₹1.75 | ₹1.34 | ₹1.72 | ₹1.27 | ₹2.12 | ₹1.82 | ₹2.56 | ₹2.52 | ₹4.03 | ₹3.97 | ₹3.38 |
| Flags | · | · | · | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ |
Each quarter is read with the same rules. Balance-sheet and cash checks run on half-year and annual quarters; filing-read checks run where a read exists.
Kalyan Jewellers India Ltd. reported revenue of ₹7,856 cr (+29.5% on the year) and net profit of ₹261 cr (+100.8% on the year) for July to September 2025.
Profit before other income, exceptional items and tax moved +96.7% on the year, against +100.8% for reported profit.
None of the 7 checks that could run raised a question.
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Numbers as filed with the exchanges, read by rules. Every flag is a question with its source, not an accusation. FinMinutes is a financial data and analytics platform; nothing here is a recommendation to buy, sell or hold any security. How each check works.