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Kalyan Jewellers Q4 Results Review: Motilal Oswal Maintains 'Buy' Rating, Sees 22% Upside — Here's Why
With the successful scale-up of its new franchise businesses and continued success in non-Southern markets, Kalyan has established itself as a leading brand in the industry, adds Motilal Oswal.
09 May 2025, 12:53 PM IST 
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Kalyan Jewellers’ consolidated revenue grew 37% YoY to Rs 61.8 billion (in line). (Photo: Vijay Sartape/ Source: NDTV Profit :A Kalyan Jewellers India's store exterior in Mumbai.)
Kalyan Jewellers reported a debt reduction of Rs 2500 million in India during FY25. While the initial intent was to reduce non-gold metal loan borrowings, the reduction primarily came from GML due to temporary disruptions in the domestic GML environment over the last three-four months. The company plans to open 170 showrooms with 90 Kalyan and 80 Candere formats in FY26.
