One of India’s leading jewellery retail chains, renowned for its traditional craftsmanship and wide retail presence, has demonstrated remarkable financial performance in its latest quarterly results. The company’s stellar growth shows a significant surge in both revenue and profit margins.
What are the allegations?
There were rumours circulating on social media that Motilal Oswal AMC’s fund managers were bribed to invest in Kalyan Jewellers. Motilal Oswal strongly denied these allegations, calling them “baseless, malicious, and defamatory.”
Share Price Movement
The share price of Kalyan Jewellers India Limited is up 12.75 percent to Rs. 495.85 per share on Friday, an increase from its previous close of Rs. 440.65 per share. The market capitalisation now stands at approximately Rs. 49,679 crore as of January 31, 2025.
Q3 – Financial Highlights
In Q3 FY25, revenue reached Rs. 7,287 crore, reflecting a 39.5% YoY increase from Rs. 5,223 crore in Q3 FY24 and a 20.1% QoQ rise from Rs. 6,065 crore in Q2 FY25. Net profit stood at Rs. 219 crore, marking a 21.7% YoY growth from Rs. 180 crore in Q3 FY24 and a strong 68.5% QoQ surge from Rs. 130 crore in Q2 FY25.
Kalyan Jewellers India has a P/E of 72.63, which is higher than the industry P/E of 42.56.
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Management Response
During a recent analyst call, Executive Director Ramesh Kalyanaraman confidently dismissed the circulating rumours. He addressed concerns about alleged income tax raids and inventory overvaluation.
Market Outlook
India’s gold market remains strong, driven by cultural traditions, rising incomes, and weddings. Despite price fluctuations, demand remains resilient, especially in South India. Bridal jewellery dominates sales, while lightweight and fusion designs gain popularity. The market, valued at $85.52 billion in 2023, is growing at 5.7% annually.
Economic factors like inflation and global events influence gold prices, but festive and wedding-related demand sustains growth. Long-term trends depend on urbanisation, income levels, and evolving consumer preferences.
Written By Fazal Ul Vahab C H
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