Earnings Call Transcript - Q1

SEC/28/2026-2027 August 08, 2026 1. National Stock Exchange of India Ltd. 2. BSE Limited Exchange Plaza Corporate Relationship Dept. Plot No. C/1, G Block Phiroze Jeejeebhoy Towers, Dalal Street Bandra –Kurla Complex Bandra (E), Mumbai 400001 Mumbai 400 051 Maharashtra, India Symbol: KALYANKJIL Scrip Code: 543278 Dear Sir/Madam, Sub: Earnings Call Transcripts Pursuant to Regulation 46(2) (oa) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, we hereby inform the exchanges that the transcript of audio call recording of the Company’s Analyst Call to discuss the Unaudited Financial Results (standalone and consolidated) for the quarter ended on 30th June, 2026 is attached herewith. Kindly take the same into your records. Thanking You, For Kalyan Jewellers India Limited Jishnu RG Company Secretary & Compliance Officer Kalyan Jewellers India Limited Corporate Office -TC-32/204/2, Sitaram Mill Road, Punkunnam, Thrissur, Kerala – 680 002 CIN - L36911KL2009PLC024641 T -0487 2437333 Email – cs@kalyanjewellers.net WWW.KALYANJEWELLERS.NET “Kalyan Jewellers India Limited Q1 FY27 Earnings Conference Call” August 04, 2026 “E&OE – This Transcript is edited for factual errors. In case of Discrepancy, the audio recordings uploaded on the stock exchange on 4th August, 2026, will prevail.” MANAGEMENT: MR. RAMESH KALYANARAMAN –EXECUTIVE DIRECTOR MR. SANJAY RAGHURAMAN – CHIEF EXECUTIVE OFFICER MR. V SWAMINATHAN – CHIEF FINANCIAL OFFICER MR. SANJAY MEHROTTRA – HEAD STRATEGY AND CORPORATE OFFICE MR. ABRAHAM GEORGE – HEAD TREASURY AND INVESTOR RELATIONS MODERATOR: MR. RAHUL AGARWAL – STRATEGIC GROWTH ADVISORS Page 1 of 13 Kalyan Jewellers India Limited August 04, 2026 Moderator: Ladies and gentlemen, good day, and welcome to Kalyan Jewellers India Limited Q1 FY27 Earnings Conference Call. As a reminder, all participant lines will be in the listen-only mode and there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during the conference call, please signal an operator by pressing star then zero on your touchtone phone. Please note that this conference is being recorded. I now hand the conference over to Mr. Rahul Agarwal from SGA. Thank you, and over to you, sir. Rahul Agarwal: Thank you. Good evening, everyone, and thank you for joining us on Kalyan Jewellers India Limited's Q1 FY27 Earnings Conference Call. We have with us Mr. Ramesh Kalyanaraman, Executive Director; Mr. Sanjay Raghuraman, CEO; Mr. V Swaminathan, CFO; Mr. Sanjay Mehrottra, Head of Strategy and Corporate Affairs; and Mr. Abraham George, Head of Investor Relations and Treasury. I hope everyone had a chance to view our financial results and investor presentation, which were recently posted on company's website and stock exchanges. We will begin the call with opening remarks from management, followed by an open forum for question and answers. Before we begin, I would like to point out that some of the statements made during today's call may be forward-looking. A disclaimer to that effect was included in the earnings presentation. I would now like to invite Mr. Ramesh Kalyanaraman, Executive Director of Kalyan Jewellers India Limited, to give his opening remarks. Thank you, and over to you, sir. Ramesh Kalyanaraman: Thank you. Good evening and let me welcome everyone to the call. Q1 performance has been very satisfactory given the overall context. Demand remained robust during most part of the recently concluded quarter, except for 1 month of. Adhik-Maas. During which wedding-related demand slowed down in certain parts of the country. While consolidated revenue growth ex-bullion and PAT growth have been 38% and 32%, respectively, on a standalone basis, the revenue growth ex-bullion and PAT growth have been 38% and 25%, respectively. Sharp rise in international oil prices and the resultant pressure on forex led us to launch our "Shine with India" gold recirculation campaign. The larger objective of the initiative was to increase the share of recycled gold, reducing the dependence on imported gold and thereby make the business more resilient. The initiative was well received by our customers, helping us to increase the share of recycled gold as a percentage of revenue to over 46% during Q1 FY 2027. For the month of June, the share of recycled gold was in excess of 55%, and our efforts will be to maintain the share in the range of 55% to 60% going forward. I'm extremely happy to let Page 2 of 13 Kalyan Jewellers India Limited August 04, 2026 you know that we have unveiled our first regional brand exclusively tailored for Tamil Nadu markets. We have named it Akshaya Thanga Maligai and will also be known by its short name ATM. Inventory at ATM shall be curated specifically for Tamil Nadu preferences with designs, rates and price points aligned to regional locations and buying patterns. This will position the brand to compete directly with established regional jewelry chains and unorganized players rather than Kalyan's existing showroom network. The first showroom will be launched on 21st August in Chennai and shall be followed by another four showrooms in the next coming months. We have made considerable progress with respect to the sale of non-core real estate assets. We have signed the agreement with potential buyers for 2 separate parcels of land with an aggregate consideration amount to around INR102 crores. We expect to conclude the sale process and receive consideration before the end of the ongoing quarter. Regarding the non-GML debt reduction, we are well on track to complete the repayment by end of September. Post that, we will initiate steps for the release of the second tranche of real estate collaterals. And now talking about the ongoing quarter. The quarter has started off very well despite the volatility in gold prices. We are upbeat about the upcoming festive and wedding season and are fully geared up with fresh collections and campaigns. Thank you, and I will hand over it to Sanjay. He will read you through the numbers. Sanjay Raghuraman: Thank you, Ramesh, and hello, everybody. Good to be talking to you all again. In the numbers that I'm just going to be calling out now, I will be referring to revenue numbers. Those numbers are net of bullion sales. I'm just mentioning it upfront. The company reported consolidated revenue of INR10,008 crores, a growth of 38% over the corresponding quarter of the previous year. And consolidated EBITDA came in at INR633 crores versus INR508 crores in the corresponding quarter of the previous year. Consolidated profit after tax came in at INR349 crores versus INR264 crores. Coming now to the breakup of the quarterly performance between India and the Middle East. The India business came in at INR8,503 crores versus INR6,142 crores in the corresponding quarter of the previous year. And India EBITDA came in at INR500 crores versus INR434 crores when compared with the corresponding quarter of the previous year. India PAT came in at INR321 crores compared to INR256 crores in the corresponding quarter of the previous year. Moving on now to talk about the Middle East business. Revenue in the Middle East for the quarter came in at approximately INR1,320 crores versus INR1,026 crores compared to the corresponding quarter in the previous year. And EBITDA in the Middle East came in at INR90 crores versus INR73 crores in Q1 of the previous year. The Middle East business posted a profit of INR25 crores for the quarter compared to INR22 crores for the corresponding quarter of the previous year. Page 3 of 13 Kalyan Jewellers India Limited August 04, 2026 Lastly, talking about Candere, our e-commerce business, it posted a revenue of INR141 crores versus INR66 crores in the corresponding quarter of the previous year. And the quarter recorded a profit of INR2.1 crores versus a loss of INR10 crores in the corresponding quarter of last year. With this, I'm done with the summary of the financial [Showing first 8,000 characters — download PDF for full document]