Kalyan Jewellers India Ltd, a leading jewellery retailer, is aiming to become non-gold metal loan (GML) debt-free during the current financial year, a top official said.
“We want to make it a non-gold metal loan debt-free company in FY27. And, if things go really well, we might do it by H1 itself,” said Executive Director Ramesh Kalyanaraman during the analysts call.
The company reduced debt in India by ₹360 crore during FY26 in line with its previously announced plan to completely repay non-GML debt in the domestic business.
Over the last three years, Kalyan Jewellers has reduced non-GML debt in India from ₹1,300 crore to ₹300 crore.
Candere turns profitable
The jewellery retailer said its digital-first jewellery platform Candere registered 160% revenue growth during FY26 driven by strong same-store sales growth (SSSG) and aggressive network expansion. More importantly, Candere turned PAT positive from the second half of FY26.
Going forward, the company plans to focus on improving same-store sales growth while continuing showroom expansion under the Candere format.
Aggressive showroom expansion
During FY26, Kalyan Jewellers opened 129 showrooms across Kalyan and Candere formats, including its first Kalyan showroom in the UK.
For FY27, the company plans to open 150 showrooms across Kalyan, Candere and its upcoming regional brand.
On the launch of the new regional brand, Kalyanaraman said the company was waiting for political conditions to stabilise in the target state before commencing the launch campaign.
Middle East franchise push
Regarding expansion in the Middle East, he said the company is in discussions with Arab investors interested in opening Franchise Owned Company Operated-format showrooms.
He said the proposed franchisee expansion model involves both opening new stores and conversion of existing stores, with larger ticket-size investments. While discussions are progressing positively, the company said no transaction has yet been finalised.