Kalyan Jewellers plans to open 150 new showrooms across Kalyan Jewellers, Candere and a new regional brand in FY27, as the jewellery retailer steps up expansion through a broader multi-brand strategy.
The expansion will be driven by the company’s asset-light operating model, enabling it to scale its retail network while maintaining capital efficiency and healthy returns on capital, said Kalyan Jewellers India Ltd Managing Director and Founder, T S Kalyanaraman.
Focus on capital efficiency
In a message to shareholders in the company’s Annual Report 2026, he said Kalyan Jewellers is also on track to repay its remaining non-gold metal loan debt in India during the current year, as part of its strategy to further strengthen the balance sheet.
The company reduced its non-gold metal loan debt in India by approximately ₹564 crore in FY26. Over the past three years, the debt has declined from nearly ₹1,300 crore to around ₹300 crore.
The debt reduction has also enabled Kalyan Jewellers to secure the release of non-core real estate assets that had been pledged as bank collateral. The company is now working to monetise these properties and further optimise its capital structure.
The divestment of the first tranche of the unlocked assets is already at an advanced stage, with meaningful cash realisation expected in the near term.
Building a multi-brand ecosystem
Kalyan Jewellers is strengthening its multi-brand architecture to cater to customers across different age groups, budgets and lifestyle preferences.
While Kalyan Jewellers remains the flagship brand focused on trust and national scale, the company is expanding its portfolio through Candere and preparations for a new regional brand.
Candere, the company’s contemporary lifestyle jewellery brand, turned PAT positive in the second half of FY26, marking a key milestone in its journey towards sustained profitability.
The company said its multi-brand strategy will allow it to address diverse consumer segments while leveraging insights across its portfolio to offer personalised experiences across physical and digital channels.
Scaling through FOCO
Kalyan Jewellers is pursuing expansion through its capital-efficient FOCO (Franchisee Owned, Company Operated) model, which enables the company to widen its retail footprint while limiting capital requirements.
The retailer is also leveraging its ‘My Kalyan’ network to strengthen grassroots-level customer engagement and maintain a localised retail presence across markets.
The combination of the FOCO model, multi-brand strategy and local market outreach is expected to support Kalyan Jewellers’ next phase of expansion while maintaining its focus on capital discipline and long-term profitability.