Latest news with #KalyanJewellers
Mint
2 days ago
- Business
- Mint
Titan to Kalyan Jewellers: Is it wise to buy jewellery stocks amid soaring gold prices? EXPLAINED
The rising gold prices act as a double-edged sword for jewellery stocks, as they can lead to inventory gains but dent demand, which could impact the profitability. With gold prices once again eyeing the ₹ 1,00,000 mark in the spot market, the spotlight is back on the jewellery companies like Titan, Kalyan Jewellers and Senco Gold, which have showcased a mixed performance so far in 2025. While the market leader Titan has gained 7% year-to-date (YTD) amid a 26% rally in gold prices, other top jewellery stocks – Kalyan, Senco and Motisons – have lost between 28% and 40%. However, despite the mixed show, analysts remain largely positive on the branded jewellery players. They believe that while the short-term outlook is hazy, these companies will continue to do well in the long run, given strong demand and a shift towards organised players. Sky-high gold prices create a complex landscape for jewellery companies, said Vinit Bolinjkar, Head of Research, Ventura. While high gold prices can boost revenue for companies dealing in gold jewellery due to higher per-unit sales value, they also suppress consumer demand for physical jewellery, particularly in price-sensitive markets. In India, jewellery demand slumped 25% YoY in volume in Q1CY2025, he observed. However, despite the slump in demand, ICRA projects domestic gold jewellery consumption by value to continue to exhibit double-digit growth in FY2026, with an estimated increase of 12-14%. This trend, ICRA said, is similar to the price-driven expansion seen in FY2025, when the sector registered a 28% rise in value, largely attributable to a 33% surge in gold prices. The current fiscal year is expected to follow a similar trajectory. According to Jitin Makkar, Senior Vice President and Group Head, ICRA, 'ICRA's sample of 14 large retailers—representing approximately two-thirds of the organised market—is expected to post revenue growth of 14–16% YoY in FY2026. This will be supported by continued gold price appreciation, planned retail expansion, and market share gains from the unorganised segment. A higher number of auspicious days in the fiscal is also expected to lend some support to demand, despite elevated prices and declining volumes.' These estimates come, even as ICRA expects domestic gold jewellery consumption volumes to decline by 9-10% in FY2026, following the 7% drop in FY2025. However, ICRA added that investment demand (coins and bars) will remain resilient. According to a Reuters report, quoting CFO Ashok Sonthalia, Titan's jewellery business, which accounts for nearly 90% of its total revenue, is expected to grow between 15-20% in FY26 amid demand from affluent Indians. Further explaining the impact of rising gold prices, Boljinkar said, "Most organised jewellers use average-cost accounting, so a rising gold curve fattens reported gross margins until prices plateau. Each $100/oz move in gold adds roughly 60-80 bps to operating margin in the following quarter for inventory-heavy players such as Titan and Kalyan." The bullish outlook by analysts is further driven by the organised jewellery sector's robust Q4 FY25 performance, despite the record-high gold prices. Titan Company led the pack with a ~19% year-on-year rise in jewellery revenue, while net profit climbed 13% to ₹ 871 crore. Despite elevated input costs, the company maintained its double-digit EBIT margins and announced plans to open 40–50 new Tanishq stores in FY26 to deepen its footprint beyond metro cities. Kalyan Jewellers reported a 37% jump in revenue to ₹ 6,182 crore, with PAT up 36% to ₹ 188 crore, driven by a 25% surge in same-store value and aggressive expansion across North and West India. Senco Gold, with a stronghold in Eastern India, logged a 19% increase in revenue and an impressive 94% growth in PAT to ₹ 62 crore. The company attributed its performance to vibrant wedding-season demand and a higher contribution from diamond jewellery, with non-East stores now accounting for 18% of total sales. Regional player Thangamayil Jewellery also saw revenue grow to ₹ 1,381 crore with a net profit of ₹ 31 crore, highlighting the resilience of rural demand amid rising gold prices. According to CA Jashan Arora, Director, Master Trust Group, said that many players have shown some concerns about elevated gold prices, which have increased working capital requirements and intensified competition, particularly from unorganised players. "Despite these challenges, branded jewellers have shown resilience, leveraging their reputation for quality and brand value to capture market share from smaller competitors. The recent shift in what consumers prefer, leaning towards organised players, along with a strong demand for gold jewellery, paints a bright picture for the market. That said, seasonal trends and a higher baseline from the festive quarter have slowed down growth a bit. This means investors should keep an eye on companies that have solid balance sheets and smart hedging strategies to handle any short-term challenges," said Arora. He added that a possible drop in gold prices could, in fact, encourage retail purchases, boosting topline growth for jewellery companies. Sneha Poddar, VP - Research, Wealth Management, Motilal Oswal Financial Services, also remains positive on jewellery stocks amid rising disposable income, shift to organised players and demand for regular-wear (beyond wedding and investment led). "As per industry estimates, the jewellery market is expected to see 15-16% CAGR to reach USD145b by FY28, with organised/formal market likely to deliver +20% CAGR to reach 42-43% of the total market. Several Indian jewellery companies have continued to perform well in Q4FY25 despite high gold prices, suggesting a selective buying opportunity in jewellery stocks with preference towards quality brands with scale and balance sheet strength," said Poddar. Commenting on which jewellery stocks to buy, Boljinkar said companies like Titan Company could be a strong long-term bet. "The company has the largest market share in wedding and everyday jewellery, omnichannel. At 45X FY28 P/E, the stock looks optically expensive but justified by 20% earnings CAGR and strong balance sheet," he added. Disclaimer: This story is for educational purposes only. The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before making any investment decisions.
Fashion Value Chain
4 days ago
- Business
- Fashion Value Chain
Kalyan Jewellers Unveils Father's Day Senhor Collection
This Father's Day, Kalyan Jewellers breaks away from conventional gifting norms with the launch of its Senhor Collection, a sophisticated line of men's jewellery tailored for the modern father. Known for trust and elegance, Kalyan's latest offering redefines how we honour dads—through timeless, wearable pieces instead of the usual ties or wallets. The Senhor Collection celebrates the evolving tastes of today's men, with minimalist yet bold jewellery designs crafted in 18K gold, rose gold, and diamond accents. Featuring bracelets, chains, rings, and pendants, the collection includes sleek dual-tone finishes and geometric patterns—perfect for both everyday wear and special occasions. Whether it's a gift from a loved one or a well-deserved indulgence, each piece combines masculine elegance with modern design. From textured chain necklaces to minimalist band rings and refined accessory sets, the Senhor Collection embraces strength, subtlety, and style. Product Highlights: Dual-Tone Kada Bracelet : Matte white and rose gold with a clean geometric flair Twisted Link Chain : Rose gold and silver tones with a polished finish Two-Tone Box Chain Necklace : Alternating links for a bold, versatile look Matte-Finish Band Ring : Subtle yet stylish with polished detailing Bracelet & Ring Set : Engraved bracelet and classic ring duo Greek Key Motif Bracelet: Diamond-patterned with symbolic elegance Kalyan Jewellers invites you to make this Father's Day meaningful—with jewellery that reflects personality, legacy, and love. Caption:
Time of India
28-05-2025
- Business
- Time of India
Gold in Our Veins
New Delhi: In Thrissur, Kerala, the Kalyanaraman family has built a jewellery brand that goes beyond gold - it's about trust, family, and a strong connection with their community. Sitting down with Pallavi Goel of ETRetail for the latest edition of Digital Cover - Top Shelf, the family - T.S. Kalyanaraman, Managing Director; Rajesh and Ramesh Kalyanaraman, Executive Directors at Kalyan Jewellers , shared their journey from textiles to becoming one of India's most respected jewellery names. T.S. Kalyanaraman, the founder, spoke warmly about their roots. He smiled gently as he said: We are a four-generation business family. My father - T.K. Seetharama Iyer and my grandfather - T.S. Kalyanarama Iyer, were in textile retailing and manufacturing. I started Kalyan Jewellers in 1993, as jewellery came as a natural progression, especially because customers themselves encouraged it. They would say, 'Why not jewellery? We already trust you with textiles.' Our family has been based in Thrissur for over a century, and that longstanding relationship with the community gave me the confidence to make the leap into jewellery retail.T.S. Kalyanaraman At the time, jewellery shopping was quite different - small shops, waiting weeks for orders. The family wanted to change that. T.S. Kalyanaraman explained: The difference was our background in textiles. In that business, customers shop from a ready inventory. Jewellery retail at the time was very different. Small stores, 200–300 square feet, mostly made-to-order. Customers would browse catalogues and then wait 10 to 15 days to receive their jewellery. We flipped that model. We opened a 4,000 square foot showroom with ready-to-buy inventory, like in textiles. And because the Kalyan brand was already well-trusted from our textile days, the response was overwhelming from day one. The growth that followed was steady and strategic. By 2010, Kalyan Jewellers had 35 showrooms across Kerala, Karnataka, Tamil Nadu, and Andhra Pradesh, and with a growing reputation for quality and transparency. But things weren't always easy. When they opened their second store in Palakkad, 70 km from Thrissur, they soon realised that each market is unique. Rajesh Kalyanaraman laughed softly as he shared: In the year 2000, we opened our second showroom in Palakkad a town close to Tamil Nadu border, 70 km away from Thrissur. We simply replicated the Thrissur format - same store size, inventory, pricing, and campaigns. But the results weren't as expected. We realised that Palakkad customers had very different preferences. Many were used to shopping in nearby Coimbatore and preferred designs that were more aligned with Tamil taste. They sought greater flexibility in pricing and had a different service expectation from that of the Thrissur customer. Even our advertising had to be tweaked—it needed to be more vibrant and dramatic to appeal to the local mindset. We learnt a critical lesson: to succeed and gain market share, we have to become a hyperlocal brand, instead of being a homogeneous Kalyanaraman This lesson helped as they expanded across India. Ramesh Kalyanaraman, the younger son of the family, said thoughtfully: We took the long view. Our P&L was always in the black, but we hadn't fully realised operating leverage in each state, and we chose not to wait for it. Our ambition was to build a pan-India brand, and we understood that waiting for optimal efficiency in every State would slow us down. We expanded into two to three new states each year, and by 2019–20, we had established a strong national presence. At that point, operating leverage began to take effect across the network. Between the first and second waves of COVID, we listed the company. Following the listing, we began partnering with franchisees, and since then, we've continued to grow our footprint in a strategic and focused manner. In 2015, to fuel their rapid pan-India growth, Kalyan Jewellers secured a significant investment from Warburg Pincus, a global private equity firm. As they grew, the family decided to bring in professional management. Ramesh, who joined the business at 19, explained: This brand is at the heart of everything we do. My father started it (Kalyan Jewellers), my elder brother joined for the second showroom, and I followed. But as we moved towards being a national brand, we realised that passion and commitment alone weren't enough to scale operations effectively. We strengthened our structure by building a strong mid-level management team of around 100 people. In 2012, we brought in a professional leadership team, including a COO and other key roles. Today, while we continue to provide strategic direction, the day-to-day operations are managed by this team. Their journey also saw a significant milestone in 2021 when Kalyan Jewellers went public, raising Rs 1,175 crore through its IPO. It was a strong signal to the market about the brand's maturity and future-readiness. The brand's visibility and connect were amplified when it brought on board Bollywood icon Amitabh Bachchan in 2013. Over the years, the brand's face evolved to include the Bachchan family and a host of other celebrities such as Katrina Kaif, Rashmika Mandanna, Janhvi Kapoor, Kriti Sanon, Kalyani Priyadarshan, Nagarjuna Akkineni, Prabhu Ganesan, and Shiva Rajkumar, helping Kalyan strike a cultural chord across regions and demographics. The family also took a step into e-commerce with their acquisition of Candere. Rajesh said simply: We were strong in offline retail but didn't want to spread ourselves thin building e-commerce internally. So we first invested in Candere, which was run by another promoter, and eventually took full ownership. Over time, e-commerce has shifted to omnichannel, where our offline expertise matters. As of March 31, 2025, Kalyan Jewellers boasts a workforce of 13,439 employees, a presence that is 33 per cent rooted in South India and 67 per cent in non-South zones, and a 7 per cent share in the organised jewellery market. The company's revenue stands at Rs 25,045 crore in FY25 with a profit of Rs 714 crore. It boasts a presence in six countries, with 388 showrooms, including 36 in the Middle East and new outposts in the USA. Looking ahead, Kalyan has its eyes set on further expansion, with 90 new showroom openings planned for FY26. In the backdrop of a double-digit growth, when asked what they want the next generation to take from this legacy, T.S. Kalyanaraman's voice softened: We want them to stay grounded in the values we've always upheld. Times have changed, and this generation's path will be different from mine, but they've seen firsthand the care and dedication we put into building this company, and I hope they embrace its spirit. Remembering the early days of Kalyan Jewellers, Rajesh said: Our journey started from ground up - in our very first showroom, we were just a small team and everyone did everything. That hands-on approach was key to our growth. Back then, with only five employees in our first showroom, if a sixth customer walked in, we didn't wait - we'd step in. For the next generation, it's crucial to understand every part of the business. Even if they start at the top, they need to learn the ropes. Only then will they truly grasp the legacy they're inheriting. Editor's Note: There's something profoundly human in the way the Kalyanaraman family talks about the brand - with warmth, pride, and a kind of affection you don't often find in corporate narratives. When they say 'Kalyan is everything to us,' it's not just a line, but a truth that has shaped their lives and their legacy. It's inspiring to see a brand that started in Kerala - a place with its own unique culture and tastes - grow into a truly pan-India name. The name 'Kalyan' itself carries different meanings across the country, but almost always reflects positivity and prosperity. This cultural resonance has helped them build a brand that feels like family to both the business and its patrons.
Reuters
22-05-2025
- Business
- Reuters
Indian jeweller Tribhovandas Bhimji Zaveri's profit falls on sluggish demand
May 22 (Reuters) - Indian jeweller Tribhovandas Bhimji Zaveri ( opens new tab reported its first drop in profit in ten quarters on Thursday as surging bullion prices led to higher demand for gold as an investment, instead of jewellery. The company's consolidated net profit fell 24.7% to 94.9 million rupees ($1.10 million) in the fourth quarter. Gold prices increased by nearly 17% during the quarter, with the price of 10 grams of 24-carat gold exceeding 90,000 rupees ($1,052.26) by the end of March. The demand for gold as an investment in India, the world's second-largest gold consumer, jumped 7% to 46.7 tons in the quarter, according to a report from the World Gold Council (WGC). But jewellery demand sank 25% to 71.4 metric tons, the lowest for any January-March period since 2009, the report said. Tribhovandas Bhimji Zaveri's total revenue from operations rose 4.5% to 5.29 billion rupees in last quarter, compared to a 9% rise in the same quarter a year ago. Its expenses rose 4.8% to 5.17 billion rupees, pushed by a 34% increase in the cost of raw materials. Earlier this month, Tribhovandas Bhimji Zaveri's larger rival Titan ( opens new tab posted a higher quarterly profit, as did Kalyan Jewellers ( opens new tab. The company's shares closed 1.4% higher ahead of the results. ($1 = 85.9250 Indian rupees)
Fashion Network
21-05-2025
- Entertainment
- Fashion Network
Candere signs Shah Rukh Khan as brand ambassador
Candere, a lifestyle jewellery brand from Kalyan Jewellers has signed Bollywood actor Shah Rukh Khan as its brand ambassador. With this association, the brand aims to expand its presence in the men's jewellery category and banking on the actor's popularity with Indian audiences across all age groups to boost sales. Khan will feature in the brand's multimedia campaigns spanning across digital, television, print, and in-store experiences. Commenting on the association, Ramesh Kalyanaraman, director of Candere in a statement said, 'In Shah Rukh Khan, we found a partner whose cultural resonance, timeless appeal, and emotional connect mirror the values we stand for. He bridges generations while remaining powerfully relevant to today's audience. His presence will help us articulate the idea that Candere's jewellery is no longer just about adornment - it's a thoughtful, personal expression of identity and intent.' Shah Rukh Khan added, 'Jewellery has always been a powerful expression of love, memories, and identity. I'm excited to partner with Candere, a brand from the House of Kalyan Jewellers, which offers a modern and fresh perspective on how people wear and gift jewellery today.' Candere retails its jewellery through its e-commerce platform and over 75 retail stores across India.
