IGI Logo

* Revenue growth remains robust - Kalyan reported revenue growth of ~30% YoY on consolidated basis. India operations reported ~31% YoY growth led by driven primarily by robust wedding demand and a strong start to the festive season and healthy SSSG of 16%. Navratri sales, which was not part of the base quarter revenue, partially negated the impact of the higher base due to the customs duty reduction in India during Q2FY25.

* Store addition on track - Kalyan (India) added 15 and closed 2 stores during Q2 (net 13 store addition; Total Stores – 300). It targets to add 15 more Kalyan showrooms before Diwali

* International Operations registered 17% YoY growth while the Middle east business registered 10% YoY SSSG led growth. International markets contributed 12% of the overall revenue. Company added 2 stores in Middle east. (Total stores – 38 in Middle East and 2 in USA).

* Candere – Opened 15 showrooms and reported revenue growth of ~127%YoY in Q2 (Total stores – 96). The company is encouraged by the significant improvement in showroom footfalls, web traffic and revenue growth registered in the quarter

* Debt reduction on track - Company secured an approval from the lead bank of consortium of lenders for the release of real estate collateral pertaining to debt repaid. Subsequently, it has resumed the next round of debt reduction in line with the target already set for the FY26.

* We expect 45% YoY PBT growth (standalone) in Q2 as we expect PBT margins to expand by ~50 bps YoY.

Please refer disclaimer at https://www.jmfl.com/disclaimer

SEBI Registration Number is INM000010361