Kalyan Jewellers is a family business that turned a hundred-year textile legacy into one of India’s largest organised jewellery retailers - a company built on the simple idea that trust, when you can prove it at the counter, is a moat. Founded in 1993 by T.S. Kalyanaraman in Thrissur, Kerala, it entered a market where customers were routinely cheated on purity and pricing, and it won by doing the opposite: putting karatmeters in showrooms, printing detailed price tags that broke out metal weight and making charges, and guaranteeing purity and buy-back on everything it sold. That same instinct - show the customer exactly what they are paying for, then localise everything else - now runs through a network of over 500 showrooms across seven countries, making Kalyan a hyperlocal giant that behaves like a neighbourhood jeweller in every market it enters. # Business segments A single retail engine expressed through three brands at different stages of maturity - a flagship pan-India gold-and-diamond powerhouse, a digital-first lightweight jewellery brand turning profitable, and a regional-brand concept under construction - all running on the same hyperlocal playbook and shared infrastructure. ## 1. Kalyan Jewellers: the flagship brand where trust meets hyperlocal scale **A large-format gold and diamond retail network that earns on every gram sold - making charges and metal margins - while a franchisee-owned model turns expansion into a capital-light exercise.** - **Gold is the anchor, studded is the margin driver** - the brand sells gold, diamond, platinum and silver jewellery, with gold jewellery priced at the prevailing market rate plus making charges, and diamond jewellery priced on stone quality and design; because gold is recyclable, there is virtually no inventory obsolescence risk. - **Franchisees put up the capital, Kalyan runs the store** - in the FOCO (Franchisee Owned, Company Operated) model, the franchisee bears the capex and inventory cost while Kalyan operates the showroom, ensuring brand standards and earning revenue from the franchise; this model contributed roughly 54% of India revenue in Q4 FY26 and makes growth return-on-capital accretive. - **A grassroots army that knocks on doors** - the “My Kalyan” network of 1,139 centres and over 4,300 personnel conducts door-to-door marketing, showcases catalogues, enrols customers in purchase advance schemes, and drives roughly 20% of India revenue, connecting with about 10 million customers each year. - **Fifteen procurement centres feed the localisation engine** - the company sources region-specific designs from contract manufacturers clustered around procurement hubs in key jewellery manufacturing regions, so a showroom in Tamil Nadu stocks designs a customer in Gujarat would never see. - **Inventory that moves to where the demand is** - a central ERP system with unique barcodes on every piece gives real-time visibility across showrooms, allowing the company to reallocate stock between locations during peak seasons to match shifting local preferences. ## 2. Candere: the digital-first brand for a younger, lighter wallet **An omni-channel diamond jewellery brand that started online and is now building a physical footprint - it turned profitable in the second half of FY26.** - **Born digital, now omni-channel** - Candere began as a website in 2013, was acquired by Kalyan in 2017, and now operates both its own site and platform partnerships with Amazon and Flipkart, reaching customers in India, the US and the UK. - **Lightweight lifestyle jewellery for a new generation** - the brand focuses on diamond jewellery that is lighter on the pocket and designed for everyday wear, using AI-powered recommendations, virtual try-on tools, and “Store to Door” fulfilment that delivers from local inventory, often within 48 hours. - **Physical stores are scaling fast** - from just 2 showrooms in FY23, Candere grew to 124 showrooms by March 2026, with 70 of them under the FOCO model, giving digital customers a place to touch and try. - **A wholly-owned subsidiary with its own identity** - Kalyan acquired the remaining 15% stake in the Candere entity in June 2024, making it a 100% subsidiary, and the company was renamed Candere Lifestyle Jewellery Private Limited in August 2025. ## 3. New regional brands: a multi-brand bet under construction **A planned subsidiary that will launch separate regional jewellery brands with exclusively localised designs, distinct from the Kalyan flagship - the first brand is slated for FY27.** - **A new legal entity, purpose-built** - in February 2026, the board approved incorporating KJG Brands Private Limited as a wholly owned subsidiary to run retail showrooms focused exclusively on regional customers under separate brands in one or more Indian states. - **Three brands, one corporate roof** - the strategy creates a multi-brand structure where Kalyan, Candere and the new regional brands each target different customer segments, with the regional brands offering designs that never leave their home state. # Group structure and partners **A publicly listed parent company with a promoter family at the helm, a private equity legacy, and a web of wholly owned and joint-venture subsidiaries across the Middle East, the US and the UK.** - Kalyan Jewellers India Limited, headquartered in Thrissur, Kerala, listed on the NSE and BSE via an IPO in 2021; Warburg Pincus invested in 2014 and 2017, and its affiliate agreed to sell its remaining 2.36% stake to a promoter entity on August 21, 2024. - The board is chaired by Vinod Rai, former Comptroller and Auditor General of India, with founder T.S. Kalyanaraman as Managing Director and his sons T.K. Seetharam and T.K. Ramesh as Whole-time Directors. - Middle East operations sit under Kalyan Jewellers FZE in the UAE, which holds subsidiaries in the UAE, Oman, Kuwait and Qatar, plus procurement entities in the UAE and Oman incorporated in December 2023. - International expansion is routed through direct subsidiaries: Kalyan Jewellers, INC. in the USA, and Kalyan Gold & Diamond Jewellery Limited in the UK, incorporated in January 2025 with a Rs. 50 crore inter-corporate loan from the parent for working capital.