Carat46% of Kalyan's revenue came back through the door
Kalyan Jewellers took ₹10,589 crore of revenue in the June quarter, up 46%, and net profit of ₹349 crore, up 32%. Recycled gold supplied more than 46% of revenue and more than 55% in June alone.
§1A quarter carried by a price and a programme.
Kalyan Jewellers reported consolidated revenue of ₹10,589 crore for the quarter to 30 June, up 46% from ₹7,268 crore, and consolidated net profit of ₹349 crore, up 32%. Same-store sales in India grew about 28%. International revenue rose 35%, and Candere, the group's digital business, grew 112%. The company now runs 524 showrooms worldwide, 354 of them Kalyan-branded in India. The results were announced on 4 August.
The line that should interest the rest of the trade is not on the profit statement. Kalyan says its gold-recirculation campaign, run under the name Shine with India, contributed more than 46% of revenue across the quarter and more than 55% in the month of June alone. More than 46% of Kalyan's revenue came in as somebody's old gold. That is not a promotion. It is a sourcing strategy, and on the June figure it is the larger half of the business.
§2The line that is not on the profit statement.
The refining end of the same trade moved in the same week. MMTC-PAMP, India's only LBMA Good Delivery refiner of gold and silver, launched a limited-edition 10-gram commemorative coin on 4 August struck entirely from 999.9-plus recycled gold, capped at 8,000 pieces in assayer-certified packaging and unveiled in New Delhi by the Olympic medallist Mirabai Chanu. A refiner marketing recycled provenance as a selling point rather than disclosing it as a compromise is a change of position, and it arrives in the same month a listed retailer reports that nearly half its revenue rests on the same metal.
More than 46% of Kalyan's revenue came in as somebody's old gold
§3Value up 46%, national tonnage down 15%.
The volume backdrop explains why both are happening now. This paper reported that Indian gold jewellery demand fell 15% by weight in the second quarter to 75.1 tonnes, its lowest second quarter since the pandemic, while the value of that demand rose about 50%. A 46% revenue increase against a national tonnage down 15% is not a share gain of that size. It is a price effect, an exchange effect and a store-count effect stacked on top of each other. Kalyan's own same-store figure of about 28% is the honest comparison, and it is still comfortably ahead of the market.
An exchange programme is a supply chain, and Kalyan is now running one. With gold above $4,300 an ounce the binding constraint on an Indian jeweller is not demand for finished pieces, it is access to metal that does not have to be imported at duty and financed at working-capital rates, and the household is the cheapest supplier in the country. The number to watch is the June figure rather than the quarterly one, because 55% says the share is still climbing. For a retailer outside India reading this as a local curiosity, the transferable part is simple: a counter that can buy metal back has a second margin and a hedge inside the same transaction, and a counter that cannot is exposed to the price twice.
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