KOCHI: Malabar Gold & Diamonds is set to script a first in Kerala's corporate history.
The Kerala’s largest jeweller is on course to become Kerala's first Rs90,000-crore company by annual revenue, with the jewellery retailer's sales trajectory indicating that it is likely to achieve the milestone in FY26.
The projection is based on the company's reported revenue for the first nine months of FY26 and its strong growth over the previous two financial years. An analysis by businessbenchmark.news shows that if the company maintains its current pace during the final quarter, its FY26 revenue is likely to approach the Rs90,000-crore mark.
Malabar reported revenue of Rs66,960 crore during the first nine months of FY26, following full-year revenue of Rs66,230 crore in FY25 and Rs47,450 crore in FY24, according to a credit report. The steady acceleration in sales over the past three years suggests that the company is on track to record another year of robust growth.
If the estimate materialises, Malabar would become the first company headquartered in Kerala to generate annual revenue of around Rs90,000 crore, setting a new benchmark for businesses originating from the state.
Rivals' revenue
The scale of the business becomes even more evident when compared with its closest Kerala-based peers.
Kalyan Jewellers' India operations reported revenue of about Rs31,027 crore in FY26, while Joyalukkas' India business has been estimated at Rs24,400 crore by ICRA. Even after restricting the comparison to their India businesses to ensure like-for-like comparison, Malabar's revenue is substantially higher than that of either company.
The comparison has been made using India revenues because Kalyan Jewellers separately reports its India and Middle East operations, while Joyalukkas' India revenue has been independently estimated by ICRA.
Although Malabar also has a sizeable international business spanning more than a dozen countries, its India operations alone are understood to exceed those of its Kerala-based rivals.
Corporate restructuring & IPO
As part of its preparations for an initial public offering (IPO), Malabar Gold & Diamonds has undertaken a major corporate restructuring by consolidating 51 group entities into the parent company.
The exercise has received approvals from both the National Company Law Tribunal (NCLT), Kochi, and the Competition Commission of India (CCI), clearing a key regulatory hurdle for the proposed reorganisation.
Chairman M.P. Ahammed has said the amalgamation of subsidiaries and limited liability partnerships (LLPs) is aimed at creating a simpler and more scalable corporate structure ahead of the proposed listing in FY28.
Besides facilitating the IPO, the restructuring is expected to improve operational efficiency, strengthen corporate governance and support the company's continued domestic and global expansion.
Over the past decade, Malabar has expanded aggressively across India while simultaneously strengthening its international presence in the Gulf Cooperation Council (GCC) countries, Southeast Asia, the United States, the United Kingdom, Canada and Australia.
