KOCHI: Malabar Gold & Diamonds Ltd (MGDL) has set a new benchmark in FY25, clocking a consolidated revenue of over Rs50,000 crore in just nine months – surpassing its full-year revenue of Rs48,200 crore recorded in FY24.
India’s largest jewellery retailer by revenue has not only delivered a stellar performance but has also eclipsed the combined consolidated revenues of its rivals Joyalukkas (Rs21,425 crore) and Kalyan Jewellers (Rs19,288 crore) for the same period.
Malabar Gold’s consolidated revenue has grown at a CAGR of 32 per cent from FY21 to 9M (FY25), rising steadily from Rs31,400 crore in FY22 to Rs39,500 crore in FY23 and Rs48,200crore in FY24, before breaching the Rs50,000 crore mark in 9M (FY25). This growth has been fuelled by strong same-store sales growth (SSSG) at about 25 per cent annually, buoyant gold prices, and aggressive store expansion, according to India Ratings.
Kerala shines bright
Interestingly, it’s not just Malabar riding the growth wave. Kerala-based jewellers across the board have performed strongly in recent years, rapidly expanding their domestic and international footprints.
While Malabar continues to lead the expansion race, targeting both India and overseas markets, Kalyan Jewellers is doubling down on its FOCO (Franchise-Owned, Company-Operated) model to scale sustainably.
Joyalukkas, meanwhile, has delivered a standout performance on the profitability front, with its nine-month net profit for FY25 crossing Rs1,000 crore. Sources indicate the jeweller may close FY25 with a consolidated net profit of around Rs2,400 crore. Speaking to businessbenchmark.news, CMD Joy Alukkas revealed the group has already crossed Rs30,000 crore in consolidated revenue in FY25.
Malabar’s store blitz
Malabar’s domestic footprint continues to grow rapidly. As of February 2025, it operated 238 showrooms across India, including 144 in South India. During 11 months (FY25) alone, the group added 27 new showrooms – 13 under MGDL and the rest through franchisee entities.
It now plans to open four to five showrooms every week in March, aiming to add 50 new showrooms in FY25. The group has committed to maintaining this pace with over 50 new outlets annually through FY26–FY28.
Manufacturing Push
To support its growing retail footprint, Malabar Gold is ramping up manufacturing capacity. As of March 31, 2024, the group operated a unit with a 28MT gold and 21,000 carat diamond processing capacity, generating Rs8,400 crore in revenue during FY24.
In-house sourcing covered 25 per cent of supply in FY24, and the group plans to scale it to 32 per cent in FY25, with a longer-term target of 60 per cent. The push towards in-house production is expected to bolster margins and improve operational efficiency.
Founded in 1993 in Kozhikode, Kerala, by M P Ahammed, Malabar Gold started as a small partnership firm. Today, it is a global brand with 258 stores in India and 141 overseas, spread across 13 countries.
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