Kalyan Jewellers
Kalyan Jewellers
Consumer Goods F&OKey Fundamentals
MidcapJewellery & WatchesConsumer GoodsTapetide Score
Data-driven rating, 0–100. How it works →
Key Insights
Strengths
3- Company is expected to give good quarter
- Company has delivered good profit growth of 195% CAGR over last 5 years
- Company has been maintaining a healthy dividend payout of 20.5%
Weaknesses
1- Stock is trading at 8.65 times its book value
Growth Rate
AI Analysis — Bull vs Bear
Kalyan Jewellers India Ltd has a market capitalisation of about ₹59,331 crore and trades at a P/E of 41.3x and a price-to-book of 9.39x. Over the past 3 years it grew sales at a 36% CAGR and profit at a 45% CAGR, and TTM sales and profit grew 46% and 83%. Return on equity improved to 25% last year from a 5-year average of 17%, while the valuation multiples are well above book value and the dividend yield is modest at 0.44%.
- Profit has compounded at 195% CAGR over 5 years and 45% over 3 years, and TTM profit growth of 83% shows the momentum is still strong.
- Revenue growth is steady and fast: sales compounded at 33% over 5 years and 36% over 3 years, and TTM sales grew 46%, which points to strong demand and store expansion.
- Return on equity rose to 25% last year from a 3-year average of 19% and a 5-year average of 17%, which points to better capital efficiency.
- Profit has grown faster than sales (45% vs 36% 3-year CAGR, and 83% vs 46% TTM), which suggests operating leverage and wider margins.
- The company pays out about 20.5% of profits as dividends, returning cash to shareholders while still funding growth.
- The stock has returned 53% CAGR over 5 years and 37% over 3 years, reflecting sustained market recognition of its earnings growth.
- At a P/E of 41.3x against 83% TTM profit growth, the growth-adjusted valuation (PEG below 1 on TTM growth) looks reasonable if the growth continues.
- The stock trades at 9.39x book value, a high premium that leaves little room for error if growth slows.
- A P/E of 41.3x prices in continued high growth. If growth moves back toward the 5-year average ROE level of 17%, the multiple could come down.
- Stock returns have slowed to 26% over 1 year from 37% over 3 years and 53% over 5 years, a sign that the pace of re-rating is easing.
- The 5-year profit CAGR of 195% is flattered by a low base, so it is not a sustainable run-rate. The 3-year figure of 45% is a more realistic benchmark.
- A dividend yield of 0.44% gives little valuation support or income cushion if the stock pulls back.
- The 5-year average ROE of 17% is well below last year's 25%, so recent returns on equity may not yet be proven sustainable across cycles.
- With TTM sales growth of 46%, results are sensitive to gold price swings and discretionary demand, which could make the high growth rates cyclical.
- Debt-to-equity data is not available, so the balance-sheet leverage of a working-capital-heavy, inventory-intensive jewellery business cannot be verified from the data given.
This is AI-generated analysis, not financial advice. Do your own due diligence.
AI News Digest
- Idle Coimbatore land monetised Sep 30
Sold 783.25 cents of idle land in Coimbatore to Shivasakthi Real Estates, Chennai, an unrelated party, for ₹86.16 crore through a Sale Deed dated September 30, 2026. The sale turns a non-core asset into cash and does not affect operations.
- FY26 dividend approved at AGM Sep 19
Shareholders at the 18th AGM on September 19, 2026 approved a final dividend of ₹2.50 per share for FY26. They also reappointed two directors and addressed chairman remuneration.
- ₹350 Cr infused into Candere Sep 19
Completed a ₹350 crore rights issue in its wholly owned e-commerce subsidiary, Candere Lifestyle Jewellery Pvt Ltd, to repay loans from the parent company. This is an intra-group restructuring, but it shows Candere still relies on parent funding.
- Busy institutional investor outreach Sep 23
Scheduled several investor meetings: an analyst and investor meet on September 11, the in-person Jefferies India Forum on September 17, and a virtual UBS India Access group meeting on September 28, 2026. No agenda or guidance was disclosed.
TL;DR: Kalyan Jewellers' recent news is mostly corporate housekeeping with a mildly positive tilt. It sold idle land for ₹86.16 crore, paid a ₹2.50 per share FY26 dividend and stepped up institutional investor outreach. The ₹350 crore infusion into Candere is the main item to watch, since it shows the e-commerce arm still depends on parent capital. None of these articles contain operating data, so the trend looks stable rather than clearly improving, and the next quarterly results and festive-season demand will shape the stock's direction.
Quarterly Results
| Particulars | Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 4,376 | 4,415 | 5,223 | 4,525 | 5,528 | 6,065 | 7,278 | 6,182 | 7,268 | 7,856 | 10,343 | 10,275 | 10,589 |
| Expenses | 4,053 | 4,101 | 4,853 | 4,229 | 5,159 | 5,738 | 6,848 | 5,782 | 6,760 | 7,359 | 9,593 | 9,539 | 9,956 |
| Operating Profit | 323 | 314 | 370 | 296 | 368 | 327 | 430 | 399 | 508 | 497 | 750 | 736 | 633 |
| OPM % | 7% | 7% | 7% | 7% | 7% | 5% | 6% | 6% | 7% | 6% | 7% | 7% | 6% |
| Other Income | 12 | 13 | 20 | 39 | 30 | 26 | 40 | 41 | 46 | 51 | 23 | 46 | 56 |
| Interest | 82 | 82 | 82 | 78 | 85 | 90 | 88 | 96 | 104 | 95 | 104 | 130 | 108 |
| Depreciation | 64 | 67 | 70 | 74 | 75 | 85 | 89 | 93 | 98 | 103 | 109 | 113 | 115 |
| PBT | 188 | 178 | 239 | 184 | 237 | 178 | 294 | 251 | 353 | 350 | 560 | 539 | 465 |
| Tax % | 24% | 24% | 24% | 25% | 25% | 27% | 26% | 25% | 25% | 26% | 26% | 24% | 25% |
| Net Profit | 144 | 135 | 180 | 137 | 178 | 130 | 219 | 188 | 264 | 261 | 416 | 410 | 349 |
| EPS in Rs | 1.4 | 1.31 | 1.75 | 1.34 | 1.72 | 1.27 | 2.12 | 1.82 | 2.56 | 2.52 | 4.03 | 3.97 | 3.38 |
Profit & Loss
| Particulars | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 10,505 | 9,771 | 10,101 | 8,573 | 10,818 | 14,071 | 18,516 | 25,045 | 35,743 | 39,063 |
| Expenses | 9,732 | 9,151 | 9,302 | 7,949 | 9,965 | 12,906 | 17,180 | 23,461 | 33,181 | 36,448 |
| Operating Profit | 774 | 620 | 799 | 624 | 853 | 1,165 | 1,335 | 1,585 | 2,562 | 2,616 |
| OPM % | 7% | 6% | 8% | 7% | 8% | 8% | 7% | 6% | 7% | 7% |
| Other Income | 32 | 42 | 80 | 45 | 38 | 5 | 106 | 140 | 162 | 176 |
| Interest | 390 | 418 | 419 | 405 | 360 | 353 | 379 | 422 | 499 | 438 |
| Depreciation | 202 | 224 | 239 | 225 | 232 | 245 | 274 | 343 | 423 | 440 |
| PBT | 214 | 21 | 221 | 39 | 299 | 572 | 789 | 960 | 1,802 | 1,914 |
| Tax % | 34% | 123% | 36% | 115% | 25% | 24% | 24% | 26% | 25% | — |
| Net Profit | 141 | -5 | 142 | -6 | 224 | 432 | 596 | 714 | 1,350 | 1,435 |
| EPS in Rs | 1.7 | -0.04 | 1.7 | -0.06 | 2.18 | 4.2 | 5.8 | 6.93 | 13.08 | 13.9 |
| Div. Payout % | 0% | 0% | 0% | 0% | 0% | 12% | 21% | 22% | 19% | — |
Balance Sheet
| Particulars | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 839 | 839 | 839 | 1,030 | 1,030 | 1,030 | 1,030 | 1,031 | 1,033 |
| Reserves | 1,012 | 1,046 | 1,203 | 1,796 | 2,107 | 2,605 | 3,159 | 3,772 | 5,276 |
| Borrowings | 4,196 | 3,907 | 3,759 | 3,378 | 4,029 | 4,295 | 4,495 | 4,959 | 6,117 |
| Other Liabilities | 2,503 | 2,268 | 2,417 | 2,661 | 1,779 | 2,783 | 4,134 | 5,363 | 8,291 |
| Total Liabilities | 8,551 | 8,060 | 8,219 | 8,865 | 8,945 | 10,713 | 12,818 | 15,126 | 20,717 |
| Fixed Assets | 1,879 | 2,152 | 2,167 | 1,899 | 1,921 | 1,903 | 2,299 | 2,846 | 3,312 |
| CWIP | 18 | 22 | 24 | 53 | 2 | 20 | 49 | 8 | 18 |
| Investments | 1 | 3 | 0 | 0 | 1 | 4 | 4 | 5 | 6 |
| Other Assets | 6,654 | 5,884 | 6,027 | 6,913 | 7,021 | 8,785 | 10,465 | 12,267 | 17,382 |
| Total Assets | 8,551 | 8,060 | 8,219 | 8,865 | 8,945 | 10,713 | 12,818 | 15,126 | 20,717 |
Cash Flow
| Particulars | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|
| Operating | — | — | 320 | 629 | 245 | 1,013 | 1,322 | 1,209 | 1,318 |
| Investing | — | — | 34 | -217 | 64 | -384 | -137 | -177 | -118 |
| Financing | — | — | -343 | -208 | -524 | -638 | -1,148 | -840 | -1,264 |
| Net Cash Flow | — | — | 11 | 204 | -216 | -8 | 37 | 193 | -64 |
| Free Cash Flow | — | — | 212 | 581 | 154 | 827 | 1,061 | 790 | 939 |
| CFO/OP | — | — | 41 | 110 | 47 | 98 | 116 | 91 | 68 |
Ratios
| Particulars | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|
| Debtor Days | 6 | 5 | 8 | 5 | 4 | 6 | 6 | 6 | 9 |
| Inventory Days | 208 | 200 | 205 | 272 | 232 | 216 | 191 | 162 | 167 |
| Days Payable | 31 | 19 | 24 | 35 | 26 | 37 | 45 | 39 | 40 |
| Cash Conversion Cycle | 184 | 187 | 189 | 241 | 210 | 185 | 153 | 129 | 136 |
| Working Capital Days | -11 | -12 | -5 | 10 | 30 | 30 | 25 | 23 | 30 |
| ROCE % | — | 7% | 11% | 7% | 10% | 13% | 14% | 15% | 21% |
Insights
BetaAI-extracted from concalls & annual reports · figures as reported, with sources
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64 extracted metrics + investor summaries across FY18–FY27.
Documents
Frequently Asked Questions about Kalyan Jewellers
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Company Information
Kalyan Jewellers India Ltd. designs manufacture and sells a range of gold, studded and other jewellery products across various price points. It is one of the largest jewellery retailers in India based on revenue as of FY20. The co. was founded by the current Chairman, MD and Promoter, Mr T.S. Kalyanaraman [1]
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