Kalyan Jewellers India Ltd
Kalyan Jewellers India Ltd
Consumer Goods F&OKey Fundamentals
MidcapJewellery & WatchesConsumer GoodsInsights
BetaAI-extracted from concalls & annual reports · figures as reported, with sources
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51 extracted metrics + investor summaries across FY18–FY26.
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Technical Indicators
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
2- Stock is trading at 9.93 times its book value
- Company might be capitalizing the interest cost
Growth Rate
AI Analysis — Bull vs Bear
anthropic claude-opus-4.6 16h agoKalyan Jewellers India Ltd is a ₹63,906 crore market cap organized jewellery retailer trading at a PE of 43x and 9.79x book value. The company delivered 46% TTM revenue growth and 83% TTM profit growth, expanded its network to 507 showrooms globally as of March 2026, and holds approximately 7% market share in the organized jewellery sector. Valuation remains elevated relative to historical norms for the sector.
- Exceptional profit growth of 195% CAGR over the last 5 years demonstrates strong operating leverage and scaling ability
- TTM revenue growth of 46% and 3-year compounded sales CAGR of 36% indicate sustained demand momentum well above industry averages
- ROE improved from 17% (5-year average) to 25% in the last year, showing improving capital efficiency
- Aggressive store expansion with 129 new showrooms launched in FY26, bringing global total to 507, with targets of 84 Kalyan and 50 Candere stores in FY27
- FOCO franchise model enables capital-efficient growth — nearly 49% of quarterly revenue now comes from franchised showrooms, reducing balance sheet burden
- Organized jewellery market share rising from 22% in FY19 to 36-38% currently, providing a structural tailwind as the second-largest organized player in India
- Q4 FY26 consolidated PAT surged 118% YoY to ₹409.5 crore with revenue up 66.2% to ₹10,275 crore, indicating accelerating earnings trajectory
- Healthy dividend payout ratio of 20.5% provides income alongside growth, with a current yield of 0.25%
- Stock trades at 9.79x price-to-book value, significantly above the jewellery retail sector average, leaving limited margin of safety
- PE ratio of 43x prices in substantial future growth — any execution miss or slowdown could trigger sharp de-rating
- 1-year stock CAGR of only 3% despite 83% TTM profit growth suggests the market may already be questioning sustainability of premium valuation
- Company may be capitalizing interest costs, which could overstate reported profitability and asset values
- Candere online platform recorded a net loss of ₹12 crore in Q4 FY25 on just ₹28 crore revenue — digital strategy yet to prove viability at scale
- Jewellery retail operates on thin margins — Q4 FY26 operating margin stood at only 6.06%, making earnings sensitive to gold price volatility and competitive discounting
- Rapid franchise expansion to 507 stores raises execution risk around quality control, same-store-sales cannibalization, and franchisee profitability in newer non-South markets
- Full-year FY25 net profit growth was only 20% (₹714 crore vs ₹596 crore) despite 35% revenue growth, indicating margin pressure in certain periods
This is AI-generated analysis, not financial advice. Do your own due diligence.
AI News Digest
anthropic claude-opus-4.6 16h ago- Mutual fund block sale rumored Jul 27
A prominent domestic mutual fund may offload around 5 crore Kalyan Jewellers shares via block deal at 8-10% discount to market price, per NDTV Profit sources. Unconfirmed but signals potential large-scale institutional selling pressure.
- Q1FY27 revenue surges 38-46% Aug 8
Kalyan Jewellers reported Q1FY27 revenue of ₹10,008-₹10,589 crore (38-46% YoY growth) with consolidated net profit up 25-32% to ₹349 crore. Recycled gold sales rose to over 46% of sourcing mix.
- ₹60 Cr customs duty gain ahead Aug 5
Company expects ₹60 crore customs duty gain in Q2 and targets recycled gold revenue share of 55-60%, helping offset exchange-related margin losses. Plans to sell ₹102 crore non-core real estate by quarter end.
- Aggressive store expansion planned Aug 5
Kalyan confirmed plans to open 84 Kalyan showrooms and 50 Candere stores this financial year, with Candere expected to remain profitable while driving higher same-store sales.
- Debt elimination by Sep 2026 Aug 8
Company plans to eliminate all non-GML debt by September 2026 through real estate asset sales, strengthening the balance sheet.
- New brand launch in Tamil Nadu Aug 8
Launched Akshaya Thanga Maligai brand in Tamil Nadu, expanding regional market presence in a key gold-consuming state.
- Multiple institutional block trades Aug 7
Several block trades recorded from Jul 17 to Aug 7 on NSE and BSE, ranging from ₹16.52 crore to ₹80.41 crore at prices between ₹429 and ₹634.55 per share, reflecting sustained institutional activity.
- Q1 earnings call held Aug 4 Jul 27
Kalyan Jewellers hosted its Q1 FY27 earnings conference call on August 4, 2026 at 5:15 PM IST to discuss financial and operational performance.
TL;DR: Kalyan Jewellers delivered a strong Q1FY27 with 38%+ revenue growth and 25-32% profit expansion, supported by an expanding recycled gold program and aggressive store rollout of 134 new outlets planned this year. The main risk is potential institutional selling pressure from a rumored large mutual fund block deal at a discount. Balance sheet improvement via debt elimination by Sep 2026 and ₹60 crore customs duty tailwind in Q2 provide near-term catalysts. The trend is firmly positive on fundamentals, though supply overhang from block deals may cap near-term upside.
Quarterly Results
| 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
| 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 | 33,252 | 36,448 |
| Operating Profit | 774 | 620 | 799 | 624 | 853 | 1,165 | 1,335 | 1,585 | 2,491 | 2,616 |
| OPM % | 7% | 6% | 8% | 7% | 8% | 8% | 7% | 6% | 7% | 7% |
| Other Income | 32 | 42 | 80 | 45 | 38 | 5 | 106 | 140 | 167 | 176 |
| Interest | 390 | 418 | 419 | 405 | 360 | 353 | 379 | 422 | 433 | 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
| 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
| 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 | 70 |
Ratios
| 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% |
Documents
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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]