Kalyan Jewellers India Ltd logo

Kalyan Jewellers India Ltd

KALYANKJIL NSE

Key Fundamentals

MidcapJewellery & WatchesConsumer Goods
Market Cap
₹62,677 Cr
Volatility
Moderate
P/E Ratio
43.28
EBITDA
₹2,450 Cr
Return on Equity
14.87%
Debt to Equity
0.97
Book Value
₹61.09
EPS
₹6.12
52W High
₹648.95
52W Low
₹327.05

Insights

Beta

AI-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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Tapetide Score

Data-driven rating, 0–100. How it works →

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 9.99 times its book value
  • Company might be capitalizing the interest cost

Growth Rate

Revenue Growth
41.89% ↗
Net Income Growth
68.74% ↗
Cash Flow Change
-8.50% ↘
ROE
4.42% ↗
ROCE
-1.28% ↗
EBITDA Margin (Avg.)
3.18% ↗

AI Analysis — Bull vs Bear

Anthropic anthropic claude-opus-4.6 2d ago
AI opinion · based on fundamentals
Risk medium

Kalyan Jewellers India Ltd trades at a market cap of ~₹63,322 crore with a PE of 44x and PB of ~10x. The company has delivered 5-year profit CAGR of 195% and TTM sales growth of 46%, driven by aggressive FOCO-led store expansion (129 new showrooms in FY26) and strong same-store sales growth exceeding 45% in Q4 FY26. However, valuations remain stretched relative to book value and the company may be capitalizing interest costs, warranting scrutiny of reported profitability.

Bull Case 8
  • 5-year compounded profit growth of 195% CAGR demonstrates exceptional earnings trajectory, with TTM profit growth at 83%
  • TTM consolidated sales growth of 46% and 3-year sales CAGR of 36% indicate sustained top-line momentum across cycles
  • Q4 FY26 same-store sales growth exceeded 45%, showing strong organic demand beyond new store additions
  • 129 new showrooms launched in FY26 with plans for 170 in FY26-27 (90 Kalyan + 80 Candere), providing a long runway for revenue scale-up
  • FOCO franchise model (161 Kalyan + 41 Candere FOCO stores as of June 2025) improves capital efficiency and reduces balance sheet risk during expansion
  • ROE improved from 17% (5-year average) to 25% in the last year, signaling improving return on shareholder capital
  • New customer additions accounted for over 38% of sales in Q2 FY26, indicating market share gains from unorganized players
  • Stock has compounded at 57% CAGR over 5 years and 40% over 3 years, reflecting consistent market re-rating alongside earnings delivery
Bear Case 8
  • Stock trades at 9.96x book value, well above peers and historical averages, leaving limited margin of safety
  • PE ratio of 44x prices in significant future growth; any execution miss could lead to sharp de-rating
  • Company may be capitalizing interest costs, which would inflate reported profits and asset values versus economic reality
  • Dividend yield of just 0.24% offers negligible income return, making the investment entirely dependent on capital appreciation
  • Jewellery retail is a low-margin, working-capital-intensive business; rapid expansion to 524 showrooms increases inventory and credit risk
  • Rising gold prices can compress volume growth and shift consumer preference toward lighter/lower-ticket items, pressuring margins
  • Aggressive franchise-led expansion (nearly 49% of revenue from franchised showrooms in Q2 FY26) creates execution and brand consistency risks across geographies
  • Advertising spend rose 31% YoY to ₹178 crore in Q3 FY26, suggesting high customer acquisition costs to sustain growth in new markets

This is AI-generated analysis, not financial advice. Do your own due diligence.

AI News Digest

Anthropic anthropic claude-opus-4.6 19h ago
Headwinds 1
  • Mutual fund block sale rumored Jul 27

    A prominent domestic mutual fund may offload around 5 crore shares via block deal at 8-10% discount to market price, potentially creating near-term selling pressure.

Positives 5
  • Q1FY27 profit up 25% YoY Aug 4

    Consolidated net profit rose 25.3% YoY to ₹3,486.65 million in Q1FY27, driven by a 45.7% revenue surge to ₹10,588.93 million.

  • ₹60 Cr customs duty gain expected Aug 5

    Company expects ₹60 crore customs duty gain in Q2 and targets recycled gold revenue share of 55-60%, with plans to repay non-GML debt by end of September.

  • Aggressive store expansion planned Aug 5

    Confirmed plans to open 84 Kalyan showrooms and 50 Candere stores this financial year, with Candere expected to remain profitable.

  • ₹102 Cr real estate monetization Aug 5

    Plans to sell non-core real estate worth ₹102 crores by end of current quarter, strengthening balance sheet.

  • ₹2.50 per share final dividend Aug 17

    Board recommended ₹2.50 per share final dividend with September 12 record date, pending shareholder approval at AGM on September 19, 2026.

Neutral 2
  • Institutional block trades executed Aug 7

    Multiple block trades recorded across NSE and BSE between Jul 29 and Aug 7, totalling over ₹120 crore including ₹80.41 Cr on BSE at ₹628 and ₹19.15 Cr on NSE at ₹625 per share.

  • Q1FY27 earnings call held Aug 4

    Earnings conference call held on August 4 at 5:15 PM IST; audio recording made available on company website per SEBI regulations.

TL;DR: Kalyan Jewellers is executing well with 25% profit growth in Q1FY27 and strong revenue momentum, supported by margin tailwinds from customs duty gains and recycled gold sourcing. Expansion plans of 134 new stores signal confidence in demand. The key near-term risk is potential institutional selling pressure from a large mutual fund block deal at a discount. Overall trend is positive with improving fundamentals, though large share supply from block deals warrants monitoring.

Quarterly Results

  Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 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
Figures in ₹ Crores

Profit & Loss

  Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
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%
—
Figures in ₹ Crores

Balance Sheet

  Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 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
Figures in ₹ Crores

Cash Flow

  Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 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
Figures in ₹ Crores

Ratios

  Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 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%

Shareholding Pattern

As of Jun 2026
Promoters 62.86%
DIIs 15.83%
FIIs 10.82%
Public 8.97%
Others 1.52%
Total 100.00%
  Mar 2021Jun 2021Sep 2021Dec 2021Mar 2022Jun 2022Sep 2022Dec 2022Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Promoters
60.53%
60.53%
60.54%
60.54%
60.54%
60.54%
60.54%
60.54%
60.55%
60.55%
60.55%
60.55%
60.63%
60.59%
62.90%
62.85%
62.85%
62.82%
62.78%
62.76%
62.87%
62.86%
FIIs
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
26.36%
23.82%
17.59%
17.59%
17.59%
21.11%
21.19%
15.75%
16.37%
16.89%
16.83%
14.12%
14.12%
14.55%
10.82%
DIIs
1.49%
1.43%
1.70%
1.88%
1.56%
1.78%
2.40%
2.89%
2.63%
4.52%
4.86%
4.50%
11.00%
11.76%
13.74%
13.58%
11.97%
13.33%
14.56%
15.22%
14.12%
15.83%
Government
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
Public
5.17%
6.33%
7.04%
6.54%
6.98%
6.62%
5.57%
5.53%
5.04%
5.11%
6.11%
5.94%
5.48%
5.41%
6.47%
6.08%
7.21%
6.21%
7.11%
6.62%
7.08%
8.97%
Others
32.81%
31.71%
30.72%
31.04%
30.93%
31.06%
31.50%
4.68%
7.96%
12.22%
10.88%
11.42%
1.78%
1.05%
1.15%
1.12%
1.09%
0.81%
1.43%
1.29%
1.38%
1.52%
No. of Shareholders
7
2,89,671
2,87,585
2,67,623
2,71,583
2,61,952
2,16,073
2,11,215
2,24,401
2,53,152
3,55,696
3,71,648
3,70,812
4,03,405
5,53,774
5,70,984
7,86,781
6,87,905
7,15,743
6,73,739
6,93,848
7,69,762

Documents

Frequently Asked Questions about Kalyan Jewellers India Ltd

What does Kalyan Jewellers India Ltd do?
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. Ka...
Where is Kalyan Jewellers India Ltd (KALYANKJIL) listed?
Kalyan Jewellers India Ltd is listed on the Indian stock exchanges. It is listed on NSE: KALYANKJIL and BSE: 543278. You can view its live share price, financials, and ratios on Tapetide.
Which sector does Kalyan Jewellers India Ltd belong to?
Kalyan Jewellers India Ltd operates in the Consumer Goods sector within the Jewellery & Watches industry. Sector classification helps investors compare companies affected by similar economic conditions and regulatory changes.
What is the market capitalisation of Kalyan Jewellers India Ltd?
Kalyan Jewellers India Ltd has a market capitalisation of approximately ₹62677.00 Cr. Based on this, it is classified as a Large Cap stock.
What is the PE ratio of Kalyan Jewellers India Ltd?
The Price-to-Earnings (PE) ratio of Kalyan Jewellers India Ltd is 43.28. The PE ratio compares a company's share price to its earnings per share and is commonly used to assess whether a stock is overvalued or undervalued relative to its peers.
What is the 52-week high and low of Kalyan Jewellers India Ltd?
Over the past 52 weeks, Kalyan Jewellers India Ltd has traded between a low of ₹327.05 and a high of ₹648.95. This range helps investors understand the stock's price volatility and recent trading levels.
Does Kalyan Jewellers India Ltd pay dividends?
Yes, Kalyan Jewellers India Ltd has a dividend yield of 0.41%. Dividend yield indicates the annual dividend income relative to the share price. A consistent dividend history can signal financial stability.
What is the Return on Equity (ROE) of Kalyan Jewellers India Ltd?
Kalyan Jewellers India Ltd has a Return on Equity (ROE) of 14.87%. ROE measures how effectively a company uses shareholders' equity to generate profits. A higher ROE generally indicates better capital efficiency.
How can I research Kalyan Jewellers India Ltd on Tapetide?
On Tapetide, you can view Kalyan Jewellers India Ltd's live share price, quarterly results, profit & loss statements, balance sheet, cash flow, key ratios, shareholding pattern, technical indicators, analyst ratings, and forecasts — all on a single page without needing to sign up.

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]

Website kalyanjewellers.net
Listed 2021-03-26
Face Value ₹ 10
Issued Size 1,03,26,62,662

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