Kalyan Jewellers logo

Kalyan Jewellers

KALYANKJIL NSE

Key Fundamentals

MidcapJewellery & WatchesConsumer Goods
Market Cap
₹61,448 Cr
Volatility
Moderate
P/E Ratio
43.25
EBITDA
₹2,699 Cr
Return on Equity
21.41%
Debt to Equity
0.97
Book Value
₹61.09
EPS
₹6.12
52W High
₹648.95
52W Low
₹327.05

Tapetide 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 9.84 times its book value

Growth Rate

Revenue Growth
42.72% higher than 3Y
Net Income Growth
89.08% higher than 3Y
Cash Flow Change
8.94% higher than 3Y
ROE
43.98% higher than 3Y
ROCE
31.31% higher than 3Y
EBITDA Margin (Avg.)
13.79% higher than 3Y

AI Analysis — Bull vs Bear

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

Kalyan Jewellers India Ltd commands a market cap of ₹61,448 Cr with a PE of 44.3x and a price-to-book of 10.1x. The company has delivered exceptional profit growth of 195% CAGR over 5 years and TTM sales growth of 46%, though its valuation multiples remain elevated relative to book value.

Bull Case 8
  • Exceptional 5-year compounded profit growth of 195% CAGR indicates strong earnings momentum and improving profitability
  • TTM sales growth of 46% significantly outpaces the 5-year sales CAGR of 33%, suggesting an acceleration in revenue trajectory
  • ROE improved to 25% in the last year from a 3-year average of 19%, reflecting improving capital efficiency and return generation
  • 3-year compounded sales CAGR of 36% demonstrates consistent top-line expansion across market cycles
  • TTM profit growth of 83% shows earnings are scaling faster than revenue, pointing to operating leverage in the business model
  • Healthy dividend payout ratio of 20.5% with a yield of 0.41% signals management confidence in sustaining cash flows
  • Stock has delivered a 3-year CAGR return of 39% and a 5-year CAGR of 56%, reflecting sustained market confidence in the growth story
  • Company is expected to deliver a good upcoming quarter, suggesting near-term earnings visibility remains intact
Bear Case 8
  • Stock trades at 10.1x book value, a steep premium that leaves limited margin of safety if growth decelerates
  • PE ratio of 44.3x is elevated, requiring sustained high earnings growth to justify current valuation levels
  • 1-year stock CAGR of 22% has decelerated sharply from the 3-year CAGR of 39%, suggesting momentum may be fading
  • 5-year ROE average of 17% is lower than the latest 25%, raising questions about whether the recent improvement is structural or cyclical
  • Dividend yield of only 0.41% offers minimal income cushion to investors in a high-valuation stock
  • Absence of reported debt-to-equity and EPS data limits full visibility into the company's leverage and per-share earnings profile
  • The jewellery retail sector is exposed to gold price volatility, and a sharp rise in gold prices could compress demand and working capital cycles
  • At ₹61,448 Cr market cap, any disappointment in the 46% TTM sales growth rate could trigger a significant de-rating given the rich multiples

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

AI News Digest

Anthropic anthropic claude-opus-4.6 2h ago
Neutral 4
  • Dividend record date Sep 12 Aug 17

    Kalyan Jewellers set September 12, 2026 as the record date for its final dividend payout, with AGM also upcoming.

  • Jefferies Forum investor meet Sep 17 Sep 8

    Kalyan Jewellers will participate in the Jefferies India Forum 2026 with an in-person analyst and institutional investor meeting on September 17, 2026.

  • Analyst meeting scheduled Sep 11 Sep 7

    Kalyan Jewellers scheduled a separate analyst and investor meeting on September 11, 2026. No agenda or details were disclosed.

  • BRSR FY26 ESG report filed Aug 20

    Kalyan Jewellers released its Business Responsibility and Sustainability Report for FY26 covering environmental metrics, employee welfare, and governance structures.

TL;DR: Recent news flow for Kalyan Jewellers is entirely routine and governance-oriented, with no material positives or headwinds. The company is maintaining active investor engagement through multiple scheduled meetings and has fulfilled standard regulatory filings including its BRSR and dividend record date. With no operational or earnings-related catalysts in this batch, the near-term narrative will likely be shaped by the upcoming AGM and any commentary at the Jefferies Forum on September 17.

Quarterly Results

Particulars 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

Particulars 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
33,181
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%
—
Figures in ₹ Crores

Balance Sheet

Particulars 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

Particulars 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
68
Figures in ₹ Crores

Ratios

Particulars 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%

Insights

Beta

AI-extracted from concalls & annual reports · figures as reported, with sources

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Shareholding Pattern

Others1.52%Promot.62.86%Public8.97%FIIs10.82%DIIs15.83%As ofJun 2026
24.85% of promoter holding pledged as of Jun 2026

Documents

Frequently Asked Questions about Kalyan Jewellers

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 trades as KALYANKJIL on the NSE and under code 543278 on the BSE.
Which sector does Kalyan Jewellers India Ltd belong to?
Kalyan Jewellers India Ltd is classified under the Consumer Goods sector, in the Jewellery & Watches industry.
What is the market capitalisation of Kalyan Jewellers India Ltd?
Kalyan Jewellers India Ltd has a market capitalisation of ₹61,448 Cr, which places it in the Large Cap band.
What is the PE ratio of Kalyan Jewellers India Ltd?
Kalyan Jewellers India Ltd trades at a PE ratio of 43.25, on earnings per share of ₹6.12, against a book value of ₹61.09 per share.
What is the 52-week high and low of Kalyan Jewellers India Ltd?
Over the last 52 weeks Kalyan Jewellers India Ltd has traded between ₹327.05 and ₹648.95.
Does Kalyan Jewellers India Ltd pay dividends?
Kalyan Jewellers India Ltd has a dividend yield of 0.41%.
What is the Return on Equity (ROE) of Kalyan Jewellers India Ltd?
Kalyan Jewellers India Ltd reported a return on equity of 21.41%. Its debt-to-equity ratio is 0.97.

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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