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Kalyan Jewellers India

KALYANKJIL NSE
₹529.05 +20.85 (+4.10%)
P/E
38.06
View as Markdown
MCP
Close 4 Nov 2026 ₹529.05 +16.20 +3.16% 1Y
Start ₹512.85

Key Fundamentals

MidcapConsumer DurablesConsumer Discretionary

Price-based figures as of · EPS basis: Consolidated · TTM

ROCE
21.20%
Debt to Equity
0.97
EPS (TTM)
₹13.90
Book Value
₹61.09
Market Cap
—
P/E (TTM)
38.06
P/B
8.66
ROE
24.80%
Dividend Yield
0.49%
EBITDA
₹2,699 Cr
52W High
₹648.95
52W Low
₹327.05
Day Range
₹506.80 – ₹535.40
Volume
59,48,929

Peer Comparison

Consumer Discretionary › Consumer Goods › Jewellery & Watches › Gems, Jewellery And Watches

Kalyan Jewellers peer comparison
Titan
₹4,754.4073.27₹4,08,204 Cr26.880.33%37.70%20.50%₹92,417 Cr₹5,760 Cr
Kalyan Jewellers (this company)
₹529.0538.06₹52,836 Cr8.660.49%24.80%21.20%₹39,063 Cr₹1,436 Cr
Lalithaa Jewellery Mart
₹366.0519.89₹20,211 Cr4.960.00%40.20%38.00%₹21,635 Cr₹922 Cr
PC Jeweller
₹15.8216.48₹14,560 Cr1.670.00%9.96%9.60%₹3,505 Cr₹775 Cr
Thangamayil Jewellery
₹4,285.9034.07₹14,306 Cr9.410.40%28.10%25.50%₹9,622 Cr₹392 Cr
Sky Gold & Diamonds
₹927.2042.85₹13,567 Cr10.220.23%28.90%26.90%₹7,176 Cr₹344 Cr
BlueStone Jewellery & Lifestyle
₹690.6599.80₹10,225 Cr5.750.00%1.11%6.78%₹2,912 Cr₹102 Cr
Median 7 companies₹690.6538.06₹14,560 Cr8.660.23%28.10%21.20%₹9,622 Cr₹775 Cr

Comparable companies in the same industry. Market cap, P/E and P/B use the latest price; other metrics are as reported in filings. A dash means the figure is not published for that company.

Tapetide Score

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

Overall score

56 Good

Data confidence 100/100

Category scores

Quality
39
Weak
Returns, margins, earnings quality 22% weight
Valuation
65
Good
Cheap vs sector & own history 24% weight
Growth
98
Strong
Sales & profit trajectory 9% weight
Financial Health
22
Poor
Solvency, leverage, coverage 9% weight
Momentum
74
Strong
Trend strength, vol-adjusted 12% weight
Ownership
52
Average
FII/DII/promoter flows 24% weight

The Tapetide Score is data analysis, not investment advice. Tapetide is not a SEBI-registered research analyst or investment adviser.

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 9.28 times its book value

Technical Indicators

Technical signals: verdict and indicator counts
GroupSignalBearishNeutralBullish
OverallBearish955
OscillatorsBearish351
Moving AveragesStrong Bearish604

Key readings

RSI (14)
46.71
Neutral
MACD (12,26,9)
−16.16
Bearish
SMA (50)
566.64
Bearish
SMA (200)
465.73
Bullish

As of

Analyst Rating

Based on 10 analysts
BUY90%

9 of 10 analysts rate Buy, 1 Hold, 0 Sell.

As of

BUY
9
90%
HOLD
1
10%
SELL
0
0%

Growth Rate

From the financial statements below. 5Y, 3Y: compound annual growth to Mar 2026; 1Y: fiscal year to Mar 2026 against Mar 2025; TTM: four quarters to Jun 2026 against Jun 2025.

Revenue

Revenue growth by window
5Y+33.05%
3Y+36.44%
1Y+42.72%
TTM+45.80%

Net profit

Net profit growth by window
5YTurned to profit
3Y+46.20%
1Y+89.08%
TTM+79.28%

Operating cash flow

Operating cash flow growth by window
5Y+15.95%
3Y+9.17%
1Y+9.02%
TTM—

TTM: Reported once a year, so there is no trailing-twelve-month figure.

Operating margin· change in pp

Operating margin growth by window
5Y−0.11 pp
3Y−1.11 pp
1Y+0.84 pp
TTM+0.49 pp

Revenue by year

Revenue by year, ₹ crore
Mar 2018₹10,505 Cr
Mar 2019₹9,771 Cr
Mar 2020₹10,101 Cr
Mar 2021₹8,573 Cr
Mar 2022₹10,818 Cr
Mar 2023₹14,071 Cr
Mar 2024₹18,516 Cr
Mar 2025₹25,045 Cr
Mar 2026₹35,743 Cr

Net profit by year

Net profit by year, ₹ crore
Mar 2018₹141 Cr
Mar 2019−₹5.00 Cr
Mar 2020₹142 Cr
Mar 2021−₹6.00 Cr
Mar 2022₹224 Cr
Mar 2023₹432 Cr
Mar 2024₹596 Cr
Mar 2025₹714 Cr
Mar 2026₹1,350 Cr

Analyst Forecasts

Forecast For
Sep 26 consensus · EBITDA
₹629 Cr −8.6% vs Jun 26
Reported High Mean Low

AI Analysis — Bull vs Bear

Figures as of 3 Nov 2026
AI opinion · based on fundamentals
Risk medium

Kalyan Jewellers India Ltd trades at ₹508.2 as of 2026-11-03 with a market cap of ₹53,109 crore. The company has delivered strong profit growth of 195% CAGR over five years and maintains an ROE of 21.41%, though the stock trades at a price-to-book ratio of 8.32, reflecting a significant premium to book value.

Bull Case 8
  • Exceptional five-year compounded profit growth of 195% CAGR demonstrates sustained earnings momentum and scalability of the business model.
  • TTM profit growth of 83% indicates the company continues to accelerate earnings well beyond its longer-term trend.
  • ROE of 21.41% and ROCE of 27.43% as of 2026-11-03 signal efficient capital deployment and strong return generation for shareholders.
  • Compounded sales growth of 36% over three years and 46% on a TTM basis reflects robust revenue expansion and growing consumer demand.
  • Three-year ROE average of 19% improving to 25% in the last year shows a clear upward trajectory in profitability and capital efficiency.
  • Stock has delivered a five-year CAGR of 49% and a three-year CAGR of 27%, reflecting sustained wealth creation for long-term shareholders.
  • The company has maintained a healthy dividend payout of 20.5%, providing some income return alongside capital appreciation, with a current dividend yield of 0.49%.
  • The company is expected to deliver a good upcoming quarter, suggesting near-term earnings visibility remains positive.
Bear Case 6
  • A PE ratio of 36.56 on a TTM basis as of 2026-11-03 prices the stock for near-flawless execution, and any earnings miss could trigger a sharp correction.
  • Debt-to-equity ratio of 0.97 indicates nearly equal debt and equity financing, which adds financial risk in a rising interest rate environment and is notable for a retail jewellery business.
  • The stock is trading 21.7% below its 52-week high of ₹648.95, suggesting possible loss of momentum or a shift in market sentiment at higher levels.
  • Dividend yield of just 0.49% offers minimal income cushion, meaning returns are almost entirely dependent on continued capital appreciation.
  • While TTM sales growth is 46%, the five-year compounded sales CAGR of 33% is significantly lower than the five-year profit CAGR of 195%, raising questions about how much of the profit growth is margin-driven versus revenue-driven and whether margins can sustain at these levels.
  • One-year stock CAGR of 17% is notably below the three-year CAGR of 27% and five-year CAGR of 49%, indicating decelerating share price returns as the valuation base has expanded.

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

AI News Digest

9h ago

TL;DR: Kalyan Jewellers delivered a solid Q2FY27 with 26% revenue growth and meaningful store additions across both its Kalyan and Candere brands. International expansion continues at a healthy pace. No visible headwinds emerged from the latest update. The key watch is whether this aggressive expansion pace can sustain margin discipline in coming quarters.

Positives 3
  • Strong 26% revenue growth Oct 7

    Q2FY27 revenue rose 26% YoY, reflecting robust demand across domestic and international markets.

  • Aggressive store expansion Oct 7

    Opened 12 Kalyan and 9 Candere showrooms in India plus 1 in the UK during Q2FY27, signaling continued retail footprint growth.

  • International sales up 18% Oct 7

    International operations grew 18% YoY and contributed 11% to overall revenue, indicating steady geographic diversification.

Quarterly Results

₹ Cr
KALYANKJIL quarterly results, ₹ crore
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 (₹)
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

₹ Cr
KALYANKJIL profit and loss, annual, ₹ crore
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 (₹)
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

₹ Cr
KALYANKJIL balance sheet, annual, ₹ crore
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

Cash Flow

₹ Cr
KALYANKJIL cash flow, annual, ₹ crore
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

Ratios

KALYANKJIL financial ratios, annual
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

Log in to view Kalyan Jewellers insights

64 extracted metrics across FY18–FY27.

Shareholding Pattern

As of Sep 2026

  • Promoters 62.85%
  • DIIs 14.41%
  • FIIs 13.83%
  • Public 7.81%
  • Others 1.10%

24.85% of promoter holding pledged as of Sep 2026

Change vs previous quarter

Not shown for some quarters: Others. Not available separately for this quarter: the shareholding filing gives Public and Others as one figure, shown under Public, so Others is left blank rather than estimated.

Documents

Frequently Asked Questions about Kalyan Jewellers India

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.
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 PE ratio of Kalyan Jewellers India Ltd?
Kalyan Jewellers India Ltd trades at a PE ratio of 38.06 as of 4 Nov 2026, on earnings per share of ₹13.9, 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 as of 4 Nov 2026.
Does Kalyan Jewellers India Ltd pay dividends?
Kalyan Jewellers India Ltd has a dividend yield of 0.49%.
What is the Return on Equity (ROE) of Kalyan Jewellers India Ltd?
Kalyan Jewellers India Ltd reported a return on equity of 24.80%. 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

Website kalyanjewellers.net
Listed 26 Mar 2021
Face Value ₹10

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