Kalyan Jewellers India Ltd
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]
- Market Cap ₹ 52,949 Cr.
- Current Price ₹ 513
- High / Low ₹ 795 / 399
- Stock P/E 57.4
- Book Value ₹ 51.1
- Dividend Yield 0.29 %
- ROCE 15.7 %
- ROE 15.5 %
- Face Value ₹ 10.0
Pros
- Company is expected to give good quarter
- Company has delivered good profit growth of 34.7% CAGR over last 5 years
- Company has been maintaining a healthy dividend payout of 19.3%
Cons
- Stock is trading at 10.0 times its book value
- Company has a low return on equity of 14.0% over last 3 years.
* The pros and cons are machine generated. Pros / cons are based on a checklist to highlight important points. Please exercise caution and do your own analysis.
Quarterly Results
Standalone Figures in Rs. Crores / View Consolidated
Profit & Loss
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| 7,956 | 7,541 | 8,297 | 7,448 | 7,846 | 7,326 | 9,056 | 11,584 | 15,758 | 21,639 | 24,722 | |
| 7,738 | 7,063 | 7,764 | 7,106 | 7,192 | 6,686 | 8,346 | 10,627 | 14,640 | 20,325 | 23,142 | |
| Operating Profit | 218 | 479 | 533 | 342 | 654 | 640 | 710 | 957 | 1,118 | 1,314 | 1,580 |
| OPM % | 3% | 6% | 6% | 5% | 8% | 9% | 8% | 8% | 7% | 6% | 6% |
| 143 | 51 | 22 | 58 | 98 | 53 | 42 | 9 | 101 | 144 | 192 | |
| Interest | 295 | 314 | 253 | 245 | 331 | 331 | 282 | 258 | 269 | 280 | 264 |
| Depreciation | 59 | 78 | 82 | 91 | 186 | 174 | 181 | 183 | 206 | 246 | 271 |
| Profit before tax | 7 | 139 | 220 | 64 | 235 | 187 | 290 | 525 | 744 | 932 | 1,237 |
| Tax % | -240% | 18% | 37% | 30% | 34% | 26% | 26% | 26% | 26% | 26% | |
| 25 | 114 | 138 | 45 | 156 | 138 | 214 | 390 | 554 | 689 | 922 | |
| EPS in Rs | 0.35 | 1.36 | 1.64 | 0.54 | 1.86 | 1.34 | 2.08 | 3.78 | 5.38 | 6.68 | 8.94 |
| Dividend Payout % | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 13% | 22% | 22% |
| Compounded Sales Growth | |
|---|---|
| 10 Years: | % |
| 5 Years: | 22% |
| 3 Years: | 34% |
| TTM: | 35% |
| Compounded Profit Growth | |
|---|---|
| 10 Years: | % |
| 5 Years: | 35% |
| 3 Years: | 48% |
| TTM: | 58% |
| Stock Price CAGR | |
|---|---|
| 10 Years: | % |
| 5 Years: | % |
| 3 Years: | 71% |
| 1 Year: | -26% |
| Return on Equity | |
|---|---|
| 10 Years: | % |
| 5 Years: | 11% |
| 3 Years: | 14% |
| Last Year: | 15% |
Balance Sheet
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Sep 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 704 | 839 | 839 | 839 | 839 | 1,030 | 1,030 | 1,030 | 1,030 | 1,031 | 1,033 |
| Reserves | 612 | 642 | 1,120 | 1,167 | 1,199 | 1,995 | 2,234 | 2,637 | 3,137 | 3,746 | 4,243 |
| 2,365 | 2,537 | 1,767 | 2,783 | 2,671 | 2,547 | 2,385 | 2,415 | 3,228 | 3,301 | 3,270 | |
| 1,659 | 1,497 | 2,918 | 1,255 | 1,998 | 2,340 | 2,107 | 3,116 | 3,533 | 4,631 | 5,710 | |
| Total Liabilities | 5,339 | 5,515 | 6,644 | 6,044 | 6,707 | 7,912 | 7,756 | 9,198 | 10,928 | 12,709 | 14,256 |
| 812 | 873 | 1,003 | 1,022 | 1,568 | 1,431 | 1,401 | 1,291 | 1,615 | 1,914 | 2,041 | |
| CWIP | 14 | 0 | 16 | 22 | 24 | 53 | 2 | 20 | 49 | 6 | 9 |
| Investments | 252 | 252 | 260 | 267 | 273 | 755 | 768 | 768 | 773 | 851 | 851 |
| 4,261 | 4,391 | 5,365 | 4,733 | 4,842 | 5,674 | 5,585 | 7,119 | 8,491 | 9,938 | 11,355 | |
| Total Assets | 5,339 | 5,515 | 6,644 | 6,044 | 6,707 | 7,912 | 7,756 | 9,198 | 10,928 | 12,709 | 14,256 |
Cash Flows
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|
| 156 | 516 | 109 | 715 | 986 | 973 | |||||
| 4 | -310 | 144 | -362 | -116 | -293 | |||||
| -126 | -23 | -474 | -376 | -833 | -513 | |||||
| Net Cash Flow | 34 | 183 | -221 | -23 | 36 | 167 |
Ratios
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Debtor Days | 1 | 0 | 0 | 0 | 0 | 0 | 0 | 3 | 4 | 6 |
| Inventory Days | 165 | 202 | 209 | 209 | 206 | 263 | 226 | 213 | 182 | 146 |
| Days Payable | 43 | 40 | 27 | 17 | 17 | 33 | 24 | 36 | 42 | 36 |
| Cash Conversion Cycle | 124 | 162 | 182 | 192 | 189 | 230 | 202 | 181 | 145 | 116 |
| Working Capital Days | 87 | 107 | 132 | 140 | 136 | 17 | 37 | 38 | 30 | 26 |
| ROCE % | 12% | 12% | 7% | 12% | 10% | 10% | 14% | 15% | 16% |
Documents
Announcements
- Announcement under Regulation 30 (LODR)-Newspaper Publication 1d
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Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Outcome
2d - Audio recording of earnings call for quarter and half-year ended Sep 30, 2025 available on company website.
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Announcement under Regulation 30 (LODR)-Press Release / Media Release
2d - H1 FY26 consolidated revenue Rs15,125 Cr, PAT Rs525 Cr; Q2 revenue Rs7,856 Cr, PAT Rs261 Cr.
- Announcement under Regulation 30 (LODR)-Investor Presentation 2d
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Board Meeting Outcome for Outcome Of Board Meeting_Q2 Results
2d - Board approved Q2/H1 FY26 unaudited results and ESOP increase from 30 lakh to 60 lakh; postal ballot planned.
Annual reports
Concalls
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Nov 2025TranscriptNotesPPT REC
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Aug 2025Transcript PPT REC
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May 2025Transcript PPT REC
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Feb 2025Transcript PPT
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Jan 2025TranscriptPPTREC
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Nov 2024Transcript PPT
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Aug 2024Transcript PPT
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May 2024Transcript PPT
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Feb 2024Transcript PPT
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Nov 2023Transcript PPT
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May 2023Transcript PPT
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Feb 2023Transcript PPT
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Nov 2022Transcript PPT
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Aug 2022Transcript PPT
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May 2022Transcript PPT
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Feb 2022TranscriptNotesPPT
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Nov 2021TranscriptNotesPPT
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Aug 2021TranscriptNotesPPT
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May 2021TranscriptNotesPPT
Market Position
The company is among India’s top 5 gold jewellery retailers, accounting for about 6% of the total organised market share. [1]