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 ₹ 61,331 Cr.
- Current Price ₹ 594
- High / Low ₹ 795 / 399
- Stock P/E 89.2
- Book Value ₹ 46.3
- Dividend Yield 0.21 %
- ROCE 17.7 %
- ROE 15.4 %
- Face Value ₹ 10.0
Pros
- Company is expected to give good quarter
- Company has delivered good profit growth of 34.5% CAGR over last 5 years
- Company has been maintaining a healthy dividend payout of 19.3%
- Company's working capital requirements have reduced from 32.1 days to 25.5 days
Cons
- Stock is trading at 12.8 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 | |
---|---|---|---|---|---|---|---|---|---|---|
7,956 | 7,541 | 8,297 | 7,448 | 7,846 | 7,326 | 9,056 | 11,584 | 15,783 | 21,639 | |
7,738 | 7,063 | 7,764 | 7,106 | 7,192 | 6,686 | 8,346 | 10,627 | 14,640 | 20,359 | |
Operating Profit | 218 | 479 | 533 | 342 | 654 | 640 | 710 | 957 | 1,143 | 1,280 |
OPM % | 3% | 6% | 6% | 5% | 8% | 9% | 8% | 8% | 7% | 6% |
143 | 51 | 22 | 58 | 98 | 53 | 42 | 9 | 76 | 149 | |
Interest | 295 | 314 | 253 | 245 | 331 | 331 | 282 | 258 | 269 | 250 |
Depreciation | 59 | 78 | 82 | 91 | 186 | 174 | 181 | 183 | 206 | 246 |
Profit before tax | 7 | 139 | 220 | 64 | 235 | 187 | 290 | 525 | 744 | 932 |
Tax % | -240% | 18% | 37% | 30% | 34% | 26% | 26% | 26% | 26% | 26% |
25 | 114 | 138 | 45 | 156 | 138 | 214 | 390 | 554 | 689 | |
EPS in Rs | 0.35 | 1.36 | 1.64 | 0.54 | 1.86 | 1.34 | 2.08 | 3.78 | 5.38 | 6.68 |
Dividend Payout % | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 13% | 22% | 22% |
Compounded Sales Growth | |
---|---|
10 Years: | % |
5 Years: | 22% |
3 Years: | 34% |
TTM: | 37% |
Compounded Profit Growth | |
---|---|
10 Years: | % |
5 Years: | 35% |
3 Years: | 48% |
TTM: | 24% |
Stock Price CAGR | |
---|---|
10 Years: | % |
5 Years: | % |
3 Years: | 110% |
1 Year: | 5% |
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 | |
---|---|---|---|---|---|---|---|---|---|---|
Equity Capital | 704 | 839 | 839 | 839 | 839 | 1,030 | 1,030 | 1,030 | 1,030 | 1,031 |
Reserves | 612 | 642 | 1,120 | 1,167 | 1,199 | 1,995 | 2,234 | 2,637 | 3,137 | 3,746 |
2,365 | 2,537 | 1,767 | 2,783 | 2,671 | 2,547 | 2,385 | 2,415 | 2,151 | 2,283 | |
1,659 | 1,497 | 2,918 | 1,255 | 1,998 | 2,340 | 2,107 | 3,116 | 4,610 | 5,649 | |
Total Liabilities | 5,339 | 5,515 | 6,644 | 6,044 | 6,707 | 7,912 | 7,756 | 9,198 | 10,928 | 12,709 |
812 | 873 | 1,003 | 1,022 | 1,568 | 1,431 | 1,401 | 1,291 | 1,615 | 1,914 | |
CWIP | 14 | 0 | 16 | 22 | 24 | 53 | 2 | 20 | 49 | 6 |
Investments | 252 | 252 | 260 | 267 | 273 | 755 | 768 | 768 | 773 | 851 |
4,261 | 4,391 | 5,365 | 4,733 | 4,842 | 5,674 | 5,585 | 7,119 | 8,491 | 9,938 | |
Total Assets | 5,339 | 5,515 | 6,644 | 6,044 | 6,707 | 7,912 | 7,756 | 9,198 | 10,928 | 12,709 |
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 | 123 | 715 | 986 | 973 | |||||
4 | -310 | 144 | -362 | -116 | -293 | |||||
-126 | -23 | -488 | -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 | 56 |
Cash Conversion Cycle | 124 | 162 | 182 | 192 | 189 | 230 | 202 | 181 | 145 | 96 |
Working Capital Days | 87 | 107 | 132 | 140 | 136 | 17 | 37 | 38 | 33 | 26 |
ROCE % | 12% | 12% | 7% | 12% | 10% | 10% | 14% | 16% | 18% |
Documents
Announcements
-
Announcement under Regulation 30 (LODR)-Credit Rating
17 Jul - ICRA upgrades Kalyan Jewellers credit rating from A+ to AA- on July 17, 2025.
- Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 14 Jul
-
Board Meeting Intimation for Intimation Of Board Meeting Under Regulation 29 Of SEBI LODR Regulations 2015
10 Jul - Board meeting on 7 Aug 2025 to approve Q1 FY26 financial results; trading window closed till then.
- Compliances-Certificate under Reg. 74 (5) of SEBI (DP) Regulations, 2018 7 Jul
-
Announcement under Regulation 30 (LODR)-Press Release / Media Release
7 Jul - Q1 FY26 revenue up 31%, 19 new showrooms launched, 170 planned for FY26 expansion.
Annual reports
Concalls
-
May 2025Transcript PPT REC
-
Feb 2025Transcript PPT
-
Jan 2025TranscriptPPTREC
-
Nov 2024Transcript PPT
-
Aug 2024Transcript PPT
-
May 2024Transcript PPT
-
Feb 2024Transcript PPT
-
Nov 2023Transcript PPT
-
Aug 2023Transcript PPT
-
May 2023Transcript PPT
-
Feb 2023Transcript PPT
-
Nov 2022Transcript PPT
-
Aug 2022Transcript PPT
-
May 2022Transcript PPT
-
Feb 2022TranscriptNotesPPT
-
Nov 2021TranscriptNotesPPT
-
Aug 2021TranscriptNotesPPT
-
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]