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 ₹ 57,628 Cr.
- Current Price ₹ 558
- High / Low ₹ 649 / 327
- Stock P/E 41.8
- Book Value ₹ 59.3
- Dividend Yield 0.45 %
- ROCE 24.0 %
- ROE 24.1 %
- Face Value ₹ 10.0
Pros
- Company is expected to give good quarter
- Company has delivered good profit growth of 56.9% CAGR over last 5 years
- Company has been maintaining a healthy dividend payout of 21.6%
Cons
- Stock is trading at 9.42 times its book value
* 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 | Mar 2026 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 7,956 | 7,541 | 8,297 | 7,448 | 7,846 | 7,326 | 9,056 | 11,584 | 15,758 | 21,639 | 31,027 | 33,910 | |
| 7,738 | 7,063 | 7,764 | 7,106 | 7,192 | 6,686 | 8,346 | 10,627 | 14,640 | 20,325 | 28,877 | 31,720 | |
| Operating Profit | 218 | 479 | 533 | 342 | 654 | 640 | 710 | 957 | 1,118 | 1,314 | 2,150 | 2,190 |
| OPM % | 2.7% | 6% | 6% | 4.6% | 8% | 9% | 8% | 8% | 7% | 6% | 7% | 6% |
| 143 | 51 | 22 | 58 | 98 | 53 | 42 | 9 | 101 | 144 | 190 | 214 | |
| Interest | 295 | 314 | 253 | 245 | 331 | 331 | 282 | 258 | 269 | 280 | 312 | 280 |
| Depreciation | 59 | 78 | 82 | 91 | 186 | 174 | 181 | 183 | 206 | 246 | 296 | 304 |
| Profit before tax | 7 | 139 | 220 | 64 | 235 | 187 | 290 | 525 | 744 | 932 | 1,732 | 1,820 |
| Tax % | -240% | 18% | 37% | 30% | 34% | 26% | 26% | 26% | 26% | 26% | 26% | |
| 25 | 114 | 138 | 45 | 156 | 138 | 214 | 390 | 554 | 689 | 1,285 | 1,350 | |
| EPS in Rs | 0.35 | 1.36 | 1.64 | 0.54 | 1.86 | 1.34 | 2.08 | 3.78 | 5.38 | 6.68 | 12.44 | 13.07 |
| Dividend Payout % | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 13% | 22% | 22% | 20% |
| Compounded Sales Growth | |
|---|---|
| 10 Years: | 15% |
| 5 Years: | 33% |
| 3 Years: | 39% |
| TTM: | 47% |
| Compounded Profit Growth | |
|---|---|
| 10 Years: | 47% |
| 5 Years: | 57% |
| 3 Years: | 47% |
| TTM: | 77% |
| Stock Price CAGR | |
|---|---|
| 10 Years: | % |
| 5 Years: | 49% |
| 3 Years: | 23% |
| 1 Year: | 14% |
| Return on Equity | |
|---|---|
| 10 Years: | 13% |
| 5 Years: | 16% |
| 3 Years: | 19% |
| Last Year: | 24% |
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 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| 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 | 5,088 |
| 2,365 | 2,537 | 1,767 | 2,783 | 2,671 | 2,547 | 2,385 | 2,415 | 3,228 | 3,301 | 3,232 | |
| 1,659 | 1,497 | 2,918 | 1,255 | 1,998 | 2,340 | 2,107 | 3,116 | 3,533 | 4,631 | 7,702 | |
| Total Liabilities | 5,339 | 5,515 | 6,644 | 6,044 | 6,707 | 7,912 | 7,756 | 9,198 | 10,928 | 12,709 | 17,055 |
| 812 | 873 | 1,003 | 1,022 | 1,568 | 1,431 | 1,401 | 1,291 | 1,615 | 1,914 | 2,143 | |
| CWIP | 14 | 0 | 16 | 22 | 24 | 53 | 2 | 20 | 49 | 6 | 14 |
| Investments | 252 | 252 | 260 | 267 | 273 | 755 | 768 | 768 | 773 | 851 | 852 |
| 4,261 | 4,391 | 5,365 | 4,733 | 4,842 | 5,674 | 5,585 | 7,119 | 8,491 | 9,938 | 14,046 | |
| Total Assets | 5,339 | 5,515 | 6,644 | 6,044 | 6,707 | 7,912 | 7,756 | 9,198 | 10,928 | 12,709 | 17,055 |
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 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| 156 | 516 | 109 | 715 | 986 | 973 | 1,587 | |||||
| 4 | -310 | 144 | -362 | -116 | -293 | -481 | |||||
| -126 | -23 | -474 | -376 | -833 | -513 | -1,170 | |||||
| Net Cash Flow | 34 | 183 | -221 | -23 | 36 | 167 | -65 | ||||
| Free Cash Flow | 80 | 469 | 33 | 554 | 749 | 674 | 1,291 | ||||
| CFO/EBITDA Share of operating profit converting into cash: CFO (before tax) / Operating Profit | 25% | 89% | 37% | 88% | 108% | 92% | 93% |
Ratios
Standalone / View Consolidated
| Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debtor Days | 1 | 0 | 0 | 0 | 0 | 0 | 0 | 3 | 4 | 6 | 9 |
| Inventory Days | 165 | 202 | 209 | 209 | 206 | 263 | 226 | 213 | 182 | 146 | 144 |
| Days Payable | 43 | 40 | 27 | 17 | 17 | 33 | 24 | 36 | 42 | 36 | 41 |
| Cash Conversion Cycle | 124 | 162 | 182 | 192 | 189 | 230 | 202 | 181 | 145 | 116 | 112 |
| Working Capital Days | 87 | 107 | 132 | 140 | 136 | 17 | 37 | 38 | 30 | 26 | 28 |
| ROCE % | 12% | 12% | 7% | 12% | 10% | 10% | 14% | 15% | 16% | 24% |
Insights
In beta| Mar 2016 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total Showroom Count Number of Showrooms |
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| My Kalyan Grassroots Network Number of Centres |
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| FOCO Showroom Count Number of Showrooms |
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| Non-South Revenue Share % of India Revenue |
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| Studded Jewellery Share % of India Revenue |
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| Same-Store Sales Growth (SSSG) - India % YoY |
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Extracted by Screener AI
Documents
Announcements
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Compliances-Certificate under Reg. 74 (5) of SEBI (DP) Regulations, 2018
- Submitted Regulation 74(5) certificate for dematerialisation/rematerialisation for quarter ended 30 September 2026.
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Quarterly Update - Q2 FY 2026-27
- Q2 FY2027 revenue rose over 26%; 546 showrooms, 12 Kalyan, 9 Candere launches, debt zero.
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Disclosure Under Regulation 30 Of SEBI (LODR) Regulation, 2015- Sale Of Land.
- Kalyan Jewellers sold Coimbatore land for Rs. 86.16 crore on September 30, 2026.
- Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation
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Announcement under Regulation 30 (LODR)-Credit Rating
- India Ratings reaffirmed Kalyan Jewellers' bank facility rating at IND AA-/Positive and IND A1+.
Annual reports
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Annual Report 2026
from bse
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Annual Report 2025
from bse
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Annual Report 2024
from bse
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Annual Report 2023
from bse
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Annual Report 2022
from bse
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Annual Report 2021
from bse
Concalls
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Aug 2026Transcript PPT REC
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May 2026Transcript PPT REC
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Feb 2026Transcript PPT REC
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Nov 2025Transcript PPT 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 2025Transcript REC
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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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Aug 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 2022PPT
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Nov 2021PPT
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Aug 2021PPT
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May 2021PPT
Business Profile[1]
Kalyan Jewellers India Limited is one of India’s largest organised jewellery retailers, established in 1993. The company operates a Pan-India, hyperlocal jewellery retail model with scaled presence in India, the Middle East and the USA.