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 ₹ 56,848 Cr.
- Current Price ₹ 551
- High / Low ₹ 795 / 336
- Stock P/E 79.6
- Book Value ₹ 46.6
- Dividend Yield 0.22 %
- ROCE 14.3 %
- ROE 15.9 %
- Face Value ₹ 10.0
Pros
- Company is expected to give good quarter
- Company has delivered good profit growth of 38.3% CAGR over last 5 years
- Company has been maintaining a healthy dividend payout of 18.1%
- Company's working capital requirements have reduced from 98.1 days to 74.1 days
Cons
- Stock is trading at 12.0 times its book value
- Company might be capitalizing the interest cost
* 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.
Peer comparison
Sector: Diamond, Gems and Jewellery Industry: Diamond Cutting / Jewellery
Part of BSE 500 BSE Consumer Durables Nifty 500 BSE MidCap Nifty Midcap 100
Quarterly Results
Consolidated Figures in Rs. Crores / View Standalone
Profit & Loss
Consolidated Figures in Rs. Crores / View Standalone
Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
---|---|---|---|---|---|---|---|---|
10,505 | 9,771 | 10,101 | 8,573 | 10,818 | 14,071 | 18,548 | 25,045 | |
9,732 | 9,151 | 9,302 | 7,949 | 9,965 | 12,906 | 17,180 | 23,528 | |
Operating Profit | 774 | 620 | 799 | 624 | 853 | 1,165 | 1,368 | 1,517 |
OPM % | 7% | 6% | 8% | 7% | 8% | 8% | 7% | 6% |
32 | 42 | 80 | 45 | 38 | 5 | 74 | 145 | |
Interest | 390 | 418 | 419 | 405 | 360 | 353 | 379 | 359 |
Depreciation | 202 | 224 | 239 | 225 | 232 | 245 | 274 | 343 |
Profit before tax | 214 | 21 | 221 | 39 | 299 | 572 | 789 | 960 |
Tax % | 34% | 123% | 36% | 115% | 25% | 24% | 24% | 26% |
141 | -5 | 142 | -6 | 224 | 432 | 596 | 714 | |
EPS in Rs | 1.70 | -0.04 | 1.70 | -0.06 | 2.18 | 4.20 | 5.80 | 6.93 |
Dividend Payout % | 0% | 0% | 0% | 0% | 0% | 12% | 21% | 22% |
Compounded Sales Growth | |
---|---|
10 Years: | % |
5 Years: | 20% |
3 Years: | 32% |
TTM: | 35% |
Compounded Profit Growth | |
---|---|
10 Years: | % |
5 Years: | 38% |
3 Years: | 47% |
TTM: | 20% |
Stock Price CAGR | |
---|---|
10 Years: | % |
5 Years: | % |
3 Years: | 107% |
1 Year: | 36% |
Return on Equity | |
---|---|
10 Years: | % |
5 Years: | 12% |
3 Years: | 15% |
Last Year: | 16% |
Balance Sheet
Consolidated Figures in Rs. Crores / View Standalone
Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
---|---|---|---|---|---|---|---|---|
Equity Capital | 839 | 839 | 839 | 1,030 | 1,030 | 1,030 | 1,030 | 1,031 |
Reserves | 1,012 | 1,046 | 1,203 | 1,796 | 2,107 | 2,605 | 3,159 | 3,772 |
4,196 | 3,907 | 3,759 | 4,081 | 4,029 | 4,295 | 4,486 | 4,959 | |
2,503 | 2,268 | 2,417 | 1,958 | 1,779 | 2,783 | 4,142 | 5,363 | |
Total Liabilities | 8,551 | 8,060 | 8,219 | 8,865 | 8,945 | 10,713 | 12,818 | 15,126 |
1,879 | 2,152 | 2,167 | 1,899 | 1,921 | 1,903 | 2,299 | 2,846 | |
CWIP | 18 | 22 | 24 | 53 | 2 | 20 | 49 | 8 |
Investments | 1 | 3 | 0 | 0 | 1 | 4 | 4 | 5 |
6,654 | 5,884 | 6,027 | 6,913 | 7,021 | 8,785 | 10,465 | 12,267 | |
Total Assets | 8,551 | 8,060 | 8,219 | 8,865 | 8,945 | 10,713 | 12,818 | 15,126 |
Cash Flows
Consolidated Figures in Rs. Crores / View Standalone
Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
---|---|---|---|---|---|---|---|---|
320 | 629 | 264 | 1,013 | 1,322 | 1,209 | |||
34 | -217 | 64 | -384 | -137 | -177 | |||
-343 | -208 | -544 | -638 | -1,148 | -840 | |||
Net Cash Flow | 11 | 204 | -216 | -8 | 37 | 193 |
Ratios
Consolidated Figures in Rs. Crores / View Standalone
Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
---|---|---|---|---|---|---|---|---|
Debtor Days | 6 | 5 | 8 | 5 | 4 | 6 | 6 | 6 |
Inventory Days | 208 | 200 | 205 | 272 | 232 | 216 | 191 | 162 |
Days Payable | 31 | 19 | 24 | 35 | 26 | 37 | 45 | 39 |
Cash Conversion Cycle | 184 | 187 | 189 | 241 | 210 | 185 | 153 | 129 |
Working Capital Days | 121 | 123 | 122 | 157 | 146 | 124 | 96 | 74 |
ROCE % | 7% | 11% | 7% | 9% | 13% | 14% | 14% |
Documents
Announcements
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Compliances-Reg.24(A)-Annual Secretarial Compliance
16 May - Annual Secretarial Compliance Report confirms full SEBI compliance for FY ended March 31, 2025.
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Announcement under Regulation 30 (LODR)-Earnings Call Transcript
12 May - Kalyan Jewellers Q4 FY25: 36% revenue growth, 714 Cr PAT, 170 new stores planned, focus on Candere profitability.
- Announcement under Regulation 30 (LODR)-Newspaper Publication 9 May
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Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Outcome
8 May - Audio recording of Q4 FY2025 earnings call available on company website.
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Appointment Of Secretarial Auditor
8 May - Appointment of Mr. MR Thiagarajan as Secretarial Auditor for 2025-2030, subject to shareholder approval.
Annual reports
Concalls
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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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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 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]