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 ₹ 57,374 Cr.
- Current Price ₹ 556
- High / Low ₹ 795 / 399
- Stock P/E 80.3
- 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 11.9 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.
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: | 108% |
1 Year: | 11% |
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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Revised Disclosures under Reg. 31(1) and 31(2) of SEBI (SAST) Regulations, 2011.
27 Jun - Revised disclosure of promoter's share pledge creation and release, correcting encumbrance details and shareholding percentages.
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Announcement under Regulation 30 (LODR)-Credit Rating
25 Jun - Kalyan Jewellers' bank facilities credit rating upgraded from IND A+ to IND AA- by India Ratings.
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Closure of Trading Window
23 Jun - Trading window closed from July 1, 2025, till 48 hours after Q1 FY2025-26 results announcement.
- Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 13 Jun
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Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation
1 Jun - Kalyan Jewellers to meet investors at UBS Asian Investment Conference on June 4, 2025.
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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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]