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 ₹ 52,348 Cr.
- Current Price ₹ 507
- High / Low ₹ 795 / 399
- Stock P/E 65.3
- Book Value ₹ 46.6
- Dividend Yield 0.30 %
- ROCE 15.0 %
- ROE 16.0 %
- Face Value ₹ 10.0
Pros
- Company is expected to give good quarter
- Company has delivered good profit growth of 38.2% CAGR over last 5 years
- Company has been maintaining a healthy dividend payout of 18.1%
Cons
- Stock is trading at 10.9 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
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 | TTM | |
---|---|---|---|---|---|---|---|---|---|
10,505 | 9,771 | 10,101 | 8,573 | 10,818 | 14,071 | 18,516 | 25,045 | 26,794 | |
9,732 | 9,151 | 9,302 | 7,949 | 9,965 | 12,906 | 17,180 | 23,461 | 25,129 | |
Operating Profit | 774 | 620 | 799 | 624 | 853 | 1,165 | 1,335 | 1,585 | 1,665 |
OPM % | 7% | 6% | 8% | 7% | 8% | 8% | 7% | 6% | 6% |
32 | 42 | 80 | 45 | 38 | 5 | 106 | 140 | 153 | |
Interest | 390 | 418 | 419 | 405 | 360 | 353 | 379 | 422 | 378 |
Depreciation | 202 | 224 | 239 | 225 | 232 | 245 | 274 | 343 | 365 |
Profit before tax | 214 | 21 | 221 | 39 | 299 | 572 | 789 | 960 | 1,075 |
Tax % | 34% | 123% | 36% | 115% | 25% | 24% | 24% | 26% | |
141 | -5 | 142 | -6 | 224 | 432 | 596 | 714 | 801 | |
EPS in Rs | 1.70 | -0.04 | 1.70 | -0.06 | 2.18 | 4.20 | 5.80 | 6.93 | 7.77 |
Dividend Payout % | -0% | -0% | -0% | -0% | -0% | 12% | 21% | 22% |
Compounded Sales Growth | |
---|---|
10 Years: | % |
5 Years: | 20% |
3 Years: | 32% |
TTM: | 36% |
Compounded Profit Growth | |
---|---|
10 Years: | % |
5 Years: | 38% |
3 Years: | 47% |
TTM: | 27% |
Stock Price CAGR | |
---|---|
10 Years: | % |
5 Years: | % |
3 Years: | 94% |
1 Year: | -8% |
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 | 4,495 | 4,959 | |
2,503 | 2,268 | 2,417 | 1,958 | 1,779 | 2,783 | 4,134 | 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 | -11 | -12 | -5 | 10 | 30 | 30 | 25 | 23 |
ROCE % | 7% | 11% | 7% | 9% | 13% | 14% | 15% |
Documents
Announcements
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Announcement Under Regulation 30 Of SEBI LODR
1d - Wholly owned subsidiary renamed to Candere Lifestyle Jewellery Private Limited effective August 18, 2025.
- Announcement under Regulation 30 (LODR)-Newspaper Publication 15 Aug
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General Update
15 Aug - Dispatched letters with web link to FY 2024-25 Annual Report and 17th AGM details for shareholders.
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Business Responsibility and Sustainability Reporting (BRSR)
14 Aug - Kalyan Jewellers files FY 2024-25 Business Responsibility and Sustainability Report as per SEBI norms.
- 17Th AGM Notice 14 Aug
Annual reports
Concalls
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Aug 2025Transcript PPT
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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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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]