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 ₹ 58,247 Cr.
- Current Price ₹ 564
- High / Low ₹ 649 / 327
- Stock P/E 39.8
- Book Value ₹ 61.1
- Dividend Yield 0.44 %
- ROCE 21.2 %
- ROE 24.8 %
- Face Value ₹ 10.0
Pros
- Company is expected to give good quarter
- Company has delivered good profit growth of 195% CAGR over last 5 years
- Company has been maintaining a healthy dividend payout of 20.5%
Cons
- Stock is trading at 9.23 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 | Mar 2026 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|
| 10,505 | 9,771 | 10,101 | 8,573 | 10,818 | 14,071 | 18,516 | 25,045 | 35,743 | 39,063 | |
| 9,732 | 9,151 | 9,302 | 7,949 | 9,965 | 12,906 | 17,180 | 23,461 | 33,181 | 36,448 | |
| Operating Profit | 774 | 620 | 799 | 624 | 853 | 1,165 | 1,335 | 1,585 | 2,562 | 2,616 |
| OPM % | 7% | 6% | 8% | 7% | 8% | 8% | 7% | 6% | 7% | 7% |
| 32 | 42 | 80 | 45 | 38 | 5 | 106 | 140 | 162 | 176 | |
| Interest | 390 | 418 | 419 | 405 | 360 | 353 | 379 | 422 | 499 | 438 |
| Depreciation | 202 | 224 | 239 | 225 | 232 | 245 | 274 | 343 | 423 | 440 |
| Profit before tax | 214 | 21 | 221 | 39 | 299 | 572 | 789 | 960 | 1,802 | 1,914 |
| Tax % | 34% | 123% | 36% | 115% | 25% | 24% | 24% | 26% | 25% | |
| 141 | -5 | 142 | -6 | 224 | 432 | 596 | 714 | 1,350 | 1,435 | |
| EPS in Rs | 1.70 | -0.04 | 1.70 | -0.06 | 2.18 | 4.20 | 5.80 | 6.93 | 13.08 | 13.90 |
| Dividend Payout % | 0% | 0% | 0% | 0% | 0% | 12% | 21% | 22% | 19% |
| Compounded Sales Growth | |
|---|---|
| 10 Years: | % |
| 5 Years: | 33% |
| 3 Years: | 36% |
| TTM: | 46% |
| Compounded Profit Growth | |
|---|---|
| 10 Years: | % |
| 5 Years: | 195% |
| 3 Years: | 45% |
| TTM: | 83% |
| Stock Price CAGR | |
|---|---|
| 10 Years: | % |
| 5 Years: | 51% |
| 3 Years: | 35% |
| 1 Year: | 26% |
| Return on Equity | |
|---|---|
| 10 Years: | % |
| 5 Years: | 17% |
| 3 Years: | 19% |
| Last Year: | 25% |
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 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 839 | 839 | 839 | 1,030 | 1,030 | 1,030 | 1,030 | 1,031 | 1,033 |
| Reserves | 1,012 | 1,046 | 1,203 | 1,796 | 2,107 | 2,605 | 3,159 | 3,772 | 5,276 |
| 4,196 | 3,907 | 3,759 | 3,378 | 4,029 | 4,295 | 4,495 | 4,959 | 6,117 | |
| 2,503 | 2,268 | 2,417 | 2,661 | 1,779 | 2,783 | 4,134 | 5,363 | 8,291 | |
| Total Liabilities | 8,551 | 8,060 | 8,219 | 8,865 | 8,945 | 10,713 | 12,818 | 15,126 | 20,717 |
| 1,879 | 2,152 | 2,167 | 1,899 | 1,921 | 1,903 | 2,299 | 2,846 | 3,312 | |
| CWIP | 18 | 22 | 24 | 53 | 2 | 20 | 49 | 8 | 18 |
| Investments | 1 | 3 | 0 | 0 | 1 | 4 | 4 | 5 | 6 |
| 6,654 | 5,884 | 6,027 | 6,913 | 7,021 | 8,785 | 10,465 | 12,267 | 17,382 | |
| Total Assets | 8,551 | 8,060 | 8,219 | 8,865 | 8,945 | 10,713 | 12,818 | 15,126 | 20,717 |
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 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|
| 320 | 629 | 245 | 1,013 | 1,322 | 1,209 | 1,318 | |||
| 34 | -217 | 64 | -384 | -137 | -177 | -118 | |||
| -343 | -208 | -524 | -638 | -1,148 | -840 | -1,264 | |||
| Net Cash Flow | 11 | 204 | -216 | -8 | 37 | 193 | -64 | ||
| Free Cash Flow | 212 | 581 | 154 | 827 | 1,061 | 790 | 939 | ||
| CFO/OP | 41% | 110% | 47% | 98% | 116% | 91% | 68% |
Ratios
Consolidated / View Standalone
| Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|
| Debtor Days | 6 | 5 | 8 | 5 | 4 | 6 | 6 | 6 | 9 |
| Inventory Days | 208 | 200 | 205 | 272 | 232 | 216 | 191 | 162 | 167 |
| Days Payable | 31 | 19 | 24 | 35 | 26 | 37 | 45 | 39 | 40 |
| Cash Conversion Cycle | 184 | 187 | 189 | 241 | 210 | 185 | 153 | 129 | 136 |
| Working Capital Days | -11 | -12 | -5 | 10 | 30 | 30 | 25 | 23 | 30 |
| ROCE % | 7% | 11% | 7% | 10% | 13% | 14% | 15% | 21% |
Insights
In beta| Mar 2016 | 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 ・Standalone data |
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| FOCO Showroom Count Number of Showrooms |
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| Same-Store Sales Growth (SSSG) - India % YoY ・Standalone data |
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Extracted by Screener AI
Documents
Announcements
- 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+.
- Closure of Trading Window
- Shareholder Meeting / Postal Ballot-Scrutinizer''s Report
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Announcement Under Regulation 30 - LODR
- Invested Rs350 crore in Candere via rights issue on September 19, 2026 to repay loans.
Annual reports
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Annual Report 2026
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Annual Report 2025
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Annual Report 2024
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Annual Report 2023
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Annual Report 2022
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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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Jan 2025Transcript REC
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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 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.