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 ₹ 45,750 Cr.
- Current Price ₹ 443
- High / Low ₹ 618 / 327
- Stock P/E 33.2
- Book Value ₹ 61.1
- Dividend Yield 0.34 %
- ROCE 20.5 %
- 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 7.25 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 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|
| 10,505 | 9,771 | 10,101 | 8,573 | 10,818 | 14,071 | 18,516 | 25,045 | 35,743 | |
| 9,732 | 9,151 | 9,302 | 7,949 | 9,965 | 12,906 | 17,180 | 23,461 | 33,252 | |
| Operating Profit | 774 | 620 | 799 | 624 | 853 | 1,165 | 1,335 | 1,585 | 2,491 |
| OPM % | 7% | 6% | 8% | 7% | 8% | 8% | 7% | 6% | 7% |
| 32 | 42 | 80 | 45 | 38 | 5 | 106 | 140 | 167 | |
| Interest | 390 | 418 | 419 | 405 | 360 | 353 | 379 | 422 | 433 |
| Depreciation | 202 | 224 | 239 | 225 | 232 | 245 | 274 | 343 | 423 |
| Profit before tax | 214 | 21 | 221 | 39 | 299 | 572 | 789 | 960 | 1,802 |
| Tax % | 34% | 123% | 36% | 115% | 25% | 24% | 24% | 26% | 25% |
| 141 | -5 | 142 | -6 | 224 | 432 | 596 | 714 | 1,350 | |
| EPS in Rs | 1.70 | -0.04 | 1.70 | -0.06 | 2.18 | 4.20 | 5.80 | 6.93 | 13.08 |
| Dividend Payout % | 0% | 0% | 0% | 0% | 0% | 12% | 21% | 22% | 19% |
| Compounded Sales Growth | |
|---|---|
| 10 Years: | % |
| 5 Years: | 33% |
| 3 Years: | 36% |
| TTM: | 43% |
| Compounded Profit Growth | |
|---|---|
| 10 Years: | % |
| 5 Years: | 195% |
| 3 Years: | 44% |
| TTM: | 92% |
| Stock Price CAGR | |
|---|---|
| 10 Years: | % |
| 5 Years: | 42% |
| 3 Years: | 37% |
| 1 Year: | -25% |
| 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% | 70% |
Ratios
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 | |
|---|---|---|---|---|---|---|---|---|---|
| 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
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Q1 Update FY 2026-27
2d - Q1 FY2027 revenue rose 38%; 12 Kalyan and 5 Candere showrooms opened.
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Compliances-Certificate under Reg. 74 (5) of SEBI (DP) Regulations, 2018
3 Jul - Regulation 74(5) certificate submitted for quarter ended 30 June 2026.
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Announcement Under Regulation 30 -LODR
26 Jun - June 26, 2026: USD 12.03 million loan converted into equity of Kalyan Jewelers Inc.
- Closure of Trading Window 23 Jun
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Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation
30 May - Kalyan Jewellers schedules BofA India Conference on June 3 and Citi India Conference on June 5, 2026.
Annual reports
Concalls
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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 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 2022TranscriptAI SummaryPPT
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Nov 2021TranscriptAI SummaryPPT
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Aug 2021TranscriptAI SummaryPPT
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May 2021TranscriptAI SummaryPPT
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.