Kalyan Jewellers India Ltd.
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ABOUT
AI Sector View
AI GENERATEDConsumer Durables
Urban discretionary demand is mixed but investable. Credit card transactions rose 27.0% YoY (2026-06), urban CMIE sentiment was 109.5 (2026-07), and consumer spending remained large at INR 44743 billion (Jun/26), even though formal consumer confidence fell to 88.3 points (Jul/26) and debit card transactions were -9.0% YoY (2026-06). Heavy sector inflows of INR 13175 crore over 3 months to 2026-08-31 indicate strong investor positioning behind the theme.
PROS
- Promoters have been increasing their shareholding - up 2.3pp over 2 years
- Company has consistently been profitable over the last 5 years
- Company has delivered good sales growth of 33.0% CAGR over last 5 years
- Latest quarter profit grew 32.0% YoY, showing strong momentum
- Strong cash generation - operating cash flow backs reported profits (CFO/PAT 1.45x)
CONS
- Receivables are growing faster than sales - a possible quality concern
- Stock is trading at 6.2x its book value
* The pros and cons are machine generated based on quantitative rules.
Peer comparison
| Name | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| TITAN | 4989.80 | 76.91 | 442987.54 | 0.30 | 1777.00 | 62.88 | 21356.00 | 44.16 | 21.90 | 13.54 |
| KALYANKJIL | 608.00 | 43.76 | 62791.26 | 0.41 | 348.67 | 32.03 | 10588.93 | 45.68 | 24.86 | 5.97 |
| LALITHAA | 334.70 | 18.55 | 18733.49 | 0.00 | — | — | — | — | 43.11 | — |
| THANGAMAYL | 5114.40 | 40.65 | 15896.59 | 0.35 | 85.09 | 86.15 | 2666.38 | 71.44 | 26.62 | 5.43 |
| PCJEWELLER | 13.88 | 17.47 | 13535.96 | 0.00 | 221.88 | 37.02 | 877.04 | 20.99 | 9.68 | 27.54 |
| BLUESTONE | 872.05 | 236.57 | 13323.07 | 0.00 | 59.61 | 271.56 | 7368.46 | 1395.59 | 9.24 | 14.50 |
| SKYGOLD | 832.75 | 38.50 | 12897.12 | 0.00 | 104.90 | 140.67 | 2012.79 | 77.93 | 27.61 | 7.79 |
| AUGMONT | 897.00 | 24.55 | 8196.20 | 0.00 | — | — | — | — | 70.86 | — |
| SENCO | 355.60 | 10.21 | 5828.32 | 0.49 | 1011.43 | 866.46 | 30560.27 | 1573.37 | 22.86 | 6.97 |
| GOLDIAM | 329.75 | 23.54 | 4964.62 | 0.63 | 73.97 | 120.06 | 326.03 | 41.92 | 24.85 | 20.33 |
| VAIBHAVGBL | 214.80 | 12.65 | 3603.69 | 2.79 | 563.83 | 1398.27 | 9170.73 | 1026.99 | 18.41 | 10.55 |
| TBZ | 523.65 | 16.35 | 3494.35 | 0.48 | 33.92 | 50.76 | 840.97 | 34.78 | 23.29 | 8.60 |
Quarterly Results
Consolidated Figures in Rs. Crores / View Standalone
| Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 4,376 | 4,415 | 5,223 | 4,525 | 5,528 | 6,058 | 7,278 | 6,182 | 7,268 | 7,856 | 10,343 | 10,275 | 10,589 | |
| 4,053 | 4,101 | 4,853 | 4,229 | 5,159 | 5,738 | 6,848 | 5,782 | 6,760 | 7,359 | 9,593 | 9,539 | 10,180 | |
| Operating Profit | 323 | 314 | 370 | 296 | 368 | 319 | 430 | 399 | 508 | 497 | 750 | 736 | 409 |
| OPM % | 7.38% | 7.11% | 7.08% | 6.55% | 6.66% | 5.27% | 5.91% | 6.46% | 6.99% | 6.33% | 7.26% | 7.16% | 3.86% |
| 12 | 13 | 20 | 39 | 30 | 34 | 40 | 41 | 46 | 51 | 23 | 46 | 56 | |
| Interest | 82 | 82 | 82 | 78 | 85 | 90 | 88 | 96 | 104 | 95 | 104 | 130 | 108 |
| Depreciation | 64 | 67 | 70 | 74 | 75 | 85 | 89 | 93 | 98 | 103 | 109 | 113 | 115 |
| Profit before Tax | 188 | 178 | 239 | 184 | 237 | 178 | 294 | 251 | 353 | 350 | 560 | 539 | 465 |
| Tax % | 23.83% | 24.29% | 24.39% | 25.14% | 25.23% | 26.76% | 25.51% | 25.14% | 25.18% | 25.63% | 25.65% | 24.00% | 24.99% |
| Net Profit | 0 | 0 | 0 | 0 | 178 | 130 | 219 | 188 | 264 | 261 | 416 | 410 | 349 |
| 1.40 | 1.31 | 1.75 | 1.34 | 1.73 | 1.27 | 2.12 | 1.82 | 2.56 | 2.52 | 4.03 | 3.97 | 3.38 |
Profit & Loss
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| 9,589 | 10,548 | 9,771 | 10,101 | 8,573 | 10,818 | 14,071 | 18,516 | 25,045 | 35,743 | 39,063 | |
| 9,011 | 9,913 | 9,152 | 9,302 | 7,949 | 9,965 | 12,907 | 17,180 | 23,465 | 33,185 | 36,671 | |
| Operating Profit | 577 | 635 | 619 | 799 | 624 | 853 | 1,165 | 1,335 | 1,580 | 2,558 | 2,392 |
| OPM % | 6.02% | 6.02% | 6.34% | 7.91% | 7.28% | 7.88% | 8.28% | 7.21% | 6.31% | 7.16% | 6.12% |
| 42 | 32 | 43 | 80 | 45 | 38 | 5 | 106 | 145 | 167 | 176 | |
| Interest | 380 | 318 | 418 | 419 | 405 | 360 | 353 | 379 | 422 | 499 | 438 |
| Depreciation | 103 | 113 | 224 | 239 | 225 | 232 | 245 | 274 | 343 | 423 | 440 |
| Profit before Tax | 136 | 237 | 21 | 221 | 39 | 299 | 572 | 789 | 960 | 1,802 | 1,914 |
| Tax % | 18.00% | 34.63% | 123.24% | 35.59% | 115.43% | 25.04% | 24.42% | 24.41% | 25.58% | 25.06% | 25.02% |
| Net Profit | 111 | 155 | -5 | 142 | -6 | 224 | 432 | 596 | 714 | 1,350 | 1,435 |
| EPS | 1.33 | 1.86 | -0.04 | 1.49 | -0.07 | 2.18 | 4.20 | 5.80 | 6.93 | 13.08 | — |
| Dividend Payout % | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 11.89% | 20.69% | 21.64% | 19.12% | — |
COMPOUNDED SALES GROWTH
- 10 Years:
- 14%
- 5 Years:
- 33%
- 3 Years:
- 36%
COMPOUNDED PROFIT GROWTH
- 10 Years:
- 41%
- 5 Years:
- —
- 3 Years:
- 46%
STOCK PRICE CAGR
- 10 Years:
- —
- 5 Years:
- 56%
- 3 Years:
- 35%
- 1 Year:
- 21%
RETURN ON EQUITY
- 10 Years:
- 10%
- 5 Years:
- 15%
- 3 Years:
- 19%
- Last Year:
- 24%
Balance Sheet
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
| 839 | 839 | 839 | 839 | 1,030 | 1,030 | 1,030 | 1,030 | 1,031 | 1,033 | |
| Minority Interest | 0 | -2 | -4 | -3 | 0 | 1 | -0 | -1 | 0 | 0 |
| 576 | 1,085 | 1,046 | 1,203 | 1,796 | 2,107 | 2,605 | 3,148 | 3,764 | 5,269 | |
| 2,534 | 4,077 | 4,518 | 4,308 | 3,990 | 3,930 | 4,173 | 4,341 | 4,755 | 5,871 | |
| Trade Payables | 1,329 | 749 | 419 | 558 | 690 | 657 | 1,193 | 1,944 | 2,350 | 3,360 |
| 1,027 | 1,188 | 1,210 | 1,326 | 1,462 | 1,473 | 2,086 | 2,933 | 3,797 | 6,297 | |
| Total Liabilities | 6,304 | 7,936 | 8,030 | 8,231 | 8,969 | 9,197 | 11,086 | 13,395 | 15,698 | 21,829 |
| 986 | 1,195 | 2,090 | 2,105 | 1,838 | 1,860 | 1,842 | 2,238 | 2,785 | 3,250 | |
| Capital Work in Progress | 0 | 18 | 17 | 24 | 53 | 2 | 20 | 48 | 8 | 18 |
| 0 | 1 | 3 | 0 | 0 | 1 | 4 | 4 | 5 | 6 | |
| 4,167 | 5,022 | 4,501 | 4,720 | 5,303 | 5,794 | 7,014 | 8,298 | 9,681 | 14,175 | |
| 0 | 0 | 0 | 0 | 0 | 0 | 0 | 328 | 400 | 867 | |
| Cash & Bank | 695 | 1,018 | 825 | 750 | 1,097 | 777 | 982 | 975 | 1,031 | 861 |
| 456 | 682 | 595 | 631 | 679 | 763 | 1,225 | 1,503 | 1,787 | 2,654 | |
| Total Assets | 6,304 | 7,936 | 8,030 | 8,231 | 8,969 | 9,197 | 11,086 | 13,395 | 15,698 | 21,829 |
Cash Flows
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
| 198 | 962 | 428 | 326 | 686 | 417 | 1,142 | 1,322 | 1,209 | 1,318 | |
| Cash from Investing | -143 | -643 | -124 | 34 | -217 | 64 | -384 | -137 | -177 | -118 |
| Cash from Financing | 14 | -301 | -293 | -343 | -208 | -544 | -638 | -1,148 | -840 | -1,264 |
| 55 | -22 | -28 | 11 | 204 | -216 | -8 | 37 | 193 | -64 |
Ratios
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
Documents
Corporate disclosures, annual reports, credit ratings, and concall transcripts
2026-09-08 - Kalyan Jewellers India Limited has informed the Exchange about Schedule of meet
2026-09-07 - Kalyan Jewellers India Limited has informed the Exchange about Schedule of meet
2026-08-21 - Kalyan Jewellers India Limited has informed the Exchange about General Updates
2026-08-21 - Kalyan Jewellers India Limited has informed the Exchange about Copy of Newspaper Publication
2026-08-20 - Kalyan Jewellers India Limited has informed the Exchange about Copy of Newspaper Publication
2026-08-20 - Kalyan Jewellers India Limited has informed the Exchange regarding Notice of Annual General Meeting to be held on September 19, 2026
2026-08-17 - Kalyan Jewellers India Limited has informed the Exchange that Record date for the purpose of Dividend is 12-Sep-2026.
2026-08-17 - Kalyan Jewellers India Limited has informed the Exchange regarding 'Intimation of 18th Annual General Meeting'.
2026-08-13 - Kalyan Jewellers India Limited has informed the Exchange about Schedule of meet
News
Recent coverage and analyst commentary for KALYANKJIL
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