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
- Company has delivered good profit growth of 56.2% CAGR over last 5 years
- Company has a healthy return on capital (ROCE) of 21.1%
- Promoters have been increasing their shareholding - up 2.3pp over 2 years
- Company has delivered good sales growth of 33.5% CAGR over last 5 years
- Strong cash generation - operating cash flow backs reported profits (CFO/PAT 1.40x)
- Latest quarter profit grew 25.3% YoY, showing strong momentum
CONS
- Receivables are growing faster than sales - a possible quality concern
- Stock is trading at 6.3x its book value
* The pros and cons are machine generated based on quantitative rules.
Peer comparison
| Name | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| TITAN | 5005.00 | 77.14 | 444336.97 | 0.30 | 1777.00 | 62.88 | 21356.00 | 44.16 | 21.90 | 13.54 |
| KALYANKJIL | 600.65 | 43.23 | 62032.19 | 0.42 | 348.67 | 32.03 | 10588.93 | 45.68 | 24.86 | 5.97 |
| LALITHAA | 338.50 | 18.76 | 18946.18 | 0.00 | 2082.17 | — | 60312.32 | — | 43.11 | 6.18 |
| THANGAMAYL | 5135.45 | 40.82 | 15962.02 | 0.35 | 85.09 | 86.15 | 2666.38 | 71.44 | 26.62 | 5.43 |
| BLUESTONE | 890.30 | 241.52 | 13601.89 | 0.00 | 59.61 | 271.56 | 7368.46 | 1395.59 | 9.24 | 14.50 |
| PCJEWELLER | 13.70 | 17.25 | 13360.42 | 0.00 | 221.88 | 37.02 | 877.04 | 20.99 | 9.68 | 27.54 |
| SKYGOLD | 827.45 | 38.25 | 12815.04 | 0.00 | 104.90 | 140.67 | 2012.79 | 77.93 | 27.61 | 7.79 |
| AUGMONT | 886.85 | 24.27 | 8103.46 | 0.00 | — | — | — | — | 70.86 | — |
| SENCO | 346.45 | 9.95 | 5678.35 | 0.51 | 101.14 | -3.35 | 3056.03 | 67.34 | 22.86 | 6.97 |
| GOLDIAM | 324.65 | 23.18 | 4887.84 | 0.64 | 73.97 | 120.06 | 326.03 | 41.92 | 24.85 | 20.33 |
| VAIBHAVGBL | 212.80 | 12.53 | 3570.14 | 2.82 | 563.83 | 1398.27 | 9170.73 | 1026.99 | 18.41 | 10.55 |
| TBZ | 522.35 | 16.31 | 3485.67 | 0.48 | 33.92 | 50.76 | 840.97 | 34.78 | 23.29 | 8.60 |
Quarterly Results
Standalone Figures in Rs. Crores / View Consolidated
| 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 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 3,641 | 3,754 | 4,512 | 3,867 | 4,681 | 5,221 | 6,386 | 5,350 | 6,142 | 6,843 | 9,048 | 8,994 | 9,026 | |
| 3,372 | 3,487 | 4,195 | 3,613 | 4,373 | 4,964 | 6,016 | 5,007 | 5,708 | 6,411 | 8,394 | 8,390 | 8,666 | |
| Operating Profit | 269 | 267 | 316 | 255 | 309 | 257 | 370 | 344 | 434 | 432 | 654 | 604 | 360 |
| OPM % | 7.39% | 7.12% | 7.01% | 6.59% | 6.59% | 4.92% | 5.80% | 6.42% | 7.07% | 6.31% | 7.23% | 6.72% | 3.99% |
| 14 | 14 | 23 | 34 | 31 | 34 | 41 | 42 | 52 | 57 | 33 | 52 | 72 | |
| Interest | 61 | 63 | 60 | 58 | 60 | 63 | 58 | 69 | 72 | 65 | 69 | 83 | 63 |
| Depreciation | 48 | 51 | 53 | 55 | 56 | 61 | 61 | 68 | 70 | 72 | 77 | 77 | 77 |
| Profit before Tax | 174 | 168 | 226 | 176 | 224 | 167 | 292 | 249 | 344 | 352 | 541 | 495 | 432 |
| Tax % | 25.80% | 25.36% | 25.52% | 25.51% | 26.26% | 28.02% | 25.33% | 25.68% | 25.50% | 25.45% | 25.92% | 26.18% | 25.64% |
| Net Profit | 129 | 126 | 168 | 131 | 165 | 120 | 218 | 185 | 256 | 262 | 401 | 366 | 321 |
| 1.25 | 1.22 | 1.63 | 1.28 | 1.60 | 1.17 | 2.11 | 1.80 | 2.48 | 2.54 | 3.88 | 3.54 | 3.11 |
Profit & Loss
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| 7,541 | 8,297 | 7,448 | 7,846 | 7,326 | 9,056 | 11,584 | 15,758 | 21,639 | 31,027 | 33,910 | |
| 7,047 | 7,764 | 7,106 | 7,192 | 6,686 | 8,346 | 10,627 | 14,640 | 20,329 | 28,881 | 31,860 | |
| Operating Profit | 494 | 533 | 342 | 654 | 640 | 710 | 957 | 1,118 | 1,310 | 2,146 | 2,050 |
| OPM % | 6.55% | 6.42% | 4.59% | 8.34% | 8.74% | 7.84% | 8.26% | 7.10% | 6.05% | 6.92% | 6.05% |
| 51 | 22 | 58 | 98 | 53 | 42 | 9 | 101 | 149 | 194 | 214 | |
| Interest | 329 | 253 | 245 | 331 | 331 | 282 | 258 | 269 | 280 | 312 | 280 |
| Depreciation | 78 | 82 | 91 | 186 | 174 | 181 | 183 | 206 | 246 | 296 | 304 |
| Profit before Tax | 139 | 220 | 64 | 235 | 187 | 290 | 525 | 744 | 932 | 1,732 | 1,820 |
| Tax % | 17.58% | 37.33% | 30.27% | 33.56% | 26.27% | 26.11% | 25.76% | 25.54% | 26.13% | 25.82% | 25.83% |
| Net Profit | 114 | 138 | 45 | 156 | 138 | 214 | 390 | 554 | 689 | 1,285 | 1,350 |
| EPS | 1.36 | 1.64 | 0.54 | 1.63 | 1.44 | 2.08 | 3.78 | 5.38 | 6.68 | 12.44 | — |
| Dividend Payout % | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 13.21% | 22.31% | 22.47% | 20.09% | — |
COMPOUNDED SALES GROWTH
- 10 Years:
- 15%
- 5 Years:
- 33%
- 3 Years:
- 39%
COMPOUNDED PROFIT GROWTH
- 10 Years:
- 49%
- 5 Years:
- 56%
- 3 Years:
- 49%
STOCK PRICE CAGR
- 10 Years:
- —
- 5 Years:
- 56%
- 3 Years:
- 38%
- 1 Year:
- 19%
RETURN ON EQUITY
- 10 Years:
- 10%
- 5 Years:
- 14%
- 3 Years:
- 18%
- Last Year:
- 24%
Balance Sheet
Standalone Figures in Rs. Crores / View Consolidated
| 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 | |
| 642 | 1,122 | 1,167 | 1,199 | 1,995 | 2,234 | 2,637 | 3,126 | 3,737 | 5,081 | |
| 2,430 | 2,938 | 2,664 | 3,201 | 3,151 | 2,933 | 3,047 | 3,115 | 3,152 | 3,060 | |
| Trade Payables | 680 | 521 | 284 | 299 | 558 | 495 | 968 | 1,534 | 1,869 | 3,020 |
| 918 | 1,224 | 1,090 | 1,255 | 1,286 | 1,321 | 1,892 | 2,706 | 3,505 | 5,998 | |
| Total Liabilities | 5,509 | 6,644 | 6,044 | 6,793 | 8,021 | 8,013 | 9,574 | 11,511 | 13,295 | 18,192 |
| 810 | 941 | 960 | 1,506 | 1,370 | 1,340 | 1,230 | 1,554 | 1,853 | 2,082 | |
| Capital Work in Progress | 0 | 16 | 17 | 24 | 53 | 1 | 19 | 48 | 6 | 14 |
| 252 | 260 | 267 | 273 | 755 | 768 | 768 | 773 | 851 | 852 | |
| 3,406 | 3,973 | 3,559 | 3,636 | 4,388 | 4,746 | 5,714 | 6,740 | 7,568 | 10,687 | |
| 0 | 0 | 0 | 0 | 0 | 0 | 0 | 170 | 331 | 725 | |
| Cash & Bank | 526 | 689 | 468 | 465 | 900 | 462 | 619 | 652 | 636 | 511 |
| 516 | 765 | 774 | 890 | 556 | 697 | 1,224 | 1,572 | 2,049 | 3,321 | |
| Total Assets | 5,509 | 6,644 | 6,044 | 6,793 | 8,021 | 8,013 | 9,574 | 11,511 | 13,295 | 18,192 |
Cash Flows
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
| 64 | 1,031 | 13 | 163 | 572 | 275 | 842 | 986 | 973 | 1,587 | |
| Cash from Investing | -115 | -320 | 143 | 4 | -310 | 144 | -362 | -116 | -293 | -481 |
| Cash from Financing | 70 | -619 | -142 | -126 | -23 | -488 | -376 | -833 | -513 | -1,170 |
| 5 | 52 | -25 | 34 | 183 | -221 | -23 | 36 | 167 | -65 |
Ratios
Standalone Figures in Rs. Crores / View Consolidated
| 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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