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Kalyan Jewellers India Ltd (KALYANKJIL)
Share Analysis – Quality, Valuation Zone, Price Trend & DeciZen Rating BSE: 543278 NSE: KALYANKJIL Diamond & Jewellery | Mid Cap | Kalyan Jewell.India Share Price
₹603 -12.60 (-2.05%)
As on 11-Sep'26 15:15
Kalyan Jewellers India Ltd (KALYANKJIL)
Share Analysis – Quality, Valuation Zone, Price Trend & DeciZen Rating BSE: 543278 NSE: KALYANKJIL Diamond & Jewellery | Mid Cap | Kalyan Jewell.India Share Price
₹603 -12.60 (-2.05%)
As on 11-Sep'26 15:15
Key Metrics
Valuation Multiples
Market Cap
₹63,576 Cr.
Current Price
₹603
52-Week Low / High
₹327 / 649
TTM EPS
₹13.9
TTM Sales
₹39,063 Cr.
Book Value per Share
₹64.4
P/E Ratio
44.30
Lower than its 5-year historical median
Industry PE
53.9
Price to Book (P/B)
9.56
Higher than its 5-year historical median
Price to Sales (P/S)
1.63
Lower than its 5-year historical median
EV/EBITDA
23.59
In line with its 5-year historical median
Dividend Yield
0.41%
Profitability Efficiency
Return on Equity (ROE)
24.34%
Outperforms industry median
Return on Capital Employed (ROCE)
24.86%
Outperforms industry median
Return on Assets (ROA)
7.20%
Operating Profit Margin
7.2%
Net Profit Margin
3.78%
Gross Profit Margin
6.3%
Growth Momentum
1-yr vs 3-yr growth
1-yr vs 3-yr growth
Sales Growth (1 Year)
Improving versus 3-year growth rate
43.39%
Operating Profit Growth (1 Year)
Improving versus 3-year growth rate
61.88%
Net Profit Growth (1 Year)
Improving versus 3-year growth rate
89.09%
Asset Quality
Promoter Holding
62.86%
Pledged shares (%) of Promoter's holding (%)
24.85%
Reserves
₹5,618 Cr.
Equity
₹1,032.8 Cr.
Face Value
₹10
All Time Low / High
₹55.20 / 794.60
Check Before You Invest
Quality
Very GoodValuation
FairCheck Valuation charts
Price Trend
Strong
Is Kalyan Jewellers India Ltd a good quality company?
Kalyan Jewellers India Ltd is a good quality company, based on a consistently good multi-year financial track record.
This assessment is based on company’s performance on Revenue growth, ROCE, Equity and Assets, key margin ratios, cash conversion cycle, and debt to cash flow from operations and how it compares with its long term averages.
We have analysed the performance of the company on the following:
-
How has it performed on generating Profits?
By checking its Revenue growth, Gross, Operating and Net Margins compared to its last 5-year median.
-
How efficiently has it utilized Capital?
By checking its ROCE, ROA, ROE and its Cash Conversion Cycle.
-
How is it managing its Debt?
By checking its Debt to Equity and Cash Flow from Operations.
How does Kalyan Jewellers India Ltd performance compare with that of its Peers?
Revenue growth of Kalyan Jewellers India Ltd vs industry peers?
Kalyan Jewellers India Ltd revenue CAGR is 33.47%, compared to the industry median CAGR of 33.47%, indicating stable growth and maintaining its market share.
Promoter shareholding and pledge status of Kalyan Jewellers India Ltd?
Promoters hold 62.86% of the Kalyan Jewellers India Ltd, with 24.85% of their stake pledged, indicating high pledge risk.
Stock return of Kalyan Jewellers India Ltd over the last decade?
Over the last 5 year(s), the stock has delivered a CAGR of 56.33% based on the current price.
10 Year X-Ray :
Analysis of Financial Track Record (Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end)
Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year endData adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end.
What is a Financial Track Record? How to read this chart in order to understand the data present here?
Financial track record gives insight into the company's performance on key parameters over the past ten years. MoneyWorks4me’s proprietary colour codes make it easy for retail investors to gauge the company’s past performance.
Kalyan Jewellers India Ltd has performed well in majority of the past ten years indicating its past ten year financial track record is very good
Value Creation ⓘ
| Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | Mar'25 | Mar'26 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROCE % ⓘ | 12.2% | 12.2% | 7.3% | 11.9% | 10.1% | 10.2% | 13.4% | 16.3% | 18.7% | 28.4% | - |
| Value Creation Index ⓘ | 0.1 | 0.1 | -0.4 | 0.1 | -0.1 | -0.2 | 0.0 | 0.5 | 0.7 | 1.5 | - |
Growth Parameters ⓘ |
|||||||||||
| Sales ⓘ | 7,541 | 8,297 | 7,448 | 7,846 | 7,326 | 9,056 | 11,584 | 15,758 | 21,639 | 31,027 | 33,910 |
| Sales YoY Gr. | - | 10% | -10.2% | 5.3% | -6.6% | 23.6% | 27.9% | 36% | 37.3% | 43.4% | - |
| Adj EPS ⓘ | 1.3 | 1.6 | 0.3 | 1.7 | 1.6 | 2.1 | 3.9 | 5.4 | 6.7 | 12.8 | 13.1 |
| YoY Gr. | - | 23.5% | -82.8% | 500% | -6.6% | 31.2% | 90.8% | 36.4% | 24.4% | 91.2% | - |
| BVPS (₹) ⓘ | 17.7 | 23.4 | 23.9 | 24.3 | 29.4 | 31.7 | 35.6 | 40.4 | 46.2 | 59.2 | 62.3 |
| Adj Net Profit ⓘ | 111 | 137 | 23.5 | 141 | 161 | 212 | 405 | 553 | 688 | 1,317 | 1,350 |
| Cash Flow from Ops. ⓘ | 44.6 | 991 | -26.3 | 156 | 516 | 123 | 715 | 986 | 973 | 1,587 | - |
| Debt/CF from Ops. ⓘ | 56.9 | 1.7 | -101.1 | 16.3 | 4.9 | 19.3 | 3.4 | 2.2 | 2 | 1 | - |
CAGR ⓘ
| 9 Years | 5 Years | 3 Years | 1 Years | |||||
|---|---|---|---|---|---|---|---|---|
| Sales ⓘ | 17% | 33.5% | 38.9% | 43.4% | ||||
| Adj EPS ⓘ | 28.7% | 52% | 48% | 91.2% | ||||
| BVPSⓘ | 14.4% | 15.1% | 18.5% | 28.1% | ||||
| Share Price | - | 55.7% | 34.6% | 19.2% | ||||
Key Financial Parameters ⓘ
| Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | Mar'25 | Mar'26 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Return on Equity % ⓘ | 7.4 | 7.7 | 1.1 | 6.6 | 6.2 | 6.7 | 11.7 | 14.1 | 15.4 | 24.2 | 21.5 |
| Op. Profit Mgn % ⓘ | 6.6 | 6.4 | 4.6 | 8.5 | 9.2 | 7.8 | 8.3 | 7.1 | 6.1 | 7 | 6.5 |
| Net Profit Mgn % ⓘ | 1.5 | 1.7 | 0.3 | 1.8 | 2.2 | 2.3 | 3.5 | 3.5 | 3.2 | 4.3 | 4 |
| Debt to Equity ⓘ | 1.7 | 0.8 | 1.3 | 1.2 | 0.8 | 0.7 | 0.7 | 0.5 | 0.4 | 0.3 | - |
| Working Cap Days ⓘ | 184 | 188 | 219 | 203 | 233 | 207 | 191 | 174 | 153 | 144 | 64 |
| Cash Conv. Cycle ⓘ | 122 | 136 | 162 | 153 | 178 | 163 | 143 | 118 | 95 | 86 | 15 |
Valuation of Kalyan Jewell.India - Consolidated
Analyst's Notes
No data found!
Management X-Ray
Shareholding Pattern
Promoter's Holding & Share Pledging
| Pledged * | 0.00 | 0.00 | 19.30 | 19.32 | 24.89 | 24.89 | 24.89 | 24.89 | 24.85 | 24.85 |
* Pledged shares as % of Promoter's holding (%)
Financials
| PARTICULARS | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | Mar'25 | Mar'26 |
|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 9,589 | 10,548 | 9,771 | 10,101 | 8,573 | 10,818 | 14,071 | 18,516 | 25,045 | 35,743 |
| Operating Expenses ⓘ + | 9,011 | 9,913 | 9,152 | 9,302 | 7,949 | 9,965 | 12,907 | 17,180 | 23,465 | 33,185 |
| Operating Profit ⓘ | 577 | 635 | 619 | 799 | 624 | 853 | 1,165 | 1,335 | 1,580 | 2,558 |
| Operating Profit Margin (%) | 6.0% | 6.0% | 6.3% | 7.9% | 7.3% | 7.9% | 8.3% | 7.2% | 6.3% | 7.2% |
| Other Income ⓘ + | 42 | 32 | 43 | 80 | 45 | 38 | 38 | 106 | 145 | 208 |
| Interest ⓘ | 380 | 318 | 418 | 419 | 405 | 360 | 353 | 379 | 422 | 499 |
| Depreciation ⓘ | 103 | 113 | 224 | 239 | 225 | 232 | 245 | 274 | 343 | 423 |
| Profit Before Tax ⓘ | 136 | 237 | 21 | 221 | 39 | 299 | 572 | 789 | 960 | 1,802 |
| Tax ⓘ | 24 | 82 | 26 | 79 | 45 | 75 | 140 | 193 | 245 | 452 |
| Profit After Tax | 111 | 155 | -5 | 142 | -6 | 224 | 432 | 596 | 714 | 1,350 |
| PAT Margin (%) | 1.2% | 1.5% | -0.1% | 1.4% | -0.1% | 2.1% | 3.1% | 3.2% | 2.9% | 3.8% |
| Adjusted EPS (₹) | 1.3 | 1.9 | -0.0 | 1.7 | -0.1 | 2.2 | 4.2 | 5.8 | 6.9 | 13.1 |
| Dividend Payout Ratio (%) | 0% | 0% | 0% | 0% | 0% | 0% | 11.90% | 20.70% | 21.60% | 19.10% |
| PARTICULARS | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | Mar'25 | Mar'26 | |
|---|---|---|---|---|---|---|---|---|---|---|---|
Equity and Liabilities | |||||||||||
| Shareholders Fund + | 1,415 | 2,044 | 2,004 | 2,161 | 2,826 | 3,137 | 3,635 | 4,178 | 4,795 | 6,302 | |
| Debt + | 2,534 | 3,975 | 3,704 | 3,590 | 3,218 | 3,328 | 3,490 | 3,318 | 3,293 | 4,111 | |
| Minority Interest | 0 | -2 | -4 | -3 | 0 | 1 | -0 | -1 | 0 | 0 | |
| Trade Payables | 1,329 | 749 | 419 | 558 | 690 | 657 | 1,193 | 1,944 | 2,350 | 3,360 | |
| Others Liabilities ⓘ | 1,027 | 1,171 | 1,906 | 1,925 | 2,234 | 2,075 | 2,769 | 3,956 | 5,259 | 8,056 | |
| Total Liabilities ⓘ | 6,304 | 7,936 | 8,030 | 8,231 | 8,969 | 9,197 | 11,086 | 13,395 | 15,698 | 21,829 | |
Fixed Assets | |||||||||||
| Net Fixed Assets ⓘ + | 986 | 1,195 | 2,090 | 2,105 | 1,838 | 1,860 | 1,842 | 2,238 | 2,785 | 3,250 | |
| CWIP ⓘ | 0 | 18 | 22 | 24 | 53 | 2 | 20 | 49 | 8 | 18 | |
| Investments ⓘ | 0 | 1 | 3 | 0 | 0 | 1 | 4 | 4 | 5 | 6 | |
| Inventories | 4,167 | 5,022 | 4,501 | 4,720 | 5,303 | 5,794 | 7,014 | 8,298 | 9,681 | 14,175 | |
| Trade Receivables | 14 | 182 | 147 | 214 | 113 | 119 | 244 | 328 | 400 | 867 | |
| Cash Equivalents | 695 | 1,018 | 825 | 750 | 1,097 | 777 | 982 | 975 | 1,031 | 861 | |
| Others Assets ⓘ | 442 | 500 | 443 | 417 | 566 | 643 | 980 | 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 | |
| PARTICULARS | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | Mar'25 | Mar'26 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash Flow From Operating Activity ⓘ + | 184 | 922 | 389 | 320 | 629 | 264 | 1,013 | 1,322 | 1,209 | 1,318 |
| Cash Flow From Investing Activity ⓘ + | -143 | -643 | -124 | 34 | -217 | 64 | -384 | -137 | -177 | -118 |
| Cash Flow From Financing Activity ⓘ + | 14 | -301 | -293 | -343 | -208 | -544 | -638 | -1,148 | -840 | -1,264 |
| Net Cash Flow ⓘ | 55 | -22 | -28 | 11 | 204 | -216 | -8 | 37 | 193 | -64 |
| PARTICULARS | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | Mar'25 | Mar'26 |
|---|---|---|---|---|---|---|---|---|---|---|
| Ratios | ||||||||||
| ROE (%) | 8.32 | 9.27 | -0.26 | 7.25 | -0.25 | 7.51 | 12.76 | 15.26 | 15.92 | 24.34 |
| ROCE (%) | 12.58 | 10.86 | 7.37 | 11.05 | 7.41 | 10.38 | 13.56 | 15.93 | 17.7 | 24.86 |
| Asset Turnover Ratio | 1.55 | 1.48 | 1.22 | 1.24 | 1 | 1.19 | 1.39 | 1.51 | 1.72 | 1.9 |
| PAT to CFO Conversion(x) | 1.66 | 5.95 | N/A | 2.25 | N/A | 1.18 | 2.34 | 2.22 | 1.69 | 0.98 |
| Working Capital Days | ||||||||||
| Receivable Days | 0.90 | 3.40 | 6.10 | 6.50 | 7 | 3.90 | 4.70 | 5.60 | 5.30 | 6.50 |
| Inventory Days | 153.60 | 159 | 177.90 | 166.60 | 213.40 | 187.20 | 166.10 | 150.90 | 131 | 121.80 |
| Payable Days | 55.70 | 43 | 26 | 21.30 | 32 | 26.90 | 28.40 | 36.20 | 36 | 33.60 |
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Kalyan Jewellers India Ltd FAQs
The current trading price of Kalyan Jewell.India on 11-Sep-2026 15:15 is ₹603.0.
Market capitalization or market cap is determined by multiplying the current market price of a company's shares with the total number of shares outstanding. As of 10-Sep-2026 the market cap of Kalyan Jewell.India stood at ₹63,576.2 Cr
The latest P/E ratio of Kalyan Jewell.India as of 10-Sep-2026 is 47.09.
The latest P/B ratio of Kalyan Jewell.India as of 10-Sep-2026 is 9.88.
The 52-week high of Kalyan Jewell.India is ₹649.0 and the 52-week low is ₹327.1.
The TTM revenue is Trailing Twelve Months sales. The TTM revenue/sales of Kalyan Jewell.India is ₹33,910 ( Cr.) .
Past 10 year's financial track record analysis by Moneyworks4me indicates that Kalyan Jewellers India Ltd is a good quality company.
The key valuation ratios of Kalyan Jewellers India Ltd's currently when compared to its past seem to suggest it is in the Fair zone.
The Price Trend analysis by MoneyWorks4Me indicates it is Strong which suggest that the price of Kalyan Jewellers India Ltd is likely to Rise in the short term. However, please check the rating on Quality and Valuation before investing
About Kalyan Jewellers India Ltd
Kalyan Jewellers India is one of the largest jewellery companies in India. It started its jewellery business in 1993 with a single showroom in Thrissur, Kerala. It has since expanded to become a pan-India jewellery company. The company endeavours to cater to its customers’ unique preferences, which often vary significantly by geography and micro market, through its local market expertise and region-specific marketing strategy and advertising campaigns. The company’s grassroots ‘My Kalyan’ customer outreach and service centre network is another key element of its hyperlocal strategy which enables it to be a neighbourhood jeweller and is focused on marketing and customer engagement across urban, semi-urban and rural areas in India. The company is led by a management team with extensive experience in the jewellery and retail industries and with a proven track record of performance.
Business area of the company
The company is one of the leading jewellery chains in India headquartered in the city of Thrissur in Kerala. The Company operates through a chain of retail show rooms located across India. The company also has operations in Middle East, United states of America (USA) and United Kingdom (UK) through wholly owned subsidiaries and stepdown subsidiaries. The company designs, manufactures and sells a wide range of gold, studded and other jewellery products across various price points ranging from jewellery for special occasions, such as weddings, which is its highest-selling product category, to daily-wear jewellery.
Brands of the company
- Mudhra
- Nimah
- Anokhi
- Rang
- Tejasvi
- Ziah
- Laya
- Glo
- Candere
- Vedha
- Apoorva
- Hera
Awards and accolades
- 2012: TV campaign of the year by Retail Jeweller India
- 2012: Consumer quality for purity award by Kerala State Consumer Association
- 2012: Multiple retailer of the year by Swarovski Gems
- 2013: Retail jewellers award - Best TV Campaign of the year
- 2014: Indian retail award by Kerala Samajam Erode
- 2014: ET emerging retailer of the year award- Retail Franchise India
- 2015: Emerging Kerala award for the most influential brand of the year by DC Books and DC Media.
- 2018: Kalyan Jewellers Bags Lifestyle Brand of the Year Award At India-UAE Conclave
- 2018: Kalyan Jewellers honoured with Hurun Industry Achievement Award 2018 in Jewellery category.
- 2019: Kalyan Jewellers recognized among Top 100 Luxury Brands globally by Deloitte.
- 2020: Kalyan Jewellers wins the prestigious Superbrands 2019-20 title as India’s most preferred jewellery brand.
- 2021: Kalyan Jewellers recognized among Top 500 companies by Fortune India.
- 2022: Kalyan Jewellers receives ‘Best Social Media Campaign’ Award at the Retail Jeweller India Awards.
Major events and milestones
- 1993: Opened its first showroom under the brand ‘Kalyan Jewellers’ in Thrissur, Kerala.
- 2004: Opened its first showroom outside Kerala, in Coimbatore, Tamil Nadu.
- 2010: Launched ‘My Kalyan’ customer outreach initiative.
- 2010: Entered Telangana and Karnataka markets.
- 2012: Opened its first showroom outside South India in Ahmedabad, Gujarat.
- 2013: Entered West India (Maharashtra) and Middle East markets.
- 2014: Highdell, belonging to the Warburg Pincus group, a global private equity firm, first invested in the company.
- 2014: Entered North India (Delhi) market.
- 2015: Entered Chennai, Tamil Nadu and East India (Orissa) markets. 2016: Entered West Bengal and Rajasthan markets.
- 2016: Launched the Kalyan Matrimony (formerly known as Sanskriti Matrimony) website.
- 2017: Highdell, belonging to the Warburg Pincus group, a global private equity firm, made an incremental investment in the company.
- 2017: Purchased a stake in Enovate Lifestyles Private Limited and its online platform at www.candere.com.
- 2018: Entered North Eastern (Assam), Chhattisgarh and Jharkhand markets.
- 2019: Entered Bihar market.
- 2020: As of December 31, 2020, 107 showrooms in India and 30 showrooms in the Middle East.
- 2021: Lead the company’s IPO; listed on NSE and BSE as Kalyan Jewellers India Ltd.
- 2022: Launched first FOCO franchise showroom in Aurangabad; appointed Vinod Rai as Independent Chairman.
- 2024: Operating 253 showrooms across India and the Middle East as of March 31, 2024.
- 2025: 278 Kalyan showrooms (152 FOCO), 73 Candere showrooms (37 FOCO), 36 showrooms in the Middle East (4 FOCO) and opened 1st showroom in the USA.
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