Kalyan Jewellers India Limited (KALYANKJIL)

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Kalyan Jewellers India Limited (KALYANKJIL) · mywealthgrid

About

Kalyan Jewellers operates in gems, jewellery and watches within Consumer Discretionary. ₹62,813 Cr market cap, ₹6.8–10.6 Cr quarterly revenue run-rate, 6.97% operating margin. Established player in organized jewellery retail, 62.86% promoter-held.

Face value: ₹10

Market cap

₹54,578 Cr

P/E

38.0×

P/B

8.7×

Dividend yield

0.5%

ROE

24.3%

ROCE

31.5%

Debt / equity

0.08

OPM

EPS (TTM)

₹13.9

Book value

₹61.1

52-week high

—

52-week low

Key insights

Company research notes and source-linked reviews

Key risks

PE 43.77 is elevated; 1y return 2.93% underperforms this valuation

Operating margin compressed: 7.26% (Dec 2025) → 5.54–5.97% (Jun 2026). Verify cost drivers and pricing power

Revenue swings ₹6.8–10.6 Cr quarter-to-quarter; verify seasonal patterns and demand stability

FII holding fell 14.55% (Mar 2026) → 10.82% (Jun 2026); verify driver and whether signals weakness

Generated analysis · source review pending

Growth drivers

ROE 24.3% indicates capital generating returns; reinvestment pace will determine earnings growth path

Revenue recovered post-Sep 2025 low (₹6.8 Cr) to ₹9–10.6 Cr by Jun 2026; verify demand trajectory and capacity utilization

Four consecutive dividend declarations (Aug 2023–Sep 2025) suggest cash generation; verify payout ratio and retained earnings allocation

Quarterly net profit ranged ₹260–416 Cr; verify if scale enables margin recovery to prior 7%+ levels

Generated analysis · source review pending

1,359 historical price candles were omitted because the exchange source has not been verified.

₹528.5-7.1%1Y

Quick read

rule-based

Pros

+Strong return on equity of 18.5% (3-yr avg)
+High return on capital employed of 25.8%
+Profit CAGR of 46.1% over the last 3 years
+Revenue CAGR of 33% over the last 5 years
+Almost debt-free (debt/equity 0.1)
+High promoter holding of 62.9% with no pledge

Cons

−Thin operating margin of 7%
−Trading at 8.7× book value

Research score

Structured signal from quality, growth, valuation and momentum.

65/100

Business quality: 60
Growth

Revenue & net profit

₹ crore, by fiscal year

RevenuePAT

Margins

% of revenue, by fiscal year

OPMPAT margin

Peers

Comparable companies from the narrowest available industry classification.

Part ofNIFTY MIDCAP 150 NIFTY 200 NIFTY MIDSMALLCAP 400 NIFTY 500 NIFTY TOTAL MARKET

Screen this industry

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Financials

Reported profit and loss, balance sheet, cash flow and growth history.

Annual Quarterly

Consolidated Standalone

Consolidated figures · ₹ crore

₹ Cr	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	10,101	8,573	10,818	14,071	18,548	25,045	35,743
COGS	8,392	7,114	9,126	11,872	15,835	21,761	31,039
Gross profit	1,709	1,459	1,692	2,199	2,714	3,284	4,704
	949	865	877	1,085	1,401	1,767	2,213
	760	594	815	1,114	1,313	1,517	2,491
OPM %	7.5%	6.9%	7.5%	7.9%	7.1%	6.1%	7%
Depreciation	239	225	232	245	274	343	423
Interest	380	375	322	303	323	359	433
	80	45	38	5	74	145	167
Profit before tax	221	39	299	572	789	960	1,802
Tax	79	45	75	140	193	245	452
Tax %	35.6%	115.4%	25%	24.4%	24.4%	25.6%	25.1%
	142	-6	224	432	596	714	1,350
PAT margin %	1.4%	-0.1%	2.1%	3.1%	3.2%	2.9%	3.8%
EPS (₹)	1.7	-0.1	2.2	4.2	5.8	6.9	13.1
EPS adjusted (₹)	1.5	-0.1	2.2	4.2	5.8	6.9	13.1
	0%	—	0%	11.9%	20.7%	21.6%	19.1%
Annual report	—	Annual report for Mar 2021	Annual report for Mar 2022	Annual report for Mar 2023	Annual report for Mar 2024	Annual report for Mar 2025	—

₹ Cr	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity capital	958	1,030	1,030	1,030	1,030	1,031	1,033
Reserves	—	1,796	2,107	2,605	3,159	3,772	5,276
Minority interest	—	1	1	—	—	—	—
	—	3,218	3,328	1,655	1,064	950	524
	—	2,820	2,479	5,423	7,564	9,373	13,884
Total equity & liabilities	—	8,865	8,945	10,713	12,818	15,126	20,717
	1,094	976	994	884	1,099	1,313	1,504
CWIP	—	53	2	20	48	8	18
Investments	—	61	62	65	66	66	67
	—	7,775	7,888	9,744	11,605	13,739	19,128
Total assets	—	8,865	8,945	10,713	12,818	15,126	20,717

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Ratios

Annual operating, return, leverage and working-capital ratios.

Consolidated Standalone

Consolidated figures

Ratio	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Margins
Gross margin %	16.9%	17%	15.6%	15.6%	14.6%	13.1%	13.2%
EBITDA margin %	7.5%	6.9%	7.5%	7.9%	7.1%	6.1%	7%
EBIT margin %	5.2%	4.3%	5.4%	6.2%	5.6%	4.7%	5.8%
PAT margin %	1.4%	-0.1%	2.1%	3.1%	3.2%	2.9%	3.8%
Working capital
Receivable days	—	5	4	6	6	6	9
Inventory days	—	272	232	216	191	162	167
Payable days	—	35	26	37	45	39	40
NWC days	—	241	210	185	153	129	136
Leverage
Current ratio	—	1.25	1.32	1.32	1.29	1.29	1.3
Debt to EBITDA	—	5.42	4.09	1.49	0.81	0.63	0.21
Debt to equity	—	1.14	1.06	0.46	0.25	0.2	0.08
Interest coverage	1.6	1.1	1.9	3	3.4	3.7	5.3
Asset turnover	—	0.97	1.21	1.31	1.45	1.66	1.73
Return ratios
Return on assets %	—	-0.1%	2.5%	4%	4.7%	4.7%	6.5%
Return on capital employed %	—	11.9%	17.1%	22.4%	23.2%	22.8%	31.5%
Return on equity %	—	-0.2%	7.1%	11.9%	14.2%	14.9%	21.4%

Derived from reported annual statements. ROCE uses EBIT over capital employed (total assets less current liabilities). Day counts average the opening and closing balance; receivables turn on revenue, inventory and payables on cost of goods sold.

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Shareholding

Quarterly ownership, named holders, insider transactions and disclosed deals.

Quarterly Annual

Every quarter filed · % of equity

Holder (%)	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	60.55%	60.55%	60.63%	60.59%	62.9%	62.85%	62.85%	62.82%	62.78%	62.76%	62.87%	62.86%
	26.56%	26.21%	21.11%	21.19%	15.75%	16.37%	16.89%	16.83%	14.12%	14.12%	14.55%	10.82%
	4.86%	5.48%	11%	11.76%	13.74%	13.58%	11.97%	13.33%	14.56%	15.22%	14.12%	15.83%
Government	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%
	8.03%	7.76%	7.26%	6.46%	7.61%	7.2%	8.29%	7.02%	8.54%	7.9%	8.46%	10.49%
No. of shareholders	—	—	—	—	—	—	—	—	7,15,743	6,73,739	6,93,848	7,69,762

Promoter holding up 2.31 percentage points since Sep 2023.

142 deals · 28 Mar 2023 – 29 Jul 2026

Date	Client	Type	Venue	Side	Quantity	Price	Value
29 Jul 2026	GRAVITON RESEARCH CAPITAL LLP	Bulk	NSE	Sell	56,66,646	₹622.81	₹352.92 Cr
29 Jul 2026	GRAVITON RESEARCH CAPITAL LLP	Bulk	NSE	Buy	56,63,946	₹622.93	₹352.82 Cr
17 Jul 2026	GRAVITON RESEARCH CAPITAL LLP	Bulk	NSE	Sell	62,13,325	₹561.99	₹349.18 Cr
17 Jul 2026	GRAVITON RESEARCH CAPITAL LLP	Bulk	NSE	Buy	62,13,325	₹561.74	₹349.03 Cr
16 Jul 2026	GRAVITON RESEARCH CAPITAL LLP	Bulk	NSE	Sell	55,09,322	₹543.83	₹299.61 Cr
16 Jul 2026	GRAVITON RESEARCH CAPITAL LLP	Bulk	NSE	Buy	55,09,322	₹543.36	₹299.35 Cr
15 Jul 2026	GRAVITON RESEARCH CAPITAL LLP	Bulk	NSE	Sell	74,93,504	₹537.17	₹402.53 Cr
15 Jul 2026	GRAVITON RESEARCH CAPITAL LLP	Bulk	NSE	Buy	74,93,504	₹537.03	₹402.42 Cr
14 Jul 2026	GRAVITON RESEARCH CAPITAL LLP	Bulk	NSE	Buy	86,91,207	₹523.63	₹455.10 Cr
14 Jul 2026	GRAVITON RESEARCH CAPITAL LLP	Bulk	NSE	Sell	86,91,207	₹523.59	₹455.06 Cr

1–10 of 142

1 / 15

Mr. VINOD RAINon-Executive - Independent Director-Chairperson
Mr. SEETHARAMA IYER THRIKUR KALYANARAMANExecutive Director-MD
Mr. SEETHARAM TRIKKUR KALYANARAMANExecutive Director
Mr. RAMESH TRIKKUR KALYANARAMANExecutive Director
Mr. SALIL NAIRNon-Executive - Non Independent Director
Mr. ANISH KUMAR SARAFNon-Executive - Non Independent Director
Ms. RADHIKA RAMANINon-Executive - Independent Director
Mr. CHATHAMUR RAMAN RAJAGOPALNon-Executive - Independent Director
Mr. ANIL NAIRNon-Executive - Independent Director
Mr. TRIKKUR ANANTHARAMANNon-Executive - Independent Director
Mr. Jishnu R GCompany Secretary & Compliance Officer

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F&O

Current futures and options contracts with compact option-chain pages.

End of day 30 Sept 2026 · underlying ₹553.2 · volume and open interest in contracts

3

Expiry	Close	Chg	% Chg	Settlement	Open interest	Change in OI	Volume	Lot size
27 Oct 2026	₹556.4	-17.4	-3%	₹556.4	18,177	-517	3,084	1350
23 Nov 2026	₹558.7	-17.8	-3.1%	₹558.7	345	+29	102	1350
29 Dec 2026	₹562.2	-15.2	-2.6%	₹562.2	28	+28	32	1350

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Fund holders

Mutual-fund schemes that disclosed a holding in the company.

Portfolio month

Schemes holding

across 15 fund houses

Held by these funds

10.3%

of the company's equity

All mutual funds

15.41%

shareholding pattern, Jun 2026

Portfolios as of

August 2026

compared with July 2026

56 schemes · 15 fund houses

		Shares
(Investment Manager for Motilal Oswal Mutual Fund)	Motilal Oswal Mutual Fund	5.8 Cr	3,485.8	8.13%	5.616%	-0
(Investment Manager for Motilal Oswal Mutual Fund)	Motilal Oswal Mutual Fund	2 Cr	1,202	8.49%	1.937%	-0
Franklin India Mid Cap Fund (Formerly known as Franklin India Prima Fund) ^	Franklin Templeton Mutual Fund	63.05 L	378.93	2.9%	0.611%	-4 L
Franklin India Small Cap Fund (Formerly known as Franklin India Smaller Companies Fund) ^	Franklin Templeton Mutual Fund	44.63 L	268.25	1.82%	0.432%	-0
Arbitrage FundNEW	SBI Mutual Fund	40.85 L	245.51	0.52%	0.396%	—
Franklin India Flexi Cap Fund ( Formerly known as Franklin India Equity Fund) ^NEW	Franklin Templeton Mutual Fund	30.39 L	182.64	0.94%	0.294%	—
(Investment Manager for Motilal Oswal Mutual Fund)	Motilal Oswal Mutual Fund	30 L	180.3	3.86%	0.291%	-0
(Investment Manager for Motilal Oswal Mutual Fund)NEW	Motilal Oswal Mutual Fund	11.6 L	69.69	6.03%	0.112%	—

1–8 of 56

1 / 7

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Documents

Annual reports, exchange filings, offer documents, ratings and earnings-call material.

Announcements

Loading documents…

Events

Upcoming dates and the company’s corporate-action history.

4

Final dividend11 Sept 2026 · ex-date₹2.5
Final dividend4 Sept 2025 · ex-date₹1.5
Final dividend9 Aug 2024 · ex-date₹1.2
Final dividend4 Aug 2023 · ex-date₹0.5

1

Board meeting to consider results4 Aug 2026

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Announcements

Latest exchange announcements, filings and downloadable documents.

1 month 3 months 6 months 1 year All

23 announcementsExport CSV

30 Sept 2026, 3:28 pmCompany Update

Disclosure Under Regulation 30 Of SEBI (LODR) Regulation, 2015- Sale Of Land.

General PDF

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Ratio	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Margins
Gross margin %	16.9%	17%	15.6%	15.6%	14.6%	13.1%	13.2%
EBITDA margin %	7.5%	6.9%	7.5%	7.9%	7.1%	6.1%	7%
EBIT margin %	5.2%	4.3%	5.4%	6.2%	5.6%	4.7%	5.8%
PAT margin %	1.4%	-0.1%	2.1%	3.1%	3.2%	2.9%	3.8%
Working capital
Receivable days	—	5	4	6	6	6	9
Inventory days	—	272	232	216	191	162	167
Payable days	—	35	26	37	45	39	40
NWC days	—	241	210	185	153	129	136
Leverage
Current ratio	—	1.25	1.32	1.32	1.29	1.29	1.3
Debt to EBITDA	—	5.42	4.09	1.49	0.81	0.63	0.21
Debt to equity	—	1.14	1.06	0.46	0.25	0.2	0.08
Interest coverage	1.6	1.1	1.9	3	3.4	3.7	5.3
Asset turnover	—	0.97	1.21	1.31	1.45	1.66	1.73
Return ratios
Return on assets %	—	-0.1%	2.5%	4%	4.7%	4.7%	6.5%
Return on capital employed %	—	11.9%	17.1%	22.4%	23.2%	22.8%	31.5%
Return on equity %	—	-0.2%	7.1%	11.9%	14.2%	14.9%	21.4%

Company	Mkt Cap	EV	Revenue	EBITDA	OPM	PAT	NPM	ROCE	ROE	WC Days
Kalyan Jewellers India LimitedKALYANKJILKALYANKJIL	₹54,578 Cr	₹55,102 Cr	₹39,063 Cr	₹2,616 Cr	7%	₹1,435 Cr	3.8%	31.5%	24.3%	136
Lalithaa Jewellery Mart LimitedLALITHAALALITHAA	₹21,708 Cr	₹23,312 Cr	₹25,024 Cr	₹1,674 Cr	6.7%	₹1,010 Cr	4%	54.3%	41.6%	—
Thangamayil Jewellery LimitedTHANGAMAYLTHANGAMAYL	₹15,118 Cr	₹15,943 Cr	₹9,606 Cr	₹621 Cr	6.6%	₹391 Cr	4.1%	39.1%	27.9%	142
Sky Gold And Diamonds LimitedSKYGOLDSKYGOLD	₹12,557 Cr	₹13,426 Cr	₹7,176 Cr	₹520 Cr	6.9%	₹343 Cr	4.5%	45.9%	29.3%	77
Pc Jeweller LimitedPCJEWELLERPCJEWELLER	₹12,449 Cr	₹13,522 Cr	₹3,505 Cr	₹785 Cr	20%	₹775 Cr	21.3%	11.7%	9.9%	1,082
Bluestone Jewellery And Lifestyle LimitedBLUESTONEBLUESTONE	₹12,008 Cr	₹12,753 Cr	₹2,681 Cr	₹442 Cr	16%	₹56 Cr	0.5%	9.8%	1.1%	659
P N Gadgil Jewellers LimitedPNGJLPNGJL	₹7,897 Cr	₹9,477 Cr	₹11,438 Cr	₹669 Cr	5.7%	₹446 Cr	3.8%	34.3%	23.3%	121
Timex Group India LimitedTIMEXTIMEX	₹7,368 Cr	₹7,370 Cr	₹419 Cr	₹32 Cr	7.7%	₹21 Cr	5%	32.7%	29.4%	—
Ethos LimitedETHOSLTDETHOSLTD	₹6,785 Cr	₹6,786 Cr	₹1,728 Cr	₹223 Cr	12.9%	₹106 Cr	6%	10.4%	7.7%	180
Senco Gold LimitedSENCOSENCO	₹5,199 Cr	₹6,769 Cr	₹9,660 Cr	₹999 Cr	11.5%	₹571 Cr	6.8%	38%	25.6%	259
Kddl LimitedKDDLKDDL	₹4,811 Cr	₹4,967 Cr	₹2,322 Cr	₹335 Cr	14.3%	₹97 Cr	6.3%	11.9%	8.8%	192
D. P. Abhushan LimitedDPABHUSHANDPABHUSHAN	₹4,273 Cr	₹4,433 Cr	₹2,340 Cr	₹100 Cr	4.3%	₹62 Cr	2.6%	40.8%	29.4%	—

20

27 Oct 2026 23 Nov 2026 29 Dec 2026

Calls				Strike	Puts
OI	Chg OI	Volume	LTP	—	LTP	Volume	Chg OI	OI
0	0	0	₹0.0	460	₹0.0	0	0	0
0	0	0	₹0.0	480	₹8.1	2	+2	3
0	0	0	₹0.0	500	₹0.0	0	0	0
0	0	0	₹0.0	510	₹0.0	0	0	0
0	0	0	₹0.0	520	₹0.0	0	0	0
0	0	0	₹0.0	530	₹0.0	0	0	0
0	0	0	₹0.0	540	₹0.0	0	0	0
0	0	0	₹0.0	550	₹0.0	0	0	0

Shaded cells are in the money against the underlying close. Green and red mark the move against the previous close — on the premium for LTP, on the position for change in OI. Settlement prices are the exchange's, not the last trade.

Date	Category	Subject	Filing
30 Sept 2026, 3:28 pm	Company Update General	Disclosure Under Regulation 30 Of SEBI (LODR) Regulation, 2015- Sale Of Land.	PDF
22 Sept 2026, 6:08 pm	Company Update Credit Rating	Announcement under Regulation 30 (LODR)-Credit Rating	PDF
22 Sept 2026, 2:45 pm	Insider Trading / SAST Closure of Trading Window	Closure of Trading Window	PDF
19 Sept 2026, 8:46 pm	AGM/EGM AGM	Shareholder Meeting / Postal Ballot-Scrutinizer''s Report	PDF
19 Sept 2026, 2:19 pm	Company Update General	Announcement Under Regulation 30 - LODR	PDF
19 Sept 2026, 2:00 pm	AGM/EGM AGM	Shareholder Meeting / Postal Ballot-Outcome of AGM	PDF
8 Sept 2026, 11:20 am	Company Update Analyst / Investor Meet	Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation	PDF
7 Sept 2026, 8:55 pm	Company Update Analyst / Investor Meet	Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation	PDF

₹ Cr	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	629	245	1,013	1,323	1,209	1,318
	-217	64	-384	-138	-177	-118
	-208	-524	-638	-1,148	-840	-1,264
Net cash flow	204	-216	-8	37	193	-64
Free cash flow	581	154	826	951	782	911
CFO / Operating profit %	105.8%	30.1%	91%	100.8%	79.7%	52.9%

Kalyan Jewellers India Limited

About

Key insights

Key risks

Growth drivers

Quick read

Pros

Cons

Research score

Revenue & net profit

Margins

Peers

Financials

Ratios

Shareholding

F&O

3

Fund holders

Documents

Announcements

Events

4

1

Announcements

4

1

Announcements

3

Annual reports

Credit ratings

Investor Presentation and earnings call

20

Compounded sales growth

Compounded profit growth

Return on equity

Kalyan Jewellers India Limited

About

Key insights

Key risks

Growth drivers

Quick read

Pros

Cons

Research score

Revenue & net profit

Margins

Peers

Financials

Profit & loss

Balance sheet

Ratios

Ratio timeline

Shareholding

Quarterly record

Bulk & block deals

Board and management

F&O

Futures3

Fund holders

Documents

Announcements

Events

Dividends4

Board meetings1

Announcements

Ratio timeline

Dividends4

Board meetings1

Quarterly record

Bulk & block deals

Board and management

Announcements

Futures3

Annual reports

Credit ratings

Investor Presentation and earnings call

Option chain20

Profit & loss

Balance sheet

Cash flow

Compounded returns

Compounded sales growth

Compounded profit growth

Return on equity

3

4

1

4

1

3

20