Kalyan Jewellers India Ltd. (IN:KALYANKJIL)
:KALYANKJIL
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Kalyan Jewellers India Ltd.
(KALYANKJIL)
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Rating:56Neutral
Price Target:
₹397.00
▼(-19.90% Downside)
Action:Reiterated
Date:05/12/26
The score is primarily held back by weaker financial quality due to FY2026 negative operating/free cash flow despite strong reported earnings, alongside a technically weak setup with the stock trading below major moving averages. These are partially offset by strong multi-year growth, improving leverage/ROE, and a valuation that is not extreme but still relatively rich given the low dividend yield.
Positive Factors
Multi-year Revenue Growth
Sustained top-line expansion from 85.4B to 357.4B over five years demonstrates material market share gains and scale in a discretionary retail category. Durable revenue growth supports supplier negotiating power, merchandising investment, and multi-format expansion, underpinning long-term competitive positioning if demand persists.
Negative Factors
Weak Cash Generation (FY2026)
A reversal to negative operating cash flow and large negative free cash flow in FY2026 signals working-capital absorption or inventory buildup that erodes liquidity. If persistent, this undermines the company’s ability to self-fund growth, forces reliance on external financing, and increases vulnerability to funding-cost or cycle shocks over months ahead.
Read all positive and negative factors
Positive Factors
Negative Factors
Multi-year Revenue Growth
Sustained top-line expansion from 85.4B to 357.4B over five years demonstrates material market share gains and scale in a discretionary retail category. Durable revenue growth supports supplier negotiating power, merchandising investment, and multi-format expansion, underpinning long-term competitive positioning if demand persists.
Read all positive factors
Kalyan Jewellers India Ltd. (KALYANKJIL) vs. iShares MSCI India ETF (INDA)
Market Cap
₹354.85B
Dividend Yield0.32%
Average Volume (3M)324.59K
Price to Earnings (P/E)28.7
Beta (1Y)1.65
Revenue Growth42.58%
EPS Growth88.76%
CountryIN
Employees11,177
SectorConsumer Cyclical
Sector Strength84
IndustryLuxury Goods
Share Statistics
EPS (TTM)9.02
Shares Outstanding1,032,740,200
10 Day Avg. Volume251,611
30 Day Avg. Volume324,593
Financial Highlights & Ratios
PEG Ratio0.32
Price to Book (P/B)6.15
Price to Sales (P/S)1.09
P/FCF Ratio-68.29
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)15.38
Revenue Forecast (FY)₹430.70B
Kalyan Jewellers India Ltd. Business Overview & Revenue Model
Company Description
Kalyan Jewellers India Limited designs, manufactures, and sells various gold, studded, and other jewelry products. The company offers gold, diamond, pearl, white gold, gemstone, and platinum jewelries for occasions, such as weddings, as well as fo...
How the Company Makes Money
Kalyan Jewellers primarily makes money by retailing jewellery through its company-operated and franchisee stores, earning revenue from the sale of jewellery products to end customers. The largest revenue stream comes from gold jewellery, where cus...
Kalyan Jewellers India Ltd. Financial Statement Overview
Summary
Income Statement
78
Positive
Balance Sheet
67
Positive
Cash Flow
45
Neutral
| Breakdown | TTM | Mar 2026 | Mar 2025 | Mar 2024 | Mar 2023 | Mar 2022 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 284.60B | 357.43B | 249.46B | 184.73B | 140.25B | 107.81B |
| Gross Profit | 36.42B | 33.41B | 31.85B | 26.38B | 21.53B | 16.55B |
| EBITDA | 19.96B | 24.91B | 16.45B | 13.70B | 11.03B | 8.34B |
| Net Income | 9.31B | 13.50B | 7.15B | 5.97B | 4.33B | 2.24B |
Balance Sheet | ||||||
| Total Assets | 170.91B | 207.17B | 151.26B | 128.18B | 107.13B | 89.45B |
| Cash, Cash Equivalents and Short-Term Investments | 11.04B | 8.61B | 12.01B | 1.78B | 1.41B | 1.49B |
| Total Debt | 53.35B | 61.17B | 49.59B | 44.86B | 42.95B | 40.29B |
| Total Liabilities | 117.49B | 144.08B | 103.22B | 86.30B | 70.78B | 58.07B |
| Stockholders Equity | 53.41B | 63.09B | 48.04B | 41.89B | 36.35B | 31.37B |
Cash Flow | ||||||
| Free Cash Flow | 5.17B | -5.68B | 7.45B | 9.50B | 8.26B | 1.73B |
| Operating Cash Flow | 7.41B | -1.62B | 12.09B | 13.22B | 10.13B | 2.64B |
| Investing Cash Flow | 856.35M | -1.52B | -1.77B | -1.37B | -3.84B | 635.74M |
| Financing Cash Flow | -8.30B | 2.50B | -8.40B | -11.48B | -6.38B | -5.44B |
Kalyan Jewellers India Ltd. Technical Analysis
Negative
495.65
Price Trends
397.71
Negative
417.01
Negative
461.67
Negative
Market Momentum
-17.56
Positive
29.08
Positive
8.37
Positive
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IN:KALYANKJIL, the sentiment is Negative. The current price of 495.65 is above the 20-day moving average (MA) of 390.28, above the 50-day MA of 397.71, and above the 200-day MA of 461.67, indicating a bearish trend. The MACD of -17.56 indicates Positive momentum. The RSI at 29.08 is Positive, neither overbought nor oversold. The STOCH value of 8.37 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for IN:KALYANKJIL.
Kalyan Jewellers India Ltd. Peers Comparison
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
66 Neutral | ₹8.69B | 3.41 | ― | 1.38% | 11.74% | 101.60% | |
62 Neutral | ₹117.42B | 31.40 | ― | 0.37% | 73.17% | 176.39% | |
61 Neutral | $18.38B | 12.79 | -2.54% | 3.03% | 1.52% | -15.83% | |
60 Neutral | ₹3.65T | 71.09 | ― | 0.28% | 44.87% | 52.05% | |
56 Neutral | ₹354.85B | 28.74 | ― | 0.32% | 42.58% | 88.76% | |
56 Neutral | ₹65.82B | 9.16 | ― | ― | 96.01% | 29.63% | |
54 Neutral | ₹70.79B | 17.45 | ― | ― | 39.59% | 83.30% |
* Consumer Cyclical Sector Average
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Kalyan Jewellers India Ltd. Corporate Events
Kalyan Jewellers Schedules Q4 FY26 Earnings Call for May 8
Apr 20, 2026
Kalyan Jewellers India Ltd. has scheduled an earnings conference call on Friday, 8 May 2026 at 5:00 p.m. IST to discuss its financial and operational performance for the fourth quarter of fiscal year 2025-26. Senior management, including the execu...
Kalyan Jewellers Allots 77,545 ESOP Shares, Lifts Total Equity to Over 1.03 Billion
Mar 9, 2026
Kalyan Jewellers India Ltd. has allotted 77,545 equity shares of Rs 10 each to eligible employees under its Employee Stock Option Plan 2020, following approval by the Nomination and Remuneration Committee. The new shares, issued at an exercise pri...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.