Kalyan Jewellers India Ltd. (KALYANKJIL) AI Stock Analysis

• Market Cap: ₹402.27B
• Dividend Yield: 0.32%
• Average Volume (3M): 324.59K
• Price to Earnings (P/E): 30.1
• Beta (1Y): 1.51
• Revenue Growth: 33.87%
• EPS Growth: 48.40%
• Country: IN
• Employees: 11,177
• Sector: Consumer Cyclical
• Sector Strength: 84
• Industry: Luxury Goods
• EPS (TTM): 4.00
• Shares Outstanding: 1,032,662,700
• 10 Day Avg. Volume: 251,611
• 30 Day Avg. Volume: 324,593
• PEG Ratio: 3.39
• Price to Book (P/B): 9.82
• Price to Sales (P/S): 1.88
• P/FCF Ratio: 63.37
• Enterprise Value/Market Cap: N/A
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: N/A
• Price Target Upside: N/A
• Rating Consensus: N/A
• Number of Analyst Covering: 0
• EPS Forecast (FY): 12.63
• Revenue Forecast (FY): ₹335.92B

• Rating: 62 Neutral
• Price Target: ₹444.00 ▼(-10.42% Downside)
• Action: Reiterated Date: 01/22/26
• Date: Action: Reiterated 01/22/26

The score is anchored by strong financial performance (revenue growth, profitability, and solid cash generation). This is offset by very weak technical conditions (below key moving averages, negative MACD, very low RSI/Stoch) and a demanding valuation (high P/E with low dividend yield).

Positive Factors

High revenue growth

Kalyan’s ~35% revenue growth reflects an expanding store footprint and stronger same-store sales, supporting durable market-share gains and scale economies. Sustained top-line momentum provides resources for reinvestment, product development and long-term competitive positioning.

Strong cash generation

Consistent free cash flow and a strong operating-cash-flow-to-net-income ratio indicate efficient cash conversion. Durable cash generation funds capex and working capital, enables steady store expansion and cushions earnings and investment plans through commodity and demand cycles.

Healthy profitability and EPS improvement

Healthy gross and net margins, alongside notable EPS growth historically, show the company extracts value from its product mix and manages costs effectively. Margin resilience supports sustainable profitability and funds strategic initiatives despite competitive pressure.

Negative Factors

Significant leverage

Material debt and a moderate reliance on debt financing reduce financial flexibility. In a sector exposed to commodity-price swings and cyclical demand, elevated leverage increases refinancing and interest-rate risk and constrains the ability to pursue opportunistic expansion or aggressive share gains.

Declining free cash flow growth

A decline in free cash flow growth, even from a strong cash-conversion base, can limit funding for new stores, product investments or debt reduction over time. If the trend persists it may force tougher prioritization between growth, deleveraging and shareholder returns.

Exposure to gold-price volatility and seasonality

Business performance is structurally tied to volatile gold prices and concentrated seasonal demand around weddings/festivals, producing lumpy sales and margin pressure. Reliance on advance schemes affects cash timing and makes revenue and margin predictability more challenging long term.

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 for daily-wear purpose. It also provides chains, rings, necklaces, earrings, bracelets, and bangles. The company offers its products under MUDHRA, NIMAH, ANOKHI, RANG, TEJASVI, ZIAH, LAYA, GLO, CANDERE, VEDHA, APOORVA, HERA, and MUHURAT brands. As of August 10, 2021, it operated 116 showrooms in India; and 30 showrooms in the Middle East, as well as 786 My Kalyan Grassroots stores. The company also sells its products through an online platform, candere.com. Kalyan Jewellers India Limited was founded in 1993 and is headquartered in Thrissur, India.

How the Company Makes Money

Kalyan Jewellers generates revenue primarily through the sale of gold, diamond, and other precious metal jewelry. The company's revenue model is centered on retail sales, with a significant portion of earnings coming from high-margin jewelry products. Kalyan Jewellers also benefits from a robust wholesale business, supplying products to smaller retailers. Key revenue streams include the sale of custom-designed pieces, wedding and bridal collections, and an expanding presence in the online retail space. Additionally, the company has established partnerships with various financial institutions to offer financing options for customers, which helps to increase sales volume. Factors contributing to its earnings include brand loyalty, a wide network of retail outlets, effective marketing strategies, and seasonal demand spikes during festivals and wedding seasons.

Kalyan Jewellers India Ltd. Financial Statement Overview

Summary

Strong revenue growth and healthy profitability support a solid score. Cash generation is consistent with good cash conversion, but moderate leverage and some margin pressure temper the rating.

Income Statement

Kalyan Jewellers India Ltd. has demonstrated strong revenue growth over the years, with a notable increase in Total Revenue from previous periods. The Gross Profit Margin remains healthy, though there was a slight decline in EBIT Margin due to increased expenses. The Net Profit Margin is also positive, indicating effective cost management despite competitive pressures.

Balance Sheet

The company's Balance Sheet shows a stable financial position with a manageable Debt-to-Equity Ratio, though there is a significant level of debt. The Return on Equity is solid, reflecting effective use of shareholder funds. However, the Equity Ratio indicates a moderate reliance on debt financing, which could pose risks in a volatile market.

Cash Flow

Kalyan Jewellers has shown healthy cash flows with consistent Free Cash Flow generation. The Operating Cash Flow to Net Income Ratio is strong, highlighting efficient cash conversion. There is, however, a slight decline in free cash flow growth, which could impact future reinvestment capabilities.

Breakdown	TTM	Mar 2025	Mar 2024	Mar 2023	Mar 2022	Mar 2021
Income Statement
Total Revenue	285.93B	250.45B	185.16B	140.25B	107.81B	85.43B
Gross Profit	36.84B	32.84B	26.61B	21.53B	16.55B	14.29B
EBITDA	20.13B	16.62B	14.42B	11.03B	8.34B	6.26B
Net Income	9.31B	7.15B	5.97B	4.33B	2.24B	-63.04M
Balance Sheet
Total Assets	170.91B	151.26B	128.18B	107.13B	89.45B	88.65B
Cash, Cash Equivalents and Short-Term Investments	11.04B	12.01B	1.78B	1.41B	1.49B	3.65B
Total Debt	53.35B	49.59B	44.86B	42.95B	40.29B	40.76B
Total Liabilities	117.49B	103.22B	86.30B	70.78B	58.07B	60.39B
Stockholders Equity	53.41B	48.04B	41.89B	36.35B	31.37B	28.26B
Cash Flow
Free Cash Flow	5.17B	7.45B	9.50B	8.26B	1.73B	5.81B
Operating Cash Flow	7.41B	12.09B	13.22B	10.13B	2.64B	6.29B
Investing Cash Flow	856.35M	-1.77B	-1.37B	-3.84B	635.74M	-2.17B
Financing Cash Flow	-8.30B	-8.40B	-11.48B	-6.38B	-5.44B	-2.08B

Kalyan Jewellers India Ltd. Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 495.65
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Positive
• RSI: Neutral
• STOCH: Neutral

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 397.18, above the 50-day MA of 416.72, and above the 200-day MA of 493.50, indicating a bearish trend. The MACD of -8.80 indicates Positive momentum. The RSI at 43.02 is Neutral, neither overbought nor oversold. The STOCH value of 35.91 is Neutral, 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

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
TBZ	66 Neutral	₹9.01B	3.41	―	1.38%	14.86%	48.09%
THANGAMAYL	66 Neutral	₹108.77B	23.90	―	0.37%	35.04%	80.12%
SENCO	66 Neutral	₹49.66B	4.93	―	0.31%	20.18%	16.17%
KALYANKJIL	62 Neutral	₹402.27B	30.10	―	0.32%	33.87%	48.40%
PCJEWELLER	62 Neutral	₹62.44B	9.16	―	―	190.41%	2939.51%
Sector *	61 Neutral	$18.38B	12.79	-2.54%	3.03%	1.52%	-15.83%
RAJESHEXPO	51 Neutral	₹30.68B	18.97	―	―	112.02%	244.77%

Kalyan Jewellers India Ltd. Corporate Events

Kalyan Jewellers Delivers 42% Q3 Revenue Surge and Accelerates Global Expansion

Kalyan Jewellers reported an encouraging third quarter of FY2026, with consolidated revenue rising about 42% year-on-year, driven by strong festive demand in India and resilient consumer interest despite gold price volatility. India operations also grew around 42% with approximately 27% same-store sales growth across both plain gold and studded categories, while international revenue increased roughly 36%, with the Middle East delivering 28% growth and contributing to international markets forming about 11% of consolidated revenue. Candere, the company’s digital-first jewellery brand, posted about 147% revenue growth in the quarter, underscoring the strength of its omnichannel strategy. During the period, Kalyan expanded its retail network by adding 21 new showrooms in India, one in the UK, and 14 Candere outlets domestically, taking the total showroom count to 469 worldwide and signalling an aggressive growth and market-penetration push across its core and emerging markets.

Kalyan Jewellers Closes Trading Window Ahead of Q3 FY2026 Results

Kalyan Jewellers India Limited has announced that, in line with SEBI’s Prohibition of Insider Trading Regulations and its internal code of conduct, the trading window for its equity shares will be closed for promoters, directors, designated persons, their immediate relatives and other connected persons from 1 January 2026 until 48 hours after the declaration of its unaudited standalone and consolidated financial results for the quarter ended 31 December 2025. The company added that the date of the board meeting to consider and approve these quarterly results will be communicated to the stock exchanges in due course, underscoring its compliance with regulatory norms governing disclosure and insider trading safeguards.

Kalyan Jewellers Schedules Investor Meetings for November 2025

Kalyan Jewellers India Ltd. has announced a schedule for upcoming meetings with analysts and institutional investors, which are set to take place on November 26, 2025. These meetings, involving prominent investment firms like GIC Singapore and Eastspring Investments, will be conducted in physical mode. The announcement reflects the company’s ongoing efforts to engage with key stakeholders and provide transparency about its operations and market strategies.