Kalyan Jewellers India Ltd. (KALYANKJIL) AI Stock Analysis

• Market Cap: ₹539.82B
• Dividend Yield: 0.31%
• Average Volume (3M): 324.59K
• Price to Earnings (P/E): 67.3
• 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): 2.50
• Shares Outstanding: 1,032,552,600
• 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: ₹660.00
• Price Target Upside: 36.73% Upside
• Rating Consensus: Moderate Buy
• Number of Analyst Covering: 2
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 66 Neutral
• Price Target: ₹529.00 ▲(9.59% Upside)

Kalyan Jewellers India Ltd. demonstrates strong financial performance with robust revenue growth and solid cash flow generation. However, technical indicators suggest potential bearish momentum, and the high P/E ratio indicates overvaluation. The low dividend yield further limits the stock's attractiveness for income-focused investors.

Positive Factors

Revenue Growth

Strong revenue growth indicates successful market expansion and product demand, supporting long-term business sustainability and competitive positioning.

Cash Flow Generation

Consistent cash flow generation ensures the company can fund operations and strategic initiatives, enhancing financial stability and growth potential.

Market Position

A strong market position in the jewellery sector helps maintain competitive advantage and brand loyalty, driving sustained revenue and profitability.

Negative Factors

Debt Levels

High debt levels can limit financial flexibility and increase risk, especially in volatile markets, potentially impacting long-term financial health.

EBIT Margin Decline

A decline in EBIT margin suggests rising costs, which could pressure profitability if not managed, affecting long-term earnings potential.

Free Cash Flow Growth Decline

A decline in free cash flow growth may limit the company's ability to reinvest in growth opportunities, affecting future expansion and competitiveness.

Kalyan Jewellers India Ltd. Business Overview & Revenue Model

Company Description

Kalyan Jewellers India Ltd. (KALYANKJIL) is one of India's largest jewelry retail chains, renowned for its extensive range of gold, diamond, and precious stone jewelry. Established in 1993, the company operates in the jewelry sector and offers a variety of products including traditional, contemporary, and bridal jewelry. Kalyan Jewellers has a strong presence across multiple states in India and also has international locations, catering to a diverse customer base with a focus on quality, craftsmanship, and innovative designs.

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

Kalyan Jewellers India Ltd. maintains a robust financial performance with strong revenue growth and profitability margins. The company has successfully managed its debt levels, though the reliance on debt financing warrants monitoring. Cash flow generation remains solid, supporting operational and strategic initiatives.

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	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	268.02B	250.45B	185.16B	140.25B	107.81B	85.43B
Gross Profit	34.32B	32.84B	26.61B	21.53B	16.55B	14.29B
EBITDA	18.18B	16.62B	14.42B	11.03B	8.34B	6.26B
Net Income	8.01B	7.15B	5.97B	4.33B	2.24B	-63.04M
Balance Sheet
Total Assets	0.00	151.26B	128.18B	107.13B	89.45B	88.65B
Cash, Cash Equivalents and Short-Term Investments	10.31B	12.01B	1.78B	1.41B	1.49B	3.65B
Total Debt	0.00	49.59B	44.86B	42.95B	40.29B	40.76B
Total Liabilities	-48.04B	103.22B	86.30B	70.78B	58.07B	60.39B
Stockholders Equity	48.04B	48.04B	41.89B	36.35B	31.37B	28.26B
Cash Flow
Free Cash Flow	0.00	7.45B	9.50B	8.26B	1.73B	5.81B
Operating Cash Flow	0.00	12.09B	13.22B	10.13B	2.64B	6.29B
Investing Cash Flow	0.00	-1.77B	-1.37B	-3.84B	635.74M	-2.17B
Financing Cash Flow	0.00	-8.40B	-11.48B	-6.38B	-5.44B	-2.08B

Kalyan Jewellers India Ltd. Technical Analysis

• Technical Analysis Sentiment: Neutral
• Last Price: 482.70
• 50DMA: Positive
• 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 Neutral. The current price of 482.7 is below the 20-day moving average (MA) of 503.59, below the 50-day MA of 493.98, and below the 200-day MA of 516.94, indicating a neutral trend. The MACD of -1.90 indicates Positive momentum. The RSI at 49.58 is Neutral, neither overbought nor oversold. The STOCH value of 23.45 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral 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
KALYANKJIL	66 Neutral	₹539.82B	67.31	―	0.31%	33.87%	48.40%
THANGAMAYL	64 Neutral	₹94.53B	50.14	―	0.38%	35.04%	80.12%
TBZ	63 Neutral	₹11.53B	12.35	―	1.32%	14.86%	48.09%
Sector *	61 Neutral	$18.38B	12.79	-2.54%	3.03%	1.52%	-15.83%
SENCO	58 Neutral	₹54.65B	25.45	―	0.32%	20.18%	16.17%
PCJEWELLER	57 Neutral	₹79.30B	11.12	―	―	190.41%	2939.51%
RAJESHEXPO	51 Neutral	₹53.66B	72.91	―	―	112.02%	245.09%

Kalyan Jewellers India Ltd. Corporate Events

Kalyan Jewellers Reports Strong Q2 Growth and Expansion

Kalyan Jewellers India Ltd. reported a robust 30% growth in consolidated revenue for the second quarter of FY2026 compared to the same period last year, driven by strong wedding demand and a successful festive season start. The company expanded its operations by opening new showrooms in India and the Middle East and saw significant growth in its digital platform, Candere. Additionally, the company secured approval for the release of real estate collateral related to repaid debt, aligning with its debt reduction targets.