Kalyan Jewellers India
- Market cap
- ₹ 52,898 Cr.
- P/E
- 36x
- P/B
- 8.68x
- 52-week range
- 327.05 – 648.95
- ROE
- 25%
- ROCE
- 21%
- Dividend yield
- 0.5%
- Debt / equity
- 0.97
- Sector
- Consumer Durables
- Industry
- Gems, Jewellery And Watches
- Listed on
- NSE, BSE
About
Kalyan Jewellers India Limited is an India-based international retail jewelry chain, which is engaged in the manufacturing and retailing of primarily gold and precious stone-studded jewelry. The Company’s brands include Mudhra, Nimah, Anokhi, Rang, Tejasvi, Ziah, Laya, Glo, Candere, Vedha, Apoorva, and Hera. Its products include chain, necklace, bangles, bracelets, nose studs, choker set, daily wear, vaddanam, jewellery set, rings, earrings, pendant, anklets, pearl studs, moti set, jhumka, locket, haram, kada, payal, and second stud. The Company manufactures jewelry from various metals, such as gold, diamond, silver, platinum, gemstone, white gold, and rose gold. It has approximately 316 retail stores across India, the Middle East, and the United States of America. Its subsidiaries include Kalyan Jewellers FZE, Kalyan Jewellers LLC, Kalyan Jewellers for Golden Jewelry Company, W.L.L., Kalyan Jewelers, Inc., Kalyan Jewellers Bahrain W.L.L, and Enovate Lifestyles Private Limited.
Quick check
The five things to look at first. Open one for more.
Compared with its industry
Gems, Jewellery And Watches: 107 companies →Kalyan Jewellers India against the typical company in its industry. The rank is out of the companies that report each figure; green means the better quarter of the pack, red the worse quarter.
- Valuation (P/E)36 against a typical 21: pricier than most peers (1st = cheapest).72nd of 106
- Sales growth+45.7% against a typical +34.8% from a year earlier.31st of 79
- Profit growth+32.2% against a typical +33.3% from a year earlier.38th of 73
- Share price, 3 months−18.9% against a typical +3.6%.75th of 92
- Size₹ 52,897.5 Cr. market value against a typical ₹ 145.6 Cr. (1st = largest).2nd of 94
Latest announcements
Exchange filings and their impact on the company.
- Very strong Q2 with 26% revenue growth and 20% same-store growth plus debt-free non-GML balance sheet supports continued high growth.
Kalyan Jewellers reported a very strong Q2 FY27 with consolidated revenue up over 26%, India up 27% on 20% same-store growth and international up 18%. Lifestyle brand Candere grew 64% and the company opened 21 showrooms taking the total to 546, including its first regional brand Akshaya Thanga Maligai in Chennai. It sold a non-core property for Rs 86 crore with another Rs 16 crore sale expected this quarter and brought non-GML debt to zero, and says it is well placed for the festive and wedding season.
Credit ratings
Every rating action on file, newest first, including reaffirmations. Open a row for the agency's reasoning. All credit rating updates
High safety
Rated AA- by 2 agencies- All agencies agree and none has raised a warning.
| Agency | Current rating | Outlook | As of |
|---|---|---|---|
| India Ratings | IND AA-; IND A1+ | Positive | 22 Sep 2026 |
| ICRA | [ICRA]AA- /[ICRA]A1+ | Stable | 10 Apr 2026 |
| Rating | Details | |||||
|---|---|---|---|---|---|---|
| 22 Sep 2026 | Rating action | IND AA- | — | India Ratings | ₹ 2,325 Cr. | |
| 10 Apr 2026 | Reaffirmed | [ICRA]AA- /[ICRA]A1+ | — | ICRA | ₹ 5,190 Cr. |
Research by Minerva Capital Research Solutions
Our research team's work on Kalyan Jewellers IndiaAlso covered in
Board meetings
Results dates and other board meetings. Full calendar
| Details | ||
|---|---|---|
| 10 Nov 2026Upcoming | Financial Results | To consider and approve the financial results for the period ended September 30, 2026 |
| 4 Aug 2026 | Financial Results | To consider and approve the financial results for the period ended Jun 30, 2026 |
| 8 May 2026 | Financial Results/Dividend | To consider and approve the financial results for the period ended March 31, 2026 and dividend |
| 6 Feb 2026 | Financial Results | To consider and approve the financial results for the period ended December 31, 2025 |
| 7 Nov 2025 | Financial Results | To consider and approve the financial results for the period ended September 30, 2025 |
| 7 Aug 2025 | Financial Results | To consider and approve the financial results for the period ended Jun 30, 2025 |
| 8 May 2025 | Financial Results/Dividend | To consider and approve the financial results for the period ended March 31, 2025 and dividend |
Financials
Consolidated figures in ₹ crore.
| ₹ Cr. | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 4,415 | 5,223 | 4,525 | 5,528 | 6,065 | 7,278 | 6,182 | 7,268 | 7,856 | 10,343 | 10,275 | 10,589 |
| Expenses | 4,101 | 4,853 | 4,229 | 5,159 | 5,738 | 6,848 | 5,782 | 6,760 | 7,359 | 9,593 | 9,539 | 9,956 |
| Operating Profit | 314 | 370 | 296 | 368 | 327 | 430 | 399 | 508 | 497 | 750 | 736 | 633 |
| OPM % | 7% | 7% | 7% | 7% | 5% | 6% | 6% | 7% | 6% | 7% | 7% | 6% |
| Other Income | 13 | 20 | 39 | 30 | 26 | 40 | 41 | 46 | 51 | 23 | 46 | 56 |
| Interest | 82 | 82 | 78 | 85 | 90 | 88 | 96 | 104 | 95 | 104 | 130 | 108 |
| Depreciation | 67 | 70 | 74 | 75 | 85 | 89 | 93 | 98 | 103 | 109 | 113 | 115 |
| Profit before tax | 178 | 239 | 184 | 237 | 178 | 294 | 251 | 353 | 350 | 560 | 539 | 465 |
| Tax % | 24% | 24% | 25% | 25% | 27% | 26% | 25% | 25% | 26% | 26% | 24% | 25% |
| Net Profit | 135 | 180 | 137 | 178 | 130 | 219 | 188 | 264 | 261 | 416 | 410 | 349 |
| EPS in Rs | 1.31 | 1.75 | 1.34 | 1.72 | 1.27 | 2.12 | 1.82 | 2.56 | 2.52 | 4.03 | 3.97 | 3.38 |
Growth and returns
Compounded yearly rates over each period.
- 10 Years
- —
- 5 Years
- 33%
- 3 Years
- 36%
- TTM
- 46%
- 10 Years
- —
- 5 Years
- 195%
- 3 Years
- 44%
- TTM
- 83%
- 10 Years
- —
- 5 Years
- 57%
- 3 Years
- 39%
- TTM
- —
- 10 Years
- —
- 5 Years
- 17%
- 3 Years
- 19%
- TTM
- —
P/E and EPS over time
Daily P/E and trailing 12-month EPS. EPS updates with each result.
Peers
Listed companies in the same business.
| Kalyan Jewellers India | ₹ 510.00 | ₹ 52,898 Cr. | 36x | 8.7x | 25% | — |
| Thangamayil Jewellery | ₹ 4,638.90 | ₹ 14,419 Cr. | 56.6x | 14.1x | 27.9% | 4.1% |
| Honasa Consumer | ₹ 431.40 | ₹ 14,045 Cr. | 74.9x | 10.8x | 15.5% | 8.4% |
| Aditya Vision | ₹ 555.00 | ₹ 7,162 Cr. | 70.1x | 11.9x | 18.4% | 4.4% |
| P N Gadgil Jewellers | ₹ 570.05 | ₹ 8,391 Cr. | 19.5x | 4.1x | 23.3% | 3.8% |
| D.P. Abhushan Ltd | ₹ 2,207.00 | ₹ 5,038 Cr. | 14.4x | 4.8x | 40.9% | 5.2% |
Management
- Sanjay Raghuraman
- Chief Executive Officer
- V. Swaminathan
- Chief Financial Officer
- Jishnu R. G.
- Compliance Officer, Company Secretary
- Trikkur Seetharam Kalyanaraman
- Managing Director, Executive Director
- Trikkur Kalyanaraman Ramesh
- Whole-Time Director
- Trikkur Kalyanaraman Seetharam
- Whole-Time Director
Prices are delayed and for information only. Nothing on this page is investment advice.