KALYAN JEWELLERS: 

Dealers indicate strong commentary given in NDR in Singapore - NDTV PROFIT

Kalyan Jewellers India Ltd

₹ 523 2.80%

17 Sep 4:13 p.m.

 kalyanjewellers.net BSE: 543278 NSE: KALYANKJIL

About

Kalyan Jewellers India Ltd. designs manufacture and sells a range of gold, studded and other jewellery products across various price points. It is one of the largest jewellery retailers in India based on revenue as of FY20. The co. was founded by the current Chairman, MD and Promoter, Mr T.S. Kalyanaraman [1]

Key Points

Market Position
The company is among India’s top 5 gold jewellery retailers, accounting for about 6% of the total organised market share. [1]

• Market Cap₹ 54,083 Cr.
• Current Price₹ 523
• High / Low₹ 795 / 399
• Stock P/E67.5
• Book Value₹ 46.6
• Dividend Yield0.29 %
• ROCE15.0 %
• ROE16.0 %
• Face Value₹ 10.0

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Price on NSE50 DMA200 DMAVolume

Pros

• Company is expected to give good quarter
• Company has delivered good profit growth of 38.2% CAGR over last 5 years
• Company has been maintaining a healthy dividend payout of 18.1%

Cons

• Stock is trading at 11.2 times its book value

* The pros and cons are machine generated. 

Peer comparison

 Consumer Discretionary   Consumer Durables   Consumer Durables   Gems, Jewellery And Watches

Part ofBSE 500BSE Consumer DurablesBSE 200Nifty 500BSE MidCap

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S.No.	Name	CMP Rs.	P/E	Mar Cap Rs.Cr.	Div Yld %	NP Qtr Rs.Cr.	Qtr Profit Var %	Sales Qtr Rs.Cr.	Qtr Sales Var %	ROCE %
1.	Titan Company	3523.00	84.21	312679.15	0.31	1091.00	52.59	16523.00	24.55	19.14
2.	Kalyan Jewellers	522.80	67.51	54082.88	0.29	264.08	48.55	7268.48	31.49	15.02
3.	PC Jeweller	14.66	16.51	9632.31	0.00	161.93	3.76	724.91	80.71	6.55
4.	Bluestone Jewel	596.00		9039.03	0.00	-34.75	41.71	492.68	41.48
5.	P N Gadgil Jewe.	635.95	34.24	8639.90	0.00	69.34	96.32	1714.56	2.78	19.41
6.	Thangamayil Jew.	2185.90	63.03	6797.86	0.57	45.71	-19.18	1557.86	27.48	13.74
7.	Ethos Ltd	2383.55	68.90	6374.15	0.00	19.02	-16.58	346.32	26.74	13.75
	Median: 43 Co.	253.15	28.71	1144.88	0.0	9.19	37.6	229.73	19.72	15.99

Detailed Comparison with:

Quarterly Results

Consolidated Figures in Rs. Crores / View Standalone

	Jun 2022	Sep 2022	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025
	3,333	3,473	3,884	3,382	4,376	4,415	5,223	4,525	5,528	6,065	7,278	6,182	7,268
	3,068	3,207	3,557	3,125	4,053	4,101	4,853	4,229	5,159	5,738	6,848	5,782	6,760
Operating Profit	264	266	327	257	323	314	370	296	368	327	430	399	508
OPM %	8%	8%	8%	8%	7%	7%	7%	7%	7%	5%	6%	6%	7%
	8	8	7	-19	12	13	20	39	30	26	40	41	46
Interest	71	74	77	80	82	82	82	78	85	90	88	96	104
Depreciation	59	60	62	63	64	67	70	74	75	85	89	93	98
Profit before tax	142	140	195	95	188	178	239	184	237	178	294	251	353
Tax %	24%	25%	24%	26%	24%	24%	24%	25%	25%	27%	26%	25%	25%
	108	106	148	70	144	135	180	137	178	130	219	188	264
EPS in Rs	1.05	1.03	1.44	0.68	1.40	1.31	1.75	1.34	1.72	1.27	2.12	1.82	2.56
Raw PDF

Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	TTM
	10,505	9,771	10,101	8,573	10,818	14,071	18,516	25,045	26,794
	9,732	9,151	9,302	7,949	9,965	12,906	17,180	23,461	25,129
Operating Profit	774	620	799	624	853	1,165	1,335	1,585	1,665
OPM %	7%	6%	8%	7%	8%	8%	7%	6%	6%
	32	42	80	45	38	5	106	140	153
Interest	390	418	419	405	360	353	379	422	378
Depreciation	202	224	239	225	232	245	274	343	365
Profit before tax	214	21	221	39	299	572	789	960	1,075
Tax %	34%	123%	36%	115%	25%	24%	24%	26%
	141	-5	142	-6	224	432	596	714	801
EPS in Rs	1.70	-0.04	1.70	-0.06	2.18	4.20	5.80	6.93	7.77
Dividend Payout %	0%	0%	0%	0%	0%	12%	21%	22%

Compounded Sales Growth
10 Years:	%
5 Years:	20%
3 Years:	32%
TTM:	36%

Compounded Profit Growth
10 Years:	%
5 Years:	38%
3 Years:	47%
TTM:	27%

Stock Price CAGR
10 Years:	%
5 Years:	%
3 Years:	77%
1 Year:	-27%

Return on Equity
10 Years:	%
5 Years:	12%
3 Years:	15%
Last Year:	16%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Equity Capital	839	839	839	1,030	1,030	1,030	1,030	1,031
Reserves	1,012	1,046	1,203	1,796	2,107	2,605	3,159	3,772
	4,196	3,907	3,759	4,081	4,029	4,295	4,495	4,959
	2,503	2,268	2,417	1,958	1,779	2,783	4,134	5,363
Total Liabilities	8,551	8,060	8,219	8,865	8,945	10,713	12,818	15,126
	1,879	2,152	2,167	1,899	1,921	1,903	2,299	2,846
CWIP	18	22	24	53	2	20	49	8
Investments	1	3	0	0	1	4	4	5
	6,654	5,884	6,027	6,913	7,021	8,785	10,465	12,267
Total Assets	8,551	8,060	8,219	8,865	8,945	10,713	12,818	15,126

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
			320	629	264	1,013	1,322	1,209
			34	-217	64	-384	-137	-177
			-343	-208	-544	-638	-1,148	-840
Net Cash Flow			11	204	-216	-8	37	193