AnnouncementSep 2026
Sep 2026 · Announcement Under Regulation 30 - LODR 19 Sep - Invested Rs350 crore in Candere via rights issue on September 19, 2026 to repay loans.
Source: Bse
Kalyan Jewellers India Limited (KALYANKJIL)
Mid CapConsumer stocks · Mid cap · NSE
One of India’s largest jewellery companies, established in 1993. Built on trust & transparency, offering a wide range of gold, studded, and other jewellery. Pan-India presence with scaled operations in the Middle East, leveraging a hyperlocal model and "My Kalyan" network for deep customer outreach.
Data qualityFresh enough for analysisQuote updated 21 Oct, 03:31 pm ISTDetails
Quote21 Oct, 03:31 pm IST
Base fundamentals20 Oct 2026 · screener
Latest result04 Aug, 10:12 pm IST
Score22 Oct, 04:30 am IST · v4.3-runtime-valuation
Tags02 May 2026
Coverage14/14 · 100%
Valuation2026-07-20 · Rf 6.8% · Consumer P/E 22.2 (n=441)
Technical timing lens
Trend score and candlestick chart
44NeutralSMA20 -6.2% / mo · MACD + · sector -4.6pp vs Nifty 500 (3M)
Stock trend: 52
Sector RS: 31
Sector 3M: -10.2% vs Nifty 500 -5.6%
Consumer FPI tailwindNot confirmed
Latest mapped FPI equity flow was not positive. View sector evidence
Technical chart
KALYANKJILD candles · FIT view+34.7%Latest close ₹557.00 on 2026-10-21
Bar
+0.4%
RSI
46
MACD hist
0.41
52W pos
71%
2026-10-21O ₹555.00H ₹572.80L ₹553.70C ₹557.00Vol 1.4Cr sh
Up bar
Down bar
EMA 20
EMA 50
Volume + 20D avg
Result date
RSI(14)
MACD / signal
Market context
Relative performance and chart statistics
Adjusted completed-session prices, rebased to 100
KALYANKJILNifty Consumer DurablesNifty 500
- KALYANKJIL
- -3.5%
- Nifty 500
- -6.5%
- Nifty Consumer Durables
- -11.0%
- Vs Nifty 500
- +3.0 pp
Chart stats
21 Oct 2026- From 52W high
- -14.2%
- 52W range position
- 71%
- ATR (14)
- 3.3%
- Volume vs 20D
- 2.33x
- Avg traded value
- ₹357 Cr
- 20D price channel
- ₹522.5 - ₹591
₹649
₹327.1 - ₹649
₹18.2
Latest completed session
20-session average
35.8% annualized volatility
Research snapshot
What the evidence says now
Mixed fundamentals, management evidence is still limited to a financial-only Trust Lite signal, price trend argues for patience, and recent execution is consistent.
Suggested next step
Research, do not rush
The evidence is not strongly aligned. Compare peers and wait for a cleaner setup.
U-Score
Legacy · FAIR VALUE57
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
Latest result
Average52
Revenue +45.7% · PAT +32.2% YoY
Technical
Neutral44
Price trend and sector-relative-strength timing.
Valuation
Legacy model-20.3%
Legacy margin-of-safety estimate; the revised evidence label remains in shadow validation.
Trust
Limited evidence87
Financial-only signal; management claim evidence is not sufficient yet.
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Latest result
Quarter ended 30 Jun 2026
Average · 52/100margin compression · Rev +46% YoY · PAT +32% YoY
Filed 04 Aug 2026
Open results browser →| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹10,589 Cr | +45.7% | +3.1% |
| EBITDA | ₹633 Cr | +24.6% | -14.0% |
| Operating margin | 6.0% | -100 bps | -100 bps |
| PAT | ₹349 Cr | +32.2% | -14.9% |
| PAT margin | 3.3% | -33 bps | -69 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Fundamentals
Valuation
- P/E
- 38.90
- P/B
- 9.02
- EV/EBITDA
- 20.63
- Market Cap
- 56936.00Cr
Profitability
- ROE
- 24.80%
- ROCE
- 21.20%
- ROA
- 6.93%
- Dividend Y
- 0.44%
Growth (CAGR)
- Revenue 5Y
- 33.00%
- EPS 5Y
- 195.00%
- Revenue 3Y
- 36.00%
- EPS 3Y
- 45.00%
Balance Sheet
- Debt/Equity
- 0.97
- Interest Coverage
- 5.97×
- Altman Z
- 5.14
- Book Value
- 61.10
Cash Flow
- FCF Yield
- 2.11%
- FCF Positive Y
- 7/5
- OCF
- 1318.00 Cr
- EPS TTM
- 13.90
Shareholding
- Promoter Hold
- 62.85%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 70%
Financial History
Updated 22/10/2026
Revenue
₹ CrLatest: 10.6k+3.1% vs prev
Net Profit
₹ CrLatest: 349-14.9% vs prev
ROE is shown only in the Annual view — quarterly equity data isn't published.
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Daily technical trend read
Bearish setupTrend is weak — long-term uptrend intact. RSI 46.
- Price above SMA200 (long-term uptrend) but mid-term MAs not aligned.
- SMA20 falling (~6.6% over last month) — short-term momentum negative.
- RSI(14) at 46 — falling, no extreme reading.
- MACD above signal but histogram contracting — bullish momentum cooling.
- 14% off 52W high · 70% above 52W low.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Nifty 500 leadership
Relative Strength & Trend Stage
84
RS percentile
Stage 2 UptrendEstablished S2
1M return
-4.2%
3M return
-3.5%
6M return
+34.9%
1Y return
+8.5%
RS 1D
+1
RS 20D
-6
Sector rank
#8
Industry rank
#23
Stage evidence
- Price is 16.3% above the 30-week proxy.
- The 50-DMA is above the 30-week proxy and its slope is rising +4.9%.
50-DMA
price below
200-DMA
price above
S2 entered
28 Jul 2026
S2 age
59 trading sessions
Sector
improving
Industry
lagging
Relative-strength line vs Nifty 500 (base 100)
262 observations
21 Oct 2026Value 129.37+1.97%
RS vs Nifty 500129
Valuation & peers
U-Score 57 · legacy U-Score band FAIR VALUE · valuation evidence and comparable companies
Valuation & peers
U-Score 57 · legacy U-Score band FAIR VALUE · valuation evidence and comparable companies
Premium Compounder
Fundamental score breakdown
U band · FAIR VALUEValuation0/30
Growth19/25
Quality18/20
Balance Sheet7/15
Cash Flow8/10
Piotroski
7/9 (+5)
Penalties
0
Raw sum
57
Why this score?
Top U-Score contributors and drags from the latest stored fundamentals.
57/100 · legacy band FAIR VALUE
Positive drivers
- Piotroski is strong at 7/9.
- Quality contributes 18/20 to the score.
- Cash flow contributes 8/10 to the score.
Main drags
- Fair-value margin of safety is negative at -20.3%.
- Valuation is weaker at 0/30; verify the latest quarterly trend.
- Balance sheet is weaker at 7/15; verify the latest quarterly trend.
Sector valuation model
Consumer valuation: PE/PEG and brand-quality premium
Consumer franchises can deserve higher multiples, but only when growth quality supports them.
Primary lens
PE and PEG relative to growth, ROE, margins, and brand strength.
Secondary checks
Volume growth, pricing power, distribution, same-store or category growth.
Main risk check
Premium valuation needs durable growth and margin resilience.
PE
38.9
PB
9.0
EV/EBITDA
20.6
ROE
24.8%
ROCE
21.2%
FCF Yield
2.1%
Debt/Equity
1.0
MoS
-20.3%
Score movement
Stored run vs live recompute
This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.
Stored run: 22 Oct 2026
v4.3-runtime-valuation
Final score
57
Previous: 57
Legacy U-Score band
FAIR VALUE
Previous: FAIR VALUE
Margin of safety
-20.3%
Previous: -20.3%
Score history
12 stored score snapshots. Latest stored move: +0 points.
22 Oct 2026
v4.3-runtime-valuation
57
57
57
57
57
57
57
57
57
57
57
57
Factor attribution
No pillar movement versus the latest stored run. Historical score trend will appear after snapshot storage is enabled.
Modelled fair value
Graham Number
₹138.24
-302.9% MoS
Growth-justified P/E
33.3
Growth-justified Value
₹462.87
-20.3% MoS
PEG
0.29
Comparable companies
Peers
Business-comparable peers in Consumer — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.
Ticker
Name
Why peer
Score
PE
ROE
MoS
Verdict
THANGAMAYL
Micro
Thangamayil Jewellery Limited
Retail
match 85
57
38.5
28.1%
-16%
FAIR VALUE
PCJEWELLER
Micro
PC Jeweller Limited
Retail
match 84
43
20.3
10.0%
+39%
WATCHLIST
SKYGOLD
Micro
SKY GOLD AND DIAMONDS LIMITED
Retail
match 84
47
44.7
28.9%
-45%
FAIR VALUE
PNGJL
Micro
P N Gadgil Jewellers Limited
Retail
match 83
59
18.9
23.5%
+47%
FAIR VALUE
UTSSAV
SME
Utssav CZ Gold Jewels Ltd.
Retail
match 82
55
34.5
36.4%
-19%
FAIR VALUE
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business and thesis
Where growth can come from, and what can break the case
Thesis intactReviewed 2026-06-14T08:23:03.686Z
Management commentary snapshot
Kalyan Jewellers reports robust Q4 FY26 consolidated revenue growth of 66% YoY to ₹1,02,749 Mn and PAT up 118% YoY to ₹4,095 Mn, driven by strong SSSG and asset-light expansion. FY26 consolidated revenue grew 43% YoY to ₹3,57,429 Mn, with PAT up 89% YoY to ₹13,504 Mn.
Kalyan Jewellers delivered strong Q4 and FY26 results, propelled by healthy same-store-sales growth, particularly in non-South markets, and successful execution of its capital-light FOCO showroom expansion strategy. Improved return ratios and significant non-GML debt reduction indicate effective capital management. The continued focus on asset-light growth and new regional brands supports future expansion.
Current business mix
India Revenue by Region (Q4FY26)
Latest issuer-disclosed distribution across 2 reported categories.
Non-South60.0%
South40.0%
Growth engines
Capital-light franchise store strategy
Focus on significantly more capital efficient and return accretive path through Franchisee Owned Company Operated (FOCO) stores.
Accelerated expansion of Candere showrooms
Expansion of Candere showrooms focused on lightweight lifestyle jewellery, with 124 showrooms (70 FOCO) as of March 31, 2026.
Launch of new regional brands
New regional brands to be launched offering exclusively localised designs; first brand expected in FY27.
Deepening customer outreach via 'My Kalyan' network
Leveraging 1,139 'My Kalyan' grassroots stores and 4,375 personnel for direct marketing and customer engagement.
Capacity and execution
Showroom Network (as on 31st March 2026)
342 Kalyan showrooms (222 FOCO) and 124 Candere showrooms (70 FOCO) in India. 38 Kalyan showrooms (4 FOCO) in Middle East, 2 in USA, 1 FOCO in UK.
Q4FY26 India Showroom Additions
Added 28 (24 Net) new showrooms during Q4FY26 in India.
FY27 Showroom Expansion Plan
84 Kalyan showrooms in India (all FOCO); 6 international showrooms (mix of COCO & FOCO); 50 Candere showrooms (mix of COCO & FOCO); 5 New Regional Brand showrooms.
Tailwinds
Rising share of organised retail
The Indian jewellery market is experiencing a continued shift in demand towards organised retailers.
Shifting customer behaviour
Customers increasingly expect transparent pricing, product purity, quality standards, and superior retail experience.
Supportive regulatory changes
Measures like GST, mandatory PAN for large transactions, and compulsory hallmarking of gold jewellery enforce compliance and transparency.
Headwinds
Supply-side disruptions
Supply-side disruptions for building materials due to geopolitical situation in West Asia impacted some showroom launches during Q4FY26.
Risk radar
Geopolitical situation impacts
Geopolitical situation in West Asia caused supply-side disruptions for building materials, affecting showroom launches.
Gold price fluctuations
The company has a robust system to hedge gold inventory from fluctuations in gold prices, indicating this is a managed risk.
Management accountability
What management said, and what results must prove
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
Analyst reading lens
Compare BOTH
YoY comparison is essential for understanding annual growth and mitigating seasonality inherent in the jewellery business. QoQ is relevant for tracking sequential momentum, especially regarding showroom additions and the impact of specific sales events or festive periods.
Sector KPIs management disclosed
Consolidated Revenue (Q4FY26)
₹1,02,749 Mn (66% YoY)
Consolidated PAT (Q4FY26)
₹4,095 Mn (118% YoY)
India SSSG (Q4FY26)
47%
Non-South SSSG (Q4FY26)
62%
Management forward view
Same Store Sales Growth (SSSG) Target
Target same store sales growth of mid to high single digits.
Non-GML Debt Reduction
Non-GML debt to be completely paid down in FY27.
India Expansion Focus
To increase the share of revenue from non-south markets; incremental showrooms predominantly in non-south markets.
Shareholder Rewards
FY26 dividend (to be paid during FY27) of ₹2,582 Mn, representing a payout of ~20%.
Thesis monitor
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| India SSSG | 47% (Q4FY26) | Mid to high single digit growth. |
| Non-GML Debt (Standalone) | ₹3,168 Mn (FY26) | Complete pay down in FY27. |
| FOCO Showroom Additions | 222 Kalyan, 70 Candere (India FY26) | Achievement of FY27 targets: 84 Kalyan, 50 Candere, 6 International, 5 New Regional Brand showrooms. |
| Non-South Revenue Share (India) | ~60% (Q4FY26) | Continued increase in share of revenue from non-south markets. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trust Score
87Limited evidence · low confidenceTrust Lite
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Limited evidence: Claim history is still being built. It ranks around the 99th percentile of the scored universe and 100th percentile within Consumer. No major sub-score weakness stands out.
This is a financial-behaviour screen, not a claim-tested management reliability verdict.
Computed 22 Oct 2026
management-trust-v1
87 docs text-extracted · 36 concalls text-extracted
Score band
Limited evidence
Financial behaviour is scored, but management claims do not yet have enough outcome checks.
Relative rank
99th percentile
overall median 67 · Consumer: 100th pctile, median 66 · Mid: 96th pctile, median 76
Evidence depth
Financial-only
87 documents have extracted text, but claim history is not strong enough yet.
Claim delivery
Outcome history still building
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Limited evidence · low confidenceWhat it measures
Reliability of management and financial delivery, using financial behaviour only.
Confidence
Treat this as an early read until more concalls and outcomes are matched.
Investor use
Can support position sizing if valuation and trend also agree.
Read Trust alongside U-Score, result consistency, and technical trend. A cheap stock with weak Trust needs a larger margin of safety; a high Trust score does not make an expensive stock attractive by itself.
Forensic breakdown
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Promoter
86
strong · holding, pledge, alignment
Cash flow
77
strong · profit to cash conversion
Balance sheet
81
strong · leverage and solvency
Discipline
98
strong · capital discipline
Results
95
strong · quarterly consistency
Trust positives
- ▸Promoter holding is 62.9%.
- ▸Promoter pledge is zero.
- ▸FCF yield is positive at 2.1%.
- ▸7 years of positive FCF.
Trust risks
- ▸No major Trust Lite risk flags.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Continue researching Kalyan Jewellers India Limited
Important announcements & filings
Latest exchange and company disclosures found within the past two years.
Open source ↗
AnnouncementSep 2026
Sep 2026 · Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 8 Sep - Kalyan Jewellers schedules a physical analyst/institutional investor meeting on 17 September 2026 at Jefferies India Forum.
Source: Bse
Annual reportSep 2026
Sep 2026 · General Update 21 Aug - 18th AGM scheduled for 19 September 2026 via VC/OAVM; annual report FY26 web-link shared.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 23 Sep
Source: Bse
Credit rating
Announcement under Regulation 30 (LODR)-Credit Rating 22 Sep - India Ratings reaffirmed Kalyan Jewellers' bank facility rating at IND AA-/Positive and IND A1+.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 7 Sep
Source: Bse
Investor presentationAug 2026
Aug 2026 · PPT
Source: Bse
Concall transcriptAug 2026
Aug 2026 · Transcript
Source: Bse
AnnouncementAug 2026
Aug 2026 · Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 13 Aug - Kalyan Jewellers to attend Motilal Oswal Annual Global Investor Conference on 19 August 2026.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Newspaper Publication 21 Aug
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Newspaper Publication 20 Aug
Source: Bse
Annual report
Business Responsibility and Sustainability Reporting (BRSR) 20 Aug - Kalyan Jewellers filed its FY2025-26 BRSR as part of the annual report.
Source: Bse
All information is for study purposes only. For investment decisions, consult your financial advisor. See Playbook for methodology.