KALYANKJIL

Kalyan Jewellers India Limited

One of India's largest organized jewellery retailers — gold and studded jewellery

Consumer Discretionary›Consumer Durables›Consumer Durables›Gems, Jewellery And Watches

kalyanjewellers.net(opens the company website in a new tab)
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Key metrics

Price as of 2026-10-16

Stock price
₹558.00
Market cap
57,561 Cr
Stock P/E
40.1
P/B
9.12
Dividend yield
0.3%
ROE (FY26)
21.4%
ROCE (FY26)
32.7%
Operating margin (FY26)
5.8%
Debt / equity (FY26)
0.08
OCF / EBITDA (FY26)
52.9%
OCF / EBITDA (3Y)
72.3%

Full years shown; sign in free for the trailing twelve months. Learn about these metrics →

Price & valuation

Share price and valuation multiples (P/E, P/B and more) over time.

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Compare with peers

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What you need to know

Kalyan Jewellers (Kalyan Jewellers India) sells gold and studded jewellery to retail customers through showrooms in India and the Middle East, under the Kalyan and Candere brands.

Company snapshot

2ndBy market cap

Ranked among 39 companies in Gems, Jewellery And Watches.

What we see

Positives
  • ✓Debt-to-equity of 0.08x — the company is largely funded by its own money, not borrowed funds.
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Statement tables · Consolidated

Switches quarterly, P&L, balance sheet, and cash flow. Key metrics and ratios stay on consolidated when available.

Amounts in ₹ Cr · tap + to expand rows

Quarterly results

Quarterly · ₹ Cr · tap + rows to expand

MetricSept 2023Dec 2023Mar 2024Jun 2024Sept 2024Dec 2024Mar 2025Jun 2025Sept 2025Dec 2025Mar 2026Jun 2026
Sales4,415 Cr5,223 Cr4,535 Cr5,535 Cr6,065 Cr7,287 Cr6,182 Cr7,268 Cr7,856 Cr10,343 Cr10,275 Cr10,589 Cr
Operating expenses (approx.)4,101 Cr4,853 Cr4,229 Cr5,159 Cr5,738 Cr6,848 Cr5,782 Cr6,760 Cr7,359 Cr9,593 Cr9,539 Cr9,956 Cr
EBITDA314 Cr370 Cr306 Cr376 Cr327 Cr439 Cr399 Cr508 Cr497 Cr750 Cr736 Cr633 Cr
OPM %7.1%7.1%6.8%6.8%5.4%6.0%6.5%7.0%6.3%7.3%7.2%6.0%
Other income13 Cr20 Cr29 Cr22 Cr26 Cr31 Cr41 Cr46 Cr51 Cr64 Cr46 Cr56 Cr
Interest82 Cr82 Cr78 Cr85 Cr90 Cr88 Cr96 Cr104 Cr95 Cr104 Cr130 Cr108 Cr
Depreciation67 Cr70 Cr74 Cr75 Cr85 Cr89 Cr93 Cr98 Cr103 Cr109 Cr113 Cr115 Cr
Profit before tax178 Cr239 Cr184 Cr237 Cr178 Cr294 Cr251 Cr353 Cr350 Cr560 Cr539 Cr465 Cr
Tax %24.3%24.4%25.1%25.2%26.8%25.5%25.1%25.2%25.6%25.7%24.0%25.0%
Net profit135 Cr180 Cr137 Cr178 Cr130 Cr219 Cr188 Cr264 Cr261 Cr416 Cr410 Cr349 Cr
EPS (₹)₹1.31₹1.75₹1.34₹1.73₹1.27₹2.12₹1.82₹2.56₹2.52₹4.03₹3.97₹3.38

Profit & loss (annual)

Annual · last column is TTM · ₹ Cr · tap + to expand

MetricMar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Sales10,548 Cr9,771 Cr10,101 Cr8,573 Cr10,818 Cr14,071 Cr18,548 Cr25,045 Cr35,743 CrSign in free for the trailing twelve months
Operating expenses (approx.)9,815 Cr9,190 Cr9,341 Cr7,979 Cr10,003 Cr12,957 Cr17,236 Cr23,528 Cr33,252 CrSign in free for the trailing twelve months
EBITDA733 Cr580 Cr760 Cr594 Cr815 Cr1,114 Cr1,313 Cr1,517 Cr2,491 CrSign in free for the trailing twelve months
OPM %6.9%5.9%7.5%6.9%7.5%7.9%7.1%6.1%7.0%Sign in free for the trailing twelve months
Other income32 Cr43 Cr80 Cr45 Cr38 Cr38 Cr74 Cr145 Cr208 CrSign in free for the trailing twelve months
Interest349 Cr379 Cr380 Cr375 Cr322 Cr303 Cr323 Cr359 Cr433 CrSign in free for the trailing twelve months
Depreciation202 Cr224 Cr239 Cr225 Cr232 Cr245 Cr274 Cr343 Cr423 CrSign in free for the trailing twelve months
Profit before tax214 Cr21 Cr221 Cr39 Cr299 Cr572 Cr789 Cr960 Cr1,802 CrSign in free for the trailing twelve months
Tax %34.0%123.2%35.6%115.4%25.0%24.4%24.4%25.6%25.1%Sign in free for the trailing twelve months
Net profit141 Cr-5 Cr142 Cr-6 Cr224 Cr432 Cr596 Cr714 Cr1,350 CrSign in free for the trailing twelve months
EPS (₹)₹1.70₹-0.04₹1.70₹-0.07₹2.18₹4.20₹5.80₹6.93₹13.08Sign in free for the trailing twelve months
Dividend payout %————0.0%0.0%8.6%17.3%11.3%Sign in free for the trailing twelve months
Sign in free for the trailing twelve months

The latest four quarters added up, next to each full year

Balance sheet

Annual · ₹ Cr · tap + rows to expand

MetricMar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity capital839 Cr839 Cr839 Cr1,030 Cr1,030 Cr1,030 Cr1,030 Cr1,031 Cr1,033 Cr
Reserves1,131 Cr1,165 Cr1,322 Cr1,796 Cr2,107 Cr2,605 Cr3,159 Cr3,772 Cr5,276 Cr
Borrowings2,022 Cr2,207 Cr2,423 Cr1,801 Cr1,866 Cr1,655 Cr1,064 Cr950 Cr524 Cr
Other liabilities4,561 Cr3,852 Cr3,638 Cr4,238 Cr3,941 Cr5,423 Cr7,566 Cr9,373 Cr13,884 Cr
Total liabilities8,551 Cr8,060 Cr8,219 Cr8,865 Cr8,945 Cr10,713 Cr12,818 Cr15,126 Cr20,717 Cr
Fixed assets (net)1,008 Cr1,090 Cr1,079 Cr962 Cr982 Cr874 Cr1,090 Cr1,306 Cr1,498 Cr
CWIP18 Cr17 Cr24 Cr53 Cr2 Cr20 Cr48 Cr8 Cr18 Cr
Investments1 Cr3 Cr—61 Cr62 Cr65 Cr66 Cr66 Cr67 Cr
Inventories5,022 Cr4,501 Cr4,720 Cr5,303 Cr5,794 Cr7,014 Cr8,298 Cr9,681 Cr14,175 Cr
Trade receivables182 Cr147 Cr214 Cr113 Cr119 Cr244 Cr328 Cr400 Cr867 Cr
Cash & bank178 Cr150 Cr161 Cr365 Cr149 Cr141 Cr178 Cr370 Cr307 Cr
Other assets2,142 Cr2,153 Cr2,020 Cr2,009 Cr1,837 Cr2,355 Cr2,810 Cr3,295 Cr3,787 Cr
Total assets8,551 Cr8,060 Cr8,219 Cr8,865 Cr8,945 Cr10,713 Cr12,818 Cr15,126 Cr20,717 Cr

Cash flows

Annual · ₹ Cr · tap + rows to expand · last column includes FCF

MetricMar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Cash from operating activity1,043 Cr389 Cr320 Cr629 Cr245 Cr1,013 Cr1,323 Cr1,209 Cr1,318 Cr
Cash from investing-615 Cr-124 Cr34 Cr-217 Cr64 Cr-384 Cr-138 Cr-177 Cr-118 Cr
Cash from financing-450 Cr-293 Cr-343 Cr-208 Cr-524 Cr-638 Cr-1,148 Cr-840 Cr-1,264 Cr
Net cash flow-22 Cr-28 Cr11 Cr204 Cr-216 Cr-8 Cr37 Cr193 Cr-64 Cr
Free cash flow (OCF − Capex)759 Cr96 Cr212 Cr581 Cr154 Cr826 Cr951 Cr745 Cr911 Cr

Ratios

MetricMar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
ROCE %14.1%9.5%13.1%9.0%12.4%16.5%21.2%22.9%32.7%
ROE %7.2%-0.2%6.6%-0.2%7.1%11.9%14.3%14.9%21.4%
Debtor days658546669
Inventory days173168171258217195177158146
Days payable261620342533423835
Cash conversion cycle154158158229197168142126121
OCF / EBITDA %142.4%67.0%42.0%105.8%30.1%91.0%100.8%79.7%52.9%
OCF / EBITDA % (3 years)——84.5%69.1%55.0%74.8%79.6%89.9%72.3%
Debt / equity1.031.101.120.640.590.460.250.200.08
Current ratio1.121.101.121.251.321.321.291.291.30
Net debt / EBITDA2.523.552.982.422.111.360.680.380.09