StrengthTalking point
Profit outpacing revenue
Profit grew 89.1% while revenue grew 42.7%, so the company kept more of each rupee of revenue as profit.
Importance 72 / 95 · growth
Kalyan Jewellers India Limited · Research view
Kalyan Jewellers India Limited
NSE: KALYANKJILBSE: 543278ISIN INE303R01014Face value ₹10consolidated
₹530
−4.28% · 2026-10-01 · 52-wk ₹331–₹635
Financials to FY2026 · 5 years of history · prices to 2026-10-01consolidatedstandalone
Section 02 · Synthesis
What stands out?
The strongest observations the engine found, ranked. Every line is generated from the filed numbers by a fixed rule — no opinion, no estimate.
StrengthConcernWatchContext
StrengthTalking point
Debt reduced
Total debt is down from ₹1,866 to ₹524 over 4 years (71.9% lower); debt-to-equity moved 0.59× → 0.08×.
Importance 66 / 95 · financial health
StrengthTalking point
Compounding revenue
Revenue compounded at 34.8% a year over 4 years (₹10,818 → ₹35,743).
Importance 66 / 95 · growth
StrengthTalking point
Returns at a multi-year high
ROE of 24.3% is the highest in 4 years (prior range 7.1% to 15.9%).
Importance 63 / 95 · profitability
Section 03 · The company
Who is this company?
Classified by the exchange under Consumer Discretionary › Consumer Durables › Consumer Durables › Gems, Jewellery And Watches.
- Market cap
- ₹54,684 cr
- FY2026 revenue
- ₹35,743 cr
- FY2026 net profit
- ₹1,350 cr
- Net worth
- ₹6,309 cr
- Total debt
- ₹524 cr
- EPS (basic)
- ₹13.08
- Listed
- NSE · BSE
- Reporting
- Ind-ASApr–Mar
Peer set used on this page: 2 gems, jewellery and watches.
Section 04 · Business performance
Is the business growing?
RevenueNet profit
Strength
Profit grew 89.1% while revenue grew 42.7%, so the company kept more of each rupee of revenue as profit.
Rule PROFIT_FASTER_THAN_REVENUE
- Revenue growth per year
- +34.8%over 4 years
- Revenue growth
- +42.7%vs last year
- Net profit growth
- +89.1%vs last year
- Change in net profit since FY22
- +503%
Revenue compounded at 34.8% a year over 4 years (₹10,818 → ₹35,743).
Over 4 years profit compounded at 56.7% a year while revenue compounded at 34.8% a year — though FY2023 saw a one-off step-change of 93% (a merger, restructuring or a recovery off a low base), so the compounding is uneven.
Net profit grew 89.1% year on year (FY2025 → FY2026).
Revenue grew 42.7% year on year (FY2025 → FY2026).
Section 05 · Recent activity
What changed recently?
Quarterly results, the trailing-twelve-months snapshot, and verified corporate actions — kept separate from each other and from the annual story above. Every figure traces to a filed number; nothing here is external news or commentary.
Strength
Q1 FY27 revenue was ₹10,589 cr, up 45.7% from ₹7,268 cr in Q1 FY26 a year earlier.
Rule QTR_REVENUE_GROWTH_YOY
Strength
Q1 FY27 net profit was ₹349 cr, up 32.0% from ₹264 cr a year earlier.
Rule QTR_PROFIT_GROWTH_YOY
Strength
Q1 FY27 EBIT was ₹573 cr, up 25.5% from ₹457 cr a year earlier.
Rule QTR_OPERATING_PERFORMANCE_CHANGE_YOY
A. Quarterly results
RevenueNet profit
| Quarter | Revenue | YoY | Net profit | YoY | Net margin |
|---|---|---|---|---|---|
| Q2 FY25 | 6,065 | — | 130 | — | 2.1% |
| Q3 FY25 | 7,287 | +39.5% | 219 | +21.2% | 3.0% |
| Q4 FY25 | 6,182 | +36.3% | 188 | +36.4% | 3.0% |
| Q1 FY26 | 7,268 | +31.3% | 264 | +48.7% | 3.6% |
| Q2 FY26 | 7,856 | +29.5% | 261 | +99.9% | 3.3% |
| Q3 FY26 | 10,343 | +41.9% | 416 | +90.4% | 4.0% |
| Q4 FY26 | 10,275 | +66.2% | 410 | +118.3% | 4.0% |
| Q1 FY27 | 10,589 | +45.7% | 349 | +32.0% | 3.3% |
B. TTM snapshot
Trailing twelve months to 30 Jun 2026 · sum of the last 4 contiguous quarters
- Revenue
- ₹39,063 crTTM
- EBITDA
- ₹2,833 crTTM
- EBIT
- ₹2,393 crTTM
- PBT
- ₹1,914 crTTM
- Net profit
- ₹1,435 crTTM
C. Corporate actions
11 Sept 2026DividendFinal Dividend - Rs. - 2.5000 — ₹2.50/share
4 Sept 2025DividendFinal Dividend - Rs. - 1.5000 — ₹1.50/share
9 Aug 2024DividendFinal Dividend - Rs. - 1.2000 — ₹1.20/share
4 Aug 2023DividendFinal Dividend - Rs. - 0.5000 — ₹0.50/share
Section 06 · Business performance
Is it becoming more profitable?
EBITDA marginNet margin
Strength
ROE of 24.3% is the highest in 4 years (prior range 7.1% to 15.9%).
Rule ROE_AT_MULTI_YEAR_HIGH
- EBITDA margin now
- 7.6%
- 5-year range
- 6.6–8.2%
- ROE FY2026
- 24.3%
- ROCE FY2026
- 36.2%
ROE improved from 15.9% to 24.3% year on year.
Section 07 · Financial health
Is financial health improving?
Net worth (shareholders' funds)
Strength
Total debt is down from ₹1,866 to ₹524 over 4 years (71.9% lower); debt-to-equity moved 0.59× → 0.08×.
Rule DEBT_FELL_MULTIYEAR
Operating cash flowNet profit
- Total debt
- ₹524 cr
- Operating cash flow ÷ net profit
- 0.98×FY2026
- Free cash flow
- ₹939 cr
- Current ratio
- 1.30×
Net worth compounded at 19.1% a year over 4 years (₹3,138 → ₹6,309).
Operating cash flow has matched or exceeded reported profit in 4 of the last 5 profit-making years (latest 0.98×).
Free cash flow has been positive in 5 of the last 5 years.
Section 08 · Relative position
How does it compare with peers?
Ranked against 2 gems, jewellery and watches (FY2026, consolidated).
Not enough peers in this set report the underlying metrics yet for a ranking.
Context
P/E of 38.11× is below the gems jewellery and watches median (54.09×) — but ROE of 24.3% is also below that peer set (30.7%), so the lower multiple tracks the lower profitability.
Rule CHEAP_VS_LOW_RETURNS
- P / E
- 38.1×TTM to Jun 26
- P / B
- 8.7×latest book
- P / S
- 1.4×TTM sales
- Earnings yield
- 2.6%TTM to Jun 26
On the trailing twelve months. Last full year: P/E 40.5× · P/S 1.5× · ROE 24.3%.
Section 09 · The stock
How has the stock performed?
Context
Over 4 years profit compounded at 56.7% a year while the stock returned 32.5% a year — but FY2022 profit (₹224) was well below the through-cycle level (~₹596), so this rate is inflated by the recovery from a low base.
Rule STOCK_LAGGED_EARNINGS · recovery
- 1-year return
- +13.8%
- 3-year return
- +132.7%
- 5-year return
- +620.4%
- From 52-wk high
- −16.6%
Section 10 · Technical data
What does the technical data say?
Price-action indicators as of 2026-10-01. Secondary to the fundamentals above — included for timing context, not as a signal.
- vs 50-day avg
- Below₹594
- vs 200-day avg
- Above₹461
- RSI (14)
- 30.7neutral
- MACD histogram
- -6.4
- From 52-wk high
- −16.6%
- From 52-wk low
- +60.1%
- 30-day volatility
- 32.9%ann.
- 6-month return
- +40.9%
Section 11 · Open questions
What should I investigate further?
Observations the engine tagged watch or deteriorating — prompts for your own research, not conclusions.
Nothing is flagged for review for this company.
Data coverage is complete — 5 years of financials (FY2022–FY2026), full P&L, balance sheet and cash-flow statement, sector metrics fully mapped.
Section 12 · Reference
The numbers
The full statements, kept deliberately secondary. Every figure traces to a BSE Integrated Filing (inline XBRL); ratios are recomputed from the normalised facts.
| Metric | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 10,818 | 14,071 | 18,548 | 25,045 | 35,743 |
| Total income | 10,856 | 14,109 | 18,622 | 25,190 | 35,951 |
| EBITDA | 853 | 1,152 | 1,386 | 1,662 | 2,699 |
| Profit before tax | 299 | 572 | 789 | 960 | 1,802 |
| Net profit | 224 | 432 | 596 | 714 | 1,350 |
| EPS (₹) | 2.2 | 4.2 | 5.8 | 6.9 | 13.1 |
| Net worth | 3,138 | 3,634 | 4,188 | 4,804 | 6,309 |
| Total debt | 1,866 | 1,655 | 1,064 | 950 | 524 |
| Operating cash flow | 245 | 1,013 | 1,323 | 1,209 | 1,318 |
| Free cash flow | 154 | 827 | 952 | 802 | 939 |
| Ratio | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Growth | |||||
| Revenue growth YoY | — | 30.1 | 31.8 | 35.0 | 42.7 |
| Profit growth YoY | — | 92.8 | 38.1 | 19.8 | 89.1 |
| Profitability | |||||
| EBITDA margin % | 7.9 | 8.2 | 7.5 | 6.6 | 7.6 |
| Net margin % | 2.1 | 3.1 | 3.2 | 2.8 | 3.8 |
| Return on equity % | 7.1 | 12.8 | 15.2 | 15.9 | 24.3 |
| Return on capital % | 12.4 | 17.6 | 21.1 | 24.0 | 36.2 |
| Leverage & cash | |||||
| Debt to equity | 0.59 | 0.46 | 0.25 | 0.20 | 0.08 |
| Cash flow ÷ profit | 1.09 | 2.35 | 2.22 | 1.69 | 0.98 |
| Current ratio | 1.32 | 1.32 | 1.29 | 1.29 | 1.30 |