KALYANKJIL
Kalyan Jewellers India share price & financials
- Price
- ₹383.5
- Market cap
- ₹62.6k Cr
- Sector
- Consumer Durables
- Calls analysed
- 7
Kalyan Jewellers India Limited Q1 FY27
What went well
- Consolidated revenue growth ex-bullion was 38% YoY, demonstrating strong underlying business performance.
- Consolidated PAT grew 32% YoY, indicating improved profitability.
- The share of recycled gold significantly increased to over 46% in Q1 FY27, with June reaching over 55%, reducing import dependence.
What to watch
- PBT margin dilution of 0.2%-0.3% due to old gold exchange, though expected to be negated by the 'cash for gold' initiative.
- Standalone employee cost increased by approximately 54% YoY, which is a structural increase and not a one-time event, contributing to margin pressure.
What Kalyan Jewellers India Limited does
Kalyan Jewellers India Limited is a pan-India jewellery retailer that designs, sources and sells gold, diamond and other studded jewellery across price points, occasions (wedding, daily wear, regional/staple) and customer segments through its flagship Kalyan-branded showrooms and its online-first Candere brand. It operates a hyperlocal, capital-light model that mixes company-owned and franchisee-owned-company-operated (FOCO) showrooms, supported by a grassroots "My Kalyan" outreach network that drives advance-purchase enrolment and customer footfall in each catchment. Jewellery is sourced through a network of procurement centres and contract manufacturers/local artisans across key manufacturing regions rather than company-owned factories. Beyond India, the group operates showrooms in the Middle East, USA and UK.
Segments
- Kalyan Jewellers (India)
- Candere
- International (Middle East, USA, UK)
- Total showrooms
- 507 (as of March 31, 2026)
- Countries with showroom presence
- 7
- States & UTs covered in India
- 23
- Kalyan-branded showrooms in India
- 342, of which 222 are franchisee-owned company-operated (FOCO)
- Candere showrooms
- 124, of which 70 are franchisee-owned company-operated (FOCO)
- Showrooms outside India
- 38 in the Middle East, 2 in the USA, 1 in the UK
Guidance record · Q1 FY27
what the last two calls moved 17 tracked 3 delivered 2 missed 12 open- Candere PAT delivered said Q3 FY25 Promised: EBITDA positive in the next financial year / PAT profitable FY26 Q1 FY27: Promise achieved in FY26. Candere reported a profit of INR 2.1 cr in Q1 FY27, continuing its profitable trend.
- Candere Showroom Additions missed said Q3 FY25 Promised: 80 Candere showrooms in FY26 Q1 FY27: Promise related to FY26 was missed. No further updates.
- New Regional Brand Launch Timeline on track said Q1 FY26 Promised: Launch the first regional brand during this calendar year (by Q3 FY26) Q1 FY27: Launch of new regional brand 'ATM' confirmed for Aug 21st in Chennai, with 4 more showrooms planned. While significantly delayed from original Q3 FY26 target, execution is now underway.
All 17 tracked — every revision, and every one management stopped mentioning.
Open the guidance ledgerQuarterly results
Q1 FY27: revenue up 47.0%, net profit up 25.4% against the same quarter last year.
| Line item | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 5,227 | 6,386 | 5,350 | 6,142 | 6,843 +31% | 9,048 +42% | 8,994 +68% | 9,026 +47% |
| EBITDA | 263 | 370 | 344 | 434 | 432 +64% | 654 +77% | 604 +76% | 500 +15% |
| Net profit | 120 | 218 | 185 | 256 | 262 +118% | 401 +84% | 366 +98% | 321 +25% |
How to read this
₹ crore, as filed. The percentage beside a figure is the change against the same quarter a year earlier — never the quarter before, which would make every seasonal business look like it collapses and booms each year.
Performance +18.6% 1Y
1Y: ₹507.05 on 10 Sept 2025 → ₹601.15. High ₹634.6 (30 Jul 2026), low ₹330.8 (11 Jun 2026).
How the price took the results
close before → close after
- Q1 FY27
- −2.7%
- 4 Aug
- Q4 FY26
- +3.3%
- 8 May
- Q3 FY26
- +1.1%
- 6 Feb
- Q2 FY26
- −0.0%
- 7 Nov
The move from the last close before each results date to the first close after it — the market's first read on the quarter, not the quarter itself.
Financials, as filed
Revenue grew 32.0% a year over 3 years, FY23 to FY26. Operating margin narrowed to 6.8%.
| Year ending | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|
| Revenue | ₹13.5k Cr | ₹15.8k Cr | ₹21.6k Cr | ₹31.0k Cr |
| Operating profit | ₹1.1k Cr | ₹1.1k Cr | ₹1.3k Cr | ₹2.1k Cr |
| Operating margin | 8.0% | 7.0% | 6.0% | 6.8% |
| Interest | ₹284 Cr | ₹242 Cr | ₹250 Cr | ₹289 Cr |
| Depreciation | ₹228 Cr | ₹207 Cr | ₹246 Cr | ₹296 Cr |
| Net profit | ₹428 Cr | ₹554 Cr | ₹688 Cr | ₹1.3k Cr |
| Net margin | 3.2% | 3.5% | 3.2% | 4.1% |
| ROCE | 14.0% | 15.0% | 16.0% | 24.0% |
How to read this
From the company's own filings. Margins are computed from the filed sums; a year with an incomplete quarter is left blank rather than estimated.
Balance sheet
| Year ending | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|---|
| Equity capital | ₹1.0k Cr | ₹1.0k Cr | ₹1.0k Cr | ₹1.0k Cr | ₹1.0k Cr | ₹1.0k Cr |
| Reserves | ₹2.0k Cr | ₹2.2k Cr | ₹2.6k Cr | ₹3.1k Cr | ₹4.3k Cr | ₹5.1k Cr |
| Borrowings | ₹2.5k Cr | ₹2.4k Cr | ₹2.4k Cr | ₹3.2k Cr | ₹5.3k Cr | ₹3.2k Cr |
| Other liabilities | ₹2.3k Cr | ₹2.1k Cr | ₹3.1k Cr | ₹3.5k Cr | ₹6.4k Cr | ₹7.7k Cr |
| Total liabilities | ₹7.9k Cr | ₹7.8k Cr | ₹9.2k Cr | ₹10.9k Cr | ₹17.1k Cr | ₹17.1k Cr |
| Fixed assets | ₹1.4k Cr | ₹1.4k Cr | ₹1.3k Cr | ₹1.6k Cr | ₹3.1k Cr | ₹2.1k Cr |
| Capital work in progress | ₹53 Cr | ₹2 Cr | ₹20 Cr | ₹49 Cr | ₹12 Cr | ₹14 Cr |
| Investments | ₹755 Cr | ₹768 Cr | ₹768 Cr | ₹773 Cr | ₹5 Cr | ₹852 Cr |
| Other assets | ₹5.7k Cr | ₹5.6k Cr | ₹7.1k Cr | ₹8.5k Cr | ₹14.0k Cr | ₹14.0k Cr |
| Total assets | ₹7.9k Cr | ₹7.8k Cr | ₹9.2k Cr | ₹10.9k Cr | ₹17.1k Cr | ₹17.1k Cr |
How to read this
As filed each year. A line the company does not report — deposits for a non-lender, for instance — is left out rather than shown as a row of dashes.
Who owns it
As disclosed at Jun 2026
Since Jun 2025, FIIs trimmed −6.01 pp while the public added +3.46 pp. The shareholder count grew 12% to 7,69,762.
- Promoters
- 62.9%
- FIIs
- 10.8%
- DIIs
- 15.8%
- Public
- 10.5%
Since Jun 2025
- FIIs −6.01 pp
- Public +3.46 pp
- DIIs +2.49 pp
How it drifted, 12 quarters
Over this window FIIs fell from 26.6% to 10.8% — −15.7 pp.
Ownership split by quarter, oldest first. Sep '23: Promoters 60.5%, FIIs 26.6%, DIIs 4.9%, Public 8.0%.Dec '23: Promoters 60.5%, FIIs 26.2%, DIIs 5.5%, Public 7.8%.Mar '24: Promoters 60.6%, FIIs 21.1%, DIIs 11.0%, Public 7.3%.Jun '24: Promoters 60.6%, FIIs 21.2%, DIIs 11.8%, Public 6.5%.Sep '24: Promoters 62.9%, FIIs 15.7%, DIIs 13.7%, Public 7.6%.Dec '24: Promoters 62.9%, FIIs 16.4%, DIIs 13.6%, Public 7.2%.Mar '25: Promoters 62.9%, FIIs 16.9%, DIIs 12.0%, Public 8.3%.Jun '25: Promoters 62.8%, FIIs 16.8%, DIIs 13.3%, Public 7.0%.Sep '25: Promoters 62.8%, FIIs 14.1%, DIIs 14.6%, Public 8.5%.Dec '25: Promoters 62.8%, FIIs 14.1%, DIIs 15.2%, Public 7.9%.Mar '26: Promoters 62.9%, FIIs 14.6%, DIIs 14.1%, Public 8.5%.Jun '26: Promoters 62.9%, FIIs 10.8%, DIIs 15.8%, Public 10.5%.
Who bought this quarter
since Mar 2026
Disclosed holders that added to a position or appeared on the register for the first time, biggest addition first.
- Franklin India Flexi Cap Fund Mutual fund newly disclosed 1.64% held
- Sundaram Mutual Fund A/C Sundaram Multi Cap Fund Mutual fund newly disclosed 1.33% held
The same filing shows 1 holder trimming and 1 off the list — both are in the register beside this.
Who is on the register
Named in the Jun 2026 filing
Every holder of Kalyan Jewellers India Limited above SEBI's 1% disclosure line, and what changed since Mar 2026.
| Holder | Stake | Change |
|---|---|---|
| Kalyanaraman T S | 22.37% | unchanged |
| Seetharam T K | 18.02% | unchanged |
| T K Ramesh | 18.02% | unchanged |
| Motilal Oswal Midcap Fund Mutual fund | 9.17% | −0.21 pp |
| Kjg Consulting Private Limited | 2.35% | unchanged |
| Franklin India Flexi Cap Fund Mutual fund | 1.64% | newly disclosed |
| Sundaram Mutual Fund A/C Sundaram Multi Cap Fund Mutual fund | 1.33% | newly disclosed |
| Nomura India Investment Fund Mother Fund Global fund house | 1.25% | unchanged |
| Karthik Ramani | 1.20% | unchanged |
| Radhika Thrikur Kalyanaraman | 0.71% | unchanged |
| Hariharan Divya | 0.02% | unchanged |
| T B Seetharamji | 0.02% | unchanged |
A holder disappearing from this list has fallen below the 1% line — it is not necessarily a sale. Percentages are of total shares, as disclosed in the company's own filing. Who was buying across the market this quarter.
Mutual funds in KALYANKJIL
Filings to Aug 2026
0 new, 7 added, 2 trimmed, 0 sold out — net −10.75 L shares (−15.3%).
- Held by funds
- ₹358 Cr
- 9 schemes
- Biggest holder
- SBI Arbitrage Fund
- ₹246 Cr · 0.5% of that fund
| Scheme | Holding | Last month | Held since |
|---|---|---|---|
| SBI Arbitrage Fund SBI Mutual Fund | ₹246 Cr | +5.26 L | Mar '25 |
| Nippon India Arbitrage Fund Nippon India Mutual Fund | ₹46 Cr | +2.94 L | Apr '25 |
| Nippon India ETF Nifty Midcap 150 Nippon India Mutual Fund | ₹22 Cr | +0.22 L | Mar '24 |
| HDFC Arbitrage Fund HDFC Mutual Fund | ₹19 Cr | −19.26 L | Jun '25 |
| Nippon India Nifty Midcap 150 Index Fund Nippon India Mutual Fund | ₹15 Cr | +0.05 L | Mar '24 |
| SBI Nifty Midcap 150 Index Fund SBI Mutual Fund | ₹7 Cr | +0.05 L | Mar '24 |
| Nippon India Nifty 500 Equal Weight Index Fund Nippon India Mutual Fund | ₹1 Cr | +0.00 L | Sep '24 |
| SBI Nifty 500 Index Fund SBI Mutual Fund | ₹1 Cr | −0.00 L | Sep '24 |
HDFC, Nippon India and SBI schemes, from their monthly disclosures. Changes are counted in shares, so a price move never looks like buying or selling.
Mutual funds Aug 2026
7 added, 2 trimmed — net −10.75 L shares (−15.3%)
- Funds are sitting on
- -21%
- vs est. average cost
- Held by funds
- ₹358 Cr
- 9 schemes · ≈ 0.36% of the company
- Biggest holder
- SBI Arbitrage Fund
- ₹246 Cr · 0.5% of that fund
- Longest holder
- Nippon India ETF Nifty Midcap 150
- 2y 6m · since Mar '24
Shares held by these funds +3777%
Aug '23 50.97 L shares Jul '26
What the price assumes
AttractiveTo justify its price of ₹601, this stock must grow earnings at 30% every year for 7 years. Our analysis caps realistic growth at ~44%. At that growth it is worth ₹1175 — upside of 95%.
- Growth the price implies
- 29.9% a year
- for 7 years, fading to 4%
- It has actually compounded at
- 44.3% a year
- net profit, FY23–FY26 · EPS 44.1%
- The gap
- -0.1 pp
- 95% downside if it only repeats history
All earnings calls (7)
Read the Q1 FY27 call →Learn to analyse Kalyan Jewellers India Limited
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