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In the Indian retail space, few brands shine as bright as Kalyan Jewellers. Born in Thrissur, Kerala, in 1993, Kalyan has grown from one local showroom to a pan-India and global name in gold and diamond jewellery. For investors, this sparkle is more than just on the showroom floor; over the past few years, Kalyan Jewellers India Ltd has shown robust growth, evolving strategies and growing profit metrics, making it a good pick for both value and momentum investors.
Let’s break down the fundamentals, financials, growth triggers, risks and why new generation investors, especially those learning through Entri’s stock market course, should keep an eye on this jewellery giant.
• Kalyan Jewellers India Ltd is one of India’s largest organised jewellery retailers with a strong mix of physical and online channels.
• The company has aggressively expanded its store network and acquired Candere, increasing its omni-channel presence.
• Q1 FY26 showed revenue growth of ~31% and profit after tax of ~49% in a high gold price environment.
• For investors trying to evaluate jewellery or consumer discretionary stocks, structured learning through Entri’s Stock Market Course will help you analyse balance sheets, growth drivers and sector trends with confidence.
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About Kalyan Jewellers: A Legacy of Trust and Transformation
Founded in 1993 by T.S. Kalyanaraman, the company started with a single showroom in Thrissur, Kerala and has grown to a multinational jewellery retailer. The brand has grown its network to 220+ showrooms across India and the Middle East, and its reputation for transparency, fair pricing and innovative campaigns attracts a loyal and growing customer base. Kalyan is known for:
- Wide product range: From traditional South Indian gold sets to contemporary diamond and platinum collections.
- Transparent gold pricing and pioneering “BIS hallmarked” jewellery in its stores.
- Celebrity endorsements and large scale branding that reaches across urban and semi-urban markets.
Not just a family favourite, Kalyan’s aggressive expansion and digital transformation is making it a hot topic among stock market learners.
Business Model and Product Portfolio
Kalyan Jewellers operates through its flagship brand and the more affordable Candere brand, catering to a diverse customer base. The company offers a wide range of jewellery products, including:
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Gold, Diamond, and Platinum Jewellery: Catering to traditional and modern tastes.
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Gemstone Jewellery: Featuring a variety of precious and semi-precious stones.
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Wedding Collections: Offering exclusive designs for weddings and special occasions.
The company’s strategic focus on both premium and affordable segments allows it to capture a broad market spectrum, from affluent customers to the middle class.
Latest Financial Performance: A Year of Outperformance
1: What is a stock?
Fiscal Year 2024-25 and recent Q1 FY26 have been a record period for Kalyan Jewellers:
- Q1 FY26 Revenue: ₹7,268 crore, a solid 31% year-on-year growth.
- Profit After Tax (PAT): ₹264 crore, up by 49% compared to ₹178 crore in the same period last year.
- Standalone India Revenue: ₹6,142 crore in Q1 FY26, showing 31% growth YoY and strong dominance in the domestic landscape.
- International Revenue: ₹1,070 crore, with the Middle East segment rising by 32%.
- Operating Profit: Operating margin hovers near 7%, reflecting efficient operations even with rapid expansion.
- EPS (Earnings Per Share): Doubled to ₹2.60 from ₹1.30 QoQ.
The company’s revenue base has grown spectacularly, jumping from ₹10,101 crore in FY20 to ₹25,045 crore in FY25, a clear marker of sustained compound growth.
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Know moreKey Business Segments and Growth Drivers
Pan-India Retail Footprint
Kalyan’s network covers metros, tier-2, and even tier-3 cities. Aggressive local marketing, festival offers, and regional focus keep footfalls (and revenue) robust year-round.
Middle East Expansion
The international arm contributed over ₹1,070 crore in latest quarterly revenue. Middle East, especially UAE, has been a strategic win, catering to both NRI and resident Indian populations.
E-commerce & Omni-channel
With the acquisition and ramping up of Candere (its e-com jewelry platform), Kalyan is adapting quickly to India’s digital shopping shift. While still a modest part of total revenue, Candere posted ₹66 crore in Q1 FY26.
Product Innovation & Brand Trust
Kalyan runs high-profile ad campaigns, product launches, and celebrity associations. Their “Trust is Everything” motto and compliance with BIS hallmarking have cemented their premium brand image.
Fundamental Analysis: Why Investors Track Kalyan
Financial Strength:
Fundamental Metric | Value (Approx.) | Notes / Insight |
---|---|---|
Market Capitalization | ₹50,817 crore | Indicates the company’s total market value |
Stock Price (Oct 2025) | ₹492.15 | Current trading price on NSE/BSE |
52-Week High / Low | ₹795.40 / ₹399.40 | Shows volatility range over the past year |
Price-to-Earnings (P/E) Ratio | 63.42 | High P/E indicates growth expectations |
Price-to-Book (P/B) Ratio | 10.00 | Premium valuation relative to book value |
Dividend Yield | 0.31% | Returns to shareholders in the form of dividends |
Return on Equity (ROE) | 14.88% | Measures profitability relative to shareholders’ equity |
Revenue FY25 | ₹25,045 crore | 35% growth from FY24 |
Profit After Tax (PAT) FY25 | ₹714 crore | 19.79% YoY growth |
EBITDA Margin | 6% | Slight decline due to expansion and marketing investments |
Number of Stores | 315+ | Includes India and international locations |
Key Brands | Kalyan Jewellers, Candere | Covers both premium and affordable segments |
Revenue Numbers Quarterly Comparison:
Metric | Q1 FY26 | Q1 FY25 | YoY Change |
Revenue (Cr) | ₹7,268 | ₹5,528 | +31% |
Net Profit (Cr) | ₹264 | ₹178 | +49% |
India Revenue (Cr) | ₹6,142 | ₹4,681 | +31% |
EPS (₹) | 2.60 | 1.70 | +53% |
International Revenue (Cr) | ₹1,070 | ₹809 | +32% |
Growth in both topline and bottom line suggests strong execution and prudent cost management.
Operational Efficiency
- Kalyan is improving inventory turnover (2.6x) and monitoring franchisee revenues and supply chain innovation.
- Festive demand, platinum/silver collections and new procurement pilots are boosting operational leverage and margins.
Debt Profile and CapEx
While we have had to borrow for growth, management has kept debt-to-equity and CapEx under control, ensuring sustainable growth without strain on the balance sheet.
Opportunities Ahead: What to Watch Out For?
- Omni-channel scale-up: Offline prestige + digital ease.
- Product innovation: Platinum, silver, lifestyle jewellery and design-first collections.
- Regional deepening: More stores in underpenetrated geographies.
- Festive and wedding demand: India’s gold demand (+ cultural factors) is a buffer in slower economic cycles.
Risk Factors & Challenges
- Gold price volatility: A sudden surge can slow footfalls and squeeze margins.
- Competition: Players like Tanishq, Malabar Gold, and regional chains are aggressively expanding in both brick-and-mortar and digital.
- Regulatory and Tax Changes: Any GST hike or import duty revision directly impacts the sector.
- Working capital cycles: The jewelry business is inventory-heavy; cash flow management is critical during slow seasons.
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Know moreKalyan Jewellers: Peer Comparison
Brand | FY25 Revenue (Cr) | PAT (Cr) | Number of Stores | Digital Presence | International |
Kalyan | ₹25,045 | ₹856 | 220+ | High (Candere, app) | Yes |
Titan/Tanishq | (higher) | (higher) | 400+ | Highest | Limited |
Malabar Gold | (privately held) | (N/A) | 300+ | Moderate | Yes |
What Do Analysts Say?
- Most analysts assign a “Buy” or “Accumulate” thanks to consistent growth, powerful brand equity, and prudent management.
- Experts advise investors to track quarterly growth, upcoming festive demand, regulatory changes, and new expansion projects.
How Entri’s Stock Market Course Empowers Shareholders
Entri’s comprehensive stock market course is tailor-made for Indian retail investors who want to:
- Analyse companies using fundamentals (income statements, balance sheets, margins)
- Read and interpret quarterly trends, annual reports, and investor presentations
- Study industry cycles (festive demand, gold price impact)
- Master risk management for sector-specific stocks
- Build confidence to invest systematically, not emotionally
Entri doesn’t just train you to pick stocks; it helps investors build a research mindset, avoid herd moves, and back decisions with data.
Conclusion
If you’re in search of an Indian retail growth story steeped in tradition but driven by innovation, Kalyan Jewellers India Ltd stands as an inspiring example. With a strong financial, growing footprint and trusted brand, it is well positioned to capture India’s continued jewellery demand. For portfolio builders and new investors alike, Entri’s stock market course becomes the key toolkit, unravelling the “why”, “when,” and “how” of investing in the Kalyan and other gems of the Indian bourses.
Kalyan isn’t just jewellery; it’s aspirational India. And with appropriate research, education, and patience, this stock can bring long-term shimmer to your investment adventure.
Reviewed & Monitored by SEBI Registered RA Stock Market Training
Trusted, practical strategies to help you grow with confidence. Enroll now and start investing the right way.
Know moreFrequently Asked Questions
What is the business model of Kalyan Jewellers India Ltd?
They design, manufacture, and retail jewellery (gold, diamond, gemstones), operating through physical showrooms and digital platform Candere.
Who founded Kalyan Jewellers and when?
T. S. Kalyanaraman founded the company in 1993 in Thrissur, Kerala.
What are the growth catalysts for Kalyan jewelers in coming years?
Key drivers include store expansion, digital integration via Candere, shift to organized retail, and rising demand for lower-carat / lightweight jewellery.
How does Kalyan compare with peer Titan (Tanishq)?
Titan has deeper brand presence, distribution, and scale. Kalyan must keep up via fast expansion and cost discipline.
How can Entri’s Stock Market Course help with analyzing such stocks?
It teaches fundamentals, ratio analysis, forecasting, sector comparison, and helps you build investment thesis skills, especially useful for cyclical sectors like jewellery.