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Kalyan Jewellers
SectorConsumer Goods
Kalyan Jewellers India Limited is a large jewelry company founded in 1993 by T. S. Kalyanaraman. The company designs, manufactures, and sells a wide range of gold, studded, and other jewelry products across various price points. It operates 149 showrooms in India and 33 in the Middle East, totaling 182 showrooms as of March 31, 2023. The company offers multiple brands including Mudhra, Nimah, Anokhi, Rang, Tejasvi, Ziah, Laya, Glo, Candere, Vedha, Apoorva, and Hera. Their product range includes chains, necklaces, bangles, rings, earrings, and various other jewelry items made from gold, diamond, silver, platinum, gemstones, white gold, and rose gold. Kalyan Jewellers has one domestic and eight overseas subsidiaries.
In the news
Kalyan Jewellers shares surge 46% in 3 months, Jefferies sees 76% upside
Kalyan Jewellers Q2 revenue jumps 26% YoY, shares surge 3%
Jewellery Stocks Drop Up to 5% Despite Higher Gold Prices
Kalyan Jewellers sells Coimbatore land for ₹86 crore, shares down 2.95%
Kalyan Jewellers: Growth Meets Policy Headwinds in India’s Gold Paradox
150+ companies set Sept 7-12 record dates for dividends worth ₹450+ per share
Jewellery stocks tank up to 7% on PM Modi's gold appeal, profit booking
Kalyan Jewellers Shares Plunge 10% in Four Sessions on Gold Demand
HSBC Picks Titan, Kalyan Jewellers as Top Picks Amid Growth
Gold Price Rally: Winners, Losers, and the $400 Billion Wealth Effect
Gold Stocks Fall as PM Modi Urges Restrained Buying Amid 7.8% GDP Growth
Indian gold market surges 13% in August as jewellers expand schemes
Market Movers: From IPO Frenzy to Margin Pressures
Market Movers: Zaggle's Margin Pain, Vikram's Solar Bet, and Dhoot's IPO Blockbuster
Kalyan Jewellers shares rise 2.10% to ₹621.05 on strong growth
Kalyan Jewellers Q1FY27: Strong Performance, ₹2.50 Dividend Declared
Motilal Oswal Retains Buy on 7 Stocks After Q1 Results
Kalyan Jewellers: Franchise-Led Growth Fuels Valuation Upside
Jefferies predicts 39% upside in Kalyan Jewellers stock
Kalyan Jewellers: Motilal Oswal Reaffirms Buy Rating, Target ₹700
The Quarter story
The two most recent quarterly results, compared side-by-side.
Kalyan Jewellers drives strong revenue and network expansion with improving capital efficiency, though rising operational costs and inventory buildup are compressing profit margins.
India showroom count grows from 161 in Q1 FY26 to 234 in Q1 FY27, confirming steady domestic expansion.
Gross profit margin falls from 13.9% in Q1 FY26 to 11.9% in Q1 FY27, reflecting gold price pass-through lag.
Franchise revenue share climbs from 43% in Q1 FY26 to 57% in Q1 FY27, highlighting successful asset-light scaling.
Total operating expenses rise from ₹5,001 in Q1 FY26 to ₹6,313 in Q1 FY27, signaling rising operational overheads.
Return on capital employed rises from 23.4% in Q2 FY26 to 30.3% in Q1 FY27, demonstrating strong capital efficiency.
Inventories surge from ₹1,13,290 in Q2 FY26 to ₹1,41,746 in Q4 FY26, indicating significant stock buildup.
Consolidated revenue surges from ₹72,685 in Q1 FY26 to ₹1,05,889 in Q1 FY27, driven by robust top-line momentum.
Middle East pre-tax margin drops from 2.6% in Q1 FY26 to 1.9% in Q4 FY26, showing weakening regional profitability.
Same store sales growth improves from 18% in Q1 FY26 to 28% in Q1 FY27, reflecting strong organic traffic recovery.
EBIT margin slips from 5.6% in Q1 FY26 to 4.9% in Q1 FY27, indicating margin compression amid higher costs.
Company insights, generated from the most recent coverage.
Candere grew about 64% in Q2 FY27, roughly double the 27% India business growth. Online is Kalyan's fastest compounding channel and it carries none of the showroom capex behind the physical 70-80 stores a year.
Non-South markets now make up 50-60% of revenue, versus a Tamil Nadu and Kerala heritage. Kalyan has already executed the geographic de-risking that Senco still has ahead of it, which is why its multiple holds up better.
Kalyan's Q3 FY26 revenue of ₹10,343 Cr grew 42%, versus Q2 FY26 at ₹7,856 Cr up 30%. Q3 is both the bigger absolute quarter and the tougher growth base for FY27 comparisons.