Kalyan Jewellers Stock Price - ₹585.30 | Consumer Goods

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Company insights, generated from the most recent coverage.

Management provided conservative PBT margin guidance, expecting to maintain previous year levels, signaling limited near-term margin expansion potential despite strong revenue growth.
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Adjusted EBITDA and PAT were 17% and 20% below brokerage estimates after removing one-time customs duty benefits, raising concerns about earnings sustainability without such tailwinds.
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Relative underperformance vs Titan (Kalyan -6.7% vs Titan -1.95% in recent period) is widening the valuation gap and triggering investor rotation towards the market leader.
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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.

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In the news

Kalyan Jewellers: Growth Meets Policy Headwinds in India’s Gold Paradox

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

Kalyan Jewellers stock rallies 63% in month, Jefferies maintains buy

Kalyan Jewellers Q1 FY27: Growth Story Meets Margin Reality

Kalyan Jewellers Q1 profit jumps 32% to ₹349 crore, shares fall 5%

Kalyan's ₹300 Crore Tamil Nadu Gamble: The ATM Strategy

Kalyan Jewellers: Block Deal Overhang Meets Strong Fundamentals

Kalyan Jewellers

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About the company

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