Kalyan Jewellers India shares gained 2.10% to trade at ₹621.05 on Monday at 10:18 am, according to Moneycontrol reports. The stock's positive movement aligned with very bullish investor sentiment, reflecting strong market confidence in the company's performance. The jewellery retailer is a constituent of the NIFTY MIDCAP 150 index, adding to its market visibility.
The company demonstrated remarkable financial growth on an annual basis, with consolidated revenue surging to ₹35,742.86 crore in 2026 from ₹25,045.07 crore in 2025, representing a growth of approximately 42.71%. Net profit for the year ending March 2026 more than doubled to ₹1,350.40 crore from ₹714.17 crore in 2025, indicating robust profitability. The Debt to Equity ratio showed significant improvement, dropping to 0.08 in 2026 from 0.69 in 2025, as reported by Moneycontrol.
For the quarter ending June 2026, consolidated revenue increased to ₹10,588.93 crore from ₹7,268.48 crore in June 2025, marking a significant growth of approximately 45.67%. The company reported consolidated net profit of ₹348.7 crore for Q1 FY27, representing a 32% year-on-year rise from ₹264.1 crore in the previous year. However, net profit saw a slight decrease from ₹409.50 crore in March 2026 to ₹348.67 crore in June 2026. On a standalone basis, sales reached ₹9,025 crore in June 2026, up from ₹6,142 crore in June 2025, an increase of 46.94%. Net profit for June 2026 stood at ₹321 crore. EBITDA rose 24.5% year-on-year to ₹632.5 crore from ₹508 crore, though EBITDA margin narrowed to 6% from 7% in the year-ago quarter.
The company's financial position strengthened significantly, with cash flow from operating activities increasing to ₹1,587 crore in March 2026 from ₹973 crore in March 2025. Total assets for Kalyan Jewellers India stood at ₹17,054 crore as of March 2026, an increase of 34.19% from ₹12,709 crore in March 2025. Reserves & Surplus also saw healthy growth to ₹5,087 crore from ₹3,745 crore in the previous year, as reported by Moneycontrol.
Kalyan Jewellers has made significant progress in debt reduction, cutting non-gold metal loan debt in India by approximately ₹564 crore during FY26, bringing the total down from ₹1,300 crore to ₹300 crore over the last three years. The company has also secured the release of non-core real estate assets that were previously held as collateral with banks and is now actively monetizing these assets to generate cash. The divestiture of the first tranche of real estate assets is already at an advanced stage, with the company expecting meaningful cash realization from the asset sale in the near term.
Kalyan Jewellers is on track to repay its remaining non-gold metal loan debt in India during FY27 and plans to open a total of 150 new showrooms during FY27, according to its annual report. Earlier this month, Jefferies initiated coverage on Kalyan Jewellers with a 'Buy' rating and a target price of ₹830, implying nearly 40% upside from the stock's closing price. The brokerage noted that Kalyan now has a net cash balance sheet and expects the company's deleveraging journey to be completed in FY27. Jefferies expects Kalyan Jewellers' revenue and earnings to grow at a 21-23% compound annual growth rate between FY26 and FY29.
