KALYANKJIL
Mid CapKalyan Jewellers India Limited
Consumer
One of India’s largest jewellery companies, established in 1993. Built on trust & transparency, offering a wide range of gold, studded, and other jewellery. Pan-India presence with scaled operations in the Middle East, leveraging a hyperlocal model and "My Kalyan" network for deep customer outreach.
One read, four checks
75+ is strong, 60-74 is usable, 45-59 is mixed, and below 45 needs caution. These are research lenses, not buy/sell instructions.
Investable fundamentals, management trust is supportive, price trend argues for patience, and recent execution is consistent.
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
low confidence · 0/0 claims checked
Timing lens: price trend and sector relative strength.
Rolling lens: recent quarterly delivery, not the latest single-result score.
Quarter ended 31 Mar 2026
Excellent · 90/100Rev +66% YoY · PAT +118% YoY · margin expansion · operating leverage
| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹10,275 Cr | +66.2% | -0.7% |
| EBITDA | ₹736 Cr | +84.5% | -1.9% |
| Operating margin | 7.0% | +100 bps | +0 bps |
| PAT | ₹410 Cr | +118.1% | -1.4% |
| PAT margin | 4.0% | +95 bps | -3 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Where growth can come from, and what can break the case
Kalyan Jewellers reports robust Q4 FY26 consolidated revenue growth of 66% YoY to ₹1,02,749 Mn and PAT up 118% YoY to ₹4,095 Mn, driven by strong SSSG and asset-light expansion. FY26 consolidated revenue grew 43% YoY to ₹3,57,429 Mn, with PAT up 89% YoY to ₹13,504 Mn.
Kalyan Jewellers delivered strong Q4 and FY26 results, propelled by healthy same-store-sales growth, particularly in non-South markets, and successful execution of its capital-light FOCO showroom expansion strategy. Improved return ratios and significant non-GML debt reduction indicate effective capital management. The continued focus on asset-light growth and new regional brands supports future expansion.
India Revenue by Region (Q4FY26)
Latest issuer-disclosed distribution across 2 reported categories.
Capital-light franchise store strategy
Focus on significantly more capital efficient and return accretive path through Franchisee Owned Company Operated (FOCO) stores.
Accelerated expansion of Candere showrooms
Expansion of Candere showrooms focused on lightweight lifestyle jewellery, with 124 showrooms (70 FOCO) as of March 31, 2026.
Launch of new regional brands
New regional brands to be launched offering exclusively localised designs; first brand expected in FY27.
Deepening customer outreach via 'My Kalyan' network
Leveraging 1,139 'My Kalyan' grassroots stores and 4,375 personnel for direct marketing and customer engagement.
Showroom Network (as on 31st March 2026)
342 Kalyan showrooms (222 FOCO) and 124 Candere showrooms (70 FOCO) in India. 38 Kalyan showrooms (4 FOCO) in Middle East, 2 in USA, 1 FOCO in UK.
Q4FY26 India Showroom Additions
Added 28 (24 Net) new showrooms during Q4FY26 in India.
FY27 Showroom Expansion Plan
84 Kalyan showrooms in India (all FOCO); 6 international showrooms (mix of COCO & FOCO); 50 Candere showrooms (mix of COCO & FOCO); 5 New Regional Brand showrooms.
Rising share of organised retail
The Indian jewellery market is experiencing a continued shift in demand towards organised retailers.
Shifting customer behaviour
Customers increasingly expect transparent pricing, product purity, quality standards, and superior retail experience.
Supportive regulatory changes
Measures like GST, mandatory PAN for large transactions, and compulsory hallmarking of gold jewellery enforce compliance and transparency.
Supply-side disruptions
Supply-side disruptions for building materials due to geopolitical situation in West Asia impacted some showroom launches during Q4FY26.
Geopolitical situation impacts
Geopolitical situation in West Asia caused supply-side disruptions for building materials, affecting showroom launches.
Gold price fluctuations
The company has a robust system to hedge gold inventory from fluctuations in gold prices, indicating this is a managed risk.
What management said, and what results must prove
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
YoY comparison is essential for understanding annual growth and mitigating seasonality inherent in the jewellery business. QoQ is relevant for tracking sequential momentum, especially regarding showroom additions and the impact of specific sales events or festive periods.
Consolidated Revenue (Q4FY26)
₹1,02,749 Mn (66% YoY)
Consolidated PAT (Q4FY26)
₹4,095 Mn (118% YoY)
India SSSG (Q4FY26)
47%
Non-South SSSG (Q4FY26)
62%
Same Store Sales Growth (SSSG) Target
Target same store sales growth of mid to high single digits.
Non-GML Debt Reduction
Non-GML debt to be completely paid down in FY27.
India Expansion Focus
To increase the share of revenue from non-south markets; incremental showrooms predominantly in non-south markets.
Shareholder Rewards
FY26 dividend (to be paid during FY27) of ₹2,582 Mn, representing a payout of ~20%.
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| India SSSG | 47% (Q4FY26) | Mid to high single digit growth. |
| Non-GML Debt (Standalone) | ₹3,168 Mn (FY26) | Complete pay down in FY27. |
| FOCO Showroom Additions | 222 Kalyan, 70 Candere (India FY26) | Achievement of FY27 targets: 84 Kalyan, 50 Candere, 6 International, 5 New Regional Brand showrooms. |
| Non-South Revenue Share (India) | ~60% (Q4FY26) | Continued increase in share of revenue from non-south markets. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trend score and candlestick chart
42NeutralSMA20 -14.7% / mo · near 52W low
Technical chart
KALYANKJILweekly · 1Y-31.6%Technical trend read
Mixed signalsSignals are conflicting — long-term trend unclear. RSI 42. Wait for confirmation.
- SMA20 falling (~17.3% over last month) — short-term momentum negative.
- RSI(14) at 42 — rising, no extreme reading.
- MACD above signal, histogram expanding — bullish momentum building.
- 42% off 52W high · 5% above 52W low.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Valuation, score drivers, trust methodology, financials, and peers
Use these sections after reviewing the decision summary, latest result, thesis, management accountability, and technical timing above.
Fundamental score breakdown
UNDERVALUEDWhy this score?
Top U-Score contributors and drags from the latest stored fundamentals.
Positive drivers
- FCF yield is supportive at 3.3%.
- Piotroski is strong at 7/9.
- Fair-value margin of safety is positive at 65.2%.
Main drags
- Valuation is weaker at 15/30; verify the latest quarterly trend.
- Balance sheet is weaker at 9/15; verify the latest quarterly trend.
- Growth is weaker at 19/25; verify the latest quarterly trend.
Consumer valuation: PE/PEG and brand-quality premium
Consumer franchises can deserve higher multiples, but only when growth quality supports them.
Stored run vs live recompute
This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.
Score history
12 stored score snapshots. Latest stored move: +1 points.
Factor attribution
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
High Trust: Claim history is still being built. It ranks around the 100th percentile of the scored universe and 99th percentile within Consumer. No major sub-score weakness stands out.
High Trust Lite: Promoter holding is 62.9%.
Management behaviour ranks as unusually reliable. Still verify valuation and cycle risk.
overall median 67 · Consumer: 99th pctile, median 67 · Mid: 96th pctile, median 76
88 documents indexed, but claim history is not strong enough yet.
0 claims extracted · No contradicted claim yet
How to read this Trust Score
High Trust · low confidenceRead Trust alongside U-Score, result consistency, and technical trend. A cheap stock with weak Trust needs a larger margin of safety; a high Trust score does not make an expensive stock attractive by itself.
Forensic breakdown
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Trust positives
- ▸Promoter holding is 62.9%.
- ▸Promoter pledge is zero.
- ▸FCF yield is positive at 3.3%.
- ▸7 years of positive FCF.
Trust risks
- ▸No major Trust Lite risk flags.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Intrinsic value
Fundamentals
Valuation
- P/E
- 26.60
- P/B
- 5.79
- EV/EBITDA
- 14.65
- Market Cap
- 36585.00Cr
Profitability
- ROE
- 24.80%
- ROCE
- 20.50%
- ROA
- 6.52%
- Dividend Y
- 0.42%
Growth (CAGR)
- Revenue 5Y
- 33.00%
- EPS 5Y
- 195.00%
- Revenue 3Y
- 36.00%
- EPS 3Y
- 44.00%
Balance Sheet
- Debt/Equity
- 0.97
- Interest Coverage
- 5.75×
- Altman Z
- 4.11
- Book Value
- 61.10
Cash Flow
- FCF Yield
- 3.28%
- FCF Positive Y
- 7/5
- OCF
- 1318.00 Cr
- EPS TTM
- 13.08
Shareholding
- Promoter Hold
- 62.86%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 6%
Financial History
Updated 9/6/2026
Revenue
₹ CrNet Profit
₹ CrReturn on Equity
%Peers
Business-comparable peers in Consumer — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.