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Dossier · KALYAN JEWELLERS IND LTD · 28 October 2026Page 1 of 3
Company Dossier
MarketPing Research · factual · no rating expressed
KALYAN JEWELLERS IND LTD NSE: KALYANKJIL · BSE: 543278
Sells gold and diamond jewellery through a multi-brand showroom network across India, the Middle East, the US and the UK, and runs a separate digital-only platform called Candere. In Q4 FY26 the India standalone business generated INR8,990 crore of revenue, up 68% year-on-year, with same-store sales growth running at 62% outside the South versus 29% inside the South. Middle East operations reported INR1,074 crore of Q4 FY26 revenue (+37%) and the company is converting franchise-owned showrooms to company-operated outlets there. The international business covering the US and the UK contributed INR1,157 crore in Q4 FY26 (+43%), with the US subsidiary's revenue moving from USD 3.2 million in FY25 to USD 26 million in FY26. Candere turned profit-after-tax positive in H2 FY26 on 160% revenue growth for the full year, with studded pieces making up over 70% of its mix. The network reached 524 showrooms as of Q1 FY27 after adding 129 showrooms in FY26 including the first Kalyan store in the UK; management has guided to roughly 150 more showrooms in FY27 split across Kalyan, Candere and a new regional brand. Cost is dominated by raw materials, primarily gold, at 98.6% of revenue, leaving margins sensitive to gold price moves and to operating leverage from showroom expansion. Non-gold-metal-loan debt has been reduced from INR1,300 crore to INR300 crore over three years, with the balance targeted for full repayment in FY27 to save roughly INR30 crore in annual interest. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. India standalone, Middle East, International (US and UK), Candere digital platform. Asset-heavy, multi-brand jewellery retail with a high gold input cost, growing through a mix of company-owned and franchise-operated showrooms.
What a broker report prints here — the analyst's thesis. This dossier prints the filed record instead; the narrative read of the latest results, the guidance ledger and the earnings-call summary are the composer's sections (INSTITUTIONAL-PLAN.md M3) and are not yet produced.
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
₹ crore · consolidated
FY22
FY23
FY24
FY25
FY26
Revenue
10,818
14,071
18,548
25,045
35,743
EBITDA (ex other income)
815
1,081
1,313
1,517
2,450
margin %
7.5
7.7
7.1
6.1
6.9
Owners' profit
224
433
597
715
1,350
EPS, as reported (₹)
2.18
4.20
5.80
6.93
13.08
ROE % · ROCE %
7.1 · 16.5
11.9 · 20.1
14.2 · 21.2
14.9 · 20.9
21.4 · 27.4
Debt / equity (x)
0.59
0.46
0.25
0.20
0.08
Cash from operations
245
1,013
1,323
1,209
1,318
Capex
(91)
(187)
(371)
(427)
(406)
Source: SEBI results XBRL as filed with BSE/NSE; EBITDA excludes other income.
Every figure is a filed number or a ratio over filed numbers · No rating, target or fair value is expressed · Disclosures on the last pagemarketping.in
Dossier · KALYAN JEWELLERS IND LTD · 28 October 2026Page 2 of 3
Exhibit 2: Quarterly performance, last 8 quarters
₹ crore
Q2 FY25
Q3 FY25
Q4 FY25
Q1 FY26
Q2 FY26
Q3 FY26
Q4 FY26
Q1 FY27
Revenue
6,065
7,287
6,182
7,268
7,856
10,343
10,275
10,589
Profit before tax
178
294
251
353
350
560
539
465
Net profit
130
219
188
264
261
416
410
349
EPS (₹)
1.27
2.12
1.82
2.56
2.52
4.03
3.97
3.38
Source: quarterly results as filed; the balance sheet is filed half-yearly and is not repeated here.
Exhibit 3: Peers — basic industry group, by market cap
Company
M.cap ₹ cr
P/E
P/B
EV/EBITDA
ROE %
ROCE %
Rev CAGR 5y %
EBITDA m. %
TITAN COMPANY LIMITED
3,87,605
67.5
24.68
45.2
32.3
32.7
32.3
14.2
KALYAN JEWELLERS IND LTD ◆
51,637
36.0
8.19
19.5
21.4
22.1
33.0
6.5
PC JEWELLER LTD
16,168
16.8
1.98
19.7
8.7
8.6
3.5
27.8
THANGAMAYIL JEWELLERY LTD
14,841
38.0
10.48
—
24.8
30.3
—
5.4
SKY GOLD AND DIAMONDS LTD
14,248
42.4
11.82
32.1
23.4
29.8
—
8.2
BLUESTONE JEWEL LFSTL LTD
11,457
225.8
6.35
27.5
0.7
0.7
—
16.7
P N GADGIL JEWELLERS LTD
7,785
17.5
3.97
13.3
20.9
26.1
—
8.0
ETHOS LIMITED
6,516
61.9
3.91
25.3
5.8
7.0
—
16.2
Source: exchange data and filed statements via the screener; multiples at current prices.
Exhibit 4: Where the company sits in its group
Metric
Company
Group median
Rank
Better than
P/E (TTM)
36.0
22.3
18 of 29
39%
P/B
8.2
2.7
23 of 28
19%
ROCE
22.1
16.7
10 of 28
67%
ROE
21.4
14.6
7 of 28
78%
Debt / Equity
0.1
0.3
7 of 28
78%
EBITDA margin
6.5
10.7
23 of 30
24%
Revenue growth
45.7
45.7
13 of 25
50%
Profit growth
32.0
49.8
17 of 25
33%
Market cap
51637
2897
2 of 30
97%
Source: MarketPing peer ranks; a rank is a measurement, not a view.
Every figure is a filed number or a ratio over filed numbers · No rating, target or fair value is expressed · Disclosures on the last pagemarketping.in
Dossier · KALYAN JEWELLERS IND LTD · 28 October 2026Page 3 of 3
Exhibit 5: Filings of the last 90 days, with the measured price reaction
Date · filing
Category
Importance
Next day %
5-day %
26 Oct 2026 · Q2 FY27 earnings call rescheduled to November 11, 2026
board shareholder meetings
low
—
—
23 Oct 2026 · Kalyan Jewellers schedules Q2 FY27 earnings call for November 10
board shareholder meetings
low
—
—
22 Oct 2026 · Board meeting to approve September 2026 quarterly results
results
low
—
—
7 Oct 2026 · RTA certificate on dematerialisation of securities for Q2 FY27
compliance
minimal
—
—
7 Oct 2026 · Kalyan Jewellers Q2 FY27: Revenue up over 26%, all segments grow
business updates
medium
—
—
30 Sept 2026 · Kalyan Jewellers sells Coimbatore land for Rs 86.16 crores
business updates
medium
—
—
23 Sept 2026 · Kalyan Jewellers to meet UBS India Access Group on Sep 28
board shareholder meetings
low
—
—
22 Sept 2026 · Credit rating reaffirmed at IND AA- with Positive outlook
Source: exchange announcements; each reaction is measured from the close before the filing. Next day = the close one session after the reaction day (the first session that could trade the filing).
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More audited years; no estimates
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Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.
Every figure is a filed number or a ratio over filed numbers · No rating, target or fair value is expressed · Disclosures on the last pagemarketping.in
