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.
| ₹ 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) |
| ₹ 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 |
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| TITAN COMPANY LIMITED | 4,44,743 | 77.5 | 28.32 | 51.7 | 32.3 | 32.7 | 32.3 | 14.2 |
| KALYAN JEWELLERS IND LTD ◆ | 62,083 | 43.3 | 9.84 | 23.4 | 21.4 | 22.1 | 33.0 | 6.5 |
| THANGAMAYIL JEWELLERY LTD | 15,910 | 40.7 | 11.24 | — | 24.8 | 30.3 | — | 5.4 |
| BLUESTONE JEWEL LFSTL LTD | 13,640 | 268.8 | 7.57 | 32.5 | 0.7 | 0.7 |
| Date · filing | Category | Importance | 1-day % | 5-day % |
|---|---|---|---|---|
| 8 Sept 2026 · Kalyan Jewellers to attend Jefferies India Forum 2026 on Sept 17 | board shareholder meetings | low | — | — |
| 7 Sept 2026 · Analyst/investor meeting scheduled at UBS India Summit 2026 | board shareholder meetings | low | — | — |
| 21 Aug 2026 · 18th AGM on 19 Sep 2026; Annual Report web link shared with shareholders | board shareholder meetings | low | — | — |
| 21 Aug 2026 · Notice of 18th Annual General Meeting - September 19, 2026 | compliance | minimal | — | — |
| 20 Aug 2026 · AGM notice published in newspapers, meeting on September 19, 2026 | compliance | minimal | — | — |
| 20 Aug 2026 · Kalyan Jewellers submits BRSR for FY 2025-26 | compliance | low | — | — |
| 20 Aug 2026 · 18th AGM Notice - Dividend of Rs 2.50/share, Director Re-appointments | board shareholder meetings | low | — | — |
| 20 Aug 2026 · Annual Report FY25-26 and 18th AGM Notice filed | board shareholder meetings | medium | — | — |
| 17 Aug 2026 · Record date set for final dividend and AGM eligibility | corporate actions | low | — | — |
| 17 Aug 2026 · 18th AGM on Sept 19, 2026; Final Dividend of ₹2.50 per Share | board shareholder meetings | low | — | — |
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions |
| — |
| 16.7 |
| PC JEWELLER LTD | 13,342 | 13.9 | 1.63 | 16.5 | 8.7 | 8.6 | 3.5 | 27.8 |
| SKY GOLD AND DIAMONDS LTD | 12,822 | 38.2 | 10.63 | 29.1 | 23.4 | 29.8 | — | 8.2 |
| P N GADGIL JEWELLERS LTD | 8,307 | 18.6 | 4.23 | 14.1 | 20.9 | 26.1 | — | 8.0 |
| ETHOS LIMITED | 7,118 | 67.7 | 4.28 | 27.7 | 5.8 | 7.0 | — | 16.2 |
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 43.3 | 23.4 | 22 of 29 | 25% |
| P/B | 9.8 | 2.8 | 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 | 62083 | 2587 | 2 of 30 | 97% |
| an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
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.
