Titan Company Limited
NSE: TITAN
Consumer Cyclical · Luxury Goods
₹4,299.70 last close on 23 Oct 2026 −1.16%
Research updated
Kalyan Jewellers India Ltd.
NSE: KALYANKJILConsumer CyclicalLuxury Goods
- Last close
- ₹512.00
- Day change
- −₹18.40 (−3.47%)vs
- Market cap
- ₹58,970 crIndian rupees
- Research updated
- 1 report
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About Kalyan Jewellers India
Kalyan Jewellers India Ltd. is a distinguished player in the global jewellery industry, primarily focusing on the design, manufacture, and sale of a comprehensive range of jewellery products. Catering to a diverse clientele, the company offers traditional and contemporary jewellery pieces that include gold, diamond, and other precious gemstone items. Kalyan Jewellers India Ltd. has made significant strides in the retail sector, establishing an extensive network of showrooms across India and the Middle East, hence standing as a leader in the South Asian market. It is well-known for its wide array of offerings, unique designs, and quality craftsmanship. Founded with a vision to blend the rich heritage of Indian jewellery artistry with modern consumer needs, Kalyan Jewellers India Ltd. plays a pivotal role in driving consumer choices within the jewellery market, enhancing its prominence and contributing to regional economic growth by providing employment and supporting cultural heritage.
- Sector
- Consumer Cyclical
- Industry
- Luxury Goods
- Listing
- NSE: KALYANKJIL
- Next results
- Chief executive
- Mr. Rupesh Jain
- Employees
- 14,668
- Headquarters
- Thrissur, India
- ISIN
- INE303R01014
- Website
- kalyanjewellers.net
Public research · Report of
Business model & financial foundation
Kalyan Jewellers (NSE: KALYANKJIL), Jewellery retail (gold, studded and lifestyle jewellery): revenue of ₹35,743 crore in FY26 (+42.7% on FY25), an EBITDA margin of 7.0%, net profit of ₹1,350 crore and net debt of ₹3,251 crore.
- Revenue, FY26 (₹ crore)
- 35,743
- consolidated
- Revenue growth, FY26
- +42.7%
- on FY25
- EBITDA margin, FY26
- 7.0%
- EBITDA excluding other income / revenue
- Net profit, FY26 (₹ crore)
- 1,350
- to owners
- Return on equity, FY26
- 24.3%
- on average equity
- Net debt, FY26 (₹ crore)
- 3,251
- Net debt including gold metal loan
- Market capitalisation (₹ crore)
- 60,338
- at the close of 13 Oct 2026
Company profile
Kalyan Jewellers is India's second-largest listed jewellery retailer, headquartered in Thrissur, Kerala, selling gold, studded and wedding jewellery through 546 showrooms at 30 Sep 2026: 365 Kalyan showrooms in India (most new ones franchise-owned, company-operated FOCO), 38 in the Middle East, 2 each in the US and UK, and 138 Candere lifestyle stores. India is roughly 86-89% of revenue. Growth is driven by same-store sales (gold price and wedding demand) and an asset-light FOCO rollout; inventory is largely funded by gold metal loans.
| Item | Value |
|---|---|
| Legal name | Kalyan Jewellers India Limited (formerly Kalyan Jewellers TSK Private Limited, Kalyan Jewellers India Private Limited) |
| Exchange and ticker | NSE: KALYANKJIL; BSE: 543278 |
| ISIN | INE303R01014 |
| CIN | L36911KL2009PLC024641 |
| Sector | Consumer Discretionary |
| Industry | Jewellery retail (gold, studded and lifestyle jewellery) |
| Headquarters | Thrissur, India |
| Fiscal year end | March |
| Reporting basis and unit | consolidated, in ₹ crore |
| Auditor | Walker Chandiok & Co LLP (since 16th AGM (FY24)) |
| Market capitalisation | ₹60,338 crore (13 Oct 2026) |
| Shares outstanding | 103.27 crore shares (FY26) |
| Price | ₹567.2 (close, 13 Oct 2026) |
| 52-week range | ₹327.0 - ₹649.0 (to 13 Oct 2026) |
| Website | https://www.kalyanjewellers.net |
Corporate structure and shareholding
| Entity | Holding | Business |
|---|---|---|
| Kalyan Jewellers FZE (UAE) | 100% | Middle East holding/wholesale entity; material subsidiary |
| Kalyan Jewellers LLC (UAE) | 100% | Middle East retail showrooms; material subsidiary |
| Enovate Lifestyles Pvt Ltd (Candere) | 100% | Candere lifestyle/omnichannel jewellery brand; remaining 15% acquired 2024 |
12 subsidiaries in total per FY26 annual report; two material unlisted subsidiaries (FZE and LLC).
| Shareholding (% of shares) | Q3FY26 | Q4FY26 | Q1FY27 | Q2FY27 |
|---|---|---|---|---|
| Promoter | 62.76% | 62.87% | 62.86% | 62.85% |
| Promoter holding pledged | 24.89% | 24.85% | 24.85% | 24.85% |
| Foreign institutions | 14.12% | 14.55% | 10.82% | 13.83% |
| Domestic institutions | 15.22% | 14.12% | 15.83% | 14.41% |
| of which mutual funds | 14.54% | 13.63% | 15.41% | 13.60% |
| Retail | 6.62% | 7.08% | 8.97% | 7.81% |
| Other | 1.29% | 1.38% | 1.52% | 1.10% |
The promoter holding pledged is a share of the promoter's own holding.
Business model
Kalyan sells gold/studded/wedding jewellery in India and abroad, with Candere addressing lifestyle demand. India is the economic centre. FOCO expansion shifts showroom capital to franchise partners but keeps company operations, brand and merchandising; gold inventory financing and liquidity risk remain. Formal reporting has one jewellery operating segment; management geographical/business columns are not additive without eliminations. Q2FY27 update546 total stores conflicts with545 in component sum; not silently reconciled.
| Segment | revenue, FY26 (₹ crore) | Share | ebitda, FY26 (₹ crore) | Share | pat, FY26 (₹ crore) | Share |
|---|---|---|---|---|---|---|
| India standalone management geography; not Ind AS segment | 31,027 | 87.4% | 2,124 | 88.0% | 1,285 | 94.0% |
| Middle East management geography; not Ind AS segment | 4,038 | 11.4% | 288.4 | 12.0% | 82.1 | 6.0% |
| Candere management brand / subsidiary | 425.3 | 1.2% |
Segments as the company reports them (consolidated); each share is of the segments' sum.
| Peer | Why the dossier compares them |
|---|---|
| Titan Company (TITAN) | |
| Senco Gold (SENCO) | Listed multi-region jewellery retailer with a FOCO franchise model, East India focus |
| PN Gadgil Jewellers (PNGJL) | Listed regional jewellery retailer (Maharashtra) expanding via owned and franchise stores |
| Thangamayil Jewellery (THANGAMAYL) | South India (Tamil Nadu) gold-heavy retailer; overlaps with Kalyan's South and new ATM brand |
| Sky Gold and Diamonds (SKYGOLD) | Listed jewellery manufacturer supplying organised retailers; read-across on B2B demand |
| Motisons Jewellers (MOTISONS) | Listed regional (Rajasthan) jewellery retailer; small-cap benchmark |
Financial databook
| Profit and loss (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue from operations | 10,781 | 14,025 | 18,516 | 25,045 | 35,743 |
| Cost of revenue (vendor classification) * | 9,126 | 11,872 | 15,835 | 21,761 | 31,039 |
| Other operating costs (vendor classification) * | 415.2 | 541.0 | 684.4 | 897.8 | 1,085 |
| EBITDA (vendor classification) * | 834.6 | 1,119 | 1,333 | 1,597 | 2,609 |
| EBIT * | 602.1 | 858.1 | 1,096 | 1,302 | 2,173 |
| Finance costs | 303.3 | 286.6 | 323.2 | 359.5 | 432.9 |
| Profit before tax | 298.9 | 571.5 | 788.8 | 959.6 | 1,802 |
| Total tax expense | 74.8 | 139.6 | 192.5 | 245.4 | 451.6 |
| Profit after tax including NCI | 224.0 | 431.9 | 596.3 | 714.2 | 1,350 |
| Diluted EPS (₹) | 2.18 | 4.20 | 5.80 | 6.93 | 13.05 |
| Materials, traded purchases and inventory change | 15,835 | 21,761 | 31,039 | ||
| Employee benefits expense | 607.2 | 738.6 | 940.3 | ||
| Other expenses | 793.9 | 1,028 | 1,273 | ||
| EBITDA excluding other income | 1,280 | 1,517 | 2,491 | ||
| Other income | 106.4 | 144.6 | 208.0 | ||
| Depreciation and amortisation | 274.3 | 342.7 | 422.9 | ||
| Exceptional items (signed profit impact) | 0.00 | 0.00 | -41.5 | ||
| Profit attributable to non-controlling interests | -1.06 | -0.63 | 0.00 | ||
| Share of associates and joint ventures | 0.00 | 0.00 | 0.00 | ||
| Profit attributable to owners | 597.3 | 714.8 | 1,350 |
| Balance sheet (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Total equity | 3,138 | 3,634 | 4,188 | 4,804 | 6,309 |
| Bank borrowings excluding gold metal loan | 4,029 | 4,295 | 1,073 | 949.7 | 523.7 |
| Cash and equivalents plus other bank balances | 149.0 | 140.9 | 975.1 | 1,031 | 860.9 |
| Trade receivables | 119.5 | 244.2 | 328.3 | 399.9 | 866.5 |
| Inventories | 5,794 | 7,014 | 8,298 | 9,681 | 14,175 |
| Trade payables (MSME plus other creditors) | 656.6 | 1,193 | 1,944 | 2,350 | 3,360 |
| Net property, plant and equipment * | 866.7 | 958.0 | 1,139 | 2,778 | 3,244 |
| Capital work in progress * | 1.74 | 20.1 | 48.5 | 7.75 | 74.4 |
| Total assets * | 8,945 | 10,713 | 12,818 | 15,126 | 20,717 |
| Metal gold loan | 2,253 | 2,344 | 3,588 | ||
| Net debt including gold metal loan | 2,351 | 2,262 | 3,251 |
| Cash flow (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Net cash from operating activities | 118.3 | 230.9 | 1,322 | 1,209 | 1,318 |
| Free cash flow (vendor definition) * | 172.8 | 826.3 | 950.4 | 744.6 | 911.4 |
| Dividends distributed during period | -51.5 | -123.6 | -152.5 | ||
| Payments for PPE and intangibles | -90.8 | -186.3 | -371.4 | -427.5 | -406.1 |
| Other reported lines (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Issued equity shares outstanding | 103.01 | 103.01 | 103.01 | 103.14 | 103.27 |
| Quarterly profit and loss (₹ crore) | Q2FY25 | Q3FY25 | Q4FY25 | Q1FY26 | Q2FY26 | Q3FY26 | Q4FY26 | Q1FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue from operations | 6,058 | 7,278 | 6,182 | 7,268 | 7,856 | 10,343 | 10,275 | 10,589 |
| Cost of revenue (vendor classification) * | 5,300 | 6,387 | 5,331 | 6,260 | 6,839 | 8,986 | 8,953 | 9,325 |
| Other operating costs (vendor classification) * | 268.1 | 268.3 | 116.3 | 290.6 | 301.6 | 360.2 | 320.5 | 315.9 |
| EBITDA (vendor classification) * | 353.2 | 470.1 | 375.7 | 554.3 | 548.4 | 814.7 | 781.9 | 688.3 |
| EBIT * | 268.3 | 381.2 | 330.0 | 456.6 | 445.2 | 664.3 | 668.8 | 573.2 |
| Finance costs | 90.3 | 87.6 | 96.3 | 103.6 | 94.9 | 104.3 | 130.0 | 108.4 |
| Profit before tax | 177.9 | 293.6 | 250.6 | 353.0 | 350.3 | 559.9 | 538.8 | 464.8 |
| Total tax expense | 47.6 | 74.9 | 63.0 | 88.9 | 89.8 | 143.6 | 129.3 | 116.2 |
| Profit after tax including NCI | 130.3 | 218.7 | 187.6 | 264.1 | 260.5 | 416.3 | 409.5 | 348.7 |
| Diluted EPS (₹) | 1.27 | 2.12 | 1.82 | 2.56 | 2.52 | 4.03 | 3.95 | 3.37 |
| Materials, traded purchases and inventory change | 5,300 | 6,387 | 5,331 | 6,260 | 6,839 | 8,986 | 8,953 | 9,325 |
| Employee benefits expense | 169.9 | 192.7 | 203.5 | 209.6 | 217.9 | 247.1 | 265.7 | 315.4 |
| Other expenses | 268.0 | 268.3 | 247.1 | 290.6 | 301.6 | 360.2 | 320.5 | 315.9 |
| EBITDA excluding other income | 319.4 | 430.0 | 399.4 | 508.0 | 497.0 | 750.5 | 735.7 | 632.5 |
| Other income | 33.9 | 40.1 | 40.8 | 46.3 | 51.4 | 64.2 | 46.2 | 55.7 |
| Depreciation and amortisation | 85.0 | 89.0 | 93.3 | 97.7 | 103.2 | 108.9 | 113.1 | 115.0 |
| Exceptional items (signed profit impact) | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | -41.5 | 0.00 | 0.00 |
| Profit attributable to non-controlling interests | -0.28 | -0.14 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Share of associates and joint ventures | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Profit attributable to owners | 130.6 | 218.8 | 187.6 | 264.1 | 260.5 | 416.3 | 409.5 | 348.7 |
Consolidated, as reported. Lines marked * are the market-data provider's figures; the rest are extracted from the company's filings or derived from them. n.d. not disclosed, n.r. not retrieved, n.a. not applicable.
Metrics dashboard
| Metric | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue growth | 26.2% | 30.1% | 32.0% | 35.3% | 42.7% |
| EBITDA margin | 6.9% | 6.1% | 7.0% | ||
| Net margin | 3.2% | 2.9% | 3.8% | ||
| Return on equity | 15.3% | 15.9% | 24.3% | ||
| Return on capital employed | 8.6% | 11.4% | 16.6% | 23.6% | 34.5% |
| Return on assets | 5.1% | 5.1% | 7.5% | ||
| Net debt (₹ crore) | 2,351 | 2,262 | 3,251 | ||
| Net debt / EBITDA | 1.84x | 1.49x | 1.30x | ||
| Interest cover | 1.99x | 2.99x | 3.39x | 3.62x | 5.02x |
| Asset turnover | 1.21x | 1.43x | 1.57x | 1.79x | 1.99x |
| Receivable days | 4 | 6 | 6 | 6 | 9 |
| Inventory days (on revenue) | 196 | 183 | 164 | 141 | 145 |
| Payable days (on revenue) | 22 | 31 | 38 | 34 | 34 |
| Cash conversion | 2.21x | 1.69x | 0.98x | ||
| Capex intensity | 0.8% | 1.3% | 2.0% | 1.7% | 1.1% |
| Free cash flow (₹ crore) | 27.5 | 44.7 | 950.4 | 781.9 | 911.4 |
| Dividend payout | 8.6% | 17.3% | 11.3% | ||
| EPS, diluted (₹) | 2.18 | 4.20 | 5.80 | 6.93 | 13.05 |
| Book value per share (₹) | 30.46 | 35.28 | 40.66 | 46.57 | 61.09 |
Computed from the statements above:
- Revenue growth: revenue over the previous year's, less one.
- EBITDA margin: EBITDA excluding other income / revenue.
- Net margin: net profit to owners / revenue.
- Return on equity: net profit to owners / average equity.
- Return on capital employed: EBIT / average equity plus borrowings.
- Return on assets: net profit to owners / average total assets.
- Net debt (₹ crore): Net debt including gold metal loan; negative is net cash.
- Net debt / EBITDA: net debt / EBITDA excluding other income.
- Interest cover: EBIT / finance cost.
- Asset turnover: revenue / average total assets.
- Receivable days: receivables / revenue x 365.
- Inventory days (on revenue): inventory / revenue x 365.
- Payable days (on revenue): payables / revenue x 365.
- Cash conversion: cash from operations / net profit to owners.
- Capex intensity: capital expenditure / revenue.
- Free cash flow (₹ crore): cash from operations less capital expenditure.
- Dividend payout: dividends paid / net profit to owners.
- EPS, diluted (₹): as reported (Diluted EPS).
- Book value per share (₹): equity / shares outstanding.
Source: the company's filings and disclosures as extracted into Mool's company dossier (version 1, information to 13 Oct 2026); market data at the close of 13 Oct 2026. Every figure is read from the dossier's files or computed from them; the account of the business model is the analyst's, from the dossier's workings.
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Every piece of Mool’s research is built the same way: a researched evidence base, analyses that build on each other, a research model and a report with the call. This page shows the first analysis.
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- Future earnings & financial modelForecasts built from the drivers that move the business, by scenario, beside the street's.
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The model behind the report: the company’s history, the drivers that move it, its forecasts by scenario and the valuation the 12-month target comes from.
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