Kalyan Jewellers India Q1 FY27 Share Price & Earnings Call Analysis
- Market cap
- ₹53,187 Cr
- P/E
- 36.34
- ROE
- 24.85%
- PEG
- 0.82
- Price to sales
- 1.37
- Debt to equity
- 0.97
- 52W high / low
- ₹635 / ₹331
- Sales growth (5Y)
- 33.05%
- EBITDA margin
- 6.70%
- Net profit margin
- 3.86%
- Promoter holding
- 62.85%
- Sales (last year)
- ₹39,063 Cr
Kalyan Jewellers India Ltd. designs manufacture and sells a range of gold, studded and other jewellery products across various price points. It is one of the largest jewellery retailers in India based on revenue as of FY20. The co. was founded by the current Chairman, MD and Promoter, Mr T.S. Kalyanaraman [1]
Guidance scorecard · Q1 FY27 call
What Kalyan Jewellers India Ltd's management guided
and where it ranks in Consumer Durables
Consumer Durables
RevenueQ1 FY27 call
20–40%- The company targets to maintain robust revenue growth, demonstrated by a 38% growth in Q1 FY27 (ex-bullion).
- There is a strong shift from unorganized to organized markets, providing a large growth opportunity.
- Expansion plans include opening 84 Kalyan showrooms and 50 Candere showrooms in FY27, with heavier expansion expected in H2.
- The newly launched regional brand, Akshaya Thanga Maligai (ATM), focused on Tamil Nadu, plans to open five showrooms initially with further expansion to other cities.
- Increasing share of recycled gold in sales is expected to make the business more resilient and sustainable.
- Volume growth is expected to correlate with gold price trends; when prices are lower, volume typically rises as customers buy within budget constraints.
2 more points from Kalyan Jewellers India Ltd's call on revenue
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MarginsQ1 FY27 call
FlatSee what Kalyan Jewellers India Ltd said on margins — free account, 30 seconds.
CapexQ1 FY27 call
Planned- Kalyan Jewellers plans to open around 50 new Candere showrooms in the current financial year, focusing on adding inventory in existing stores to increase throughput.
- The new regional brand "Akshaya Thanga Maligai" (ATM) has been launched in Tamil Nadu, with the first showroom opening on August 21, 2026, followed by four more showrooms in the coming months, including expansions beyond Chennai.
- Expansion of ATM showrooms will predominantly follow a FOCO (franchise-owned company-operated) asset-light model.
- For Kalyan Jewellers, there is a target to open 84 new showrooms in India with no change in this guidance; H2 will have heavier store expansion.
2 more points from Kalyan Jewellers India Ltd's call on capex
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FundraisingQ1 FY27 call
See what Kalyan Jewellers India Ltd said on fundraising — free account, 30 seconds.
Order bookQ1 FY27 call
Ask what Kalyan Jewellers India Ltd said on the order book →
Full Q1 FY27 analysisRanges are what management guided for revenue growth and margins on the latest earnings call. Not investment advice, and not a forecast of returns.
Potential multibaggers · Q2 FY27
Potential multibaggers in Consumer Durables
on management's own guidance
- Strong growth2
- Strong growth1
- Strong growth3
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Ranks describe management commentary on revenue and margin from the latest earnings call. Not investment advice.
Peers
Consumer Durables companies ranked on guidance
| # | Company | Revenue guided | Margin guided | Market cap | P/E |
|---|---|---|---|---|---|
| 1 | 40%+ | Up 2%+ | ₹166 Cr | 20.3 | |
| 2 | 40%+ | Up 2%+ | ₹100 Cr | 12.7 | |
| 3 | 40%+ | Up 0–2% | ₹3,249 Cr | 17.4 | |
| 4 | 40%+ | Up 0–2% | ₹2,081 Cr | 18.8 | |
| 5 | 40%+ | Flat | ₹2,429 Cr | 41.1 | |
| 6 | 40%+ | Flat | ₹2,163 Cr | 25.6 |
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Pro shows every company guiding 40%+ revenue growth →Full Consumer Durables rankingFinancials of Kalyan Jewellers India Ltd
Quarterly Results, Profit & Loss, Balance Sheet, Cash Flows, and Ratios are shown below as separate sections.
Financials of Kalyan Jewellers India Ltd
Quarterly Results
Quarter-by-quarter operating performance
| Mar 2023 | Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales + | 3,382 | 4,376 | 4,415 | 5,223 | 4,525 | 5,528 | 6,065 | 7,278 | 6,182 | 7,268 | 7,856 | 10,343 | 10,275 |
| Expenses + | 3,125 | 4,053 | 4,101 | 4,853 | 4,229 | 5,159 | 5,738 | 6,848 | 5,782 | 6,760 | 7,359 | 9,593 | 9,539 |
| Operating Profit | 257 | 323 | 314 | 370 | 296 | 368 | 327 | 430 | 399 | 508 | 497 | 750 | 736 |
| OPM % | 8% | 7% | 7% | 7% | 7% | 7% | 5% | 6% | 6% | 7% | 6% | 7% | 7% |
| Other Income + | -19 | 12 | 13 | 20 | 39 | 30 | 26 | 40 | 41 | 46 | 51 | 23 | 46 |
| Interest | 80 | 82 | 82 | 82 | 78 | 85 | 90 | 88 | 96 | 104 | 95 | 104 | 130 |
| Depreciation | 63 | 64 | 67 | 70 | 74 | 75 | 85 | 89 | 93 | 98 | 103 | 109 | 113 |
| Profit before tax | 95 | 188 | 178 | 239 | 184 | 237 | 178 | 294 | 251 | 353 | 350 | 560 | 539 |
| Tax % | 26% | 24% | 24% | 24% | 25% | 25% | 27% | 26% | 25% | 25% | 26% | 26% | 24% |
| Net Profit + | 70 | 144 | 135 | 180 | 137 | 178 | 130 | 219 | 188 | 264 | 261 | 416 | 410 |
| EPS in Rs | 0.68 | 1.40 | 1.31 | 1.75 | 1.34 | 1.72 | 1.27 | 2.12 | 1.82 | 2.56 | 2.52 | 4.03 | 3.97 |
Financials of Kalyan Jewellers India Ltd
Profit & Loss
Annual income statement trend
| Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|
| Sales + | 10,505 | 9,771 | 10,101 | 8,573 | 10,818 | 14,071 | 18,516 | 25,045 | 35,743 |
| Expenses + | 9,732 | 9,151 | 9,302 | 7,949 | 9,965 | 12,906 | 17,180 | 23,461 | 33,252 |
| Operating Profit | 774 | 620 | 799 | 624 | 853 | 1,165 | 1,335 | 1,585 | 2,491 |
| OPM % | 7% | 6% | 8% | 7% | 8% | 8% | 7% | 6% | 7% |
| Other Income + | 32 | 42 | 80 | 45 | 38 | 5 | 106 | 140 | 167 |
| Interest | 390 | 418 | 419 | 405 | 360 | 353 | 379 | 422 | 433 |
| Depreciation | 202 | 224 | 239 | 225 | 232 | 245 | 274 | 343 | 423 |
| Profit before tax | 214 | 21 | 221 | 39 | 299 | 572 | 789 | 960 | 1,802 |
| Tax % | 34% | 123% | 36% | 115% | 25% | 24% | 24% | 26% | 25% |
| Net Profit + | 141 | -5 | 142 | -6 | 224 | 432 | 596 | 714 | 1,350 |
| EPS in Rs | 1.70 | -0.04 | 1.70 | -0.06 | 2.18 | 4.20 | 5.80 | 6.93 | 13.08 |
| Dividend Payout % | 0% | 0% | 0% | 0% | 0% | 12% | 21% | 22% | 19% |
Financials of Kalyan Jewellers India Ltd
Balance Sheet
Capital structure and asset base
| Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 839 | 839 | 839 | 1,030 | 1,030 | 1,030 | 1,030 | 1,031 | 1,033 |
| Reserves | 1,012 | 1,046 | 1,203 | 1,796 | 2,107 | 2,605 | 3,159 | 3,772 | 5,276 |
| Borrowings + | 4,196 | 3,907 | 3,759 | 3,378 | 4,029 | 4,295 | 4,495 | 4,959 | 6,117 |
| Other Liabilities + | 2,503 | 2,268 | 2,417 | 2,661 | 1,779 | 2,783 | 4,134 | 5,363 | 8,291 |
| Total Liabilities | 8,551 | 8,060 | 8,219 | 8,865 | 8,945 | 10,713 | 12,818 | 15,126 | 20,717 |
| Fixed Assets + | 1,879 | 2,152 | 2,167 | 1,899 | 1,921 | 1,903 | 2,299 | 2,846 | 3,312 |
| CWIP | 18 | 22 | 24 | 53 | 2 | 20 | 49 | 8 | 18 |
| Investments | 1 | 3 | 0 | 0 | 1 | 4 | 4 | 5 | 6 |
| Other Assets + | 6,654 | 5,884 | 6,027 | 6,913 | 7,021 | 8,785 | 10,465 | 12,267 | 17,382 |
| Total Assets | 8,551 | 8,060 | 8,219 | 8,865 | 8,945 | 10,713 | 12,818 | 15,126 | 20,717 |
Financials of Kalyan Jewellers India Ltd
Cash Flows
Operating, investing and financing cash movement
| Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|
| Cash from Operating Activity + | 320 | 629 | 245 | 1,013 | 1,322 | 1,209 | 1,318 | ||
| Cash from Investing Activity + | 34 | -217 | 64 | -384 | -137 | -177 | -118 | ||
| Cash from Financing Activity + | -343 | -208 | -524 | -638 | -1,148 | -840 | -1,264 | ||
| Net Cash Flow | 11 | 204 | -216 | -8 | 37 | 193 | -64 | ||
| Free Cash Flow | 212 | 581 | 154 | 827 | 1,061 | 790 | 939 | ||
| CFO/OP | 41% | 110% | 47% | 98% | 116% | 91% | 70% |
Financials of Kalyan Jewellers India Ltd
Ratios
Working capital efficiency and return ratios
| Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|
| Debtor Days | 6 | 5 | 8 | 5 | 4 | 6 | 6 | 6 | 9 |
| Inventory Days | 208 | 200 | 205 | 272 | 232 | 216 | 191 | 162 | 167 |
| Days Payable | 31 | 19 | 24 | 35 | 26 | 37 | 45 | 39 | 40 |
| Cash Conversion Cycle | 184 | 187 | 189 | 241 | 210 | 185 | 153 | 129 | 136 |
| Working Capital Days | -11 | -12 | -5 | 10 | 30 | 30 | 25 | 23 | 30 |
| ROCE % | 7% | 11% | 7% | 10% | 13% | 14% | 15% | 21% |
Guidance history
How Kalyan Jewellers India Ltd's guidance has moved, call by call
| Call | Revenue | Margins | Capex | Fundraising | Order book |
|---|---|---|---|---|---|
| Q1 FY27 call → | 20–40% | Flat | Planned | — | — |
| Q4 FY26 call → | 20–40% | Flat | Planned | None planned | — |
| Q3 FY26 call → | 20–40% | Flat | Planned | — | — |
| Q2 FY26 call → | 20–40% | Flat | Planned | None planned | — |
What management guided on each call, newest first. Not investment advice, and not a forecast of returns.
Momentum score · price trend
30 out of 100 — Cooling
Over the past year its share price has done worse than most of the stocks we track.
| Period | Share price change | Better than … of 1,910 stocks |
|---|---|---|
| Last 12 months | +0.4% | 61% |
| Last 6 months | +24.8% | 77% |
| Last 3 months | −18.8% | 19% |
The price is 33.8% below its all-time high of ₹777.8 (3 Jan 2025). Stocks more than 20% below their peak have their score halved, so 59 became 30.
How we calculate it
“Better than 30%” means that over that period the share price did better than 30 out of every 100 stocks we track (1,910 Indian companies worth ₹500 Cr or more, with at least a year of prices).
The score weighs the longer periods more: 40% × 12-month + 40% × 6-month + 20% × 3-month. For Kalyan Jewellers India Ltd: 0.4 × 61 + 0.4 × 77 + 0.2 × 19 = 59, halved to 30 because the price is more than 20% below its all-time high.
Strengthening is 70 and above, Steady 40 to 70, Cooling below 40. Scores are recalculated every night after the market closes.
Full methodology →This describes only how the share price has moved up to 29 Oct 2026, compared with other stocks. It says nothing about the business, and it is not a prediction, a price target or a recommendation to buy or sell.
Continue your research
What Kalyan Jewellers India Ltd's management said in earlier quarters
- Q1 FY27 earnings call analysis →
- Q4 FY26 earnings call analysis →
- Q3 FY26 earnings call analysis →
- Q2 FY26 earnings call analysis →
- Q1 FY26 earnings call →
- Q3 FY25 earnings call →
- Q2 FY25 earnings call →
- Q1 FY25 earnings call →
- Q4 FY24 earnings call →
- Q3 FY24 earnings call →
- Q2 FY24 earnings call →
- Q1 FY24 earnings call →
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