Kalyan Jewellers India Ltd
KALYANKJILKalyan Jewellers India Ltd's earnings have outrun its stock. EPS grew +88.7% in a year against a +19.6% price move.
The sharpest disagreement: annual EPS moved +88.7% against a +19.6% price move — the market has not yet caught up with the delivery.
The price is in a confirmed uptrend (6 weeks in) while the P/E sits at the 50th percentile of its own 6-year range. Underneath, the last four quarters read improving — profit +32.2% year on year, and 145% of the last 3 years' profit arrived as cash. What settles it: whether the price catches up with earnings that have already moved.
Price story Before the numbers, the tape. A stock price moves through four repeating seasons: a flat base (stage 1), an advance (2), a top (3), a decline (4). Where the price sits in that cycle frames everything below.
Kalyan Jewellers India Ltd trades at ₹601, in a confirmed uptrend and 6 weeks into that stage. That is +23.2% against its own 200-day average. It sits at 95% of a 52-week range of ₹339 to ₹616. On relative strength it has been ahead of the NIFTY 500 on a trailing-13-week view for 11 straight weeks.
Today the stock is in a confirmed uptrend — week 6 of stage 2, confirmed. At ₹601 it trades +23.2% versus its 200-day average and sits at 95% of its 52-week range (₹339–₹616).
Against the market, two honest reads. Cumulative: over the last 5.5 years the stock moved +699% while the NIFTY 500 moved +86% — ahead of the index over the full window. Recent form: on a trailing-13-week view the stock has been ahead for 11 straight weeks — the ribbon below is that same metric, week by week.
What would end the trend, mechanically: two Friday closes in a row below the 200-day line. That is the exit rule — no debates.
Story check
Kalyan Jewellers India Ltd's story is not scored yet against the markers our research file set on 22 August 2026. Where it sits in its own cycle: MID_EXPANSION. Still open: A sustained fall in revenue growth below 15% together with OPM below 5.0%, a failure to complete the stated non-GML repayment plan, or evidence that franchise-store throughput is weakening.
Our read, 22 August 2026. Asset-light FOCO network rollout, Candere profitability and planned non-GML debt elimination support earnings growth, while the cycle-normalized valuation read remains FAIRLY_PRICED.
From the numbers. PE compressed from the curve peak while earnings rose. Current OPM is 6.0% versus deterministic normalized OPM of 7.3%, and deterministic ground truth places the operating cycle in MID_EXPANSION with a FAIRLY_PRICED…
From the price. Price stage 2, week 6 — above its 200-day line, relative strength rising.
From the research. Asset-light FOCO network rollout, Candere profitability and planned non-GML debt elimination support earnings growth, while the cycle-normalized valuation read remains FAIRLY_PRICED.
🚨 Where they disagree. PE compressed from the curve peak while earnings rose. Current OPM is 6.0% versus deterministic normalized OPM of 7.3%, and deterministic ground truth places the operating cycle in MID_EXPANSION with a FAIRLY_PRICED valuation verdict.
What is proven. Asset-light FOCO network rollout, Candere profitability and planned non-GML debt elimination support earnings growth, while the cycle-normalized valuation read remains FAIRLY_PRICED.
What is not proven yet. A sustained fall in revenue growth below 15% together with OPM below 5.0%, a failure to complete the stated non-GML repayment plan, or evidence that franchise-store throughput is weakening.
🚨 What would change our mind. A sustained fall in revenue growth below 15% together with OPM below 5.0%, a failure to complete the stated non-GML repayment plan, or evidence that franchise-store throughput is weakening.
Layer 1 read, 22 August 2026 — KEEP. Revenue up 46% but margin fell and profit slipped two quarters — much of the growth is the gold price. Kalyan sold Rs 10,589 Cr in the June quarter, up 45.7%, yet profit rose only 32.2% and operating margin fell from 7% to 6%. The company's own cleaner measure that strips out bullion tells the same story: pre-tax margin went from 5.5-5.6% down to about 5.1%, and recycled gold alone is more than 46% of the revenue line. The genuinely good news is elsewhere and it is real — the online arm Candere turned a Rs 10 Cr loss into a Rs 2.1 Cr profit while more than doubling revenue, and the company is clearing its expensive non-gold debt with a Rs 102 Cr land sale.
What would change Layer 1’s mind. Operating margin recovering above 7% with the ex-bullion pre-tax margin back to 5.4% or better while revenue growth stays above 20% — that would show the volume and mix are carrying the growth and the gold-price effect was only a tailwind, and would move this to P1. Going the other way, a third consecutive fall in per-share profit alongside the non-gold debt repayment slipping past September would confirm the deceleration is structural.
Layer 2 read, 22 August 2026 — BENCH. Gold lifted reported sales faster than profit, while Kalyan's underlying margin moved the wrong way. June-quarter revenue rose 45.7% but profit rose 32.2% and operating margin fell from 7% to 6%. The sector stress test says gold prices and temporary duty effects are masking physical demand [sector_timeline:Q1/Q2], and Kalyan itself reported lower ex-bullion margin; Candere's turnaround is not yet large enough to override that group-level weakness.
What would change Layer 2’s mind. Flip BENCH to ADVANCE if Kalyan reports a current physical-volume or same-store-demand increase while ex-bullion PBT margin stabilizes at or above 5.1% and Candere remains profitable.
The test written in advance. A sustained fall in revenue growth below 15% together with OPM below 5.0%, a failure to complete the stated non-GML repayment plan, or evidence that franchise-store throughput is weakening. — the thesis as written as stated by the next result.
The test written in advance. Gold Exchange Mix Dilution and Promotional Intensity — Gold Exchange Mix Dilution and Promotional Intensity Ex-bullion PBT margin remains below 5.1% for two consecutive quarters. by the next result.
The test written in advance. Gold Price Spikes Impacting Consumer Volume Demand — Gold Price Spikes Impacting Consumer Volume Demand Same-store sales growth weakens materially while gold prices rise. by the next result.
What the company does. FOCO franchise partners fund store capex and inventory while Kalyan operates stores under margin sharing; management indicated franchise-partner ROCE of 14%. Gold recirculation, cash-for-gold adoption and Candere throughput are the main offsets to exchange-related margin dilution. The August call guided land-sale consideration of about ₹102 Cr before quarter-end and non-GML repayment by end-September, but execution and margin parity remain monitorables.
Sources: our stock research file (22 August 2026) · quarterly results through Jun 26 · the company’s own earnings calls. The story check is re-scored every results season; the record below never changes.
Revenue Revenue is the top line: everything the company billed its customers in the period.
Kalyan Jewellers India Ltd reported ₹10,589 Cr of revenue in the Jun 26 quarter, +45.7% year on year. That is the 12th straight quarter of year-on-year growth. Over 10 years it has compounded at 16.2% a year. The last full year, FY26, came in at ₹35,743 Cr. The last four reported quarters add to ₹39,063 Cr.
Why this happened. Management stated that exchange diluted margin by 0.2%-0.3% because gold is bought at the board rate, while cash-for-gold at a spot discount is the offset. Adoption and realized margin protection need confirmation in subsequent quarters.
FY26 revenue came in at ₹35,743 Cr (+42.7% on the year), capping 10 years at 16.2% compound. The latest quarter (Jun 26) printed ₹10,589 Cr, +45.7% year on year — the 12th consecutive quarter of year-over-year growth.
Pace check: the last four quarters averaged +45.9% growth against the decade's 16.2% — the current year is running faster than its own long-run rate.
Acceleration check: trailing-twelve-month revenue grew +45.8% over the last 4 quarters against +40.8%/yr over the last 8 — accelerating; TTM profit +79.3% vs +51.0%/yr — accelerating.
FY26-Q4. revenue ₹10,275 Cr and profit ₹410 Cr as reported.
FY27-Q1. revenue ₹10,589 Cr and profit ₹349 Cr as reported.
Why-sources: our stock research file (22 August 2026) and the company’s own results for those quarters.
Operating margin Operating margin is what is left of every ₹100 of sales after running the business, before interest and tax. It is the cleanest read on pricing power and cost control.
Kalyan Jewellers India Ltd's operating margin is 6.0% in the Jun 26 quarter, −1.0 percentage points against the same quarter a year ago. Across 11 fiscal years the operating margin has ranged 3.0% to 8.0%. The current quarter sits inside that band.
The latest quarter's operating margin is 6.0%, −1.0 pp against the same quarter a year ago. Across 11 fiscal years the operating margin has ranged 3.0%–8.0%.
🚨 Why the margin moved: operating margin went −1.0 pp year on year while gross margin went −1.9 pp — the loss came mostly from the gross line: input costs and pricing.
FY26-Q4. revenue ₹10,275 Cr and profit ₹410 Cr as reported.
FY27-Q1. revenue ₹10,589 Cr and profit ₹349 Cr as reported.
Why-sources: our stock research file (22 August 2026) and the company’s own results for those quarters.
Net profit Net profit is what survives every cost, interest and tax — the number EPS, dividends and book value all grow from.
Kalyan Jewellers India Ltd earned ₹349 Cr of net profit in the Jun 26 quarter, +32.2% year on year. It is the 7th consecutive quarter of growth. Full-year FY26 profit was ₹1,350 Cr. The 10-year compound rate is 49.0%. That is 3.3% of the quarter's revenue. The same quarter a year earlier earned ₹264 Cr.
Jun 26 profit was ₹349 Cr, +32.2% year on year — the 7th consecutive quarter of growth. On the full year, FY26 printed ₹1,350 Cr (+89.1%), and the 10-year compound rate is 49.0%.
Why profit moved: revenue contributed +45.7% and the margin −1.0 pp — the quarter was revenue-led, with the margin roughly flat.
Pace comparison, last four quarters: profit +85.3% vs revenue +45.9%. Profit is growing faster than sales — fixed costs are being spread over a bigger base, and each extra rupee of revenue drops more to the bottom line.
FY26-Q4. revenue ₹10,275 Cr and profit ₹410 Cr as reported.
FY27-Q1. revenue ₹10,589 Cr and profit ₹349 Cr as reported.
Why-sources: our stock research file (22 August 2026) and the company’s own results for those quarters.
Cash flow — the router The P&L says what was earned; the cash-flow statement says what actually arrived. Operating cash flow (CFO) against profit is the cleanest lie detector in the accounts.
Over the last 3 fiscal years 145% of Kalyan Jewellers India Ltd's reported profit arrived as operating cash — the cash follows the profit. In FY26 that was ₹1,318 Cr of operating cash against ₹1,350 Cr of profit. After ₹899 Cr of capital spending, ₹419 Cr was left as free cash.
FY26: operating cash of ₹1,318 Cr against reported profit of ₹1,350 Cr, leaving free cash of ₹419 Cr after ₹899 Cr of capital spending. Across the last 3 fiscal years the conversion rate is 145% of profit.
Cash-flow readings here are annual — that is the resolution our series carries, so this section moves once a year.
Why conversion sits at 145%: the cash cycle tightened 105 days between FY21 and FY26 — cash that used to wait in the cycle now reaches the bank sooner.
Router verdict: the bigger cash user is investment — capital spending ran 2.4× depreciation over three years, so the next section's job is to check what that build-out is buying.
Where the cash goes Working capital is the cash tied up between paying suppliers and getting paid: debtor days (customers owe), inventory days (stock waits), and the cash conversion cycle (the whole loop, in days of sales).
Kalyan Jewellers India Ltd's cash conversion cycle runs 136 days in FY26, down from 241 days in FY21. Capital spending ran ₹2,447 Cr over the last 3 years. At FY26 sales of ₹35,743 Cr each day of that cycle holds about ₹97.9 Cr, so roughly ₹13,318 Cr sits inside the business at any moment.
FY26: debtors at 9 days, inventory at 167 days — roughly 5.5 months of stock waiting to sell; that is where the cash sits while it waits — for a full cycle of 136 days, tighter than FY21's 241.
The full loop: cash goes out to suppliers and production on day 0; stock waits 167 days to sell; customers pay about 9 days after that; and suppliers themselves are paid at 40 days — netting out to the 136-day cycle.
In money terms: at FY26 sales of ₹35,743 Cr, each day of the cycle holds about ₹97.9 Cr — so the 136-day loop keeps roughly ₹13,318 Cr sitting inside the business at any moment.
On the investment side: capital spending of ₹2,447 Cr over the last 3 fiscal years against ₹1,040 Cr of depreciation — the company is building well ahead of wear-and-tear. Capital work-in-progress stands at ₹18.0 Cr (FY26) — capacity paid for but not yet earning.
The synthesis: the cash is going into capacity, not disappearing into the cycle — the question becomes whether the new capacity earns.
Return on capital Return on capital employed (ROCE) is the profit the whole business earns on all the money in it — equity and debt together. It is the single best test of whether growth creates value or just size.
Kalyan Jewellers India Ltd earns a ROCE of 21% in FY26. That is up from a trough of 7% in FY19. Return on invested capital clears the cost of that capital by +1.8 percentage points, so growth here adds value rather than only size. The wiring behind it is 3.8% net margin on 1.73× asset turns.
FY26 ROCE is 21%, recovered from a FY19 trough of 7% — the full ladder below shows the fall and the climb, undoctored.
Why the return is what it is — the wiring (FY26): 3.8% net margin × 1.73× asset turns × 3.28× balance-sheet leverage ≈ 21.6% on equity. Margin does its share; leverage is a meaningful part of the equation.
The capstone test — ROIC − WACC: 13.8% − 12.0% = a +1.8 pp spread. The 12.0% is a standing assumption for the cost of capital in India, not a per-stock estimate — read the sign and the size of the spread, not the decimals. Positive but thin — value creation with little room for error.
Debt Debt-to-equity says how much of the business is funded by borrowings. Low is the safe corner; the trend matters as much as the level.
Kalyan Jewellers India Ltd carries total debt of ₹6,117 Cr against shareholder equity of ₹6,309 Cr as of Mar 26, a debt-to-equity of 0.97. On the annual view that ratio went from 1.28 in FY22 to 0.97 in FY26. Read the returns elsewhere on this page with that leverage in mind.
Mar 26: total debt of ₹6,117 Cr against shareholder equity of ₹6,309 Cr — a debt-to-equity of 0.97. On the annual view, debt-to-equity went from 1.28 (FY22) to 0.97 (FY26). Read the returns on this page with that leverage in mind.
Ownership Who owns the stock, quarter by quarter: promoters (the controlling owners), foreign and domestic institutions, and the public. Steady accumulation by people close to the numbers is a signal; a quiet register is also an answer.
Foreign institutions cut 10.4 points of Kalyan Jewellers India Ltd over 8 quarters, the biggest move on the register. That takes foreign institutions to 10.8% of the company. Domestic institutions moved +4.1 points over the same window, to 15.8%. The register is read on the four disclosed classes only; nothing is inferred between filings.
The register over the last two years — Foreign institutions: −10.4 points over 8 quarters to 10.8%; Domestic institutions: +4.1 points over 8 quarters to 15.8%; Promoters: +2.3 points over 8 quarters to 62.9%.
Why the register moved: rotation — foreign institutions −10.4 points against domestic institutions +4.1 points over 8 quarters, with promoters +2.3 points — one class of institutions handing the register to the other, not a verdict change by the people closest to the numbers.
Safety line The Z-score estimates how far a company sits from balance-sheet distress — above roughly 3 is safe, below roughly 1.8 is the danger zone. It was built for manufacturers, so it is not applied to banks and lenders.
Kalyan Jewellers India Ltd: the Z-score is not available for this stock, so we say so rather than invent one. It is a distance-to-distress estimate from the balance sheet, not a forecast of failure. The debt, cash-flow and return sections above carry the balance-sheet evidence this page does hold, and each of them states its own reporting date.
The safety line in one sentence: the Z-score is not available for this stock, so we say so rather than invent one.
Valuation P/E is the price of ₹1 of annual profit: how many rupees the market pays for each rupee the company earns in a year.
Kalyan Jewellers India Ltd trades at 42.4× P/E, mid-range by its own standards (50th percentile). Its long-run median P/E is 42.4×, measured across 5.5 years of weekly readings. This places the multiple against the stock’s own record, and says nothing about what the business is worth.
Today's P/E of 42.4× is mid-range by its own standards (50th percentile), against a long-run median of 42.4× measured over 5.5 years of weekly readings. This is a comparison against the stock's own history — not a claim about what it is worth.
Why the multiple sits where it does: over the past year annual EPS moved +88.7% against a +19.6% price move — earnings outran the price, pushing the multiple DOWN its own range.
The price move, decomposed: over 5y, of the +55.6%/yr price move, ~+53.0%/yr came from earnings growth and ~+2.6 pp from the multiple (expanding). The split is the honest approximate (price return minus earnings growth); it makes the rally itself visible instead of hiding it behind the percentile.
Put together: the multiple is unremarkable against its own past, so the story rests on the earnings line underneath it, not the multiple.
What the price assumes This reading works the multiple backwards. It asks one question: what yearly rate of profit growth is a buyer at the market price already paying for? The number is the growth rate that makes eleven years of profit — six years growing, then five fading — add up to that day's market price, once each year is discounted at 11% a year.
Solved at its 26 August 2026 price, Kalyan Jewellers India Ltd was paying for profit growth of about 23.4% a year. Profit itself has compounded 49.0% a year over the past 10 years. Today the market pays 42.4× P/E, the 50th percentile of its own 6-year range.
What the two numbers say together. The multiple is unremarkable against its own past, and the growth the price is paying for is below what this company has actually delivered.
How to hold this number: it is a reading of one day's price, taken on 26 August 2026, not a running figure — every other number on this page, the multiple included, is read off the live quote as of 11 September 2026. A higher price is paying for more growth and a lower price for less, so it moves whenever the price does, and this page does not restate it between measurements.
Stage: Consistent Every business sits somewhere on a fundamental arc, and this page names the spot before anything else. The last twelve quarters of revenue, profit and EPS growth — plus the return the business earns on its capital — are read as curves: Deteriorating (the curves are falling), Turning around (a trough has just formed and the last few quarters lift off it), Improving (the climb off the trough is sustained), Consistent (steadily positive with healthy returns), Topping out (still high but decelerating from the peak). When the curves genuinely disagree the read is Mixed; too little history is No read. CAGR (compound annual growth rate) is the smooth yearly pace that turns the starting value into the latest one — the fairest way to compare growth across different time spans. Read the columns together: if the 1-year number towers over the 10-year, recent growth is running hotter than the long-run trend. A dash means that window is not held, or the base year was a loss (where a growth rate is not meaningful).
Kalyan Jewellers India Ltd reads as consistent on its fundamental arc. Consistent — revenue, profit and EPS growth have stayed positive through the window, with ROCE at 30.9% and holding. The read is built from 12 quarters across 4 curves, on full evidence.
Why it matters: steady curves with healthy returns are the compounding setup — the risk is the price, not the business.
| 1yr | 3yr | 5yr | 10yr | |
|---|---|---|---|---|
| Revenue | +42.7% | +36.4% | +33.0% | +16.2% |
| Profit | +89.1% | +46.2% | — | +49.0% |
| EPS | +88.7% | +46.0% | — | +43.6% |
| Share price | +19.6% | +34.6% | +55.6% | — |
4-Factor Sector Score
54.9/100 — rank 13 of 26 in Diamond, Gems & Jewellery · 100% evidence confidence
Kalyan Jewellers India Ltd scores 54.9 out of 100 against the 26 companies it is compared with in Diamond, Gems & Jewellery, ranking 13. Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
The four contributions add to the total exactly: 22.4 + 12 + 4.9 + 15.6 = 54.9. This is the SAME number shown on the sector comparison — it is computed once, for the whole peer set, and read here.
What would change it: The read weakens if profit growth turns negative or margin improvement reverses while sector-relative strength deteriorates.
Said versus delivered
What Kalyan Jewellers India Ltd's management promised, set against what actually arrived — 4 tracked promises on the record. Read straight from the company’s own earnings calls. A promise that slipped stays on this page after it is met.
New Regional Brand Launch Delayed Past Committed Q4 FY26 Date · 8 May 2026. Both prior calls set an explicit commitment to launching the new regional brand in Q4 FY26, with the Nov 2025 call confirming a Q4 target and the Feb 2026 call reaffirming the launch was due in the then-running quarter. The May 2026 call reveals the brand has still not launched, offering only a vague explanation about post-election uncertainty in the target state and providing no revised launch date, raising material questions about execution credibility on a stated new growth vertical.
🚨 Candere FY26 Full-Year PAT Guidance Contradicted · 8 May 2026. In the Nov 2025 call, management committed to Candere achieving a full-year PAT neutral or positive result for FY26, and when directly questioned by an analyst whether this was an exit-rate target or a full-year target, management explicitly confirmed it was full year. The May 2026 call states Candere turned PAT positive only from the second half of FY26, implying the full year was loss-making and directly contradicting the earlier confirmed guidance with no explanation of the miss provided.
🚨 Candere FY26 Store Opening Target of 80 Substantially Missed Without Acknowledgment · 8 May 2026. The Nov 2025 call set a specific target of 80 Candere store openings for FY26 and management reaffirmed confidence in meeting this number when directly questioned. The May 2026 call guides FY27 Candere store openings at around 50-55 and describes this as similar to the last financial year, implying FY26 actual openings were approximately 50-55 - roughly 30% to 40% below the stated target. The May 2026 call provides no acknowledgment of or explanation for this material shortfall.
🚨 Regional Brand Launch Timeline Miss · 6 February 2026. In August 2025, management explicitly guided for the launch of the first regional brand within the 2025 calendar year. However, in the February 2026 call, management admitted the brand is 'yet to launch' and is now targeting the current quarter (Q4 FY26), confirming a missed deadline. Earlier call (Aug 2025): “We have drawn up plans to launch the first regional brand under this entity during this calendar year.” Later call (Feb 2026): “It is yet to launch but the regional brand will be launched in the current quarters.”
Every quote above is taken word for word from the company’s own earnings calls.
| Company | Score | Price stage | Growth & earnings/35 | Capital efficiency/25 | Valuation/20 | Relative strength/20 |
|---|---|---|---|---|---|---|
| 1Tribhovandas Bhimji Zaveri LtdTBZ | 73.1/100Favorable setup87% evidence | LEADER | 25.6/35 Revenue 29.1% · PAT 100% · OPM change 0 pp 95% evidence | 14.8/25 ROCE 21.9% · OPM 9% 95% evidence | 12.7/20 P/E 16.4× · PEG — 50% evidence | 20.0/20 RS sector 115.4% · RS bench 178.1% · 1Y 186.8%12 of 12 weeks ahead 100% evidence |
| Exact sum: 25.6 + 14.8 + 12.7 + 20 = 73.1 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 2Khazanchi Jewellers Ltd543953 | 70.1/100Favorable setup76% evidence | BREAKING OUT | 26.9/35 Revenue 24.4% · PAT 100% · OPM change 2 pp 95% evidence | 17.5/25 ROCE 34.8% · OPM 7% 76% evidence | 11.7/20 P/E 18.3× · PEG — 50% evidence | 14.0/20 RS sector 13.2% · RS bench 9.9% · 1Y 27.3%7 of 10 weeks ahead 70% evidence |
| Exact sum: 26.9 + 17.5 + 11.7 + 14 = 70.1 · Decision use: Confirmed research leader: earnings, capital efficiency and relative strength agree. Move to management, catalyst and risk diligence. | ||||||
| 3Sky Gold & Diamonds LtdSKYGOLD | 68.5/100Favorable setup100% evidence | LEADER | 28.2/35 Revenue 81.4% · PAT 100% · OPM change 2 pp 100% evidence | 15.7/25 ROCE 27% · OPM 8% 100% evidence | 7.1/20 P/E 38.2× · PEG 1.71 100% evidence | 17.5/20 RS sector 45.6% · RS bench 88% · 1Y 196.6%12 of 12 weeks ahead 100% evidence |
| Exact sum: 28.2 + 15.7 + 7.1 + 17.5 = 68.5 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 4D.P. Abhushan LtdDPABHUSHAN | 68.3/100Favorable setup100% evidence | BREAKING OUT | 25.3/35 Revenue 30.8% · PAT 94.3% · OPM change 1 pp 100% evidence | 18.2/25 ROCE 39.6% · OPM 11% 100% evidence | 15.0/20 P/E 12.8× · PEG 0.68 100% evidence | 9.8/20 RS sector -18.8% · RS bench 7.9% · 1Y -15%9 of 12 weeks ahead 100% evidence |
| Exact sum: 25.3 + 18.2 + 15 + 9.8 = 68.3 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 5Utssav CZ Gold Jewels LtdUTSSAV | 64.7/100Thin evidence · provisional56% evidence | LEADER | 19.7/35 Revenue — · PAT — · OPM change 0 pp 26% evidence | 18.1/25 ROCE 28.8% · OPM 7% 95% evidence | 9.5/20 P/E 21.7× · PEG — 15% evidence | 17.4/20 RS sector 43.3% · RS bench 84.4% · 1Y 183.4%12 of 12 weeks ahead 100% evidence |
| Exact sum: 19.7 + 18.1 + 9.5 + 17.4 = 64.7 · Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral. | ||||||
| 6Thangamayil Jewellery LtdTHANGAMAYL | 60.4/100Mixed-positive evidence100% evidence | FADING | 26.9/35 Revenue 83.2% · PAT 100% · OPM change -1 pp 100% evidence | 14.0/25 ROCE 25.5% · OPM 5% 100% evidence | 10.1/20 P/E 40.6× · PEG 0.77 100% evidence | 9.4/20 RS sector -0.1% · RS bench 30.2% · 1Y 133.4%10 of 12 weeks ahead 100% evidence |
| Exact sum: 26.9 + 14 + 10.1 + 9.4 = 60.4 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 7PC Jeweller LtdPCJEWELLER | 59.3/100Mixed-positive evidence100% evidence | BREAKING OUT | 20.1/35 Revenue 36.5% · PAT 32.7% · OPM change 10 pp 100% evidence | 6.8/25 ROCE 9.6% · OPM 28% 100% evidence | 15.8/20 P/E 17.2× · PEG 0.26 100% evidence | 16.6/20 RS sector 2.4% · RS bench 36.2% · 1Y 3.4%7 of 12 weeks ahead 100% evidence |
| Exact sum: 20.1 + 6.8 + 15.8 + 16.6 = 59.3 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 8RBZ Jewellers LtdRBZJEWEL | 58.3/100Mixed-positive evidence87% evidence | BREAKING OUT | 17.5/35 Revenue 30.3% · PAT 54% · OPM change -2.3 pp 95% evidence | 16.7/25 ROCE 22% · OPM 14.8% 95% evidence | 13.7/20 P/E 12.3× · PEG — 50% evidence | 10.4/20 RS sector -4.8% · RS bench 26% · 1Y 26.8%9 of 12 weeks ahead 100% evidence |
| Exact sum: 17.5 + 16.7 + 13.7 + 10.4 = 58.3 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 9Senco Gold LtdSENCO | 56.8/100Mixed-positive evidence100% evidence | TURNING | 24.8/35 Revenue 43.1% · PAT 100% · OPM change -3 pp 100% evidence | 12.4/25 ROCE 21.2% · OPM 7% 100% evidence | 15.1/20 P/E 9.9× · PEG 1.35 100% evidence | 4.5/20 RS sector -20.6% · RS bench 5.3% · 1Y -10%5 of 12 weeks ahead 100% evidence |
| Exact sum: 24.8 + 12.4 + 15.1 + 4.5 = 56.8 · Decision use: Acceleration candidate, not a confirmed leader: earnings are strong but sector-relative strength is -20.6% and the one-year return is -10%. Do not upgrade until sector-relative strength is above zero and another reported period confirms growth. | ||||||
| 10Uday Jewellery Industries Ltd539518 | 56.7/100Mixed-positive evidence78% evidence | 27.2/35 Revenue 100% · PAT 100% · OPM change 3 pp 83% evidence | 14.2/25 ROCE 22.4% · OPM 7% 76% evidence | 12.0/20 P/E 13.7× · PEG — 50% evidence | 3.3/20 RS sector -18.9% · RS bench -3.8% · 1Y -13.9%3 of 4 weeks ahead to 2026-07-19 100% evidence | |
| Exact sum: 27.2 + 14.2 + 12 + 3.3 = 56.7 · Decision use: Acceleration candidate, not a confirmed leader: earnings are strong but sector-relative strength is -18.9% and the one-year return is -13.9%. Do not upgrade until sector-relative strength is above zero and another reported period confirms growth. | ||||||
| 11Titan Company LtdTITAN | 56.0/100Mixed-positive evidence100% evidence | BREAKING OUT | 26.9/35 Revenue 45% · PAT 55.1% · OPM change 3 pp 100% evidence | 13.2/25 ROCE 20.5% · OPM 14% 100% evidence | 8.3/20 P/E 76.2× · PEG 1.43 100% evidence | 7.6/20 RS sector -9.2% · RS bench 20.1% · 1Y 36.6%6 of 12 weeks ahead 100% evidence |
| Exact sum: 26.9 + 13.2 + 8.3 + 7.6 = 56 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 12Shanti Gold International LtdSHANTIGOLD | 55.0/100Mixed-positive evidence74% evidence | BREAKING OUT | 17.8/35 Revenue 100% · PAT 100% · OPM change -8 pp 95% evidence | 16.5/25 ROCE 37% · OPM 10% 95% evidence | 10.9/20 P/E 12.7× · PEG — 15% evidence | 9.8/20 RS sector -7.1% · RS bench 23% · 1Y 12.1%10 of 12 weeks ahead 70% evidence |
| Exact sum: 17.8 + 16.5 + 10.9 + 9.8 = 55 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 13Kalyan Jewellers India Ltdthis pageKALYANKJIL | 54.9/100Mixed-positive evidence100% evidence | BREAKING OUT | 22.4/35 Revenue 45.8% · PAT 79.3% · OPM change -1 pp 100% evidence | 12.0/25 ROCE 21.2% · OPM 6% 100% evidence | 4.9/20 P/E 42.4× · PEG 2.19 100% evidence | 15.6/20 RS sector 0% · RS bench 31.7% · 1Y 19.8%9 of 12 weeks ahead 100% evidence |
| Exact sum: 22.4 + 12 + 4.9 + 15.6 = 54.9 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 14Vaibhav Global LtdVAIBHAVGBL | 52.0/100Mixed-positive evidence100% evidence | ASLEEP | 19.3/35 Revenue 10.4% · PAT 73.8% · OPM change 3 pp 100% evidence | 12.8/25 ROCE 16.4% · OPM 11% 100% evidence | 18.7/20 P/E 12.5× · PEG 0.33 100% evidence | 1.2/20 RS sector -29.8% · RS bench -6.7% · 1Y -1.8%6 of 12 weeks ahead 100% evidence |
| Exact sum: 19.3 + 12.8 + 18.7 + 1.2 = 52 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 15Radhika Jeweltech LtdRADHIKAJWE | 51.5/100Mixed-positive evidence87% evidence | BREAKING OUT | 11.2/35 Revenue 16.9% · PAT 27% · OPM change -6 pp 95% evidence | 18.2/25 ROCE 25.1% · OPM 20% 95% evidence | 10.8/20 P/E 12.4× · PEG — 50% evidence | 11.3/20 RS sector -10.1% · RS bench 19.8% · 1Y -11.5%6 of 12 weeks ahead 100% evidence |
| Exact sum: 11.2 + 18.2 + 10.8 + 11.3 = 51.5 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 16Golkunda Diamonds & Jewellery Ltd523676 | 51.5/100Thin evidence · provisional57% evidence | 13.6/35 Revenue 1.3% · PAT -12.4% · OPM change -0.8 pp 53% evidence | 13.2/25 ROCE 19.9% · OPM 9.7% 57% evidence | 8.6/20 P/E 16× · PEG — 50% evidence | 16.1/20 RS sector 61.7% · RS bench 52.8% · 1Y 63.4%9 of 12 weeks ahead to 2026-03-29 70% evidence | |
| Exact sum: 13.6 + 13.2 + 8.6 + 16.1 = 51.5 · Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral. | ||||||
| 17P N Gadgil Jewellers LtdPNGJL | 50.7/100Mixed-positive evidence93% evidence | BREAKING OUT | 26.0/35 Revenue 47.8% · PAT 76.6% · OPM change 2 pp 100% evidence | 12.2/25 ROCE 20.9% · OPM 8% 100% evidence | 7.9/20 P/E 20.1× · PEG 1.77 65% evidence | 4.6/20 RS sector -22.7% · RS bench 2.8% · 1Y 2.7%4 of 12 weeks ahead 100% evidence |
| Exact sum: 26 + 12.2 + 7.9 + 4.6 = 50.7 · Decision use: Acceleration candidate, not a confirmed leader: earnings are strong but sector-relative strength is -22.7% and the one-year return is 2.7%. Do not upgrade until sector-relative strength is above zero and another reported period confirms growth. | ||||||
| 18Manoj Vaibhav Gems N Jewellers LtdMVGJL | 50.2/100Mixed-positive evidence87% evidence | TURNING | 13.5/35 Revenue 21.5% · PAT 22% · OPM change -1 pp 95% evidence | 11.2/25 ROCE 15.8% · OPM 6% 95% evidence | 15.0/20 P/E 8× · PEG — 50% evidence | 10.5/20 RS sector -12% · RS bench 17.3% · 1Y 0.1%2 of 12 weeks ahead 100% evidence |
| Exact sum: 13.5 + 11.2 + 15 + 10.5 = 50.2 · Decision use: Cheap but unconfirmed: require improving earnings before treating the valuation as an opportunity. | ||||||
| 19Bluestone Jewellery & Lifestyle LtdBLUESTONE | 48.8/100Thin evidence · provisional59% evidence | BREAKING OUT | 23.5/35 Revenue 40% · PAT 100% · OPM change 3.4 pp 74% evidence | 4.7/25 ROCE 6.8% · OPM 14.5% 100% evidence | 8.6/20 P/E 242× · PEG — 15% evidence | 12.0/20 RS sector — · RS bench 56.3% · 1Y 47.3%9 of 10 weeks ahead 25% evidence |
| Exact sum: 23.5 + 4.7 + 8.6 + 12 = 48.8 · Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral. | ||||||
| 20Motisons Jewellers LtdMOTISONS | 48.3/100Mixed-negative evidence87% evidence | BREAKING OUT | 16.4/35 Revenue 10.7% · PAT 50% · OPM change 0 pp 95% evidence | 13.4/25 ROCE 17.9% · OPM 15% 95% evidence | 11.8/20 P/E 27.1× · PEG — 50% evidence | 6.7/20 RS sector -17.9% · RS bench 9.1% · 1Y -17.4%7 of 12 weeks ahead 100% evidence |
| Exact sum: 16.4 + 13.4 + 11.8 + 6.7 = 48.3 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 21Shringar House of Mangalsutra LtdSHRINGARMS | 46.5/100Mixed-negative evidence74% evidence | BREAKING OUT | 15.1/35 Revenue 65.1% · PAT 65.8% · OPM change -3 pp 95% evidence | 15.5/25 ROCE 26.8% · OPM 9% 95% evidence | 10.1/20 P/E 17.3× · PEG — 15% evidence | 5.8/20 RS sector -23% · RS bench 2.4% · 1Y 14.6%6 of 12 weeks ahead 70% evidence |
| Exact sum: 15.1 + 15.5 + 10.1 + 5.8 = 46.5 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 22PNGS Gargi Fashion Jewellery Ltd543709 | 46.1/100Mixed-negative evidence76% evidence | BASING | 7.9/35 Revenue 18.3% · PAT 8.7% · OPM change -3.5 pp 95% evidence | 19.9/25 ROCE 33.8% · OPM 19.8% 76% evidence | 10.6/20 P/E 20.3× · PEG — 50% evidence | 7.7/20 RS sector -2.3% · RS bench -29% · 1Y -30.4%0 of 10 weeks ahead 70% evidence |
| Exact sum: 7.9 + 19.9 + 10.6 + 7.7 = 46.1 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 23Rajesh Exports LtdRAJESHEXPO | 31.4/100Adverse evidence91% evidence | TURNING | 18.0/35 Revenue 79.5% · PAT 100% · OPM change 0 pp 74% evidence | 4.6/25 ROCE 1.9% · OPM 0% 100% evidence | 6.5/20 P/E 13.7× · PEG 1.74 100% evidence | 2.3/20 RS sector -56.8% · RS bench -41.5% · 1Y -56.7%0 of 12 weeks ahead 100% evidence |
| Exact sum: 18 + 4.6 + 6.5 + 2.3 = 31.4 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 24Asian Star Company LtdASTAR | 20.1/100Adverse evidence87% evidence | BASING | 5.7/35 Revenue -3.8% · PAT -23.3% · OPM change -0.9 pp 95% evidence | 7.1/25 ROCE 3.6% · OPM 2.1% 95% evidence | 6.1/20 P/E 28.2× · PEG — 50% evidence | 1.2/20 RS sector -31.2% · RS bench -7.9% · 1Y -20.1%0 of 12 weeks ahead 100% evidence |
| Exact sum: 5.7 + 7.1 + 6.1 + 1.2 = 20.1 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 25PNGS Reva Diamond Jewellery LimitedPNGSREVA | 59.2/100Thin evidence · provisional43% evidence | BREAKING OUT | 22.9/35 Revenue — · PAT — · OPM change 7 pp 45% evidence | 16.5/25 ROCE 22% · OPM 29% 95% evidence | 9.8/20 P/E 19.2× · PEG — 15% evidence | 10.0/20 RS sector — · RS bench — · 1Y —6 of 9 weeks ahead 0% evidence |
| Exact sum: 22.9 + 16.5 + 9.8 + 10 = 59.2 · Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral. | ||||||
| 26SJ Corporation Ltd504398 | 46.0/100Thin evidence · provisional33% evidence | 19.1/35 Revenue — · PAT — · OPM change 16.7 pp 17% evidence | 6.0/25 ROCE 0.1% · OPM 10.7% 76% evidence | 8.5/20 P/E 807× · PEG — 15% evidence | 12.4/20 RS sector — · RS bench 135.6% · 1Y —4 of 4 weeks ahead 25% evidence | |
| Exact sum: 19.1 + 6 + 8.5 + 12.4 = 46 · Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral. | ||||||
Missing observations are not scored as bad. Their missing weight lowers confidence and pulls the final score toward neutral. PEG is not shown when the ratio cannot mean anything: the company must be making a profit, its price-to-earnings must be positive, and its three-year earnings growth must fall between 5% and 60%. Dividing a price multiple by a loss, or by growth measured off a tiny base, produces a number that looks precise and tells you nothing. Under relative strength, one mark per week shows the last 12 weeks: a mark is filled where the company led NIFTY 500 by 5% or more over the 13 weeks ending that week, which is the same test used everywhere on this site. Price stage places the company on the same six-step curve the sector itself is placed on — basing, turning, breaking out, leader, fading, asleep — read from how many weeks running it has led NIFTY 500 and whether that lead is widening or shrinking. It describes where the PRICE stands, not the earnings trajectory and not a recommendation, and it is left blank for a company whose weekly history is too short or too stale to read.
Frequently asked questions
What is Kalyan Jewellers India Ltd's share price today?
Kalyan Jewellers India Ltd trades at ₹601, +19.6% over the past year. The company is valued at ₹62,084 Cr. The stock sits at 95% of its 52-week range of ₹339–₹616, +23.2% versus its 200-day average. On the tape, the price is in a confirmed uptrend, 6 weeks in. — as of 11 September 2026.
What were Kalyan Jewellers India Ltd's latest quarterly results?
Kalyan Jewellers India Ltd reported revenue of ₹10,589 Cr and net profit of ₹349 Cr for the Jun 26 quarter. Revenue rose 45.7% and profit rose 32.2% year on year. Earnings per share were ₹3.38. The operating margin was 6.0%, 1.0 pp lower than a year earlier. — as of 11 September 2026.
What is Kalyan Jewellers India Ltd's revenue?
Kalyan Jewellers India Ltd reported revenue of ₹10,589 Cr in the Jun 26 quarter, +45.7% year on year. For the full FY26 fiscal year, revenue was ₹35,743 Cr (+42.7%). Over the last 10 years revenue compounded at 16.2% a year. — as of 11 September 2026.
What is Kalyan Jewellers India Ltd's profit?
Kalyan Jewellers India Ltd earned ₹349 Cr of net profit in the Jun 26 quarter, +32.2% year on year — the 7th straight quarter of growth. Full-year FY26 profit was ₹1,350 Cr. The operating margin ran 6.0% in the latest quarter. — as of 11 September 2026.
What is Kalyan Jewellers India Ltd's market cap?
Kalyan Jewellers India Ltd's market capitalisation is ₹62,084 Cr at a share price of ₹601. Market cap is the share price multiplied by shares outstanding, so it is restated whenever the price moves. — as of 11 September 2026.
What is Kalyan Jewellers India Ltd's P/E ratio?
Kalyan Jewellers India Ltd trades at a P/E of 42.4×, at the 50th percentile of its own 6-year range, against a long-run median of 42.4×. This is a comparison with the stock's own history, not a value call — as of 11 September 2026.
Does Kalyan Jewellers India Ltd pay a dividend?
Yes — Kalyan Jewellers India Ltd's dividend payout was 19% of profit in FY26, and it recorded a payout in 4 of its last 11 reported fiscal years. This page holds the payout ratio, not a per-share amount. — as of 11 September 2026.
Is Kalyan Jewellers India Ltd overvalued?
On its own history, Kalyan Jewellers India Ltd looks mid-range: its P/E of 42.4× sits at the 50th percentile of its 6-year range (long-run median 42.4×). That is a percentile read against the stock's own past, not a price opinion or a direction call. — as of 11 September 2026.
Is Kalyan Jewellers India Ltd growing?
Yes — Kalyan Jewellers India Ltd is growing: latest-quarter revenue +45.7% year on year, profit +32.2%, and the margin −1.0 pp at 6.0%. The 10-year compound rates are 16.2% (revenue) and 49.0% (profit). The earnings engine currently reads: improving — as of 11 September 2026.
How is Kalyan Jewellers India Ltd performing?
Kalyan Jewellers India Ltd is in a confirmed uptrend, 6 weeks in. Its latest quarter's revenue rose 45.7% and profit rose 32.2% year on year. Against the NIFTY 500 it has been ahead on a trailing-13-week view for 11 weeks. This describes what the data did, not a rating. — as of 11 September 2026.
What stage is Kalyan Jewellers India Ltd in?
Consistent — revenue, profit and EPS growth have stayed positive through the window, with ROCE at 30.9% and holding. The read comes from the last 12 quarters of growth (revenue growth +45.8% latest, profit growth +79.3% latest, eps growth +78.9% latest) plus the ROCE curve, classified by deterministic rules — a trajectory read, not a buy or sell call — as of 11 September 2026.
Is Kalyan Jewellers India Ltd in an uptrend?
Yes — the price is in a confirmed uptrend (week 6 of stage 2), trading +23.2% versus its 200-day average and at 95% of its 52-week range. Price stages cycle base → advance → top → decline, and the stage names where this stock sits in that cycle — as of 11 September 2026.
Is Kalyan Jewellers India Ltd beating the market?
On recent form, yes — Kalyan Jewellers India Ltd has been ahead of the NIFTY 500 on a trailing-13-week view for 11 straight weeks, the same metric the week-by-week ribbon on this page draws. Separately, on the cumulative view: over the last 5.5 years the stock moved +699% against the NIFTY 500's +86% — ahead of the index over the full window. — as of 11 September 2026.
Will Kalyan Jewellers India Ltd's share price go up?
This page publishes no price forecast for Kalyan Jewellers India Ltd. What it measures instead: the share price is ₹601, the price is in a confirmed uptrend 6 weeks in. Its P/E of 42.4× sits at the 50th percentile of its own 6-year range. — as of 11 September 2026.
Who owns Kalyan Jewellers India Ltd?
Promoters hold 62.9% of Kalyan Jewellers India Ltd, foreign institutions 10.8%, domestic institutions 15.8% and the public 10.5% (latest quarter). The biggest move on the register over the last two years: Foreign institutions cut 10.4 points over 8 quarters. — as of 11 September 2026.
Does Kalyan Jewellers India Ltd have too much debt?
It is moderate — Kalyan Jewellers India Ltd's debt-to-equity is 0.97, and operating profit covers the interest bill 5×. FY26 borrowings were ₹6,117 Cr against equity of ₹6,309 Cr. Read the returns on this page with that leverage in mind — as of 11 September 2026.
What is Kalyan Jewellers India Ltd's capex?
Kalyan Jewellers India Ltd spent ₹2,447 Cr on capital expenditure over the last 3 fiscal years, a figure derived from the change in fixed assets plus depreciation. In FY26 alone that was ₹899 Cr, with ₹18.0 Cr in capital work-in-progress — capacity paid for but not yet earning. — as of 11 September 2026.
What is Kalyan Jewellers India Ltd's cash flow?
Kalyan Jewellers India Ltd generated ₹1,318 Cr of operating cash flow in FY26 and ₹419 Cr of free cash flow after ₹899 Cr of capital spending. Reported profit that year was ₹1,350 Cr, so operating cash ran behind profit. Cash-flow resolution for India is annual. — as of 11 September 2026.
Is Kalyan Jewellers India Ltd's profit real cash?
Yes — over the last 3 fiscal years, 145% of Kalyan Jewellers India Ltd's reported profit arrived as operating cash. Though the latest year ran at 98% — the trend is the thing to watch. In FY26, operating cash was ₹1,318 Cr against reported profit of ₹1,350 Cr. The cash then goes mostly into building capacity. Cash-flow resolution is annual — as of 11 September 2026.
Where is Kalyan Jewellers India Ltd in its business cycle?
Kalyan Jewellers India Ltd's FY26 operating margin was 7.0%, against a 11-year band of 3.0%–8.0%: mid-band by its own history — neither the peak that precedes mean-reversion nor the trough that precedes recovery. The latest quarter ran 6.0%. Profitability versus a company's own long band is the cleanest cycle clock this page holds — as of 11 September 2026.
What growth does Kalyan Jewellers India Ltd's price assume?
At its price on 26 August 2026, Kalyan Jewellers India Ltd was priced for profit growth of about 23.4% a year. Profit itself has compounded 49.0% a year over the past 10 years. The figure reads the multiple backwards: the growth a buyer at that price was already paying for. — as of 11 September 2026.
What could break the Kalyan Jewellers India Ltd story?
The sharpest disagreement: annual EPS moved +88.7% against a +19.6% price move — the market has not yet caught up with the delivery. Mechanically, two Friday closes in a row below the 200-day average would end the price trend — that is the exit rule this page tracks — as of 11 September 2026.
Is Kalyan Jewellers India Ltd a stock worth studying right now?
This is not investment advice. The machine read: Kalyan Jewellers India Ltd's earnings have outrun its stock. EPS grew +88.7% in a year against a +19.6% price move. The sharpest open question: whether the price catches up with earnings that have already moved. Every number on this page is drawn deterministically from the raw series, with no forecasts and no price opinions — as of 11 September 2026.
Not SEBI Registered !! Not Investment advice !!