# Kalyan Jewellers share price today (Kalyan Jewellers India Ltd, NSE: KALYANKJIL)

> Kalyan Jewellers share price today: ₹529.05 at the NSE close on 4 November 2026, up 3.2% in a year. Kalyan Jewellers India (NSE: KALYANKJIL) is worth ₹54,638 crore, trades at a P/E of 37.4 and has closed between ₹338.70 and ₹615.80 over the past 52 weeks. > Kalyan Jewellers India Ltd's earnings have grown faster than its share price. Earnings per share grew +88.7% in a year while the price moved +3.2%. KALYANKJIL · Diamond, Gems & Jewellery · data as of 4 November 2026. Page: https://www.sectoralpha.in/stocks/kalyan-jewellers-india-ltd

Kalyan Jewellers is one of the companies compared in a full read in the Sector Alpha newsletter: https://newsletter.sectoralpha.in/p/why-jewellery-stocks-are-beating?utm_source=sectoralpha&utm_medium=ai_text&utm_campaign=llms

## Key numbers

- Business trend: Growing steadily, from the last 12 quarters
- Price: ₹529.05 (+3.2% in a year)
- P/E: 37.4× (lower than 60% of the last 5.6 years)
- Revenue (Jun 2026): ₹10,589 Cr (+45.7% on a year ago)
- Profit (Jun 2026): ₹349 Cr (+32.2% on a year ago)
- Operating margin: 6.0% (−1.0 points on a year ago)
- ROCE: 21%, FY26
- ROIC: 13.8%, against a 12.0% cost of capital: +1.8 points

The main question: yearly earnings per share moved +88.7% while the share price moved +3.2%. ## What is the Kalyan Jewellers share price today? Kalyan Jewellers India Ltd's share price was ₹529.05 at the close on 4 November 2026. It has been rising for 13 weeks. That is 4.7% above its average price over the last 200 trading days. In the last 52 weeks it traded between ₹339 and ₹616, and at that close it sat 69% of the way up from that low. Over the past 13 weeks it has done worse than the NIFTY 500, and it has been behind for 3 weeks running. Over the last 5.6 years the share price moved +604% while the NIFTY 500 moved +78%, so it is ahead of the index over that whole period. It was last ahead over 13 weeks in the week of 16 October 2026. The chart above shows the 13-week comparison for every week. This page treats a rise as over when the price closes below its 200-day average on two Fridays in a row. ## What changed at Kalyan Jewellers this quarter? 1. Revenue up on a year earlier for 11 quarters in a row (every quarter we can compare) In the June 2026 quarter revenue was ₹10,589 crore, +45.7% on a year earlier. Why: Sales rose because the India business sold much more than a year earlier. Next results: check whether the first Chennai store for the new Tamil Nadu brand opens on time and whether the next four stores follow. From the earnings call on 4 Aug 2026. 3. Profit up on a year earlier for 7 quarters in a row In the June 2026 quarter profit was ₹349 crore, +32.2% on a year earlier. Why: Profit rose because the India business made more money. Next results: check whether the company keeps its profit margin before tax at last year's level, as management expects. From the earnings call on 4 Aug 2026. ## What are Kalyan Jewellers' latest quarterly results? For April to June 2026 (the quarter ended 30 June 2026), Kalyan Jewellers reported revenue of ₹10,589 crore, up 45.7% from ₹7,268 crore a year earlier, and a profit of ₹349 crore, up 32.2% from ₹264 crore. ### Kalyan Jewellers results: April to June 2026 against a year earlier

| Measure | April to June 2026 | April to June 2025 | Change |
| --- | --- | --- | --- |
| Revenue | ₹10,589 crore | ₹7,268 crore | +45.7% |
| Profit | ₹349 crore | ₹264 crore | +32.2% |
| Earnings per share | ₹3.38 | ₹2.56 | +32.0% |
| Operating margin | 6.0% | 7.0% | −1.0 points |

The next results, for July to September 2026, are due by 14 November 2026: listed companies must publish quarterly results within 45 days of the quarter's end (60 days for the January to March quarter). Kalyan Jewellers' management discussed these results on a call held on 4 August 2026; what it said is further down this page. (From the company's reported quarterly results (quarter ended 30 June 2026). Revenue and profit in ₹ crore.)

## What is the Kalyan Jewellers share price history? Kalyan Jewellers closed at ₹529.05 on 4 November 2026, up 3.2% from ₹512.80 a year earlier (7 November 2025) and up 578.3% over five years. Its highest weekly close since March 2021 was ₹777.80 on 3 January 2025. ### Kalyan Jewellers share price: then and now

| When | Close | Change to 4 Nov 2026 |
| --- | --- | --- |
| 1 week ago · 30 Oct 2026 | ₹498.00 | +6.2% |
| 1 month ago · 1 Oct 2026 | ₹528.50 | +0.1% |
| 6 months ago · 8 May 2026 | ₹424.55 | +24.6% |
| 1 year ago · 7 Nov 2025 | ₹512.80 | +3.2% |
| 3 years ago · 3 Nov 2023 | ₹304.65 | +73.7% |
| 5 years ago · 4 Nov 2021 | ₹78.00 | +578.3% |
| Earliest weekly close in our records · 26 Mar 2021 | ₹75.20 | +603.5% |
| Highest weekly close since March 2021 · 3 Jan 2025 | ₹777.80 | −32.0% |
| Lowest weekly close since March 2021 · 17 Jun 2022 | ₹57.40 | +821.7% |
| 52-week high (weekly close) · 28 Aug 2026 | ₹615.80 | −14.1% |
| 52-week low (weekly close) · 10 Jun 2026 | ₹338.70 | +56.2% |

Weekly closing prices. Each change is the move from that price to the 4 Nov 2026 close. A day's intraday high or low can go beyond these weekly closes. (301 weekly closes from 26 March 2021 to 4 November 2026.)

## What is the latest news on Kalyan Jewellers? 4 Nov 2026: Kalyan Jewellers closed at ₹529.05, up 6.2% on the week and up 0.1% on the month. 11 Sep 2026: ex-date for a dividend of ₹2.50 a share, record date 12 Sep 2026. ### Earlier

- Our read, 22 Aug 2026: FOCO franchise partners fund store capital spending 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. - 4 Aug 2026: Kalyan Jewellers held its results call for April to June 2026. Management guided: Recycled gold share maintained at 55-60% of revenue going forward. - Results for April to June 2026: Revenue up 45.7% and profit up 32.2% on a year earlier. ### Our read of the business

FOCO franchise partners fund store capital spending 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. Latest quarter: Revenue Expanded 45.7% on a year earlier; profit Rose 32.2% on a year earlier While Ex-Bullion profit before tax Margin Moderated. (Our read after the latest results, written 22 August 2026.)

## What dividend does Kalyan Jewellers pay? Kalyan Jewellers paid ₹2.50 a share in regular dividends in the 12 months to 5 November 2026 (1 payment), a yield of 0.47% at the ₹529.05 close on 4 November 2026. The last was a dividend of ₹2.50 a share, ex-date 11 September 2026. ### Kalyan Jewellers dividends since 1 April 2021

| Ex-date | Dividend per share | Type | Record date |
| --- | --- | --- | --- |
| 11 Sep 2026 | ₹2.50 | Dividend | 12 Sep 2026 |
| 4 Sep 2025 | ₹1.50 | Dividend | 5 Sep 2025 |
| 9 Aug 2024 | ₹1.20 | Dividend | n/a |
| 4 Aug 2023 | ₹0.50 | Dividend | n/a |

Amounts as the company declared them on the NSE. A dividend goes to whoever owns the shares before the ex-date. 3 of 5 Of the last 5 financial years, years with an NSE dividend record

Yes. Kalyan Jewellers India Ltd paid out 19% of its profit as dividends in FY26, and it paid a dividend in 4 of its last 11 reported years. (From the NSE corporate-actions record, read 5 November 2026.)

## What did Kalyan Jewellers management say on the latest results call? On the call for April to June 2026, held on 4 August 2026, Kalyan Jewellers' management guided: Recycled gold share maintained at 55-60% of revenue going forward. > “Even on a conservative basis, I think we will be able to maintain the PBT margins of the previous year.”
> Ramesh Kalyanaraman, on the call for April to June 2026

### What management guided

- ATM first showroom launch on August 21 in Chennai, followed by four more showrooms in coming months. - Non-core land-sale consideration around ₹102 crore expected before quarter-end; non-GML debt repayment by end-September, followed by collateral-release steps. - Kalyan India showroom additions above 80 in FY27 unchanged. - Candere showroom additions at 50 in FY27 unchanged. Management’s own plans and goals, from our notes of the call. A plan is not a result. Source: [the call transcript](https://files.tijorifinance.com/insight/india/43282/Conference Call/CC-Aug26.pdf). (From the call for April to June 2026, 4 August 2026.)

## What could change the Kalyan Jewellers story? What are the risks? A sustained fall in revenue growth below 15% together with operating margin below 5.0%, a failure to complete the stated non-GML repayment plan, or evidence that franchise-store throughput is weakening. ### Each change stops working if

- : Franchise-partner returns or store throughput weaken enough to slow partner sign-ups. - : Inventory additions fail to improve existing-store throughput or Candere returns to losses. - : Cash-for-gold uptake does not offset exchange-related dilution. - : The Chennai pilot and follow-on openings fail to establish viable customer traction. ### The main risks

- : Board-rate exchange purchases diluted margin by 0.2%-0.3% according to management. ⚠ estimate
- : Higher gold prices can reduce physical purchase volume for budget-constrained customers. ⚠ estimate
- : The regional-brand launch moved beyond the previously stated January to March 2026 goal. ⚠ estimate
- : The November call reported 52% attrition in the My Kalyan division. ⚠ estimate

(Our read after the latest results, written 22 August 2026.)

## What to watch in Kalyan Jewellers' next results? When Kalyan Jewellers reports July to September 2026, these are the 4 checks that show whether the story is still on course. First: Profit before tax margin parity under exchange mix and employee-cost pressure - check whether next-quarter operating leverage supports the full-year framework. - What to check (from the call)
- Profit before tax margin parity under exchange mix and employee-cost pressure - check whether next-quarter operating leverage supports the full-year framework. - ATM's initial Chennai launch and follow-on openings - check execution and early regional customer traction. - Non-core land sale and non-GML debt paydown - check completion against the stated quarter-end and September deadlines. - Candere profit-positive continuity and existing-store throughput - check profit delivery without margin compression as inventory rises. ## Which stock lists is Kalyan Jewellers on? Kalyan Jewellers is on 2 of our India lists: Small & mid cap stocks and Gold & silver stocks. - [Small & mid cap stocks Size rank in India: 186](https://www.sectoralpha.in/small-cap-stocks-india)
- [Gold & silver stocks Group on the list: Jewellery makers and shops](https://www.sectoralpha.in/gold-stocks-india)

## Is Kalyan Jewellers profitable? Kalyan Jewellers India Ltd earned ₹349 Cr of net profit in the Jun 2026 quarter, +32.2% on the same quarter a year earlier. That is the 7th quarter in a row of profit growth. Full-year FY26 profit was ₹1,350 Cr. Over 10 years profit has grown 49.0% a year on average. That is 3.3% of the quarter's revenue. The same quarter a year earlier earned ₹264 Cr. For the full year, FY26 profit was ₹1,350 Cr (+89.1% on the year before). Why profit moved: revenue changed +45.7% on a year earlier and the margin moved −1.0 percentage points. Sales did the work, and the margin was about flat. On average over the last four quarters, profit changed +85.3% and revenue +45.9%. Profit is growing faster than sales: fixed costs are spread over more sales, so each extra rupee of revenue adds more to profit. 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. ## How much revenue does Kalyan Jewellers make, and is it growing? Kalyan Jewellers India Ltd reported ₹10,589 Cr of revenue in the Jun 2026 quarter, +45.7% on the same quarter a year earlier. That is the 12th quarter in a row with growth on the year before. Over 10 years it has grown 16.2% a year on average. The last full year, FY26, came in at ₹35,743 Cr. Why this happened. Adoption and realized margin protection need confirmation in subsequent quarters. The last four reported quarters add to ₹39,063 Cr. FY26 revenue was ₹35,743 Cr, +42.7% on the year before. Recent pace: the last four quarters grew +45.9% on average, against 16.2% a year over the longer run, so this year is growing faster than its own long-run rate. Is growth speeding up? Revenue over the last 12 months grew +45.8%, against +40.8% a year over the last 8 quarters (accelerating); profit over the last 12 months grew +79.3%, against +51.0% a year (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. ## How much of every ₹100 of sales does Kalyan Jewellers keep? Kalyan Jewellers India Ltd's operating margin was 6.0% in the Jun 2026 quarter, 1.0 percentage points lower than the same quarter a year ago. Across 11 years it has been between 3.0% and 8.0%. The latest quarter is within that range. Why the margin moved: operating margin changed −1.0 percentage points on the year while gross margin changed −1.9 points. So the drop came mostly from the gross margin, which means input costs and prices charged. 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. ## Is Kalyan Jewellers' profit turning into cash? Over the last 3 years, 145% of Kalyan Jewellers India Ltd's reported profit came in as cash from its operations, so the profit is backed by cash. In FY26 it brought in ₹1,318 Cr of operating cash against ₹1,350 Cr of profit. After ₹899 Cr of spending on assets, ₹419 Cr was left over as free cash. Cash-flow figures here are yearly, because quarterly cash statements are not published, so this section changes once a year. Why 145% of profit came in as cash: the cash cycle got 105 days shorter between FY21 and FY26, so cash that used to wait in the business now arrives sooner. What to look at next: the bigger use of cash is spending on new assets, at 2.4× depreciation over three years. The next section checks what that spending is building. ## Where does Kalyan Jewellers' cash go? Kalyan Jewellers India Ltd's cash cycle, the days between paying suppliers and getting paid by customers, was 136 days in FY26, down from 241 days in FY21. It spent ₹2,447 Cr on assets over the last 3 years. Customers take 9 days to pay, and stock sits for 167 days on average. At FY26 sales of ₹35,743 Cr, each day of that cycle ties up about ₹97.9 Cr, so roughly ₹13,318 Cr is tied up in the business at any time. FY26: customers took 9 days to pay and stock sat for 167 days, about 5.5 months of sales sitting as stock, for a full cycle of 136 days, shorter than FY21's 241. The full loop: cash goes out to suppliers and production on day 0. Stock sits for 167 days. Customers pay about 9 days after that. Suppliers are paid at 40 days. Together that makes the 136-day cycle. Spending on assets: ₹2,447 Cr over the last 3 years, against ₹1,040 Cr of depreciation (the yearly wear and tear on existing assets). So it is building well beyond replacing what wears out. Work still in progress is ₹18.0 Cr (FY26): assets paid for that are not earning yet. In short: the cash is going into new capacity, not getting stuck in the daily cycle. The question is whether the new capacity earns. ## What is Kalyan Jewellers' P/E ratio, and how does it compare with its own history? Kalyan Jewellers India Ltd's P/E is 37.4×, in the middle of its own history: higher than 40% of past readings. Its usual P/E (the middle reading) is 44.3×, over 5.6 years of weekly prices. This compares the share price with the company’s own past. It does not say what the business is worth. The P/E here, and its history, use a profit figure that can leave out one-off items, so it can differ from a P/E worked out on the quarterly results. Those results' earnings per share for the four quarters to Jun 2026 add up to ₹13.90. Why the multiple is where it is: over the past year earnings per share moved +88.7% while the price moved +3.2%. Earnings did better than the price, which pulled the multiple down within its own range. Where the price move came from: over 5 years the price moved +46.6% a year; about +47.8% a year came from earnings growth and about −1.2 percentage points from the multiple (the market paying less). The split is approximate (price return minus earnings growth). It shows how much of the move came from the market paying a different multiple. In short: the multiple is about average against its own past, so the earnings trend underneath matters more than the multiple. ## What growth does the Kalyan Jewellers share price assume? Worked out from its price on 26 August 2026, Kalyan Jewellers India Ltd's share price assumed profit growth of about 23.4% a year. Over the past 10 years its profit actually grew 49.0% a year. Today its P/E is 37.4×, lower than 60% of its own last 5.6 years. This is a one-day reading, taken on 26 August 2026. Every other number on this page, the multiple included, uses the latest price as of 4 November 2026. A higher price assumes more growth and a lower price less, so it changes whenever the price changes, and this page does not update it between measurements. ## Is the Kalyan Jewellers business getting better or worse? Kalyan Jewellers India Ltd's business is growing steadily. Revenue, profit and EPS growth have stayed positive throughout, and ROCE is steady at 32.5%. This is based on 12 quarters of 4 measures. Why it matters: steady growth with healthy returns is how a business compounds over time. ## What is the Kalyan Jewellers story, and has it been checked? Kalyan Jewellers India Ltd's story is not scored yet against the checks our research 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. From the numbers. From the price. Price stage 2, week 13, below its 200-day line, relative strength falling. From the research. Where they disagree. What is proven. 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. 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. Measured by: the thesis as written as stated by the next result. The test written in advance. Gold Exchange Mix Dilution and Promotional Intensity. Measured by: 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. Measured by: 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 2026 · the company’s own earnings calls. The story check is re-scored every results season; the record below never changes. ## Did Kalyan Jewellers management deliver what it promised? What Kalyan Jewellers India Ltd's management promised, against what actually happened: 4 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 goal 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 goal 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 goal or a full-year goal, 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 Goal of 80 Substantially Missed Without Acknowledgment · 8 May 2026. The Nov 2025 call set a specific goal 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 goal. 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 aiming for 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. ## How much does Kalyan Jewellers earn on its capital? Kalyan Jewellers India Ltd earned a ROCE of 21% in FY26. That is up from a low of 7% in FY19. Its return on capital used (ROIC) is 1.8 percentage points above its cost of capital, so growth here adds value, not just size. It comes from a 3.8% net margin and 1.73× asset turnover (sales divided by assets). Why the return is what it is (FY26): a 3.8% net margin × 1.73× asset turnover × 3.28× leverage (assets divided by equity) ≈ 21.6% on equity. The margin does its share; borrowing is a big part of it. The key test, return on capital used minus the cost of capital: 13.8% − 12.0% = +1.8 percentage points. The 12.0% is a standard assumption for the cost of capital in India, not an estimate for this company. Read the sign and size of the gap, not the decimals. Positive but thin: it creates value with little room for error. ## Does Kalyan Jewellers have too much debt? Kalyan Jewellers India Ltd has total debt of ₹6,117 Cr against shareholder equity of ₹6,309 Cr as of Jun 2026, so its debt is 0.97× its equity. Year by year, that ratio went from 1.28 in FY22 to 0.97 in FY26. Keep that borrowing in mind when reading the returns on this page. ## What is the Kalyan Jewellers shareholding pattern? Foreign institutions cut their stake in Kalyan Jewellers India Ltd by 1.9 percentage points over 8 quarters, the biggest change among its owners. Foreign institutions now own 13.8% of the company. Domestic institutions moved +0.7 points over the same period, to 14.4%. This uses the four owner groups that companies report every quarter; nothing is guessed between filings. Over the last two years: Foreign institutions: −1.9 points over 8 quarters, to 13.8%; Domestic institutions: +0.7 points over 8 quarters, to 14.4%; Promoters: +0.0 points over 8 quarters, to 62.9%. Why the owners changed: foreign institutions drove it (−1.9 points), with the other side taken by domestic institutions (+0.7 points). They reduced their stake. ## How far is Kalyan Jewellers from balance-sheet trouble? For Kalyan Jewellers India Ltd, the Z-score is not available, so we say so rather than guess one. It estimates how far the balance sheet is from trouble; it is not a forecast of failure. The debt, cash-flow and return sections show the balance-sheet figures we do have, each with its own date. ## How does Kalyan Jewellers rank in its industry? 49.9 out of 100, rank 14 of 28 in Diamond, Gems & Jewellery, with 96% of the evidence available. Kalyan Jewellers India Ltd scores 49.9 out of 100 against the 28 companies it is compared with in Diamond, Gems & Jewellery, ranking 14. The evidence is balanced: no factor stands out, so another reported quarter is needed before the picture is clearer. The four parts add up to the total exactly: 22.2 + 14.2 + 6 + 7.5 = 49.9. This is the same number shown on the industry page; it is worked out once for the whole group and read here. What would change it: The score would fall if profit growth turns negative or margins stop improving while the share price lags its sector. ## Which companies is Kalyan Jewellers compared with? Kalyan Jewellers ranks 14 of 28 Diamond, Gems & Jewellery companies on the 4-Factor Sector Score, with 49.9 out of 100. 1. [D.P. Abhushan Ltd](https://www.sectoralpha.in/stocks/dp-abhushan-ltd) DPABHUSHAN · leader · Most evidence points up · 96% evidence 72.9 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 24.5/35 · Revenue 30.8% · Profit 94.3% · Operating margin change 1 points · 88% evidence Capital efficiency 19.0/25 · ROCE 39.6% · Operating margin 11% · 100% evidence Valuation 12.1/20 · P/E 18.5× · PEG 0.74 · 100% evidence Relative strength 17.3/20 · Lead over its industry 14.3% · Lead over NIFTY 500 53.2% · 1 year 37.4% · 100% evidence · 12 of 12 weeks ahead Exact sum: 24.5 + 19 + 12.1 + 17.3 = 72.9 · What this means: Earnings, capital efficiency and relative strength all agree. The open questions are about management, upcoming events and risks. 2. [Sky Gold & Diamonds Ltd](https://www.sectoralpha.in/stocks/sky-gold-diamonds-ltd) SKYGOLD · leader · Most evidence points up · 100% evidence 71.1 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 29.1/35 · Revenue 73.1% · Profit 100% · Operating margin change 1 points · 100% evidence Capital efficiency 18.8/25 · ROCE 26.9% · Operating margin 8% · 100% evidence Valuation 6.9/20 · P/E 34.1× · PEG 1.71 · 100% evidence Relative strength 16.3/20 · Lead over its industry 36.4% · Lead over NIFTY 500 76.3% · 1 year 147.5% · 100% evidence · 12 of 12 weeks ahead Exact sum: 29.1 + 18.8 + 6.9 + 16.3 = 71.1 · What this means: Earnings, capital efficiency and relative strength all agree. The open questions are about management, upcoming events and risks. 3. [PNGS Reva Diamond Jewellery Limited](https://www.sectoralpha.in/stocks/pngs-reva-diamond-jewellery-limited) PNGSREVA · breaking out · Most evidence points up · 63% evidence 70.4 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 39.2/43.75 · Revenue 100% · Profit 100% · Operating margin change 5 points · 100% evidence Capital efficiency 19.0/31.25 · ROCE 22% · Operating margin 24% · 100% evidence Valuation 12.2/25 · P/E 20.8× · PEG n/a · 15% evidence Relative strength: no reading this week · its 20 points are shared across the other three Exact sum: 39.2 + 19 + 12.2 = 70.4 (no relative-strength reading this week; its 20 points are shared across the other three) · What this means: There is no relative-strength reading for this week, so the score is built from earnings, capital efficiency and valuation alone. 4. [Shanti Gold International Ltd](https://www.sectoralpha.in/stocks/shanti-gold-international-ltd) SHANTIGOLD · breaking out · Most evidence points up · 71% evidence 67.8 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 23.1/35 · Revenue 100% · Profit 100% · Operating margin change -3 points · 83% evidence Capital efficiency 18.5/25 · ROCE 33.9% · Operating margin 10% · 76% evidence Valuation 10.9/20 · P/E 12.2× · PEG n/a · 15% evidence Relative strength 15.3/20 · Lead over its industry 1.1% · Lead over NIFTY 500 35% · 1 year 24% · 100% evidence · 12 of 12 weeks ahead Exact sum: 23.1 + 18.5 + 10.9 + 15.3 = 67.8 · What this means: Earnings, capital efficiency and relative strength all agree. The open questions are about management, upcoming events and risks. 5. [Tribhovandas Bhimji Zaveri Ltd](https://www.sectoralpha.in/stocks/tribhovandas-bhimji-zaveri-ltd) TBZ · leader · Most evidence points up · 100% evidence 67.3 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 21.6/35 · Revenue 24.1% · Profit 100% · Operating margin change -2 points · 100% evidence Capital efficiency 15.3/25 · ROCE 21.9% · Operating margin 7% · 100% evidence Valuation 10.9/20 · P/E 20.6× · PEG 0.72 · 100% evidence Relative strength 19.5/20 · Lead over its industry 100.6% · Lead over NIFTY 500 148.9% · 1 year 237.9% · 100% evidence · 12 of 12 weeks ahead Exact sum: 21.6 + 15.3 + 10.9 + 19.5 = 67.3 · What this means: The evidence is balanced: no factor stands out, so another reported quarter is needed before the picture is clearer. 6. [Khazanchi Jewellers Ltd](https://www.sectoralpha.in/stocks/khazanchi-jewellers-ltd) KHAZANCHI · breaking out · Most evidence points up · 71% evidence 66.8 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 26.5/35 · Revenue 24.4% · Profit 100% · Operating margin change 2 points · 88% evidence Capital efficiency 16.3/25 · ROCE 34.8% · Operating margin 7% · 100% evidence Valuation 13.4/20 · P/E 17.5× · PEG n/a · 50% evidence Relative strength 10.6/20 · Lead over its industry n/a · Lead over NIFTY 500 6.8% · 1 year 7.3% · 25% evidence · 5 of 5 weeks ahead Exact sum: 26.5 + 16.3 + 13.4 + 10.6 = 66.8 · What this means: The evidence is balanced: no factor stands out, so another reported quarter is needed before the picture is clearer. 7. [PC Jeweller Ltd](https://www.sectoralpha.in/stocks/pc-jeweller-ltd) PCJEWELLER · breaking out · Evidence leans up · 100% evidence 62.6 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 20.9/35 · Revenue 29.3% · Profit 45.7% · Operating margin change 7 points · 100% evidence Capital efficiency 10.3/25 · ROCE 9.6% · Operating margin 29% · 100% evidence Valuation 13.2/20 · P/E 16.9× · PEG 0.32 · 100% evidence Relative strength 18.2/20 · Lead over its industry 14.7% · Lead over NIFTY 500 54.2% · 1 year 33.2% · 100% evidence · 12 of 12 weeks ahead Exact sum: 20.9 + 10.3 + 13.2 + 18.2 = 62.6 · What this means: The evidence is balanced: no factor stands out, so another reported quarter is needed before the picture is clearer. 8. [RBZ Jewellers Ltd](https://www.sectoralpha.in/stocks/rbz-jewellers-ltd) RBZJEWEL · breaking out · Evidence leans up · 96% evidence 61.7 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 18.7/35 · Revenue 30.3% · Profit 54% · Operating margin change -2.3 points · 88% evidence Capital efficiency 14.6/25 · ROCE 22% · Operating margin 14.8% · 100% evidence Valuation 16.4/20 · P/E 12.2× · PEG 0.23 · 100% evidence Relative strength 12.0/20 · Lead over its industry -8.2% · Lead over NIFTY 500 24.1% · 1 year 16.7% · 100% evidence · 12 of 12 weeks ahead Exact sum: 18.7 + 14.6 + 16.4 + 12 = 61.7 · What this means: The evidence is balanced: no factor stands out, so another reported quarter is needed before the picture is clearer. 9. [Titan Company Ltd](https://www.sectoralpha.in/stocks/titan-company-ltd) TITAN · losing its lead · Evidence leans up · 96% evidence 56.8 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 26.0/35 · Revenue 45% · Profit 55.1% · Operating margin change 3 points · 88% evidence Capital efficiency 14.1/25 · ROCE 20.5% · Operating margin 14% · 100% evidence Valuation 9.8/20 · P/E 67.5× · PEG 1.43 · 100% evidence Relative strength 6.9/20 · Lead over its industry -21.5% · Lead over NIFTY 500 7.2% · 1 year 18.8% · 100% evidence · 8 of 12 weeks ahead Exact sum: 26 + 14.1 + 9.8 + 6.9 = 56.8 · What this means: Earnings are strong; relative strength in its sector is -21.5% and the one-year return is 18.8%. 10. [Thangamayil Jewellery Ltd](https://www.sectoralpha.in/stocks/thangamayil-jewellery-ltd) THANGAMAYL · quiet · Evidence leans up · 96% evidence 55.3 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 25.8/35 · Revenue 83.2% · Profit 100% · Operating margin change -1 points · 88% evidence Capital efficiency 13.6/25 · ROCE 25.5% · Operating margin 5% · 100% evidence Valuation 9.5/20 · P/E 35.3× · PEG 0.78 · 100% evidence Relative strength 6.4/20 · Lead over its industry -20.4% · Lead over NIFTY 500 7% · 1 year 105.3% · 100% evidence · 3 of 12 weeks ahead Exact sum: 25.8 + 13.6 + 9.5 + 6.4 = 55.3 · What this means: Earnings are strong; relative strength in its sector is -20.4% and the one-year return is 105.3%. 11. [Senco Gold Ltd](https://www.sectoralpha.in/stocks/senco-gold-ltd) SENCO · quiet · Evidence leans up · 96% evidence 53.0 out of 100 Growth Capital Valuation Relative
12. [Shringar House of Mangalsutra Ltd](https://www.sectoralpha.in/stocks/shringar-house-of-mangalsutra-ltd) SHRINGARMS · breaking out · Evidence leans up · 73% evidence 52.2 out of 100 Growth Capital Valuation Relative
13. [P N Gadgil Jewellers Ltd](https://www.sectoralpha.in/stocks/p-n-gadgil-jewellers-ltd) PNGJL · quiet · Evidence leans up · 93% evidence 52.1 out of 100 Growth Capital Valuation Relative
14. Kalyan Jewellers India Ltd this page KALYANKJIL · losing its lead · Evidence leans down · 96% evidence 49.9 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 22.2/35 · Revenue 45.8% · Profit 79.3% · Operating margin change -1 points · 88% evidence Capital efficiency 14.2/25 · ROCE 21.2% · Operating margin 6% · 100% evidence Valuation 6.0/20 · P/E 35.2× · PEG 2.2 · 100% evidence Relative strength 7.5/20 · Lead over its industry -17.7% · Lead over NIFTY 500 11.2% · 1 year -2.3% · 100% evidence · 9 of 12 weeks ahead Exact sum: 22.2 + 14.2 + 6 + 7.5 = 49.9 · What this means: The evidence is balanced: no factor stands out, so another reported quarter is needed before the picture is clearer. 15. [Motisons Jewellers Ltd](https://www.sectoralpha.in/stocks/motisons-jewellers-ltd) MOTISONS · breaking out · Evidence leans down · 96% evidence 48.0 out of 100 Growth Capital Valuation Relative
16. [PNGS Gargi Fashion Jewellery Ltd](https://www.sectoralpha.in/stocks/pngs-gargi-fashion-jewellery-ltd) basing · Evidence leans down · 72% evidence 48.0 out of 100 Growth Capital Valuation Relative
17. [Bluestone Jewellery & Lifestyle Ltd](https://www.sectoralpha.in/stocks/bluestone-jewellery-lifestyle-ltd) BLUESTONE · losing its lead · Too little evidence to rank firmly · 59% evidence 46.9 out of 100 Growth Capital Valuation Relative
18. [Manoj Vaibhav Gems N Jewellers Ltd](https://www.sectoralpha.in/stocks/manoj-vaibhav-gems-n-jewellers-ltd) MVGJL · losing its lead · Evidence leans down · 96% evidence 45.8 out of 100 Growth Capital Valuation Relative
19. [Radhika Jeweltech Ltd](https://www.sectoralpha.in/stocks/radhika-jeweltech-ltd) RADHIKAJWE · quiet · Evidence leans down · 96% evidence 45.6 out of 100 Growth Capital Valuation Relative
20. [Vaibhav Global Ltd](https://www.sectoralpha.in/stocks/vaibhav-global-ltd) VAIBHAVGBL · quiet · Evidence leans down · 100% evidence 43.7 out of 100 Growth Capital Valuation Relative
21. [SJ Corporation Ltd](https://www.sectoralpha.in/stocks/sj-corporation-ltd) breaking out · Too little evidence to rank firmly · 57% evidence 42.4 out of 100 Growth Capital Valuation Relative
22. [Rajesh Exports Ltd](https://www.sectoralpha.in/stocks/rajesh-exports-ltd) RAJESHEXPO · quiet · Evidence leans down · 88% evidence 36.7 out of 100 Growth Capital Valuation Relative
23. [Asian Star Company Ltd](https://www.sectoralpha.in/stocks/asian-star-company-ltd) ASTAR · turning · Most evidence points down · 78% evidence 28.4 out of 100 Growth Capital Valuation Relative
24. [Utssav CZ Gold Jewels Ltd](https://www.sectoralpha.in/stocks/utssav-cz-gold-jewels-ltd) UTSSAV · leader · Too little evidence to rank firmly · 47% evidence 63.7 out of 100 Growth Capital Valuation Relative
25. Uday Jewellery Industries Ltd Too little evidence to rank firmly · 47% evidence 62.2 out of 100 Growth Capital Valuation Relative
26. [Advit Jewels Ltd](https://www.sectoralpha.in/stocks/advit-jewels-ltd) RAMBHAJO · turning · Too little evidence to rank firmly · 45% evidence 58.9 out of 100 Growth Capital Valuation Relative
27. [Grover Jewells Ltd](https://www.sectoralpha.in/stocks/grover-jewells-ltd) GJL · Too little evidence to rank firmly · 34% evidence 52.9 out of 100 Growth Capital Valuation Relative
28. [Golkunda Diamonds & Jewellery Ltd](https://www.sectoralpha.in/stocks/golkunda-diamonds-jewellery-ltd) Too little evidence to rank firmly · 43% evidence 45.9 out of 100 Growth Capital Valuation Relative

Missing figures are not scored as bad. They lower the confidence and pull the final score toward the middle. Relative strength counts only when the company has a reading for this week; with no reading, that factor is left out and its 20 points are shared across the other three in proportion. 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 path the industry 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 growing or shrinking. It describes where the share price stands, not the direction of earnings, and it is not a recommendation; it is left blank for a company whose weekly history is too short or too stale to read. The figures in this ranking come from the industry comparison: results through the Sep 2026 quarter, and the P/E at that quarter's end. The sections above use the latest weekly price, so a P/E or return there can differ a little from the one here. The stage words in this ranking (such as losing its lead or breaking out) describe the lead over the index, not the price phase in the price section. Related companies: [Diamond, Gems & Jewellery](https://www.sectoralpha.in/sectors/diamond-gems-jewellery), all 28 compared on one page. ## Which companies are close to Kalyan Jewellers in size? Kalyan Jewellers is the 2nd largest of 27 Diamond, Gems & Jewellery companies on Sector Alpha by market value (scores of 30 October 2026). Just above it: Titan Company. Just below it: PC Jeweller, Thangamayil Jewellery, Sky Gold & Diamonds, Bluestone Jewellery & Lifestyle and P N Gadgil Jewellers. ### Diamond, Gems & Jewellery companies close in size

1. [Titan Company Ltd](https://www.sectoralpha.in/stocks/titan-company-ltd) ₹3,93,866 crore
2. Kalyan Jewellers India Ltd ₹51,431 crore
3. [PC Jeweller Ltd](https://www.sectoralpha.in/stocks/pc-jeweller-ltd) ₹15,182 crore
4. [Thangamayil Jewellery Ltd](https://www.sectoralpha.in/stocks/thangamayil-jewellery-ltd) ₹13,847 crore
5. [Sky Gold & Diamonds Ltd](https://www.sectoralpha.in/stocks/sky-gold-diamonds-ltd) ₹13,678 crore
6. [Bluestone Jewellery & Lifestyle Ltd](https://www.sectoralpha.in/stocks/bluestone-jewellery-lifestyle-ltd) ₹10,312 crore
7. [P N Gadgil Jewellers Ltd](https://www.sectoralpha.in/stocks/p-n-gadgil-jewellers-ltd) ₹8,222 crore

[All 27 Diamond, Gems & Jewellery companies, largest first](https://www.sectoralpha.in/sectors/diamond-gems-jewellery#all-companies)

### Companies close in size in other industries

1. [Berger Paints India Ltd](https://www.sectoralpha.in/stocks/berger-paints-india-ltd) ₹54,231 crore · Building Materials - Paints
2. [Altius Telecom Infrastructure Trust](https://www.sectoralpha.in/stocks/altius-telecom-infrastructure-trust) ₹53,025 crore · Infrastructure Investment Trusts
3. Kalyan Jewellers India Ltd ₹51,431 crore
4. [Gland Pharma Ltd](https://www.sectoralpha.in/stocks/gland-pharma-ltd) ₹51,086 crore · Pharma - API & CRAMS
5. [Coromandel International Ltd](https://www.sectoralpha.in/stocks/coromandel-international-ltd) ₹50,035 crore · Fertilisers

## What else do people ask about Kalyan Jewellers? ### What is Kalyan Jewellers's share price today? Kalyan Jewellers India Ltd's share price is ₹529.05, +3.2% over the past year. The whole company is worth ₹54,638 Cr on the market. In the last 52 weeks it traded between ₹339 to ₹616; today it is 69% of the way up from the low, 4.7% above its 200-day average (as of 4 November 2026). ### What were Kalyan Jewellers's latest quarterly results? Kalyan Jewellers India Ltd reported revenue of ₹10,589 Cr and net profit of ₹349 Cr for the Jun 2026 quarter. Revenue rose 45.7% and profit rose 32.2% compared with a year earlier. Earnings per share were ₹3.38. The operating margin was 6.0%, 1.0 percentage points lower than a year earlier (as of 4 November 2026). ### What is Kalyan Jewellers's market cap? Kalyan Jewellers India Ltd's market capitalisation is ₹54,638 Cr at a share price of ₹529.05. Market cap is the share price times the number of shares, so it changes whenever the price moves (as of 4 November 2026). ### How is Kalyan Jewellers performing? Kalyan Jewellers India Ltd's share price has been rising for 13 weeks. In its latest quarter, revenue rose 45.7% and profit rose 32.2% compared with a year earlier. Over the past 13 weeks it has done worse than the NIFTY 500, for 3 weeks running (as of 4 November 2026). ### Will Kalyan Jewellers's share price go up? This page does not forecast Kalyan Jewellers India Ltd's share price. What it shows instead: the share price is ₹529.05, and it has been rising for 13 weeks. Its P/E of 37.4× is higher than 40% of its own last 6 years (as of 4 November 2026). ### Where is Kalyan Jewellers in its business cycle? Kalyan Jewellers India Ltd's FY26 operating margin was 7.0%, against a 11-year range of 3.0% to 8.0%: the middle of its own range, neither a peak nor a low. The latest quarter was 6.0%. Comparing margins with a company's own long history is a good way to see where it is in its cycle (as of 4 November 2026). ### What could break the Kalyan Jewellers story? The main question: yearly earnings per share moved +88.7% while the share price moved +3.2%. On price, this page treats a rise as over when the share price closes below its 200-day average on two Fridays in a row (as of 4 November 2026). ### Is Kalyan Jewellers a stock worth studying right now? What the numbers show: Kalyan Jewellers India Ltd's earnings have grown faster than its share price. Earnings per share grew +88.7% in a year while the price moved +3.2%. The main open question: whether the price catches up with earnings that have already grown. Every number on this page is worked out by code from the published figures, with no forecasts and no price opinions (as of 4 November 2026). ### Is there a Kalyan Jewellers share price forecast for 2026? What management itself guided: Recycled gold share maintained at 55-60% of revenue going forward. What would change the story: A sustained fall in revenue growth below 15% together with operating margin below 5.0%, a failure to complete the stated non-GML repayment plan, or evidence that franchise-store throughput is weakening. ## Lists

- Small & mid cap stocks: https://www.sectoralpha.in/small-cap-stocks-india
- Gold & silver stocks: https://www.sectoralpha.in/gold-stocks-india

This is research, not advice. We’re not SEBI-registered.