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Branded Indian jewellery retailer selling gold and diamond jewellery through owned and franchised showrooms in India and the Middle East.
Branded Indian jewellery retailer selling gold and diamond jewellery through owned and franchised showrooms in India and the Middle East.
Sells gold and diamond jewellery at the day's gold rate plus a making charge, which carries its margin, and uses advance-purchase schemes to tie in customers. Showrooms are either owned or franchise-owned but company-operated, which lets it add stores with less of its own money. The founding Kalyanaraman family remains in control.
In one line: India's Signet Jewelers.
Moat: narrow (brand, distribution). National brand trust versus fragmented local jewellers, plus an asset-light franchise network.
Headquarters: Thrissur, India · Founded: 1993 · Employees: 14,668
Size Kalyan Jewellers India (KALYANKJIL.NS) is an India Consumer Discretionary company (Specialty Stores) with a market value of $6.47B, the 174th largest of 1,058 India companies the cockpit tracks. Shares closed at ₹590.75 on 6 Nov 2026.
Performance Over six months the shares gained 43.7%, against +5.6% for the median peer and 0.0% for the India market (cap-weighted) — 4th highest of 21 in its peer set.
Growth Revenue grew 45.8% over the last twelve months (peer median +2.6%); the operating margin is 5.6% (peer median 5.1%).
Valuation It trades at 37.6× forward earnings against a peer median of 10.9× (most expensive of 21).
Capital Return on invested capital runs 9.7 points above its cost of capital (16.1% WACC).
Next results Next results expected around 10 Nov 2026 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | ₹391B | ₹357B | ₹250B | ₹185B | ₹140B |
| Revenue growth | — | +43% | +35% | +32% | — |
| Gross profit | ₹34.7B | ₹32.7B | ₹21.3B | ₹17.3B | ₹14.3B |
| EBITDA | ₹26.2B | ₹26.3B | ₹16.3B | ₹13.6B | ₹11.7B |
| Net income | ₹14.3B | ₹13.5B | ₹7.15B | ₹5.97B | ₹4.33B |
| Free cash flow | n/a | -₹7.31B | ₹4.67B | ₹3.52B | ₹2.54B |
| Capital expenditure | n/a | ₹4.06B | ₹4.65B | ₹3.71B | ₹1.87B |
| Total debt | n/a | ₹61.2B | ₹49.6B | ₹44.9B | ₹43.0B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Kalyan Jewellers India KALYANKJIL.NS | $6.47B | +44% | +46% | 6% | 37.6× | n/a |
| Titan TITAN.NS | $46.9B | +16% | +45% | 9% | 68.6× | n/a |
| PC Jeweller PCJEWELLER.NS | $1.63B | +67% | +29% | 24% | n/a | n/a |
| Senco Gold SENCO.NS | $556M | -7% | +42% | 9% | 13.6× | n/a |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | KALYANKJIL.NS | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +3.8% | +5.7% | 9th lowest of 21 |
| 6-month return | +43.7% | +5.6% | 4th highest of 21 |
| Distance from 52-week high | -9.0% | -19.4% | 6th highest of 21 |
| Revenue growth (TTM) | +45.8% | +2.6% | 2nd highest of 21 |
| Operating margin | 5.6% | 5.1% | 10th highest of 21 |
| Forward P/E | 37.6× | 10.9× | most expensive of 21 |
| ROIC minus cost of capital | +9.7 pp | +1.5 pp | 6th highest of 21 |
| EV / EBITDA | 23.4× | 9.3× | most expensive of 19 |
| Net debt / EBITDA | 2.0× | 2.7× | 7th least indebted of 21 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Kalyan Jewellers India KALYANKJIL.NS | India | $6.47B | +44% | +46% | 6% | 37.6× | n/a | n/a |
| Lithia Motors LAD | United States | $6.68B | +5% | +1% | 4% | 8.0× | n/a | n/a |
| Ultrapar Participacoes S.A. Sponsored ADR UGP | United States | $6.12B | -11% | +20% | 5% | 7.0× | -12.6% | +12.2% |
| AutoNation AN | United States | $5.88B | -11% | -2% | 5% | 8.3× | n/a | n/a |
| Pepco Group BV PCO.WA | Poland | $7.18B | +58% | -42% | 15% | 16.8× | 4.6% | +4.5% |
| CarMax KMX | United States | $7.31B | +28% | +4% | 2% | 15.5× | 17.6% | +6.7% |
| Frasers FRAS.L | United Kingdom | $5.64B | +44% | +8% | 7% | 9.1× | n/a | n/a |
| Rush Enterprises RUSHA | United States | $5.54B | +6% | -3% | 5% | 15.4× | 7.9% | +9.4% |
| PriceSmart PSMT | United States | $5.02B | +3% | +12% | 5% | 27.2× | 10.5% | +10.2% |
| Endeavour EDV.AX | Australia | $4.48B | +10% | +1% | 4% | 21.4× | 14.9% | +1.0% |
| Murphy USA MUSA | United States | $9.45B | -10% | +20% | 4% | 17.5× | -9.4% | +11.5% |
| Signet Jewelers SIG | United States | $4.37B | +34% | +1% | 7% | 9.4× | -1.3% | +5.4% |
| Bath & Body Works BBWI | United States | $4.31B | +8% | -2% | 15% | 8.3× | -8.8% | +2.5% |
| Sanrio 8136.T | Japan | $9.78B | +33% | +28% | 39% | 22.4× | 1.9% | +36.4% |
| Academy Sports and Outdoors ASO | United States | $4.14B | +24% | +4% | 10% | 9.9× | -1.2% | +1.2% |
| Carrefour CA.PA | France | $11.1B | -21% | -8% | 3% | 8.4× | -1.2% | +3.1% |
| Asbury Automotive ABG | United States | $3.64B | +1% | -1% | 5% | 7.6× | -2.4% | +20.3% |
| Nitori 9843.T | Japan | $11.7B | +47% | 0% | 13% | 20.0× | 2.7% | +4.9% |
| Dick's Sporting Goods DKS | United States | $12.5B | -35% | +54% | 6% | 11.8× | 8.7% | +12.4% |
| MINISO 9896.HK | Hong Kong | $3.34B | -25% | +31% | 13% | 9.9× | 1.5% | +18.5% |
| Eagers Automotive APE.AX | Australia | $3.18B | -31% | +19% | 4% | 16.5× | 5.9% | +8.3% |