Kalyan Jewellers India Ltd (KALYANKJIL) Stock Price, Fundamentals, Valuation & Analysis

🧬 TickerPulse Stock DNA

8-pillar deterministic fundamental framework with transparent methodology

Composite: Not available

⚡ What Changed? (Recent Signal Radar)

Real-time delta analysis across price discovery, institutional flows, and disclosures

Evidence-Backed Signals • Q3 FY25

Price Move ↑

+8.63%

Short-term demand accumulation with positive intraday momentum.

Inspect Evidence →

Institutional Flow (FII/DII) 🏛️

Holding at 10.8%

Foreign & domestic institutions retain solid allocation across top-tier funds.

Inspect Evidence →

Capital Productivity ⚙️

ROE: 24.8%

Double-digit return on equity ensures sustainable organic balance sheet expansion.

Inspect Evidence →

Exchange Filings & Disclosures 📑

3 Verified Filings

Audited annual reports and earnings presentations submitted to BSE & NSE on schedule.

Inspect Evidence →

Forensic Solvency Radar 🛡️

0 Red Flags Detected

Piotroski health score and debt service coverage pass all standard regulatory thresholds.

Inspect Evidence →

📈 Price & Technical Intelligence

Interactive price action with toggleable 50/200 DMA, VWAP, Bollinger Bands, Volume, and RSI overlays

Overlays: 50 DMA 200 DMA Volume VWAP Bollinger (20,2) RSI (14)

Daily OHLC history · Upstox · Latest session: 09 Nov 2026

50-Day DMA ● Overlay

₹640.52

200-Day DMA ● Overlay

₹594.06

14-Day RSI ● Overlay

82.2 (Overbought)

Trend Signal

Strong Bullish

📐 Key Fundamentals & Valuation Multiples

Core financial metrics computed from live market prices and audited regulatory filings

Source: Exchange Disclosures • Q3 FY25

Market Cap Live Size

₹54,581 Cr

Large cap

Stock P/E (TTM) Valuation

37.3x

Price / EPS

Book Value (₹) Assets

₹61.1

P/B: 8.7x

ROE (%) Quality

24.8%

Net Profit / Equity

ROCE (%) Efficiency

21.2%

EBIT / Capital

Dividend Yield Yield

0.47%

Face Value: ₹10

Debt / Equity Solvency

0.97x

Manageable

EPS (TTM) Per Share

₹14.17

Trailing 12M

OPM (%) Spread

7.0%

EBITDA Margin

Free Cash Flow Cash

₹939.00 Cr

CFO - Capex

About Kalyan Jewellers India Ltd

Kalyan Jewellers India Ltd (KALYANKJIL) is an Indian publicly listed company operating in the Consumer Goods sector.

🧬 DuPont 3-Stage ROE Decomposition:

Margin: 5% × Turnover: 0.85x × Leverage: 1.97x = ROE: 24.8%

✓ Company Strengths (Pros)

• Company has a stellar track record of return on equity (ROE of 24.8%).
• TickerPulse fundamental algorithm rates overall quality at 80/100.

⚠ Key Considerations & Risks (Cons)

• Company has a high debt-to-equity ratio of 0.97x.
• Stock is trading at a premium of 8.7x its book value.

📑 10-Year Comprehensive Financial Statements

✓ 100% Coverage (15/15 Metrics)

Audited financial statements • Latest: Q3 FY25 (Dec 2024) / Audited FY24 • Source: Company Disclosures & BSE

Latest Sales

₹39,063 Cr

Latest PAT

₹1,435 Cr

EPS (TTM)

₹14.17

OPM %

7.0%

5Y Sales CAGR

14%

5Y Profit CAGR

18%

Swipe → to view historical periods

Quarter (₹ Cr)	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Sales / Revenue	₹4,376 Cr	₹4,415 Cr	₹5,223 Cr	₹4,525 Cr	₹5,528 Cr	₹6,065 Cr	₹7,278 Cr	₹6,182 Cr	₹7,268 Cr	₹7,856 Cr	₹10,343 Cr	₹10,275 Cr	₹10,589 Cr
Operating Profit (EBITDA)	₹323.00 Cr	₹314.00 Cr	₹370.00 Cr	₹296.00 Cr	₹368.00 Cr	₹327.00 Cr	₹430.00 Cr	₹399.00 Cr	₹508.00 Cr	₹497.00 Cr	₹750.00 Cr	₹736.00 Cr	₹633.00 Cr
OPM %	7.0%	7.0%	7.0%	7.0%	7.0%	5.0%	6.0%	6.0%	7.0%	6.0%	7.0%	7.0%	6.0%
Interest Expense	₹82.00 Cr	₹82.00 Cr	₹82.00 Cr	₹78.00 Cr	₹85.00 Cr	₹90.00 Cr	₹88.00 Cr	₹96.00 Cr	₹104.00 Cr	₹95.00 Cr	₹104.00 Cr	₹130.00 Cr	₹108.00 Cr
Depreciation	₹64.00 Cr	₹67.00 Cr	₹70.00 Cr	₹74.00 Cr	₹75.00 Cr	₹85.00 Cr	₹89.00 Cr	₹93.00 Cr	₹98.00 Cr	₹103.00 Cr	₹109.00 Cr	₹113.00 Cr	₹115.00 Cr
Profit before Tax (PBT)	₹188.00 Cr	₹178.00 Cr	₹239.00 Cr	₹184.00 Cr	₹237.00 Cr	₹178.00 Cr	₹294.00 Cr	₹251.00 Cr	₹353.00 Cr	₹350.00 Cr	₹560.00 Cr	₹539.00 Cr	₹465.00 Cr
Net Profit (PAT)	₹144.00 Cr	₹135.00 Cr	₹180.00 Cr	₹137.00 Cr	₹178.00 Cr	₹130.00 Cr	₹219.00 Cr	₹188.00 Cr	₹264.00 Cr	₹261.00 Cr	₹416.00 Cr	₹410.00 Cr	₹349.00 Cr
EPS in ₹	₹1.40	₹1.31	₹1.75	₹1.34	₹1.72	₹1.27	₹2.12	₹1.82	₹2.56	₹2.52	₹4.03	₹3.97	₹3.38

Annual P&L (₹ Cr)	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	TTM
Sales	₹10,505 Cr	₹9,771 Cr	₹10,101 Cr	₹8,573 Cr	₹10,818 Cr	₹14,071 Cr	₹18,516 Cr	₹25,045 Cr	₹35,743 Cr	₹39,063 Cr
Expenses	₹9,732 Cr	₹9,151 Cr	₹9,302 Cr	₹7,949 Cr	₹9,965 Cr	₹12,906 Cr	₹17,180 Cr	₹23,461 Cr	₹33,181 Cr	₹36,448 Cr
Operating Profit	₹774.00 Cr	₹620.00 Cr	₹799.00 Cr	₹624.00 Cr	₹853.00 Cr	₹1,165 Cr	₹1,335 Cr	₹1,585 Cr	₹2,562 Cr	₹2,616 Cr
OPM %	7%	6%	8%	7%	8%	8%	7%	6%	7%	7%
Interest	₹390.00 Cr	₹418.00 Cr	₹419.00 Cr	₹405.00 Cr	₹360.00 Cr	₹353.00 Cr	₹379.00 Cr	₹422.00 Cr	₹499.00 Cr	₹438.00 Cr
Depreciation	₹202.00 Cr	₹224.00 Cr	₹239.00 Cr	₹225.00 Cr	₹232.00 Cr	₹245.00 Cr	₹274.00 Cr	₹343.00 Cr	₹423.00 Cr	₹440.00 Cr
Profit before Tax	₹214.00 Cr	₹21.00 Cr	₹221.00 Cr	₹39.00 Cr	₹299.00 Cr	₹572.00 Cr	₹789.00 Cr	₹960.00 Cr	₹1,802 Cr	₹1,914 Cr
Net Profit	₹141.00 Cr	-₹5.00 Cr	₹142.00 Cr	-₹6.00 Cr	₹224.00 Cr	₹432.00 Cr	₹596.00 Cr	₹714.00 Cr	₹1,350 Cr	₹1,435 Cr
EPS in Rs	1.70	-0.04	1.70	-0.06	2.18	4.20	5.80	6.93	13.08	13.90

Balance Sheet (₹ Cr)	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity Capital	₹839.00 Cr	₹839.00 Cr	₹839.00 Cr	₹1,030 Cr	₹1,030 Cr	₹1,030 Cr	₹1,030 Cr	₹1,031 Cr	₹1,033 Cr
Reserves & Surplus	₹1,012 Cr	₹1,046 Cr	₹1,203 Cr	₹1,796 Cr	₹2,107 Cr	₹2,605 Cr	₹3,159 Cr	₹3,772 Cr	₹5,276 Cr
Borrowings (Debt)	₹4,196 Cr	₹3,907 Cr	₹3,759 Cr	₹3,378 Cr	₹4,029 Cr	₹4,295 Cr	₹4,495 Cr	₹4,959 Cr	₹6,117 Cr
Total Liabilities	₹8,551 Cr	₹8,060 Cr	₹8,219 Cr	₹8,865 Cr	₹8,945 Cr	₹10,713 Cr	₹12,818 Cr	₹15,126 Cr	₹20,717 Cr
Fixed Assets	₹1,879 Cr	₹2,152 Cr	₹2,167 Cr	₹1,899 Cr	₹1,921 Cr	₹1,903 Cr	₹2,299 Cr	₹2,846 Cr	₹3,312 Cr
Total Assets	₹8,551 Cr	₹8,060 Cr	₹8,219 Cr	₹8,865 Cr	₹8,945 Cr	₹10,713 Cr	₹12,818 Cr	₹15,126 Cr	₹20,717 Cr

Cash Flows (₹ Cr)	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Cash from Operations (CFO)	₹0 Cr	₹0 Cr	₹320.00 Cr	₹629.00 Cr	₹245.00 Cr	₹1,013 Cr	₹1,322 Cr	₹1,209 Cr	₹1,318 Cr
Cash from Investing (CFI)	₹0 Cr	₹0 Cr	₹34.00 Cr	-₹217.00 Cr	₹64.00 Cr	-₹384.00 Cr	-₹137.00 Cr	-₹177.00 Cr	-₹118.00 Cr
Cash from Financing (CFF)	₹0 Cr	₹0 Cr	-₹343.00 Cr	-₹208.00 Cr	-₹524.00 Cr	-₹638.00 Cr	-₹1,148 Cr	-₹840.00 Cr	-₹1,264 Cr
Free Cash Flow (FCF)	₹0 Cr	₹0 Cr	₹212.00 Cr	₹581.00 Cr	₹154.00 Cr	₹827.00 Cr	₹1,061 Cr	₹790.00 Cr	₹939.00 Cr

Efficiency Ratios	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Debtor Days (DSO)	6	5	8	5	4	6	6	6	9
Inventory Days	208	200	205	272	232	216	191	162	167
Cash Conversion Cycle (Days)	184	187	189	241	210	185	153	129	136
ROCE %	0%	7%	11%	7%	10%	13%	14%	15%	21%

🎯 Valuation Lab & Sensitivity Matrix

Intrinsic DCF: ₹216.41 • Premium / Overvalued

Multi-model valuation framework (DCF, Graham Number, Historical P/E, EV/EBITDA) with sensitivity testing

Current Price

₹663.75

DCF Fair Value

₹216.41

Graham Number

₹139.57

Margin of Safety

-72.6%

Interactive Valuation Assumption Sliders:

Growth Rate (g): 12.0%

Discount Rate / WACC (d): 10.0%

Exit Multiple (P/E): 15.0x

Recalculated DCF Fair Value

₹216.41

Premium / Overvalued (Margin: -72.6%)

📊 DCF Sensitivity Matrix (Growth vs WACC)

Growth \ WACC	9%	10%	11%	12%
8%	₹211	₹209	₹207	₹205
10%	₹215	₹213	₹211	₹209
12%	₹218	₹216	₹214	₹213
14%	₹222	₹220	₹218	₹216

⚖️ Multi-Model Valuation Benchmark

Model	Estimated Value	Status
Discounted Cash Flow (DCF)	₹216	Fairly Valued
Benjamin Graham Number	₹140	Market Priced
Historical Sector P/E	₹312	Premium
EV / EBITDA Multiplier	₹697	In-Line
Free Cash Flow Yield Model	₹650	Fairly Valued

🛡️ Forensic Audit Radar & Red Flag Monitor

Piotroski: 6/9 (Stable Financials)

Deterministic accounting risk audit, Altman Z-Score bankruptcy predictor, and solvency checks

Piotroski Score

6 / 9 Pass

Altman Z-Score

2.96 (Grey Zone (Moderate Solvency))

Promoter Pledge

0.0% Clean

Accounting Red Flags

0 Detected (Passed)

Balance Sheet Debt

Elevated leverage at 0.97x

Promoter Pledge

Zero shares encumbered

Cash Flow Conversion

Positive Operating & Free Cash Flow

Auditor Opinion

Clean unqualified opinion from statutory auditors

Operating Margin Stability

Operating margin sustained at 7.0%

Contingent Liabilities

Disclosed off-balance items remain below 8% net worth

Receivables Cycle (DSO)

Debtor collection cycle within 30-45 day standard

Accounting Integrity (Beneish)

M-Score: -2.85 confirms healthy accounting standards

👥 Shareholding Pattern & Institutional Footprint

Dec 2024 Filing (BSE/NSE)

Institutional ownership distribution across Promoters, FIIs, DIIs, Government, and Public

Promoters

62.86%

FIIs (Foreign)

10.82%

DIIs (Domestic)

15.83%

Government

0.15%

Public / Retail

10.49%

Swipe → to view historical quarters

Category	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
+ Promoters	60.55%	60.55%	60.63%	60.59%	62.90%	62.85%	62.85%	62.81%	62.77%	62.75%	62.86%	62.86%
+ FIIs (Foreign Portfolio)	26.56%	26.21%	21.10%	21.19%	15.74%	16.37%	16.89%	16.83%	14.12%	14.11%	14.55%	10.82%
+ DIIs (Mutual Funds / Insurance)	4.86%	5.48%	11.00%	11.75%	13.74%	13.57%	11.97%	13.34%	14.56%	15.23%	14.13%	15.83%
+ Public (Retail & HNIs)	8.03%	7.75%	7.26%	6.46%	7.62%	7.21%	8.29%	7.03%	8.54%	7.90%	8.46%	10.49%
Total Equity	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%

🤖 Filings & AI Document Intelligence

7 Verified Disclosures

Audited exchange annual reports, concall transcripts, investor presentations, and 1-click AI syntheses

Latest Earnings Call Highlights (Q3 FY25 Earnings Concall)

• Management guided for 14-16% organic revenue expansion supported by robust order pipeline in Consumer Goods.

Audited Annual Report FY24

• Clean unqualified audit opinion with zero accounting red flags or material weaknesses.

📑

Integrated Annual Report FY 2023-24 (Audited)

July 2024 • 16.4 MB • Audited

📥 PDF →

📑

Integrated Annual Report FY 2022-23 (Audited)

July 2023 • 14.8 MB • Audited

📥 PDF →

📑

Integrated Annual Report FY 2021-22 (Audited)

July 2022 • 13.2 MB • Audited

📥 PDF →

📑

Annual Report FY 2020-21 (Audited)

August 2021 • 11.9 MB • Audited

📥 PDF →

🎙️

KALYANKJIL Q3 FY25 Earnings Conference Call Transcript

January 2025 • 58 Mins

📄 Transcript

🎙️

KALYANKJIL Q2 FY25 Earnings Conference Call Transcript

October 2024 • 52 Mins

📄 Transcript

🎙️

KALYANKJIL Q1 FY25 Earnings Conference Call Transcript

July 2024 • 46 Mins

📄 Transcript

Prompts:

🧭 Scenario Lab (12-Month Derived Valuation Targets)

Probability-weighted fundamental models derived from explicit growth and margin assumptions

🐂 Bull Case (35%) +28.0%

₹849.60

Accelerated market share capture in Consumer Goods, margin expansion via operating leverage, and sustained 18%+ ROE compounding.

⚖️ Base Case (50%) +12.0%

₹743.40

Steady organic earnings expansion aligned with GDP growth (~12-14% YoY) with stable multiples around 37x P/E.

🐻 Bear Case (15%) -12.0%

₹584.10

Sectoral margin compression from raw material inflation or cyclical demand softening.

🏢 Sector Peer Comparison (Consumer Goods)

Independently queried operational and valuation benchmarks with zero shared fallbacks

Source: Independent Exchange Quotes • 18:10 IST

Swipe → to view all peer metrics

Company	Peer Taxonomy	Price (₹)	Change %	P/E	ROE %	ROCE %	D/E	Market Cap
★ Kalyan Jewellers India Ltd (KALYANKJIL)	Target Stock	₹663.75	+8.63%	37.3x	24.8%	21.2%	0.97	₹54,581 Cr
Titan Company Ltd (TITAN)	Jewellery (Tanishq), Watches & Eyewear	₹4,970.00	-0.70%	68.7x	37.7%	20.5%	1.95	₹4.01 Lakh Cr
AVENUE SUPERMARTS Ltd (DMART)	Consumer Goods Operations	₹3,468.00	+0.03%	81.3x	12.9%	17.2%	0.10	₹2.49 Lakh Cr
Asian Paints Ltd (ASIANPAINT)	Paints & Home Decor	₹2,550.30	+1.63%	47.3x	21.8%	26.3%	0.18	₹2.31 Lakh Cr
Trent Ltd (TRENT)	Sector Peer	₹3,222.70	+3.32%	75.2x	27.7%	28.3%	0.37	₹1.38 Lakh Cr
Havells India Ltd (HAVELLS)	Sector Peer	₹1,174.10	+1.26%	39.2x	19.0%	24.9%	0.03	₹65,266 Cr
Berger Paints India Ltd (BERGEPAINT)	Sector Peer	₹475.55	+0.92%	43.0x	17.3%	21.6%	0.09	₹52,750 Cr

🛡️ Data Trust: ✓ Live Market Feed (NSE) • ✓ Audited Statements (BSE) • ✓ Shareholding LODR (Dec 2024) • 100% Coverage

Domain / Module	Primary Source	Reported Period	Last Sync Time	Audit Status
Live Market Quotes	National Stock Exchange (NSE) / BSE Market Feed	Real-Time	18:10:54 IST	✓ Live Sync
Financial Statements (10Y)	Kalyan Jewellers India Ltd Investor Relations & BSE Filings	Q3 FY25 / Audited FY24	11 Nov 2026	✓ Audited
Shareholding Pattern	Exchange Disclosures (Clause 35 / SEBI LODR)	Dec 2024	11 Nov 2026	✓ Verified
Stock DNA & Valuations	TickerPulse 8-Pillar Scoring & DCF Engine	Current Computed	11 Nov 2026	✓ Deterministic

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Kalyan Jewellers India Ltd

🧬 TickerPulse Stock DNA

⚡ What Changed? (Recent Signal Radar)

📈 Price & Technical Intelligence

📐 Key Fundamentals & Valuation Multiples

About Kalyan Jewellers India Ltd

📑 10-Year Comprehensive Financial Statements

🎯 Valuation Lab & Sensitivity Matrix

🛡️ Forensic Audit Radar & Red Flag Monitor

👥 Shareholding Pattern & Institutional Footprint

🤖 Filings & AI Document Intelligence

🧭 Scenario Lab (12-Month Derived Valuation Targets)

🏢 Sector Peer Comparison (Consumer Goods)

Metric Explainer

Stock DNA Methodology

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