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Kalyan Jewellers India Ltd: Intrinsic Value & Share Price Analysis

Fair Value

₹301.98Fairly Valued by 8.77%vs CMP ₹331.00

P/E (24.8) × ROE (24.8%) × BV (₹61.10) × DY (0.45%)

₹215.31Overvalued by 34.95%vs CMP ₹331.00
MoS: -53.7% (Negative)Confidence: 59/100 (Moderate)Models: 1 Under, 7 Over
ModelCategoryValueWeightSignal
PE-ROEEarnings₹416.8926%Under (+25.9%)
Graham NumberEarnings₹122.5819%Over (-63%)
DCFCash Flow₹208.8712%Over (-36.9%)
Net Asset ValueAssets₹61.138%Over (-81.5%)
EV/EBITDAEnterprise₹127.5310%Over (-61.5%)
Earnings YieldEarnings₹109.308%Over (-67%)
ROCE CapitalReturns₹165.5410%Over (-50%)
Revenue MultipleRevenue₹242.666%Over (-26.7%)
Consensus (8 models)₹215.31100%Overvalued
Key Drivers: EPS CAGR 38.0% lifts DCF — verify sustainability. | Wide model spread (₹61–₹417) — high uncertainty.

PE-ROE · Graham · EPV · DCF · NAV · EV/EBITDA · DDM · Earnings Yield · ROCE Capital · Revenue Multiple | CoE: 12% · Terminal: 4% · EPS CAGR: 38.0%

*Investments are subject to market risks

Analyst Summary

Kalyan Jewellers India Ltd operates in the Gems, Jewellery & Precious Metals segment, NSE: KALYANKJIL | BSE: 543278, current market price is ₹331.00, market cap is 34,163 Cr.. At a glance, stock P/E is 24.8, ROE is 24.8 %, ROCE is 20.5 %, book value is 61.1, dividend yield is 0.45 %. The latest intrinsic value estimate is ₹215.31, around 35.0% below the current price, so expectations may already be running ahead of this modelled fair value. On operating trend, latest reported sales are about ₹25,045 Cr versus the prior period change of 35.0%, while latest net profit is about ₹714 Cr with a prior-period change of 19.8%. The 52-week range shown on this page is 618/327, which helps frame where the current quote sits within its recent trading band. Business context: About the Company - Qualitative AnalysisKalyan Jewellers India Ltd. is a Public Limited Listed company incorporated on 29/01/2009 and has its registered office in the State of Kerala, India. Company's Corporate Identification Number(CIN) is…

This summary is generated from the stock page data available for Kalyan Jewellers India Ltd: Intrinsic Value & Share Price Analysis and is refreshed automatically when the underlying metrics change.

Investment Snapshot

69
Kalyan Jewellers India Ltd scores 69/100 (Average)
Based on 5 dimensions: health, institutional flow, earnings quality, momentum, and peer comparison
Stock Health64/100 · Moderate
ROCE 20.5% ExcellentROE 24.8% ExcellentD/E 1.07 High debtInterest Coverage 0.0x RiskyProfitable 4/5 years Consistent
Smart Money45/100 · Moderate
FII holding down -2.78% (6mo) SellingDII holding up 3.26% MF buyingPromoter holding at 62.8% Stable
Earnings Quality60/100 · Moderate
OPM stable around 7% SteadyWorking capital: 23 days (improving) Efficient
Quarterly Momentum90/100 · Strong
Revenue (4Q): +43% YoY AcceleratingProfit (4Q): +89% YoY Strong
Industry Rank85/100 · Strong
P/E 24.8 vs industry 23.6 In-lineROCE 20.5% vs industry 15.4% Above peersROE 24.8% vs industry 15.8% Above peers3Y sales CAGR: 32% High growth

Weights: Health 30% · Earnings Quality 25% · Momentum 20% · Industry Rank 15% · Smart Money 10%. Scores are computed from reported financials and recalculated daily.

Share Price and Basic Stock Data

Last Updated: June 12, 2026, 8:53 am

Market Cap 34,163 Cr.
Current Price 331
Intrinsic Value₹215.31
High / Low 618/327
Stock P/E24.8
Book Value 61.1
Dividend Yield0.45 %
ROCE20.5 %
ROE24.8 %
Face Value 10.0
PEG Ratio0.65

Stock P/E, Current Price, and Intrinsic Value Over Time

View Share Price Target for Kalyan Jewellers India Ltd

Competitors

Stock Name ⇩Market Cap ⇩Current Price ⇩High / Low ⇩Stock P/E ⇩Book Value ⇩Dividend Yield ⇩ROCE ⇩ROE ⇩Face Value ⇩
Kalyan Jewellers India Ltd 34,163 Cr. 331 618/32724.8 61.10.45 %20.5 %24.8 % 10.0
Golkunda Diamonds & Jewellery Ltd 169 Cr. 242 315/15612.3 1150.62 %20.1 %18.8 % 10.0
Amanaya Ventures Ltd 7.10 Cr. 19.0 22.8/12.233.8 14.80.00 %5.54 %3.88 % 10.0
Industry Average17,166.00 Cr197.3323.6363.630.36%15.38%15.83%10.00

All Competitor Stocks of Kalyan Jewellers India Ltd

Quarterly Result

MetricMar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Sales 3,3824,3764,4155,2234,5255,5286,0657,2786,1827,2687,85610,34310,275
Expenses 3,1254,0534,1014,8534,2295,1595,7386,8485,7826,7607,3599,5939,539
Operating Profit 257323314370296368327430399508497750736
OPM % 8%7%7%7%7%7%5%6%6%7%6%7%7%
Other Income -19121320393026404146512346
Interest 80828282788590889610495104130
Depreciation 63646770747585899398103109113
Profit before tax 95188178239184237178294251353350560539
Tax % 26%24%24%24%25%25%27%26%25%25%26%26%24%
Net Profit 70144135180137178130219188264261416410
EPS in Rs 0.681.401.311.751.341.721.272.121.822.562.524.033.97

Last Updated: June 11, 2026, 5:30 am

Quarterly Chart

Profit & Loss - Annual Report

Last Updated: February 17, 2026, 12:07 pm

MetricMar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025TTM
Sales 10,5059,77110,1018,57310,81814,07118,54825,04531,649
Expenses 9,7329,1519,3027,9499,96512,90617,18023,46129,495
Operating Profit 7746207996248531,1651,3681,5852,155
OPM % 7%6%8%7%8%8%7%6%7%
Other Income 3242804538574140161
Interest 390418419405360353379422399
Depreciation 202224239225232245274343403
Profit before tax 21421221392995727899601,514
Tax % 34%123%36%115%25%24%24%26%
Net Profit 141-5142-62244325967141,128
EPS in Rs 1.70-0.041.70-0.062.184.205.806.9310.93
Dividend Payout % 0%0%0%0%0%12%21%22%

Profit & Loss Yearly Chart

YoY Net Profit Growth

Year2018-20192019-20202020-20212021-20222022-20232023-20242024-2025
YoY Net Profit Growth (%)-103.55%2940.00%-104.23%3833.33%92.86%37.96%19.80%
Change in YoY Net Profit Growth (%)0.00%3043.55%-3044.23%3937.56%-3740.48%-54.89%-18.16%

Kalyan Jewellers India Ltd has shown an inconsistent trend in YoY Net Profit Growth (%) in the last 7 years from 2018-2019 to 2024-2025.

Growth

Last Updated: September 5, 2025, 3:55 pm

Balance Sheet

Last Updated: June 10, 2026, 6:30 am

MonthMar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity Capital 8398398391,0301,0301,0301,0301,0311,033
Reserves 1,0121,0461,2031,7962,1072,6053,1593,7725,276
Borrowings 4,1963,9073,7593,3784,0294,2954,4954,9596,117
Other Liabilities 2,5032,2682,4172,6611,7792,7834,1345,3638,291
Total Liabilities 8,5518,0608,2198,8658,94510,71312,81815,12620,717
Fixed Assets 1,8792,1522,1671,8991,9211,9032,2992,8463,312
CWIP 1822245322049818
Investments 130014456
Other Assets 6,6545,8846,0276,9137,0218,78510,46512,26717,382
Total Assets 8,5518,0608,2198,8658,94510,71312,81815,12620,717

Reserves and Borrowings Chart

Cash Flow

MonthMar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Cash from Operating Activity + 3206292451,0131,3221,2091,318
Cash from Investing Activity + 34-21764-384-137-177-118
Cash from Financing Activity + -343-208-524-638-1,148-840-1,264
Net Cash Flow 11204-216-837193-64
Free Cash Flow 2125811548271,061790939
CFO/OP 41%110%47%98%116%91%70%

Free Cash Flow

MonthMar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025
Free Cash Flow770.00617.00796.00621.00849.00-3.00-3.00-3.00

Free Cash Flow = Income Generated from Operational Activities - Borrowings - Capital Work in Progress (CWIP)

Consistent positive free cash flow is crucial for businesses as it indicates their ability to generate cash from their core operations. It provides financial flexibility, allowing companies to invest in growth opportunities, pay dividends to shareholders, reduce debt, and weather economic downturns more effectively.

Free Cash Flow Chart

Financial Efficiency Indicators

MonthMar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025
Debtor Days 65854666
Inventory Days 208200205272232216191162
Days Payable 3119243526374539
Cash Conversion Cycle 184187189241210185153129
Working Capital Days -11-12-51030302723
ROCE %7%11%7%10%13%14%15%

Financial Efficiency Indicators Chart

Share Holding Pattern

MonthMar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025
Promoters 60.55%60.55%60.55%60.55%60.63%60.59%62.90%62.85%62.85%62.81%62.77%62.75%
FIIs 29.65%27.09%26.56%26.21%21.10%21.19%15.74%16.37%16.89%16.83%14.12%14.11%
DIIs 2.63%5.17%4.86%5.48%11.00%11.75%13.74%13.57%11.97%13.34%14.56%15.23%
Public 7.17%7.20%8.03%7.75%7.26%6.46%7.62%7.21%8.29%7.03%8.54%7.90%
No. of Shareholders 2,24,4012,53,1523,55,6963,71,6483,70,8124,03,4055,53,7745,70,9847,86,7816,87,9057,15,7436,73,739

Shareholding Pattern Chart

No. of Shareholders

Kalyan Jewellers India Ltd: Intrinsic Value & Share Price Analysis - Shareholder trend analysis

Mutual Fund Holdings

Fund NameNo of SharesAUM (%)Amount Invested (Cr)Previous Number of SharesPrevious DatePercentage Change
Motilal Oswal Midcap Fund 61,413,395 7.09 2534.8461,385,9722026-03-12 06:55:390.04%
Motilal Oswal Flexi Cap Fund 22,782,390 7.36 940.3422,272,9762026-03-12 06:55:392.29%
Sundaram Mid Cap Fund 6,735,835 2.08 278.025,916,1972026-02-23 02:49:1413.85%
Franklin India Small Cap Fund 4,963,469 1.48 204.87N/AN/AN/A
Franklin India Flexi Cap Fund 4,513,267 0.98 186.294,103,7842026-06-12 00:38:469.98%
Franklin India Mid Cap Fund 4,391,895 1.5 181.283,913,1022026-03-16 02:59:2312.24%
Invesco India Contra Fund 3,136,552 0.67 129.463,578,3752026-06-12 00:38:46-12.35%
Sundaram Large and Mid Cap Fund 1,476,729 0.93 60.95N/AN/AN/A
Franklin India ELSS Tax Saver Fund 1,469,310 0.99 60.651,436,0202026-06-12 00:38:462.32%
Mirae Asset Great Consumer Fund 1,290,000 1.2 53.24N/AN/AN/A

ROCE / ROE Trend

EPS Trend

Key Financial Ratios

MonthMar 26Mar 25Mar 24Mar 23Mar 22
FaceValue 10.0010.0010.0010.0010.00
Basic EPS (Rs.) 13.086.935.804.202.18
Diluted EPS (Rs.) 13.056.935.804.202.18
Cash EPS (Rs.) 17.1710.258.456.574.42
Book Value[Excl.RevalReserv]/Share (Rs.) 61.0946.5740.6635.2830.46
Book Value[Incl.RevalReserv]/Share (Rs.) 61.0946.5740.6635.2830.46
Revenue From Operations / Share (Rs.) 346.10242.82180.07136.61105.02
PBDIT / Share (Rs.) 26.1416.1113.4611.188.28
PBIT / Share (Rs.) 22.0412.7910.808.816.03
PBT / Share (Rs.) 17.459.307.665.552.90
Net Profit / Share (Rs.) 13.076.925.794.192.17
NP After MI And SOA / Share (Rs.) 13.076.935.804.202.18
PBDIT Margin (%) 7.556.637.478.187.88
PBIT Margin (%) 6.365.265.996.445.74
PBT Margin (%) 5.043.834.254.062.76
Net Profit Margin (%) 3.772.853.213.062.07
NP After MI And SOA Margin (%) 3.772.853.223.072.07
Return on Networth / Equity (%) 21.4014.8814.2511.917.14
Return on Capital Employeed (%) 27.9320.8821.2420.8816.50
Return On Assets (%) 6.514.724.664.042.50
Long Term Debt / Equity (X) 0.000.000.000.000.01
Total Debt / Equity (X) 0.080.680.790.961.07
Asset Turnover Ratio (%) 1.991.791.581.281.09
Current Ratio (X) 1.301.291.311.341.32
Quick Ratio (X) 0.170.190.210.230.20
Inventory Turnover Ratio (X) 3.002.792.231.881.62
Dividend Payout Ratio (NP) (%) 0.0017.308.620.000.00
Dividend Payout Ratio (CP) (%) 0.0011.695.900.000.00
Earning Retention Ratio (%) 0.0082.7091.380.000.00
Cash Earning Retention Ratio (%) 0.0088.3194.100.000.00
Interest Coverage Ratio (X) 6.244.624.293.812.65
Interest Coverage Ratio (Post Tax) (X) 4.222.992.842.541.69
Enterprise Value (Cr.) 38478.2750445.7346427.1913378.058633.34
EV / Net Operating Revenue (X) 1.082.012.500.950.79
EV / EBITDA (X) 14.2630.3633.4911.6110.12
MarketCap / Net Operating Revenue (X) 1.091.922.380.770.55
Retention Ratios (%) 0.0082.6991.370.000.00
Price / BV (X) 6.1510.0310.522.991.93
Price / Net Operating Revenue (X) 1.091.922.380.770.55
EarningsYield 0.030.010.010.030.03

Profitability Ratios (%)

Liquidity Ratios

Liquidity Ratios (%)

Interest Coverage Ratios (%)

Valuation Ratios

About the Company - Qualitative Analysis

Kalyan Jewellers India Ltd. is a Public Limited Listed company incorporated on 29/01/2009 and has its registered office in the State of Kerala, India. Company's Corporate Identification Number(CIN) is L36911KL2009PLC024641 and registration number is 024641. Currently Company is involved in the business activities of Manufacture of jewellery and related articles. Company's Total Operating Revenue is Rs. 31027.09 Cr. and Equity Capital is Rs. 1032.74 Cr. for the Year ended 31/03/2026.
INDUSTRYADDRESSCONTACT
Gems, Jewellery & Precious MetalsTC-32/204/2, Thrissur-Trichur Kerala 680002Contact not found
Management
NamePosition Held
Mr. Vinod RaiChairman(NonExe.&Ind.Director)
Mr. T S KalyanaramanManaging Director
Mr. T K RameshWhole Time Director
Mr. T K SeetharamWhole Time Director
Mr. Salil NairNon Executive Director
Mr. Anish Kumar SarafNon Executive Director
Mr. A D M ChavaliIndependent Director
Mr. T S AnantharamanIndependent Director
Ms. Kishori Jayendra UdeshiIndependent Director
Mr. Anil Sadasivan NairIndependent Director

FAQ

What is the intrinsic value of Kalyan Jewellers India Ltd and is it undervalued?

As of 22 June 2026, Kalyan Jewellers India Ltd's intrinsic value is ₹215.31, which is 34.95% lower than the current market price of ₹331.00, suggesting the stock is overvalued. This is calculated using the PE ratio method factoring in ROE (24.8 %), book value (₹61.1), dividend yield (0.45 %), and 5-year EPS CAGR.

What is the current share price and 52-week range of Kalyan Jewellers India Ltd?

Kalyan Jewellers India Ltd is trading at ₹331.00 as of 22 June 2026, with a FY2026-2027 high of ₹618 and low of ₹327. The stock is currently near its 52-week low. Market cap stands at ₹34,163 Cr..

How does Kalyan Jewellers India Ltd's P/E ratio compare to its industry?

Kalyan Jewellers India Ltd has a P/E ratio of 24.8, which is above the industry average of 23.63. The premium over industry average may reflect growth expectations or speculative interest.

Is Kalyan Jewellers India Ltd financially healthy?

Key indicators for Kalyan Jewellers India Ltd: ROCE of 20.5 % indicates efficient capital utilization; ROE of 24.8 % shows strong shareholder returns. Dividend yield is 0.45 %.

Is Kalyan Jewellers India Ltd profitable and how is the profit trend?

Kalyan Jewellers India Ltd reported a net profit of ₹714 Cr in Mar 2025 on revenue of ₹25,045 Cr. Compared to ₹224 Cr in Mar 2022, the net profit shows an improving trend.

Does Kalyan Jewellers India Ltd pay dividends?

Kalyan Jewellers India Ltd has a dividend yield of 0.45 % at the current price of ₹331.00. The company pays dividends, though the yield is modest.

Last Updated: June 12, 2026, 8:53 am
Author: Getaka|Social: XLinkedIn
Stock Ticker - BSE: 543278 | NSE: KALYANKJIL
Disclaimer: This article is for informational purposes only and should not be construed as financial advice. The author is not a SEBI registered financial advisor and does not have any vested interest in Kalyan Jewellers India Ltd. Investors are advised to conduct their own due diligence and consult with a financial professional before making any investment decisions. The information provided in this article is based on publicly available data and the author's analysis, but it may not be comprehensive or up-to-date. The author and getaka.co.in are not responsible for any errors or omissions in the content. This article is not intended to promote any particular investment strategy or recommendation, and readers should consult with their own financial advisors before making any investment decisions. Data Source: NSE
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