Kalyan Jewellers India Ltd.
NSE: KALYANKJILKalyan Jewellers India Ltd.: A 30-second snapshot
Kalyan Jewellers (KALYANKJIL) reported FY26 revenue of ₹35,743 crore (43% growth) and PAT growth of 89%, yet the stock trades at ₹361 — 41.39% below its 52-week high and 32.72% lower year-on-year. At a trailing PE of 27.1 and forward PE of 18.8, KALYANKJIL is the lowest-PE name among its Consumer Goods peers (sector median PE above 64), while carrying a debt-to-equity of 96.97 with a rising debt trend.
P/E
27.1
Forward P/E
18.8
ROE
+24.3%
Debt / Equity
96.97
Profit Margin
+3.8%
Div. Yield
+0.4%
5Y ROE > 15%
0/5
5Y FCF > 0
4/5
Quality
51/100
News
8 headlines · 4 positive · 2 negative
KALYANKJIL: Q4 and FY 2026 saw strong growth, margin gains, and continued network expansion - TradingView
TradingView
KALYANKJIL: FY26 revenue up 43% and PAT up 89%, with strong expansion and improved returns - TradingView
TradingView
Kalyan Jewellers reports Rs 35,743 crore revenue for FY26, marking 43% growth - Business Upturn
Business Upturn
KALYANKJIL: FY26 saw robust revenue and profit growth, with a final dividend of ₹2.50 per share recommended - TradingView
TradingView
Kalyan Jewellers Board Meeting on May 8, 2026 for Q4FY26 Results & Dividend - scanx.trade
scanx.trade
Recent context
- ·Q4 and FY26 results (reported May 8, 2026) showed 43% revenue growth and 89% PAT growth alongside a recommended final dividend of ₹2.50 per share, which drove a cluster of positive news coverage.
- ·Despite strong reported results, the stock has continued its 12-month downtrend, closing at ₹361 against a 52-week high of approximately ₹614 — a divergence between reported fundamentals and market price action.
- ·Mean analyst rating of 1 (1–5 scale, lower = more constructive) with analyst count not available; the rating alone cannot establish consensus breadth.
Strengths
- +Lowest trailing PE (27.1) among 6 Consumer Goods peers benchmarked, where the next-lowest peer trades above 64 — a 57% discount to the peer group on this metric.
- +FY26 earnings growth of 117% over 5 years and PAT up 89% in the most recent year reflect accelerating profit generation on a larger revenue base of ₹35,743 crore.
- +FCF was positive in 4 of available historical years and a ₹2.50-per-share final dividend was declared for FY26, indicating cash generation adequate to fund distributions.
- +Revenue 5-year CAGR of 66.9% demonstrates consistent top-line scaling; forward PE of 18.8 implies earnings are expected to grow into the current valuation.
Weaknesses
- −Debt-to-equity of 96.97 is substantially elevated for a consumer goods retailer and the debt trend is rising — leverage growth alongside rapid expansion carries servicing risk if revenue momentum slows.
- −The stock has declined 32.72% over the past year and 16.8% over three months, trading 11.5% below the 50-DMA and 22.4% below the 200-DMA, with RSI at 33.03, indicating sustained price underperformance relative to both short- and long-term moving averages.
- −Profit margin of 3.78% leaves limited buffer against input cost pressure or demand slowdown; jewellery retail margins are structurally thin but any further compression has an outsized impact on net profit.
- −roeYearsAbove15 = 0 in the persistence data, meaning the currently reported ROE of 24.31% has not been sustained above 15% historically — the current return level lacks a multi-year track record.
Open questions
- ?Does the debt-to-equity of 96.97 reflect working capital financing typical for jewellery inventory, or does it include long-term expansion debt — and how does the interest coverage ratio trend over the past 3 years?
- ?If ROE has not historically exceeded 15% despite the current 24.31% reading, what changed in FY26 to produce this level, and is it attributable to a one-time factor or structural improvement in asset efficiency?
- ?Given that the stock has de-rated 41% from its high despite 43% revenue growth, what market concern — margin compression, competition from Titan, promoter pledging, or macro demand — does the price action most likely reflect?
- ?At a forward PE of 18.8 and a debt trend that is rising, how does the pace of store network expansion compare to the pace of debt accumulation, and what is the breakeven utilisation rate for new stores?
Peer comparison: Consumer Goods
Ranks 2 of 6 on quality| Symbol | Name | P/E | ROE | Quality |
|---|---|---|---|---|
| KALYANKJIL | Kalyan Jewellers India Ltd.You're viewing | 27.1 | +24.3% | 42 |
| Industry avg | across 5 peers | 79.6 | +19.6% | 37 |
| TRENT | Trent Ltd. | 84.8 | +27.1% | 49 |
| ETERNAL | Eternal Ltd. | — | +1.2% | 41 |
| DMART | Avenue Supermarts Ltd. | 95.6 | +12.9% | 37 |
| TITAN | Titan Company Ltd. | 73.1 | +37.1% | 34 |
| ASIANPAINT | Asian Paints Ltd. | 64.9 | — | 23 |
Technical state
Current price
₹361.00
SMA 50
₹402.32
SMA 200
₹465.33
RSI (14)
33.0 (neutral)
From 52w high
-41.4%
1Y return
-32.7%
3M return
-16.8%
50-DMA
Below
200-DMA
Below
Algorithmic support levels
Algorithmic resistance levels
Risk flags
- highDebt-to-equity of 96.97 is substantially elevated for a consumer goods retailer, and the debt trend is classified as rising — leverage is growing rather than contracting even as revenue scales.
- highStock is 41.39% below its 52-week high and has declined 32.72% over the past year; price sits 11.5% below the 50-DMA (₹402) and 22.4% below the 200-DMA (₹465), with RSI at 33.03 — below both key moving averages for an extended period.
- mediumProfit margin of 3.78% is thin; the persistence data shows roeYearsAbove15 = 0, meaning the reported ROE of 24.31% has not been sustained above 15% in any of the recorded historical years — raising questions about the durability of the current return level.
- lowPeer priceChange1Y is null for all 5 Consumer Goods peers, limiting relative price-performance comparisons; analyst count is null, making consensus breadth unverifiable.
Cross-section contradictions
- FY26 revenue grew 43% and PAT grew 89% per recent results headlines, and news sentiment is net positive (4 positive vs 2 negative of 8 items), yet the stock is down 32.72% over the past year and 41.39% below its 52-week high — suggesting the market has materially de-rated the stock despite strong reported growth numbers.
For informational purposes only. Not investment advice. VivaTrades is not a SEBI-registered Investment Adviser or Research Analyst. Market data sourced from public feeds; consult a registered adviser before any investment decision.
Fundamentals & technicals: refreshed 25 Jun 2026 · refreshed daily at 01:00 IST
AI synthesis (narrative, snapshot, strengths/weaknesses, peer ranking): generated 15 May 2026 · rotates through NIFTY 500 every ~5 days