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Swing Capital

Kalyan Jewellers India Ltd

NSE: KALYANKJIL BSE: 543278

Kalyan Jewellers India Ltd. designs manufacture and sells a range of gold, studded and other jewellery products across various price points. It is one of the largest jewellery retailers in India based on revenue as of FY20. The co. was founded by the current Chairman, MD and Promoter, Mr T.S. Kalyanaraman [1]

₹342
52W: ₹337 — ₹618
PE 26.8 · Book ₹59.3 · +477% vs book
Market Cap₹35,371 Cr
Stock P/E26.8Price to Earnings
ROCE23.7%Return on Capital
ROE24.1%Return on Equity
Div. Yield0.43%Face Value ₹10

Strengths

  • +Company is expected to give good quarter
  • +Company has delivered good profit growth of 56.9% CAGR over last 5 years
  • +Company has been maintaining a healthy dividend payout of 21.6%

Shareholding Pattern

Promoters62.86%
FIIs14.55%
DIIs14.13%
Public8.46%
CategoryJun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Promoters60.59%62.9%▲2.362.85%▼0.062.85%62.81%▼0.062.77%▼0.062.75%▼0.062.86%▲0.1
FIIs21.19%15.74%▼5.516.37%▲0.616.89%▲0.516.83%▼0.114.12%▼2.714.11%▼0.014.55%▲0.4
DIIs11.75%13.74%▲2.013.57%▼0.211.97%▼1.613.34%▲1.414.56%▲1.215.23%▲0.714.13%▼1.1
Public6.46%7.62%▲1.27.21%▼0.48.29%▲1.17.03%▼1.38.54%▲1.57.9%▼0.68.46%▲0.6

Financial Statements

MetricDec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Sales4,5123,8674,6875,2276,3865,3506,1426,8439,0488,994
Expenses4,1953,6134,3724,9646,0165,0075,7086,4118,3948,390
Operating Profit316255315263370344434432654604
OPM %7%7%7%5%6%6%7%6%7%7%
Net Profit168131165120218185256262401366
EPS ₹1.631.281.61.172.111.82.492.543.883.54

AI Insights

Revenue Trend

Mar 2026 revenue at ₹31,027Cr, up 43.4% YoY. OPM at 7%.

Debt Position

Borrowings at ₹3,232Cr. Debt-to-equity ratio: 0.64x. Moderate leverage.

Capex Cycle

CWIP at ₹14Cr (1% of fixed assets). Moderate ongoing capital expenditure.

Institutional Flow

DIIs: 14.13% (+8.96pp change). FIIs: 14.55% (-12.54pp change). Promoters hold 62.86%.

Margin & Efficiency

ROCE improving from 0% (Mar 2016) to 24% (Mar 2026). Working capital days: 28.

Valuation

PE 26.8x with 23.7% ROCE. Price is 477% above book value of ₹59.3. Dividend yield: 0.43%.

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