Kalyan Jewellers India Ltd
Kalyan Jewellers India Limited is one of India’s leading jewellery retailers, offering an extensive range of gold, diamond, precious stone, platinum, and silver jewellery. Founded in 1993 by T.S. Kalyanaraman and headquartered in Thrissur, Kerala, the company operates a large network of showrooms across India and the Middle East. With a strong focus on trust, quality, transparency, and customer service, Kalyan Jewellers has established itself as a prominent brand in the organized jewellery retail sector.
Business Segments
Segment Revenue Contribution (%)
- Gold Jewellery: ~69%
- Studded Jewellery: ~31%
Kalyan Jewellers generates approximately 76% of its revenue from India and 24% from the Middle East. Its flagship Kalyan Jewellers brand drives core retail operations, while Candere supports the company’s expanding digital, online, and omnichannel jewellery business.
Shareholding Pattern (June 2026)
Financial Summary
| Particulars | Mar-2024 | Mar-2025 | Mar-2026 |
| Sales | 18,516 | 25,045 | 35,743 |
| Sales Growth % | 31.58% | 35.27% | 42.71% |
| Expenses | 17,180 | 23,461 | 33,252 |
| Operating Profit | 1,335 | 1,585 | 2,491 |
| OPM % | 7% | 6% | 7% |
| Net Profit | 596 | 714 | 1,350 |
| EPS in Rs | 5.8 | 6.93 | 13.08 |
Final Outlook
Kalyan Jewellers delivered an impressive FY26 performance, with revenue from operations increasing 43.4% YoY to ₹31,027.09 crore from ₹21,638.60 crore in FY25, driven by strong same-store sales growth, continued showroom expansion, and sustained demand across gold and diamond jewellery segments. Profit before tax (PBT) surged 85.8% YoY to ₹1,732.41 crore, while profit after tax (PAT) jumped 86.6% YoY to ₹1,285.13 crore, reflecting improved operating leverage and healthy execution despite higher input costs and an exceptional charge related to the implementation of the new Labour Codes. Basic EPS also improved significantly to ₹12.45 from ₹6.68 in FY25.
The company’s balance sheet strengthened during the year, with shareholders’ equity rising 28.1% YoY to ₹6,120.55 crore, supported by higher retained earnings, while total assets expanded to ₹17,054.67 crore as Kalyan continued investing in inventory and retail expansion. The Board’s recommendation of a ₹2.50 per share final dividend further reflects management’s confidence in the company’s cash generation and long-term growth prospects.
Looking ahead, Kalyan Jewellers appears well positioned to sustain its growth trajectory, supported by rising jewellery demand, expanding organised retail market share, increasing premiumisation, and continued store additions across India and international markets. While fluctuations in gold prices, consumer spending, and working capital requirements remain key risks, the company’s strong brand equity, scalable business model, and improving profitability provide a solid foundation for long-term earnings growth.
Kalyan Jewellers continues to demonstrate strong revenue momentum, robust earnings growth, and improving financial strength, making it well positioned to benefit from the ongoing formalisation of India’s jewellery industry and deliver sustainable shareholder value over the medium to long term.
