Skip to content
MarketDeck StockProof
KALYANKJIL.NS

Kalyan Jewellers India Ltd.

Consumer Durables
Price research

Price history

6M window · 2026-03-24 to 2026-09-22

Start 2026-03-24 ₹371.70
End 2026-09-22 ₹583.10
Change over window +56.87%
Methodology

Price is the daily close from stored Kite history. The other metrics pair that daily price with the company's periodic filings — each fundamental (revenue, EPS, equity…) is held flat at its latest filed value between annual filings, so a ratio steps at each filing and moves daily only through its price term. A metric with no input on file for this company (e.g. EV/EBITDA for a bank, which has no EBIT) is shown as unavailable, never guessed. Share-count-based metrics use the latest diluted share count against split/bonus-adjusted prices.

Technical analysis

Technical indicators

Same window as the price chart above

These reflect only the stock's recent price and volume behavior — not the company's fundamentals — and are not a recommendation to buy or sell. Standard published parameters are used throughout (see each chart's own label); a company with too little stored price history for a given indicator's lookback window shows that plainly below rather than a garbage or misleading value.

Latest value of each line in the charted window
Methodology

MACD (12,26,9), Stochastic Oscillator (14,3) and Money Flow Index (14-day) each carry their own published reference lines/bands (20/80 for the oscillator readings) where one is standard. ADX includes +DI/-DI for direction alongside trend strength; a dashed line marks the commonly published 25 "trending market" reading. ATR is shown in raw rupees here; the price/volume preset screen (below, and on the Screener page) reports it as a % of price so it's comparable across stocks at different price levels. Computed from the same stored daily OHLCV history as the price chart above — no new data source.

Ratios as of FY2025-26 Annual filing · published 2026-05-08
Price (live) ₹583.10 INR fetched 2026-09-23 02:24
Fundamental analysis

Ratios

Calculated from this company's filed figures, and from the current price where a ratio needs one. Every ratio shows its source trace: the filed elements it reads and the arithmetic behind the result.

P/E

44.59

P/E = Price / EPS

Source trace FY2025-26 · Annual filing

P/E = Price / (ProfitOrLossAttributableToOwnersOfParent / PaidUpValueOfEquityShareCapital ÷ FaceValueOfEquityShareCapital) → ₹583.10 / (₹13,503,950,000 / 1,032,740,000 shares) = ₹583.10 / ₹13.08 EPS

ROE

21.41%

ROE = Net Income / Shareholder Equity

Source trace FY2025-26 · Annual filing

ROE = ProfitOrLossAttributableToOwnersOfParent / EquityAttributableToOwnersOfParent → ₹13,503,950,000 / ₹63,087,130,000 = 21.41%

Debt/Equity

0.08

Debt/Equity = Total Debt / Shareholder Equity

Source trace FY2025-26 · Annual filing

Debt/Equity = BorrowingsCurrent + BorrowingsNoncurrent / EquityAttributableToOwnersOfParent → ₹5,236,540,000 / ₹63,087,130,000 = 0.08

Current Ratio

1.30

Current Ratio = Current Assets / Current Liabilities

Source trace FY2025-26 · Annual filing

Current Ratio = CurrentAssets / CurrentLiabilities → ₹163,307,290,000 / ₹125,677,330,000 = 1.30

ROCE

33.32%

ROCE = EBIT / (Shareholder Equity + Total Debt)

Source trace FY2025-26 · Annual filing

ROCE = ProfitBeforeExceptionalItemsAndTax + FinanceCosts / (EquityAttributableToOwnersOfParent + BorrowingsCurrent + BorrowingsNoncurrent) → ₹22,763,600,000 / (₹63,087,130,000 + ₹5,236,540,000) = 33.32%

Dividend Yield

0.25%

Dividend Yield = (Dividends Paid / Diluted Shares Outstanding) / Price

Qualification This is cash paid during the fiscal year, not a per-share rate declared for it (no such element exists in the filing data) — timing can straddle interim/final dividends across years, and pre-FY2020-21 figures may include the since-abolished Dividend Distribution Tax, reading higher than later years for that reason alone.

Source trace FY2025-26 · Annual filing

Dividend Yield = (|DividendsPaidClassifiedAsFinancingActivities| / PaidUpValueOfEquityShareCapital ÷ FaceValueOfEquityShareCapital) / Price → (₹1,524,810,000 / 1,032,740,000 shares) / ₹583.10 = ₹1.48 / ₹583.10

Growth & quality

Growth & earnings trend

Computed from this company's stored annual filings. Each figure carries the filed values behind it as a tooltip.

Revenue CAGR · 3y 36.4%
Net profit CAGR · 3y 46.1%
Operating margin · FY2025-26 6.4%
ROCE · FY2025-26 33.3%

Revenue & Profit CAGR

Revenue (3y, 3.0y actual)
36.4%
Net Profit (3y)
46.1%
Revenue (5y, 3.0y actual)
36.4%
Net Profit (5y)
46.1%
Revenue (10y, 3.0y actual)
36.4%
Net Profit (10y)
46.1%

Operating Margin Trend

Flat
FY2022-23
6.4%
FY2023-24
6.0%
FY2024-25
5.3%
FY2025-26
6.4%

ROCE Trajectory

FY2022-23
17.2%
FY2023-24
21.2%
FY2024-25
22.9%
FY2025-26
33.3%

Earnings Quality

⚠ Persistent profit/cash gap

Net Profit CAGR 46.08% vs CFO CAGR 9.14% over 3.0y (2023-03-31 → 2026-03-31); most recent year: Net Profit +88.92% vs CFO +8.94%

Sector-Relative Percentile

Sector · Consumer Durables
ROE 73th percentile Better than 11 of 15 sector peers (73th percentile).
ROCE 93th percentile Better than 14 of 15 sector peers (93th percentile).
Debt/Equity 53th percentile Better than 8 of 15 sector peers (53th percentile).
P/E 67th percentile Better than 10 of 15 sector peers (67th percentile).
Forensic accounting

Beneish M-Score

Eight year-over-year accounting indices (Beneish, 1999) computed for Kalyan Jewellers India Ltd. across its two most recently stored annual filings. Read the disclosures below before anything past this paragraph.

This is not an accusation and not a finding that any manipulation occurred. Beneish's own paper is explicit that the score identifies companies whose accounting CHARACTERISTICS resemble those of a sample of past manipulators -- nothing more. StockProof never labels a company "manipulator", "red flag" or "suspicious", and never shows any list of companies ordered by this score. The eight components below -- factual statements about figures the company itself filed -- always come before the composite number, which is the inference, not the fact.

The M-Score is calibrated on 74 US-listed companies from 1982-1992 later found to have manipulated earnings (Beneish, M. D. (1999), "The Detection of Earnings Manipulation", Financial Analysts Journal 55(5)) -- not on any Indian company or era. Measured on StockProof's own Nifty 500 universe as of 2026-09-02, 13.6% of companies score above Beneish's own published cutoff. On any realistic base rate of actual earnings manipulation, that flag rate is overwhelmingly false positives, not overwhelmingly real ones.

No "Selling, General & Administrative Expense" element exists anywhere in NSE's filed data. The SGAI component below is approximated as Employee Benefit Expense + Other Expenses, divided by revenue -- a reasonable stand-in for a manufacturer, but for a services company this proxy is closer to the entire cost base than to SG&A specifically. This is disclosed because it is a genuine deviation from Beneish's published specification; its coefficient (-0.172) is the smallest of the eight, which bounds how far the approximation can move the composite.

This measures something different from a financial-distress score like Altman's Z-Score, and the two essentially never agree. Measured on StockProof's own 389-company overlap as of 2026-09-02: only 5 companies were flagged by both, an agreement rate (intersection ÷ union) of 6.2%, and a correlation between the two scores of +0.088 -- closely matching the independently measured +0.092 over 3,242 Malaysian-listed companies. A low Z-Score and a high M-Score are not corroborating each other; they are unrelated measurements.

Comparing FY2024-25FY2025-26

Index Value Beneish's own threshold Reading, vs. that threshold
DSRI — Days' Sales in Receivables Index 1.518 1.031 Exceeds Beneish's published threshold
GMI — Gross Margin Index 0.996 1.014 Below Beneish's published threshold
AQI — Asset Quality Index 0.871 1.039 Below Beneish's published threshold
SGI — Sales Growth Index 1.427 1.134 Exceeds Beneish's published threshold
DEPI — Depreciation Index 0.944 1.077 Below Beneish's published threshold
SGAI — SG&A Index 0.878 1.041 Below Beneish's published threshold
LVGI — Leverage Index 1.041 1.111 Below Beneish's published threshold
TATA — Total Accruals to Total Assets 0.002 0.018 Below Beneish's published threshold
M-Score (composite) -1.668 Beneish's own published cutoff: -1.78 (a looser cutoff sometimes used in Indian applications: -2.22)

This is a reading against a published statistical model, not a finding and not a verdict on this company -- see the disclosures above, especially how this compares to a general population's own measured false-positive rate.

Financials

Quarterly trend

10 stored quarters

Revenue Net Profit Net Profit (loss quarter)
Metric (to shareholders basis) Q4 FY2023-24 Q1 FY2024-25 Q2 FY2024-25 Q3 FY2024-25 Q4 FY2024-25 Q1 FY2025-26 Q2 FY2025-26 Q3 FY2025-26 Q4 FY2025-26 Q1 FY2026-27 Source
Revenue ₹4,534.93 Cr. ₹5,535.48 Cr. ₹6,065.48 Cr. ₹7,286.88 Cr. ₹6,181.53 Cr. ₹7,268.48 Cr. ₹7,856.03 Cr. ₹10,343.42 Cr. ₹10,274.94 Cr. ₹10,588.93 Cr. RevenueFromOperations
Net Profit ₹137.60 Cr. incl. minority ₹137.49 Cr. ₹177.76 Cr. incl. minority ₹177.56 Cr. ₹130.61 Cr. incl. minority ₹130.33 Cr. ₹218.82 Cr. incl. minority ₹218.68 Cr. ₹187.60 Cr. ₹264.08 Cr. ₹260.51 Cr. ₹416.30 Cr. ₹409.50 Cr. ₹348.67 Cr. ProfitOrLossAttributableToOwnersOfParent
Basis

Primary figures are Revenue from Operations and Net Profit attributable to shareholders — the basis the ratios use. Where they differ, the companion Gross revenue (incl. inter-segment) and incl. minority net profit (the totals a news headline usually quotes) are shown beneath, each traceable to its own XBRL element. Quarters shown are however many are actually stored (up to 10).

Ownership

Shareholding pattern

Latest filing Jun 2026 · 12 filings on file

Promoter & Promoter Group
62.86%
Public
37.14%
Employee Trusts
0.00%
Promoter % Public %
Metric Sep 2023 Dec 2023 Mar 2024 Jun 2024 Sep 2024 Dec 2024 Mar 2025 Jun 2025 Sep 2025 Dec 2025 Mar 2026 Jun 2026
Promoter & Promoter Group 60.55% 60.55% 60.63% 60.59% 62.90% 62.85% 62.85% 62.82% 62.78% 62.76% 62.87% 62.86%
Public 39.45% 39.45% 39.37% 39.41% 37.10% 37.15% 37.15% 37.18% 37.22% 37.24% 37.13% 37.14%
Employee Trusts 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Source

Promoter vs. public shareholding, from NSE's own quarterly shareholding-pattern filings. This is the headline promoter/public split only — a further breakdown by FII/DII/mutual fund holders requires each filing's own detailed disclosure and isn't shown here.

Trading activity

Delivery volume

20 trading days shown

Latest (2026-09-22) 16.0%
Trailing 20-day average 27.5%
Date Traded Qty Delivery Qty Delivery %
2026-09-22 3440026 549902 15.99%
2026-09-21 4439649 1644465 37.04%
2026-09-18 5379085 2474978 46.01%
2026-09-17 5395166 1392583 25.81%
2026-09-16 7484433 1833188 24.49%
2026-09-15 8522494 3017362 35.40%
2026-09-11 6340796 1562715 26.72%
2026-09-10 6066311 1424909 23.49%
2026-09-09 7297816 2215376 30.36%
2026-09-08 10713234 2252933 21.03%
2026-09-07 3808474 978905 25.70%
2026-09-04 9662044 1998449 20.68%
2026-09-03 7595621 1762151 23.20%
2026-09-02 21212135 6679199 31.49%
2026-09-01 13219538 3198484 24.20%
2026-08-31 4778980 1566908 32.79%
2026-08-28 7914847 1548393 19.56%
2026-08-27 14631430 3462338 23.66%
2026-08-26 4184633 1689415 40.37%
2026-08-25 11752343 2511665 21.37%
Source

Delivery quantity/percentage from the NSE bhavcopy (DELIV_QTY/DELIV_PER) — the share of that day's traded volume that actually settled into a demat account, rather than being squared off intraday. A higher delivery percentage is commonly read as genuine accumulation/distribution rather than speculative same-day trading; this describes recent trading PATTERN, not the company itself, and is not a recommendation to buy or sell. A blank cell is a day NSE itself published no figure for, never a zero.

Insider trading activity

20 disclosures shown

Disclosed Person Category Type Mode Quantity Value (₹) Resulting stake Source
13 Feb 2026 TS Kalyanaraman Director Buy Market Purchase 233000 100556975 22.35% XBRL
13 Feb 2026 TS Kalyanaraman Director Buy Market Purchase 231500 99643388 22.33% XBRL
11 Feb 2026 TS Kalyanaraman Director Buy Market Purchase 230000 99504775 22.31% XBRL
11 Feb 2026 TS Kalyanaraman Director Buy Market Purchase 219760 94824242 22.28% XBRL
05 Mar 2025 T K Seetharam Promoters Pledge Revokation of Pledge 3300000 1453980000 18.04% XBRL
05 Mar 2025 T K Ramesh Promoters Pledge Revokation of Pledge 3300000 1453980000 18.04% XBRL
05 Mar 2025 T K Ramesh Promoters Pledge Pledge Creation 3300000 1514370000 18.04% XBRL
05 Mar 2025 T K Seetharam Promoters Pledge Pledge Creation 3300000 1514370000 18.04% XBRL
04 Feb 2025 T K Seetharam Director Pledge Revokation of Pledge 6097561 3071951232 18.05% XBRL
04 Feb 2025 T K Seetharam Director Pledge Pledge Creation 6097561 3071951232 18.05% XBRL
20 Jan 2025 T K Ramesh Promoters Pledge Pledge Creation 17029582 8540335373 18.04% XBRL
20 Jan 2025 T K Seetharam Promoters Pledge Pledge Creation 19088119 9572691678 18.04% XBRL
27 Sep 2024 TS Kalyanaraman Promoters Buy Gift 13397974 9592949384 22.30% XBRL
27 Sep 2024 TS Kalyanaraman Promoters Sell Gift 13397974 9592949384 22.30% XBRL
27 Sep 2024 TK Radhika Promoter Group Sell Gift 13397974 9592949384 0.72% XBRL
27 Sep 2024 KJG Consultig Private Limited Promoter Group Buy Off Market 24299066 13000000000 2.36% XBRL
27 Sep 2024 T K Seetharam Promoters Pledge Pledge Creation 63054591 48678144252 18.05% XBRL
27 Sep 2024 T K Ramesh Promoters Pledge Pledge Creation 56054591 43274144252 18.05% XBRL
30 May 2024 GEETHALAKSHMI T S Promoter Group Sell Market Sale 50500 20000000 0.01% XBRL
16 May 2024 THRIKKUR SEETHARAMA IYER ANANTHARAMAN Promoter Group Sell Market Sale 25000 10000000 0.02% XBRL
About these disclosures

SEBI PIT (Prohibition of Insider Trading) Regulation 7 disclosures — designated persons (promoters, directors, KMPs, and their immediate relatives) reporting their own dealing in the company's securities, as NSE publishes them. Distinct from the SAST (Regulation 29 substantial-acquisition) filings on the market-wide SAST activity page. Public record only — this is descriptive disclosure data, not a signal, and is not a recommendation to buy or sell.

Filings & evidence

Source documents

FY2025-26 · Annual filing

The raw filing line items behind the figures on this page, and NSE's own filing document where NSE publishes one.

Source document — income statement (FY2025-26, raw filing line items)
Line itemFiled value
ProfitOrLossAttributableToOwnersOfParent13503950000.0
PaidUpValueOfEquityShareCapital ÷ FaceValueOfEquityShareCapital1032740000.0
Source document — balance sheet (FY2025-26, raw filing line items)
Line itemFiled value
CurrentAssets163307290000.0
CurrentLiabilities125677330000.0
EquityAttributableToOwnersOfParent63087130000.0
BorrowingsCurrent + BorrowingsNoncurrent5236540000.0
Research notes

My notes