Kalyan Jewellers India Ltd. (KALYANKJIL) AI Stock Analysis

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Kalyan Jewellers India Ltd.

(NSE:KALYANKJIL)

Select Model

Rating:56Neutral

Price Target:INR 530.00▲(6.21% Upside)

Action:reiterated

Date:10/30/26

The score is held back primarily by the sharp FY2026 cash-flow reversal (negative operating and free cash flow) and continued margin pressure, despite strong multi-year growth and improved profitability/leverage. Technically, the stock shows weak momentum and trades below key moving averages, and valuation is relatively rich (P/E 36.69) with a low dividend yield (~0.49%).

Positive Factors

Strong Revenue GrowthSustained revenue expansion indicates growing scale and customer demand across the jewellery retail business. A larger revenue base can support broader showroom economics, strengthen brand reach, and provide operating leverage if the company maintains disciplined execution and product mix.

Negative Factors

Negative Operating Cash FlowThe sharp cash-flow reversal creates a meaningful risk because reported earnings are not currently converting into cash. If the working-capital or inventory absorption described in the pack persists, it could constrain reinvestment, debt reduction, and the company’s ability to fund growth internally.

Kalyan Jewellers India Ltd. (KALYANKJIL) vs. iShares MSCI India ETF (INDA)

Market Cap: INR 522.62B
Dividend Yield: 0.50%
Average Volume (3M): 618.22K
Price to Earnings (P/E): 35.8
Beta (1Y): 1.67
Revenue Growth: 45.75%
EPS Growth: 78.91%
Country: India
Employees: 14,668
Sector: General
Sector Strength: 55
Industry: Luxury Goods

Kalyan Jewellers India Ltd. Business Overview & Revenue Model

Company Description

Kalyan Jewellers India Limited, together with its subsidiaries, engages in the manufacture and retail of various gold and precious stone studded jewelry products. It offers gold, diamond, silver, platinum, gemstone, and white and rose gold jewelries,...

How the Company Makes Money

Kalyan Jewellers primarily makes money by selling jewellery and related products through its network of company-operated and franchise showrooms (where applicable) and associated sales channels. The main revenue stream is the retail sale of gold jewe...

Kalyan Jewellers India Ltd. Financial Statement Overview

Summary

Strong revenue growth and improved profitability (FY2026 net income 13.5B vs loss in FY2021) are positives, and leverage has improved (debt-to-equity down to ~0.97x). However, FY2026 cash flow deterioration is a major concern (operating cash flow -1.6B; free cash flow -5.7B) alongside margin compression (gross margin down to ~9.3%).

Income Statement

78Positive

Balance Sheet

67Positive

Cash Flow

45Neutral

Financial statement breakdown
Breakdown	TTM	Mar 2026	Mar 2025	Mar 2024	Mar 2023	Mar 2022
Income Statement
Total Revenue	390.63B	357.43B	249.46B	184.73B	140.25B	107.81B
Gross Profit	45.81B	33.41B	31.85B	26.38B	21.53B	16.55B
EBITDA	27.92B	26.58B	16.45B	13.70B	11.03B	8.34B
Net Income	14.35B	13.50B	7.15B	5.97B	4.33B	2.24B
Balance Sheet
Total Assets	0	207.17B	151.26B	128.18B	107.13B	89.45B
Cash, Cash Equivalents and Short-Term Investments	8.61B	8.61B	12.01B	1.78B	1.41B	1.49B
Total Debt	0	61.17B	49.59B	44.86B	42.95B	40.29B
Total Liabilities	-63.09B	144.08B	103.22B	86.30B	70.78B	58.07B
Stockholders Equity	63.09B	63.09B	48.04B	41.89B	36.35B	31.37B
Cash Flow
Free Cash Flow	5.17B	-5.68B	7.45B	9.50B	8.26B	1.73B
Operating Cash Flow	7.41B	-1.62B	12.09B	13.22B	10.13B	2.64B
Investing Cash Flow	856.35M	-1.52B	-1.77B	-1.37B	-3.84B	635.74M
Financing Cash Flow	-8.30B	2.50B	-8.40B	-11.48B	-6.38B	-5.44B

Kalyan Jewellers India Ltd. Technical Analysis

Technical Analysis SentimentNegative

Last Price499.00

Price Trends

50DMA570.99Negative

100DMA530.55Negative

200DMA464.92Positive

Market Momentum

MACD-18.23Positive

RSI32.81Neutral

STOCH21.03Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IN:KALYANKJIL, the sentiment is Negative. The current price of 499.00 is below the 20-day moving average (MA) of 540.39, below the 50-day MA of 570.99, and above the 200-day MA of 464.92, indicating a neutral trend. The MACD of -18.23 indicates Positive momentum. The RSI at 32.81 is Neutral, neither overbought nor oversold. The STOCH value of 21.03 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for IN:KALYANKJIL.

Kalyan Jewellers India Ltd. Peers Comparison

Overall Rating

UnderperformOutperform

Sector (55)

Financial Indicators

IN:KALYANKJIL against its peers
Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
IN:PCJEWELLER	75Outperform	INR 150.96B	15.03	―	―	29.27%	3.00%
IN:TBZ	73Outperform	INR 40.87B	18.98	―	0.41%	24.14%	110.35%
IN:THANGAMAYL	71Outperform	INR 138.51B	35.41	―	0.40%	83.21%	252.74%
IN:TITAN	69Neutral	INR 3.95T	68.23	―	0.34%	45.05%	55.13%
IN:KALYANKJIL	56Neutral	INR 515.34B	35.83	―	0.50%	45.75%	78.91%
Sector *	55Neutral	$6.65B	3.83	-15.92%	6.20%	10.91%	7.18%
IN:PNGJL	53Neutral	INR 82.77B	15.65	―	―	50.66%	63.28%

* General Sector Average

Performance Comparison

IN:KALYANKJIL and its peers over the selected period
Ticker	Company Name	Price	Change	% Change
IN:KALYANKJIL	Kalyan Jewellers India Ltd.	499.00	-14.51	-2.82%
IN:PCJEWELLER	PC Jeweller Ltd.	15.48	3.90	33.68%
IN:PNGJL	P N Gadgil Jewellers Limited	562.30	-97.00	-14.71%
IN:TBZ	Tribhovandas Bhimji Zaveri Limited	612.50	431.94	239.22%
IN:THANGAMAYL	Thangamayil Jewellery Ltd.	4456.20	1860.16	71.65%
IN:TITAN	Titan Company Limited	4448.00	732.39	19.71%

Kalyan Jewellers India Ltd. Corporate Events

Kalyan Jewellers Reschedules Q2 FY27 Earnings Call to November 11

Oct 26, 2026

Kalyan Jewellers India Ltd. has revised the schedule for its earnings conference call to discuss financial and operational performance for the quarter ended September 30, 2026. The call, which will cover Q2 FY27 results, is now rescheduled to Wednesd...

Kalyan Jewellers’ 18th AGM Clears All Resolutions Via E-Voting

Sep 19, 2026

Kalyan Jewellers India Ltd. has reported that its 18th Annual General Meeting was held on September 19, 2026 via video conferencing, reflecting continued use of digital platforms for shareholder engagement. The meeting recorded attendance from both p...

Glossary

BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.

HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.

SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.

Disclaimer

This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.

Date of analysis: Oct 30, 2026

Kalyan Jewellers India Ltd. AI Stock Analysis

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