In a land where conversations about gold are as common as cups of chai, Kalyan Jewellers stands as a prominent figure in India’s love affair with this precious metal. In a country where gold isn’t just a shiny metal but also a trusted way to save for life’s unforeseen twists – a bit like our “Plan B” – Kalyan Jewellers has earned its place as a reliable custodian of our golden dreams. With a hint of Indian humor, we often say, “When life hands you lemons, swap them for gold!” Kalyan Jewellers, known for its timeless craftsmanship and an extensive range of exquisite designs, makes this transition not only possible but also delightful.
So, let’s try and understand Kalyan Jewellers’ growth trajectory and understand if it is a good investment option.
About Kalyan Jewellers India
Kalyan Jewellers, established by Mr. T.S. Kalyanaraman, stands as a prominent player in India’s jewelry landscape, capturing a noteworthy 6% share in the organized jewelry market as of FY20. The brand presents a diverse collection to cater to varied customer preferences, spanning wedding jewelry, mid to high-end pieces, and budget-conscious regional jewelry.
Their lineup includes renowned brands like Nimah, Tejasvi, and Ziah, addressing every occasion. In terms of revenue composition, gold products make up 76%, studded products 22%, and other products 2%.
Beyond India, Kalyan Jewellers has expanded its reach, with a presence in five Middle Eastern countries through 33 showrooms. They employ a customer-focused approach with “My Kalyan” centers spanning approximately 990 locations across 21 Indian states and union territories.
It competes with notable peers such as Tanishq, Malabar Gold & Diamonds, and PC Jeweller, offering customers a diverse array of choices in the world of fine jewelry.
Kalyan Jewellers not only sources gold externally but also operates in-house manufacturing facilities in Sharjah and Oman. The company is committed to expansion, particularly in non-south markets, with a strategic goal of achieving a 50% market share by FY24 or FY25.
Kalyan Jewellers Q4 FY24 Results: Net Profit Doubles to ₹1,374.93 Crore, Revenue Surges by 34%
- Net Profit: The company reported a consolidated net profit of ₹1,374.93 crore for Q4 FY24, nearly doubling from ₹697.99 crore in the same quarter of the previous fiscal year.
- Total Revenue: Total revenue for the quarter reached ₹45,349.30 crore, representing a 34% increase from ₹33,818.20 crore in Q4 FY23.
- Middle East Operations: Revenue from operations in the Middle East amounted to ₹624 crore, a 14% rise from ₹549 crore in the same period last year. The profit after tax (PAT) in this region was ₹9.9 crore, up 76% from ₹5.6 crore in the corresponding quarter of the previous year. The Middle East contributed 14% to the company’s total consolidated revenue.
- Digital Platform – Candere: Kalyan Jewellers’ digital platform, Candere, generated revenue of ₹36 crore, up from ₹32 crore in Q4 FY23. The platform reported a reduced loss of ₹70 lakh, compared to a loss of ₹1.9 crore in the same quarter last year.
- Dividend Proposal: The board of directors has proposed a final dividend of ₹1.2 per equity share for the fiscal year ending March 31, 2024. This dividend amounts to over ₹120 crore, which is more than 20% of the net profit earned during FY24.
| Mar 2023 | Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | |
| Promoters + | 60.55% | 60.55% | 60.55% | 60.55% | 60.63% |
| FIIs + | 29.65% | 27.09% | 26.56% | 26.21% | 21.10% |
| DIIs + | 2.63% | 5.17% | 4.86% | 5.48% | 11.00% |
| Public + | 7.17% | 7.20% | 8.03% | 7.75% | 7.26% |
| No. of Shareholders | 2,24,401 | 2,53,152 | 3,55,696 | 3,71,648 | 3,70,812 |
Promoters: The promoters consistently held a majority stake in Kalyan Jewellers, maintaining 60.55% of the shares from March 2023 to December 2023. By March 2024, their stake slightly increased to 60.63%, underscoring their continued strong control and confidence in the company’s future.
Foreign Institutional Investors (FIIs): FIIs showed a notable decline in their shareholding over the period. Starting at 29.65% in March 2023, their stake reduced progressively to 21.10% by March 2024. This decrease could indicate a shift in foreign investment strategies or market sentiments.
Domestic Institutional Investors (DIIs): DIIs demonstrated increased interest in Kalyan Jewellers, with their shareholding rising significantly from 2.63% in March 2023 to 11.00% in March 2024. This trend highlights growing domestic institutional confidence in the company’s performance and prospects.
Public Shareholding: The public’s shareholding remained relatively stable, fluctuating slightly from 7.17% in March 2023 to 7.26% in March 2024. The highest public holding was 8.03% in September 2023, indicating consistent participation from retail investors.
Number of Shareholders: The total number of shareholders saw a substantial increase over the period. From 2,24,401 in March 2023, the number peaked at 3,71,648 in December 2023 before slightly declining to 3,70,812 in March 2024. This growth reflects a rising interest in Kalyan Jewellers among investors.
Recommended by Financesrule
| When | Maximum Price | Minimum Price |
| June 2024 | 461.60 | 401.39 |
| July 2024 | 456.99 | 397.38 |
| August 2024 | 475.27 | 413.28 |
| September 2024 | 494.28 | 429.81 |
| October 2024 | 484.59 | 421.38 |
| November 2024 | 503.97 | 438.23 |
| December 2024 | 509.01 | 442.62 |
In 2024, Kalyan Jewellers’ stock prices are expected to show significant fluctuations throughout the year. Starting in June, the maximum price of Kalyan Jewellers is projected to reach ₹461.60, while the minimum price will be around ₹401.39. By December, the stock is anticipated to further increase, with the maximum price reaching ₹509.01 and the minimum price climbing to ₹442.62.
| When | Maximum Price | Minimum Price |
| January 2025 | 514.10 | 395.46 |
| February 2025 | 519.29 | 399.46 |
| March 2025 | 530.20 | 407.84 |
| April 2025 | 524.95 | 403.81 |
| May 2025 | 509.66 | 392.05 |
| June 2025 | 532.59 | 409.69 |
| July 2025 | 522.15 | 401.65 |
| August 2025 | 538.30 | 414.08 |
| September 2025 | 544.76 | 419.05 |
| October 2025 | 558.92 | 429.94 |
| November 2025 | 572.90 | 440.69 |
| December 2025 | 598.68 | 460.52 |
As we step into 2025, Kalyan Jewellers’ stock prices are anticipated to exhibit considerable variations throughout the year. In January, the maximum price of Kalyan Jewellers is expected to reach ₹514.10, with a minimum price of ₹395.46. As we move forward, by June, the stock is projected to achieve a maximum price of ₹532.59 and a minimum price of ₹409.69. By December, Kalyan Jewellers’ stock is anticipated to peak at a maximum price of ₹598.68, while the minimum price is expected to rise to ₹460.52.
| When | Maximum Price | Minimum Price |
| January 2026 | 587.79 | 452.14 |
| February 2026 | 602.86 | 463.74 |
| March 2026 | 626.37 | 481.82 |
| April 2026 | 614.09 | 472.38 |
| May 2026 | 596.20 | 458.62 |
| June 2026 | 623.03 | 479.26 |
| July 2026 | 610.82 | 469.86 |
| August 2026 | 629.71 | 484.39 |
| September 2026 | 651.75 | 501.34 |
| October 2026 | 668.69 | 514.38 |
| November 2026 | 685.41 | 527.24 |
| December 2026 | 702.55 | 540.42 |
Anticipated to continue its positive trajectory, Kalyan Jewellers’ share prices in 2026 are forecasted to rise steadily. Starting at a maximum of ₹587.79 in January, the prices are expected to peak at ₹702.55 by December, with fluctuations ranging from ₹452.14 to ₹540.42. This outlook suggests a promising investment potential, showcasing the company’s growth prospects throughout the year.
| When | Maximum Price | Minimum Price |
| January 2027 | 716.60 | 551.23 |
| February 2027 | 734.97 | 565.36 |
| March 2027 | 763.63 | 587.41 |
| April 2027 | 748.66 | 575.89 |
| May 2027 | 726.86 | 559.12 |
| June 2027 | 759.56 | 584.28 |
| July 2027 | 744.67 | 572.82 |
| August 2027 | 767.70 | 590.54 |
| September 2027 | 794.57 | 611.21 |
| October 2027 | 815.23 | 627.10 |
| November 2027 | 835.61 | 642.78 |
| December 2027 | 856.50 | 658.85 |
| When | Maximum Price | Minimum Price |
| January 2028 | 873.63 | 672.02 |
| February 2028 | 896.03 | 689.26 |
| March 2028 | 930.98 | 716.14 |
| April 2028 | 912.72 | 702.09 |
| May 2028 | 886.14 | 681.64 |
| June 2028 | 926.01 | 712.32 |
| July 2028 | 907.86 | 698.35 |
| August 2028 | 935.94 | 719.95 |
| September 2028 | 968.69 | 745.15 |
| October 2028 | 993.88 | 764.52 |
| November 2028 | 1,018.73 | 783.64 |
| December 2028 | 1,044.19 | 803.23 |
| When | Maximum Price | Minimum Price |
| January 2029 | 1,065.08 | 819.29 |
| February 2029 | 1,092.39 | 840.30 |
| March 2029 | 1,134.99 | 873.07 |
| April 2029 | 1,112.74 | 855.95 |
| May 2029 | 1,080.33 | 831.02 |
| June 2029 | 1,128.94 | 868.42 |
| July 2029 | 1,106.80 | 851.39 |
| August 2029 | 1,141.04 | 877.72 |
| September 2029 | 1,180.97 | 908.44 |
| October 2029 | 1,211.68 | 932.06 |
| November 2029 | 1,241.97 | 955.36 |
| December 2029 | 1,273.02 | 979.25 |
| When | Maximum Price | Minimum Price |
| January 2030 | 1,298.48 | 998.83 |
| February 2030 | 1,331.77 | 1,024.44 |
| March 2030 | 1,383.71 | 1,064.39 |
| April 2030 | 1,356.58 | 1,043.52 |
| May 2030 | 1,317.07 | 1,013.13 |
| June 2030 | 1,376.34 | 1,058.72 |
| July 2030 | 1,349.35 | 1,037.96 |
| August 2030 | 1,391.08 | 1,070.06 |
| September 2030 | 1,439.77 | 1,107.52 |
| October 2030 | 1,477.20 | 1,136.31 |
| November 2030 | 1,514.13 | 1,164.72 |
| December 2030 | 1,551.99 | 1,193.84 |
As we step into 2030, Kalyan Jewellers’ stock prices are projected to show significant fluctuations throughout the year. In January, the maximum price of Kalyan Jewellers is expected to reach ₹1,298.48, with a minimum price of ₹998.83. Moving forward, by June, the stock is anticipated to achieve a maximum price of ₹1,376.34 and a minimum price of ₹1,058.72. By December, Kalyan Jewellers’ stock is projected to peak at a maximum price of ₹1,551.99, while the minimum price is expected to rise to ₹1,193.84.
Kalyan Jewellers India Financial Condition: Last 5 Years
| Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | |
| Sales + | 10,101 | 8,573 | 10,818 | 14,071 | 18,548 |
| Expenses + | 9,302 | 7,949 | 9,965 | 12,906 | 17,236 |
| Operating Profit | 799 | 624 | 853 | 1,165 | 1,313 |
| OPM % | 8% | 7% | 8% | 8% | 7% |
| Other Income + | 80 | 45 | 38 | 5 | 74 |
| Interest | 419 | 405 | 360 | 353 | 323 |
| Depreciation | 239 | 225 | 232 | 245 | 274 |
| Profit before tax | 221 | 39 | 299 | 572 | 789 |
| Tax % | 36% | 115% | 25% | 24% | 24% |
| Net Profit + | 142 | -6 | 224 | 432 | 596 |
| EPS in Rs | 1.7 | -0.06 | 2.18 | 4.2 | 5.8 |
| Dividend Payout % | 0% | 0% | 0% | 12% | 21% |
Sales Growth: Kalyan Jewellers demonstrated robust growth in sales over the five-year period. Sales increased from Rs 10,101 crore in March 2020 to Rs 18,548 crore in March 2024, marking a significant upward trajectory. The most notable jump occurred between March 2022 and March 2023, with sales rising from Rs 10,818 crore to Rs 14,071 crore.
Expenses: Expenses followed a similar upward trend, rising from Rs 9,302 crore in March 2020 to Rs 17,236 crore in March 2024. Despite the increase in expenses, the company managed to maintain its profitability due to higher revenue growth.
Operating Profit: Operating profit saw a consistent increase from Rs 799 crore in March 2020 to Rs 1,313 crore in March 2024. However, the Operating Profit Margin (OPM) fluctuated slightly, peaking at 8% in most years except for a dip to 7% in March 2021 and March 2024.
Other Income: Other income varied significantly, with Rs 80 crore in March 2020, dipping to Rs 5 crore in March 2023, and then recovering to Rs 74 crore in March 2024. This inconsistency suggests variability in non-core business income sources.
Interest and Depreciation: Interest expenses declined from Rs 419 crore in March 2020 to Rs 323 crore in March 2024, reflecting better debt management or reduced borrowing costs. Depreciation expenses increased from Rs 239 crore to Rs 274 crore over the same period, indicating ongoing investments in assets.
Profit Before Tax (PBT): PBT showed a significant improvement, rising from Rs 221 crore in March 2020 to Rs 789 crore in March 2024. The largest leap was between March 2022 and March 2023, where PBT nearly doubled from Rs 299 crore to Rs 572 crore.
Tax Rate and Net Profit: The tax rate fluctuated, with a high of 115% in March 2021 due to deferred tax adjustments or one-time items, before stabilizing around 24-25% in subsequent years. Net profit saw a remarkable turnaround from a loss of Rs 6 crore in March 2021 to a profit of Rs 596 crore in March 2024, showcasing the company’s recovery and growth.
Earnings Per Share (EPS) and Dividend Payout: EPS increased from Rs 1.7 in March 2020 to Rs 5.8 in March 2024, reflecting enhanced profitability. The dividend payout ratio rose from 0% in the initial years to 21% in March 2024, indicating a commitment to returning value to shareholders.
FAQs
What Is the Market Cap of the Kalyan Jewellers?
Kalyan Jewellers has a market capitalization of ₹46,687crore, highlighting its substantial position in the jewelry industry.
It’s projected that the share price could range from ₹392.05 (minimum) to ₹598.68 (maximum) by December 2025.
What Is Kalyan Jewellers’ PE Ratio?
The P/E ratio is 78.3.
Also read:
Should One Invest In Kalyan Jewellers?
In conclusion, Kalyan Jewellers’ Q4 FY24 results showcase exceptional financial growth and strategic success. The company nearly doubled its consolidated net profit to ₹1,374.93 crore, with total revenue increasing by 34% to ₹45,349.30 crore. Significant contributions from Middle East operations and the digital platform Candere highlight Kalyan Jewellers’ diversified growth. The proposed final dividend of ₹1.2 per equity share, totaling over ₹120 crore, further underscores its strong financial health and commitment to shareholder value. These impressive results reinforce Kalyan Jewellers as a compelling investment option, marked by consistent profitability, strategic expansion, and robust market presence.
What did we learn?
- 1 About Kalyan Jewellers India
- 2 Kalyan Jewellers Q4 FY24 Results: Net Profit Doubles to ₹1,374.93 Crore, Revenue Surges by 34%
- 3 SHAREHOLDING PATTERNS
- 4 How to purchase Kalyan Jewellers shares?
- 5 Kalyan Jewellers Share Price Target 2024 To 2030
- 5.1 Kalyan Jewellers Share Price Target 2024
- 5.2 Kalyan Jewellers Share Price Target 2025
- 5.3 Kalyan Jewellers Share Price Target 2026
- 5.4 Kalyan Jewellers Share Price Target 2027
- 5.5 Kalyan Jewellers Share Price Target 2028
- 5.6 Kalyan Jewellers Share Price Target 2029
- 5.7 Kalyan Jewellers Share Price Target 2030
- 6 Kalyan Jewellers India Financial Condition: Last 5 Years
- 7 FAQs
- 8 Should One Invest In Kalyan Jewellers?
