Kalyan Jewellers India Limited (KALYANKJIL) fair value: what the stock is really worth
As of Sep 23, 2026: fair value of Kalyan Jewellers India Limited ₹185, price ₹584, upside -68.4%, quality 49 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.
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Price vs Fair Value
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Sep 24, 2026.
How to read this chart
60‑month range ₹55.40 – ₹785.60 · fair‑value band ₹97.69 – ₹337.45 · the ₹584.25 price screens above the ₹184.73 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Sep 24, 2026.
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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, including wedding, staple regional, aspirational, studded, and other jewelries.
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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, including wedding, staple regional, aspirational, studded, and other jewelries. The company also provides chains, necklaces, bangles, bracelets, nose studs, choker, jewelry, and moti sets, daily wear, vaddanam, rings, earrings, pendants, anklets, pearls, studs, jhumka, lockets, harams, kadas, payals, and second studs. It offers its products under MUDHRA, NIMAH, ANOKHI, RANG, TEJASVI, ZIAH, LAYA, GLO, CANDERE, VEDHA, APOORVA, HERA, and MUHURAT brand names. In addition, the company operates showrooms in India and the Middle East, as well as My Kalyan Grassroots stores. Further, it sells its products through an online platform, candere.com. Kalyan Jewellers India Limited was founded in 1993 and is headquartered in Thrissur, India.
Stock analysis
Kalyan Jewellers India Limited (KALYANKJIL) currently trades at ₹584.25, while our model-based Fair Value estimate is ₹184.73, implying the stock looks roughly 216.3% overvalued today.
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Valuation
Bull case: the DCF Models group reads highest at a median of ₹551.78 per share, and 1 of the 17 models we run sit above the ₹584.25 price.
Bear case: the Dividend Discount group reads lowest at ₹22.33, and 16 of the 17 models stay below the price. Evidence for this calculation is high.
Scenario range: ₹97.69 (bear) to ₹337.45 (bull), the price of ₹584.25 sits above it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.
Quality & growth
The Quality Score stands at 49/100 (below-average quality), in the Consumer Cyclical sector.
Expensive Growth: The company is growing, but growth may require heavy reinvestment or weak cash conversion.
Kalyan Jewellers India Limited reported revenue of ₹357B in FY2026 versus ₹108B in FY2022, a compound +34.9%/yr. Reported net income was ₹13.5B in FY2026, compounding +56.7%/yr from FY2022.
Key figures
Market cap ₹605B (≈ $6.3B) · P/E ratio 44.8 · P/S ratio 1.69 · EPS (TTM) ₹13.04 · Dividend yield 0.4% · Net margin 3.8% · Return on equity 24.3% · Return on assets (EBIT) 8.4%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 48 out of 100 (low confidence).
What moves the price
The share trades about 8% below its 52-week high and 77% above its 52-week low, currently above its 200-day average.
For context, the median of 10 Consumer Cyclical peers we cover trades at 9% fair-value upside, at −68%, KALYANKJIL screens richer than that median.
Fair Value models
Bear ₹97.69Fair Value ₹184.73Bull ₹337.45
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above is their evidence-weighted blend, not the output of a single model. Based on fiscal year 2026 figures (about 6 months old). Earnings retained since then (₹5.11 per share) are deliberately not added.Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target.Evidence ⓘEvidence = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card.62/100
The company is growing, but growth may require heavy reinvestment or weak cash conversion.
Revenue growth 1 year
+43.3%
Revenue growth 3 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+36.6%
Revenue growth 5 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+33.1%
Start year 2021 (pandemic)
Revenue growth 8 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+16.6%
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What shareholders gained per year (last 5 years), in INR (mathematically smoothed) ⓘWhat the business itself delivers per year: earnings growth per share plus the dividend yield. This is what you get IF the market keeps valuing the stock the same way: it contains no assumption about the market changing its mind. Computed per share, so buybacks count and a merger does not pass as growth. For a company that pays no dividend it is pure earnings growth per share. Period: earnings growth per share as CAGR over the last 5 reported fiscal years (annual statements), plus the current dividend yield. The start value is the median of the three years around the start, so a single crisis year (a pandemic or a write-down) does not distort the rate. Smoothed = median of all growth paths between the years of the window (trend line on the logarithm of earnings per share): a single extreme year cannot distort the rate. The reported figure stays in the tooltip. Measured in INR: this currency has depreciated against the euro and dollar over the long run, so part of the nominal rate is currency erosion that never reaches a EUR/USD investor.
+49.0%
Earnings growth per share plus dividend.
Earnings per share, growth per year+48.6%
Dividend (yield on the price)0.4%
Profit margin 2021 to 2026 ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.6% → 6%
2026 sits 125% above its own trend. The rate follows the median trend of the last 5 years, not that single year.
Compare Kalyan Jewellers India Limited with another stock
Price, fair value, quality and upside side by side.
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Peer GroupⓘHow this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.Luxury Goods · 134 stocks
Beats the industry median on 3/12 measures
Overall it trails its industry peers.
Valuation
Quality Score49 · Below median
Fair Value upside−68% · Bottom 25%
Profitability
Return on equity (TTM)24% · Top 25%
Return on assets7% · Above median
Net margin (TTM)4% · Below median
Operating margin (TTM)6% · Below median
Growth and dividend
Revenue growth67% · Top 25%
Dividend yield (TTM)0.4% · Bottom 25%
Valuation Multiplesvs Luxury Goods median · lower = cheaper
P/E (TTM)44.8× · Priciest 25%
P/B9.58× · Priciest 25%
P/S (TTM)1.69× · Pricier than median
EV/EBITDA26.4× · Priciest 25%
Strength profile in five axes (Snowflake)
This stockSector peers
VALUE (fair-value potential)0· sector 15
FUTURE (revenue growth)100· sector 49
PAST (return on equity)97· sector 40
HEALTH (low debt)100· sector 99
DIVIDEND (yield)9· sector 50
VALUE 0: the price sits above our fair-value range.
For bloggers, editors and developers: paste this into your site or blog (a “Custom HTML” block in WordPress), it shows the current fair value and links back here. Free, plain HTML, and welcome. Full data streams (CSV/JSON) at /developers.
Cite: Fair Value Calculator (2026). "Kalyan Jewellers India Limited Fair Value". https://www.fairvalue-calculator.com/stock/KALYANKJIL
Frequently asked questions
Is Kalyan Jewellers India Limited (KALYANKJIL) overvalued or undervalued?
As of Sep 24, 2026, our model estimates a fair value of ₹184.73 versus a price of ₹584.25, about −68% upside (overvalued).
What is the fair value of KALYANKJIL?
Our model-based fair value for Kalyan Jewellers India Limited is ₹184.73 (as of Sep 24, 2026), built from audited fundamentals. The current price: ₹584.25.
What is the quality score of KALYANKJIL?
Kalyan Jewellers India Limited has a Quality Score of 49/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for Kalyan Jewellers India Limited (KALYANKJIL)?
Our model-based price target is the fair value of ₹184.73 (as of Sep 24, 2026) from 17 valuation models. Cautious scenario ₹97.69, optimistic scenario ₹337.45. It is a calculation from audited fundamentals, not an analyst target.
What is the Kalyan Jewellers India Limited stock forecast for 2026?
Our models put fair value at ₹184.73, about −68% upside versus a price of ₹584.25 (overvalued). Cautious scenario ₹97.69, optimistic scenario ₹337.45. The calculation is refreshed regularly with new filings.
What is the revenue of Kalyan Jewellers India Limited (KALYANKJIL)?
Kalyan Jewellers India Limited reported trailing-twelve-month revenue of about ₹357B (latest available figure, as of Sep 24, 2026).
Does Kalyan Jewellers India Limited pay a dividend?
Kalyan Jewellers India Limited currently shows a dividend yield of about 0.43% relative to its recent price (as of Sep 24, 2026).
What is the intrinsic value of Kalyan Jewellers India Limited (KALYANKJIL)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Kalyan Jewellers India Limited it is ₹184.73 per share (as of Sep 24, 2026), against a price of ₹584.25. It is the blended result of 17 valuation models (cash flow, earnings, asset, dividend).
Is Kalyan Jewellers India Limited stock overvalued or undervalued in 2026?
As of Sep 24, 2026, KALYANKJIL trades above its calculated fair value: price ₹584.25, fair value ₹184.73, a gap of about −68% (overvalued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of KALYANKJIL?
No. The price is what the market pays today (₹584.25); the fair value is what the company's own numbers justify (₹184.73). For Kalyan Jewellers India Limited the two are ₹399.52 per share apart. That gap is exactly why we show both numbers side by side.
How much is Kalyan Jewellers India Limited worth?
The market values Kalyan Jewellers India Limited at about ₹605B (market capitalisation, as of Sep 24, 2026). Per share that is ₹584.25; our models calculate a fair value of ₹184.73 per share.
What do the bullish and bearish scenarios say about KALYANKJIL?
Our models span a range for Kalyan Jewellers India Limited: cautious scenario ₹97.69, base ₹184.73, optimistic ₹337.45 per share (as of Sep 24, 2026, price ₹584.25). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of KALYANKJIL?
Kalyan Jewellers India Limited trades at a price-to-earnings ratio of 44.8 (as of Sep 24, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of ₹184.73 is built from several models across several years. Other multiples: P/B 9.6, P/S 1.7, EV/EBITDA 26.4.
How solid is the balance sheet of Kalyan Jewellers India Limited (KALYANKJIL)?
Balance-sheet figures for Kalyan Jewellers India Limited (as of Sep 24, 2026): return on equity 24.3%. They feed the Quality Score of 49/100, which measures business quality independently of the share price.
How far is KALYANKJIL from its 52-week high?
Kalyan Jewellers India Limited trades at ₹584.25, about 8% below its 52-week high of ₹634.60 and 77% above the low of ₹330.80 (as of Sep 23, 2026). Distance from the high says nothing about value: that is what the fair value of ₹184.73 is for.
Which stocks are comparable to Kalyan Jewellers India Limited?
From the same area (Consumer Cyclical) we also value Compagnie Financière Richemont SA, Christian Dior SE, Kering SA, Tapestry, Inc, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is Kalyan Jewellers India Limited stock attractive at the current price?
The data as of Sep 24, 2026: price ₹584.25, calculated fair value ₹184.73 (−68%), Quality Score 49/100, from 17 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of KALYANKJIL calculated?
We run Kalyan Jewellers India Limited through 17 models from four families: discounted cash flow, earnings models, asset and balance-sheet models, and dividend models. Every model gets the same audited fundamentals; the result is the weighted average of ₹184.73, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 14.1 % above its aggregate fair value. Kalyan Jewellers India Limited itself currently trades above fair value. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of Kalyan Jewellers India Limited (KALYANKJIL)?
The closing price on Sep 23, 2026 was ₹584.25. Our model-based fair value is ₹184.73, about −68% upside (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Kalyan Jewellers India Limited right now?
The price sits above even our optimistic bull case (₹337.45). The favourable scenario is already priced in. The model range is unusually wide (₹97.69 to ₹337.45). The outcome hinges heavily on assumptions, so read the point estimate with caution. Solid but not exceptional quality (49/100) and above fair value, neither a clear bargain nor a standout compounder.
Key figures of Kalyan Jewellers India Limited
How large is the market capitalisation of Kalyan Jewellers India Limited (KALYANKJIL)?
The market capitalisation of Kalyan Jewellers India Limited is ₹605B (≈ $6.3B). The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of Kalyan Jewellers India Limited (KALYANKJIL)?
The price-to-sales ratio of Kalyan Jewellers India Limited is 1.69 (P/E × margin). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of Kalyan Jewellers India Limited (KALYANKJIL)?
Earnings per share at Kalyan Jewellers India Limited are ₹13.04 (price ÷ EPS = P/E 44.8). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Kalyan Jewellers India Limited (KALYANKJIL)?
The dividend yield of Kalyan Jewellers India Limited is 0.4% (payout 19.2%). Yearly dividend relative to the share price. 3% pays 3 per 100 invested. Below: how much of profit is used for it.
What is the net margin of Kalyan Jewellers India Limited (KALYANKJIL)?
The net margin of Kalyan Jewellers India Limited is 3.8% (fiscal year 2026). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of Kalyan Jewellers India Limited (KALYANKJIL)?
The return on equity (ROE) of Kalyan Jewellers India Limited is 24.3% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of Kalyan Jewellers India Limited (KALYANKJIL)?
On an EBIT basis the return on assets of Kalyan Jewellers India Limited is 8.4% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of Kalyan Jewellers India Limited (KALYANKJIL)?
The operating margin of Kalyan Jewellers India Limited is 6.1% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Kalyan Jewellers India Limited (KALYANKJIL)?
Revenue at Kalyan Jewellers India Limited is growing +66.9% versus a year earlier (3y avg +36.6%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How fast are earnings growing at Kalyan Jewellers India Limited (KALYANKJIL)?
Earnings per share at Kalyan Jewellers India Limited are growing +117% versus a year earlier. How much earnings per share grew versus a year earlier.
How much free cash flow does Kalyan Jewellers India Limited (KALYANKJIL) generate?
The free cash flow of Kalyan Jewellers India Limited is −₹5.7B (fiscal year 2026). The cash truly left after running and investing in the business, this is what pays dividends and buybacks.
How much net debt does Kalyan Jewellers India Limited (KALYANKJIL) carry?
The net debt of Kalyan Jewellers India Limited is ₹52.6B (fiscal year 2026). Debt minus cash on hand. The note shows how many years of free cash flow could in theory pay it off.
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