Kalyan Jewellers India Limited (KALYANKJIL) Fair Value & Analysis
Consumer Cyclical · IN · Market cap ₹564B
Fair value as of: Jul 16, 2026
From 17 valuation models · updated 24 days ago
Fair value updated Jul 16, 2026, revised from ₹244.35 to ₹238.57 (−2.4%) since Jun 24, 2026. Share price +26.1% over the past month.
Below-average quality, and screening another 60% overvalued on our models.
What matters now
- The price sits above even our optimistic bull case (₹417.80). The favourable scenario is already priced in.
- Solid but not exceptional quality (49/100) and above fair value, neither a clear bargain nor a standout compounder.
- A fairly wide model range (₹164.88 to ₹417.80) leaves room in how you read the outcome.
Price vs Fair Value (5 years)
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Jul 16, 2026.
How to read this chart
60‑month range ₹55.40 – ₹785.60 · fair‑value band ₹164.88 – ₹417.80 · the ₹600.25 price screens above the ₹238.57 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Jul 16, 2026.
Analysis
Kalyan Jewellers India Limited (KALYANKJIL) currently trades at ₹600.25, while our model-based Fair Value estimate is ₹238.57, implying the stock looks roughly 60.3% overvalued today. The Quality Score stands at 49/100 (below-average quality), in the Consumer Cyclical sector. Bear case: priced above our estimate, the market already discounts strong expectations. Bull case: above-average quality can justify a premium, the entry price still matters most (evidence: high).
Over the trailing twelve months, Kalyan Jewellers India Limited generated revenue of ₹357B at a net margin of 3.8%. Revenue grew 66.9% year over year. It earns a return on equity of 24.3%. Net debt stands at ₹52.6B. Fundamentals as of Jul 16, 2026
Our scenario range runs from ₹164.88 (bear case) to ₹417.80 (bull case); at ₹600.25, the current price sits above that range. Bear and bull are the same models run on conservative and optimistic assumptions (margins, growth, valuation multiples), so a plausible valuation range, not a price target. The share trades about 3% below its 52-week high and 78% above its 52-week low, currently above its 200-day average. For context, the median of 10 Consumer Cyclical peers we cover trades at -4% fair-value upside, at -60%, KALYANKJIL screens richer than that median.
Fair Value models
Each model estimates fair value its own way; the Fair Value above is the evidence-weighted blend. Evidence (0–100) measures how completely this model’s inputs are available: well-fed models carry more weight in the blend. The spread across models is intentional, each one stresses a different value driver; dividend models, for instance, come out structurally low when payout is small.
All 17 models by family
Widest divergence: DCF Models (₹524.46) versus Dividend Discount (₹25.40). Highest evidence: Residual Income (76).
Key figures & financial health
More key figures
Figures from reported company fundamentals · as of Jul 16, 2026. TTM = trailing twelve months.
Quality Score breakdown
Of which business quality 48 · Market factors (momentum, volatility) 65
Non-valuation factor families (profitability, growth, cashflow, financial strength, momentum …), each academically grounded. Valuation itself sits in the Fair Value and is deliberately excluded here to avoid double-counting.
About the company
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.
Full 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, 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.
Company description, as reported by the company or data provider.
Revenue & earnings trend
FY2022 – FY2026 · reported fiscal years
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.
KALYANKJIL screens 60% overvalued. Compare with Compagnie Financière Richemont SA →
Peer Group
Luxury Goods · 130 stocks
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.
Valuation Multiples vs Luxury Goods median · lower = cheaper
Snowflake
Five quick dimensions, each 0 to 100: VALUE (fair-value potential), FUTURE (revenue growth), PAST (return on equity), HEALTH (low debt), DIVIDEND (yield). Green = this stock, grey = typical sector peer.
VALUE 0: the price sits above our fair-value range.
Insider activity: 40/100
Values & ESG
Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.
ESG scores are not available for this stock yet. Values and ESG data are contextual and can differ between providers.
Similar stocks
10 more Luxury Goods stocks, each showing price versus our Fair Value estimate (as of Jul 16, 2026).
| Stock | Price | Fair Value | vs Fair Value |
|---|---|---|---|
| Compagnie Financière Richemont SA CFR | CHF 197.40 | CHF 117.30 | -41% |
| Christian Dior SE DIO | €455.40 | €502.30 | +10% |
| Kering SA KER | €248.50 | €60.61 | -76% |
| Tapestry, Inc TPR | $140.73 | $19.95 | -86% |
| Chow Tai Fook Jewellery Group 1929 | HK$11.82 | HK$12.28 | +4% |
| The Swatch Group UHRN | CHF 40.95 | CHF 21.48 | -48% |
| Prada S.p.A 1913 | HK$43.26 | HK$64.05 | +48% |
| Pandora A/S PNDORA | kr 779.40 | kr 1,424 | +83% |
| Brunello Cucinelli S.p.A BC | €80.32 | €42.69 | -47% |
| LVMH Moët Hennessy - Louis Vuitton, Société Européenne, LV | C$11.46 | C$11.05 | -4% |
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Frequently asked questions
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How we calculate Fair Value
Each company is valued through a stack of independent intrinsic-value models (DCF variants, residual-income, multiples and more), blended into one family-balanced consensus and weighted by how much trustworthy data backs it. A separate quality layer scores the fundamentals. Every input is real reported data, nothing guessed.
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