💍 Kalyan Jewellers Is Up 5X in 3 Years — But Is It Still Sona or Just Overpriced Bling? 🔥📈
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🟢 At a Glance
Kalyan Jewellers has gone from IPO underdog to one of India’s fastest-growing jewellery brands, clocking ₹25,000 Cr in FY25 revenue. With a 3-year profit CAGR of 47%, 700+ Cr in PAT, and international expansion in full swing, it’s sparkling. But at 84x P/E, are we paying gold rates for silver growth?
1. 🎬 Introduction with Hook
Remember the 2021 IPOs where you thought: “Yeh toh kuch khaas nahi karega.”
Well, Kalyan Jewellers said “Hold my gold chain.”
Stock’s up 5x since listing, profits up 10x since FY21, and now it’s gunning for Titan’s retail throne — one showroom at a time, in India and the Middle East.
But here’s the twist: Margins are still wafer-thin. ROCE is just ~14%. And it’s trading at 84x earnings.
Are we staring at India’s next Titan… or just a Titan wannabe with a heavy price tag?
2. 💍 Business Model – WTF Do They Even Do?
Kalyan is a pan-India and GCC jewellery retailer that makes money from:
Gold Jewellery (main segment – price-sensitive, high volume)
Studded / Diamond Jewellery (higher margins)
Custom Orders, Bridal, Temple collections
International Retailing in UAE, Oman, Qatar, Kuwait
Online & Omnichannel via Candere.com and Enovate
Think of it as the D-Mart of jewellery — standardised, trusted, and focused on scale over bling.
