At a Glance
Kalyan Jewellers is like the Bollywood superstar of the jewellery world – glitzy, expanding like there’s no tomorrow, and priced as if gold will never fall. With ₹25,045 Cr FY25 revenue, a P/E of 84, and a market cap of ₹60,144 Cr, it’s giving Titan Company serious competition. But investors are asking: is this valuation 24-karat or gold-plated hype?
Introduction
Once a humble Kerala-based jeweller, Kalyan has morphed into a retail beast, now boasting over 200+ showrooms and a growing global footprint. They’ve mastered the art of selling not just gold, but trust – crucial in an industry where purity scams can sink brands.
Yet, high margins? Forget it. The company operates at 6% OPM – barely more than the making charges on a thin chain. Despite this, the market is giving it the valuation treatment of a luxury tech firm. So, should investors bite or beware?
Business Model (WTF Do They Even Do?)
- Gold & Diamond Jewellery: Core revenue driver.
- Studded & Luxury Lines: Higher margin segment.
- Retail Network: 250+ stores across India and the Middle East.
- Digital Push: KalyanMyGold and online platforms.
The formula is simple: sell a ton of gold, charge a premium for purity, and expand like your life depends on it.
Financials Overview
FY25 financials shine but margins stay dull:
- Revenue: ₹25,045 Cr (+35% YoY)
- PAT: ₹714 Cr (+20% YoY)
