1. At a Glance – Blink and You’ll Miss the Numbers
If Indian weddings had a stock ticker, Kalyan Jewellers India Ltd would be flashing green right now. As of early Feb 2026, the company is sitting on a market cap of ₹39,267 Cr, a stock price of ₹380, and a bruised but breathing chart after a ~29% fall in one year. But here’s the twist: while the stock sulked, the business sprinted.
Q3 FY26 delivered ₹10,343 Cr in revenue, up 42% YoY, and ₹416 Cr PAT, up a meme-worthy 103% YoY. EPS for the quarter landed at ₹4.03, which—hold that thought—we’ll annualise properly later. ROE is 16%, ROCE 15%, debt ₹5,335 Cr, and promoter holding a comforting 62.8% (with pledges at 24.9%, yes we’ll talk about that).
This is not a sleepy jeweller polishing bangles in a metro showroom. This is a hyperlocal, franchise-heavy, non-metro monster that has decided to scale like a QSR chain—except it sells gold instead of burgers. The big question: is the shine real, or is this just festive lighting doing its job? Let’s dig in.
2. Introduction – From Family Jeweller to Franchise Factory
Founded in 1993 by T.S. Kalyanaraman, Kalyan started as a regional name and slowly turned into a national wedding invite. Fast forward to FY26, and the company operates 436+ showrooms across 6 countries, employs 14,669 people, and claims about 7% share of India’s organised jewellery market. In a country where unorganised players still dominate, that’s not small change.
What makes Kalyan interesting isn’t just scale—it’s how it scales. While peers flex margins and metros, Kalyan quietly went after non-metro India, where gold is not discretionary spending but cultural CAPEX. About 68% of revenues come from non-South India states, and that geographic mix is deliberate.
Add to that a hyperlocal procurement model, a growing FOCO (Franchisee Owned, Company Operated) strategy, and a balance sheet that looks stressed but managed, and you’ve got a company that’s neither a pure luxury play nor a mass-market discounter. It’s somewhere in between—like a wedding buffet that serves both paneer tikka and caviar.
So, is Kalyan a compounding machine or a debt-fuelled dazzler? Time to break the necklace bead by bead.
3. Business Model – WTF Do They Even Do?
At its core, Kalyan sells jewellery. But the real product is trust at scale.
Product Mix
- Gold jewellery (~69%) – the bread,
- butter, and ladoo.
- Studded jewellery (~31%) – diamonds, polki, coloured stones, and aspirational bling.
This balance matters. Gold drives volume and footfall; studded jewellery drives margins. Kalyan doesn’t pretend to be only premium—it wants the wedding aunt and the Instagram bride.
Brand Stack
- Mahurat for weddings
- Mudhra, Rang, Aishwaryam for regional and value-conscious buyers
- Nimah, Ziah, Tejasvi for studded and modern designs
- Candere, the digital-first lifestyle jewellery brand, for younger wallets
Hyperlocal Model
Instead of manufacturing everything centrally, Kalyan sources finished gold products from local artisans, supported by 13 procurement centres across key jewellery hubs. Translation: designs match local taste, inventory risk reduces, and the company doesn’t need to guess whether Coimbatore wants the same necklace as Kanpur.
FOCO Strategy
Here’s the real kicker. Nearly 49% of India revenue now comes from franchise (FOCO) stores. The company is actively converting owned stores—especially in South India and the Middle East—into FOCO. This shifts capital expenditure to franchisees while Kalyan retains operational control.
Think of it as “asset-light with cultural weight.” Clever, but execution-heavy. Ready to look at the numbers?
4. Financials Overview – Numbers That Jingle
Quarterly Comparison Table (₹ Cr)
| Metric | Latest Qtr (Q3 FY26) | Same Qtr LY | Prev Qtr | YoY % | QoQ % |
|---|---|---|---|---|---|
| Revenue | 10,343 | 7,278 | 7,856 | 42.1% | 31.7% |
| EBITDA | 750 | 430 | 497 | 74.4% | 50.9% |
| PAT | 416 | 219 | 261 | 103.1% | 59.4% |
| EPS (₹) | 4.03 | 2.12 | 2.52 | 90.1% | 59.9% |
Now the EPS math, carefully done:
- Q1 FY26 EPS: 2.56
- Q2 FY26 EPS: 2.52
- Q3 FY26 EPS: 4.03
Average EPS (Q1–Q3) = (2.56 + 2.52 + 4.03) / 3 = 3.04
Annualised EPS = 3.04 × 4 = ₹12.16
At a CMP of ₹380, that’s a recalculated P/E of ~31.3x, not the headline 34x. Still rich, but not Titan-level expensive.
Margins are steady, not exploding:
- OPM around 6–7%
- Jewellery retail is
