Kalyan Jewellers India Limited — Cyborg Score 7/10
Strong
Retail Jewelry & Precious Metals
Strategic Profile
Kalyan Jewellers is one of the largest jewellery retailers in India based on revenue. India operations witnessed revenue growth of approximately 42% in Q3 FY26 driven by strong festive demand, with healthy same-store-sales-growth of approximately 27%. The company leverages a diversified brand portfolio and omnichannel presence to capture multiple market segments.
Cyborg Score Rationale
Net profit rose 90.25% to Rs 416.30 crore in Q3 FY26, while sales rose 42.12% to Rs 10,343.42 crore. Recent strong quarterly performance and market recovery post-festival season demonstrate operational momentum despite recent stock volatility.
Top Insights
Q3 FY26 saw 42% revenue growth driven by strong festive demand, with resilient demand post-Diwali despite gold price volatility
Multi-brand portfolio including MUDHRA, NIMAH, ANOKHI, RANG, TEJASVI, ZIAH, LAYA, GLO, CANDERE, VEDHA, APOORVA, HERA, and MUHURAT
International operations recorded 36% YoY revenue growth during Q3 FY26
Market cap of ₹43,170 crore with 62.8% promoter holding, trading at 8.08x book value
Named Competitors
Tanishq — Premium jewelry and accessories retailer
PC Jeweller — Indian jewelry retailer
Malabar Gold & Diamonds — Jewelry retailer with Middle East presence
Recent Developments
(February 2026) Exchange clarification sought regarding company news on February 9, 2026
(January 2026) Appointment of Radhika Ramani and C.R Rajagopal as Additional Directors (Non-Executive & Independent)
(December 2025) Strong Q3 FY26 results with 90% profit growth and 42% sales growth YoY
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