Kalyan Jewellers India Ltd is one of India’s largest and most trusted jewellery retailers, with a strong presence across 21 states and over 150 showrooms. Founded in 1993 by T.S. Kalyanaraman, the company offers a wide range of gold, diamond, platinum, and silver jewellery under brands like Kalyan, Mia, and Candere. It has successfully blended traditional craftsmanship with modern retail, digital integration, and omnichannel strategies. With robust sales growth, improving profitability, and a loyal customer base, Kalyan Jewellers has emerged as a key player in India’s organized jewellery sector. This article provides a data-backed outlook on the Kalyan Jewellers share price target 2026–2030.
Kalyan Jewellers India Ltd: Company Overview
- Founded: 1993
- Headquarters: Thrissur, Kerala
- Key Brands: Kalyan (premium), Mia (affordable fashion), Candere (online diamond & gold)
- Market Position: Among India’s top 5 jewellery retailers; ~6% share in the organized segment
- Strategic Edge: Strong brand trust, pan-India footprint, and digital-first approach
The company benefits from rising gold consumption, wedding demand recovery, and increasing preference for branded jewellery over unorganized players.
Kalyan Jewellers India Ltd: Key Financial Snapshot
| Metric | Value |
|---|---|
| Current Share Price | ₹362.00 |
| Market Capitalization | ₹37,335.92 Cr |
| No. of Shares Outstanding | 103.27 Cr |
| 52-Week High / Low | ₹795 / ₹399 |
| P/E Ratio (TTM) | 40.49 |
| P/B Ratio | 7.08 |
| EPS (TTM) | ₹8.93 |
| Book Value (TTM) | ₹51.09 |
| ROE | 15.43% |
| ROCE | 18.65% |
| Dividend Yield | 0.41% |
| Face Value | ₹10 |
| Cash | ₹635.98 Cr |
| Total Debt | ₹1,898.11 Cr |
| Debt-to-Equity | 0.36 |
| Sales Growth (YoY) | 37.32% |
| Profit Growth (YoY) | 24.30% |
| Promoter Holding | 62.76% |
Kalyan Jewellers Share Price Target Forecast (2026–2030)
| Year | Target Price Range (₹) |
|---|---|
| 2026 | ₹390 – ₹440 |
| 2027 | ₹420 – ₹480 |
| 2028 | ₹450 – ₹530 |
| 2029 | ₹480 – ₹580 |
| 2030 | ₹510 – ₹630 |
Kalyan Jewellers Share Price Target 2026
| Year | Share Price Target 1 | Share Price Target 2 |
|---|---|---|
| 2026 | ₹390 | ₹440 |
Kalyan Jewellers reported 37.3% sales growth and 24.3% profit growth in FY2025, driven by strong wedding season demand and expansion in tier-2/3 cities. Trading at a P/E of 40.5x—rich for a retail stock—the valuation reflects optimism around brand strength and market share gains. However, the stock corrected ~54% from its 52-week high due to profit-taking and sector rotation. A 2026 target of ₹390–₹440 assumes continued volume growth and stable margins.
Kalyan Jewellers Share Price Target 2027
| Year | Share Price Target 1 | Share Price Target 2 |
|---|---|---|
| 2027 | ₹420 | ₹480 |
The company’s focus on affordable Mia stores and the online Candere platform supports customer acquisition. If EPS reaches ₹10.20–₹11.00 by FY27 and P/E moderates to 38–40x, the 2027 range of ₹420–₹480 is realistic.
Kalyan Jewellers Share Price Target 2028
| Year | Share Price Target 1 | Share Price Target 2 |
|---|---|---|
| 2028 | ₹450 | ₹530 |
By 2028, benefits from new store rollouts (15–20/year) and higher-margin studded jewellery should reflect in profitability. Assuming EPS of ₹11.50–₹12.50 and P/E of 39–41x, the ₹450–₹530 band is justified.
Kalyan Jewellers Share Price Target 2029
| Year | Share Price Target 1 | Share Price Target 2 |
|---|---|---|
| 2029 | ₹480 | ₹580 |
Long-term tailwinds include rising disposable income, gold monetization schemes, and trust in branded jewellery. Risks include gold price volatility and competition from Tanishq and Malabar. Using a P/E of 40–42x on projected EPS (~₹12–₹13.80), the 2029 target is ₹480–₹580.
Kalyan Jewellers Share Price Target 2030
| Year | Share Price Target 1 | Share Price Target 2 |
|---|---|---|
| 2030 | ₹510 | ₹630 |
Over a five-year horizon, Kalyan’s value lies in its brand equity and scalable model—not explosive growth. A terminal P/E of 41–43x on FY30 EPS (~₹12.50–₹14.60) supports the ₹510–₹630 range.
Kalyan Jewellers India Ltd: Shareholding Pattern
| Category | Holding (%) |
|---|---|
| Promoters | 62.76% |
| Domestic Institutional Investors (DII) | 15.23% |
| Foreign Institutional Investors (FII) | 14.11% |
| Public & Retail | 7.91% |
| Others | 0.00% |
High promoter holding ensures strategic continuity, while rising institutional interest reflects confidence in governance.
Kalyan Jewellers India Ltd: Strengths vs Risks
Strengths:
- Strong 5-year sales CAGR of 20% and profit CAGR of 38%
- Leading brand in the South and expanding rapidly in the North/East
- Asset-light model with high inventory turnover
- Healthy ROCE (18.65%) and manageable debt (D/E: 0.36)
Risks:
- Rich P/B (7.08x) leaves little margin for error
- Gold price volatility impacts consumer sentiment
- Low dividend yield (0.41%) limits income appeal
- Intense competition from Titan (Tanishq), Malabar, and regional players
Investment Suitability
| Factor | Assessment |
|---|---|
| Risk Profile | Moderate to High |
| Ideal Time Horizon | 3–5+ years |
| Volatility | Higher than market average (jewellery retail) |
| Dividend/Income Potential | Minimal (0.41% yield) |
| Best For | Growth-oriented investors seeking exposure to India’s branded jewellery boom |
- Profit-taking after a 112% rally in 2023–24
- Rich valuation unwinding amid broader mid-cap correction
- Concerns over gold price sensitivity
- Titan (Tanishq): Market leader, premium valuation
- Kalyan Jewellers: High growth, strong South presence, reasonable valuation
- Malabar Gold: Private, not listed
Final Verdict
Kalyan Jewellers India Ltd combines brand strength, operational scale, and strategic expansion in a high-growth sector. While its valuation is rich, consistent execution justifies a place in quality portfolios. Our Kalyan Jewellers share price target 2026–2030 (₹390 to ₹630) reflects steady appreciation driven by market share gains—not speculation.
Disclaimer: Price targets are estimates based on publicly available data and sector analysis. They are not investment advice. Consult a SEBI-registered advisor before making decisions.
Sources
- Screener.in – Kalyan Jewellers Consolidated Page (FY2025 + TTM)
- Finology Ticker – KALYANKJIL Financial Ratios & Valuation
- Kalyan Jewellers Investor Presentation (Q3 FY26, Jan 2026)
- BSE India – Annual Report FY2025
- GJEPC – Indian Jewellery Market Outlook 2025
