KALYAN JEWELLERS FUNDAMENTAL RESEARCH REPORT

Kalyan Jewellers (NSE: KALYANKJIL, BSE: 543278), Thrissur, is India’s second-largest listed jeweller after Titan. It runs 546showrooms (Kalyan India 365, Middle East 38, USA 2, UK 2, Candere 138; 30-Sep-2026), mostly gold jewellery for weddingsand festivals. New Kalyan stores are almost all FOCO : the franchisee funds the capex and inventory and Kalyan runs the storefor a margin share. It is an F&O stock ; this full SOP was run on the owner’s instruction (lane override). Shares 103.28 Cr; mcap~Rs 56,900 Cr. Event 1 - growth is strong. FY26 revenue Rs 35,743 Cr (+43%), PAT Rs 1,350 Cr (+89%). Q1 FY27: revenue ex-bullion +38%, PATRs 349 Cr (+32%). Q2 FY27 business update (07-Oct): revenue +26% , same-store growth ~20%, Candere +64%, and non-gold-loan debt down to zero .