Kalyan Jewellers India Limited (KALYANKJIL.NS) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

-924.3%

-₹4,220.62

vs ₹512.00 price

Levered DCF

₹2,196.02

After debt service

Piotroski score

5 / 9

Average

Altman Z-score

—

Rating

B-

Overall 2 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
P/E	28.74×	66.1×	73.43×	25.08×	26.95×	-916.55×	44.24×	-2,148.57×
P/B	6.15×	9.82×	10.47×	2.99×	1.93×	2.05×	2.92×	3.86×
P/S	1.09×	1.89×	2.37×	0.77×	0.56×	0.68×	0.63×	0.8×
EV / EBITDA	16.58×	31.47×	35.16×	13.61×	11.91×	15.17×	12.81×	20.05×
Gross margin	9.3%	12.8%	14.3%	15.3%	15.3%	16.7%	16.3%	15.8%
Operating margin	5.8%	5.0%	5.7%	6.4%	5.8%	6.3%	5.1%	3.8%
Net margin	3.8%	2.9%	3.2%	3.1%	2.1%	-0.1%	1.4%	-0.0%
Current ratio	1.3×	1.29×	1.31×	1.34×	1.32×	1.25×	1.12×	1.1×
Debt / equity	0.97×	1.03×	1.07×	1.18×	1.28×	1.44×	2.04×	2.29×
Interest coverage	4.78×	3.2×	2.79×	2.53×	1.74×	1.33×	1.22×	0.89×
Dividend yield	0.4%	0.3%	0.1%	0.0%	0.0%	0.0%	0.0%	0.0%
Payout ratio	11.3%	17.3%	8.6%	0.0%	0.0%	0.0%	0.0%	0.0%

Key metrics by fiscal year

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	21.4%	14.9%	14.3%	11.9%	7.1%	-0.2%	6.6%	-0.2%
Return on invested capital	12.3%	9.4%	9.1%	8.5%	6.5%	-1.2%	5.0%	-1.3%
Return on assets	6.5%	4.7%	4.7%	4.0%	2.5%	-0.1%	1.7%	-0.0%
Free cash flow yield	-1.5%	1.6%	2.2%	7.6%	2.9%	10.0%	3.2%	1.2%
Earnings yield	3.5%	1.5%	1.4%	4.0%	3.7%	-0.1%	2.3%	-0.0%
Enterprise value	₹440.6B	₹517.7B	₹481.8B	₹150.1B	₹99.3B	₹94.9B	₹105.5B	₹121.8B
Net debt / EBITDA	1.98×	2.79×	3.14×	3.77×	4.65×	5.93×	5.15×	7.3×
Cash conversion cycle (days)	131	129	154	186	188	242	193	187