Should I buy Kalyan Jewellers stock in 2025? Complete India Analysis

What is Kalyan Jewellers?

How much is Kalyan Jewellers stock?

The price of Kalyan Jewellers stock is falling this week. As of now, the stock trades at ₹559.35, down ₹1.05 (-0.19%) over the past 24 hours but up by 3.94% in the last week.

Investors should note the combination of strong growth momentum and higher-than-average valuation, reflecting both opportunity and the potential for moderate volatility ahead.

Our full analysis on Kalyan Jewellers stock

Having carefully reviewed Kalyan Jewellers' latest quarterly and annual financial disclosures, as well as the stock’s dynamic trajectory over the past three years, we have synthesized a comprehensive analysis using convergent methodologies—spanning financial metrics, technical analysis, peer comparisons, and emerging sectoral trends—through our proprietary analytical frameworks. The findings not only affirm the company’s evolving strength but also underscore the nuanced opportunities apparent at the current market juncture. So, why might Kalyan Jewellers stock once again become a strategic entry point into India’s luxury retail and organized jewellery sector in 2025?

Recent Performance and Market Context

Kalyan Jewellers’ remarkable 35% rally over the past twelve months distinctly outpaces most peers in the luxury retail sector, reflecting not only robust investor confidence but also the resilience and adaptability of its operational model. The current share price of ₹559.35 as of May 19, 2025, situates the stock securely above short- and medium-term moving averages, despite a modest intraday consolidation of -0.19%. This solid appreciation is underpinned by impressive Q4 FY25 and full-year financial results, which saw consolidated revenues soar 37% year-over-year and net profit rise a striking 36%.

The broader macroeconomic environment for organized jewellery retailers in India remains highly supportive. Continued formalization of the sector, a growing preference among consumers for branded jewellery, and increasing disposable incomes—especially in tier-2 and tier-3 cities—are propelling sustained demand. Additionally, the structural shift from unorganized to organized retail is serving as a powerful secular tailwind, as customers gravitate toward transparency, trust, and extensive branded portfolios.

Crucially, Kalyan Jewellers’ proactive expansion both within India and in strategic international markets highlights management’s ability to seize growth opportunities while navigating competitive challenges. The recent initiatives to penetrate the US market and bolster its Middle East presence, together with the post-pandemic resurgence in wedding-related consumption, set a favorable backdrop for continued outperformance.

Technical Analysis

Technical readings for Kalyan Jewellers suggest a robustly bullish short- and medium-term outlook, characterized by the following key signals:

• Moving Averages: The current price stands above the 5-day, 20-day, 50-day, and 100-day Simple and Exponential Moving Averages—all of which are trending upward—indicating that positive momentum remains in play. The only medium-term caveat is the 200-day SMA at ₹603.11, just above current levels, signaling a potential breakout area on renewed momentum.
• RSI (Relative Strength Index): At 63.43, the RSI is neutral to moderately elevated, suggesting the stock is not overbought in the absolute sense and has room to extend gains before breaching traditional overbought thresholds.
• MACD: A positive MACD reading of 3.07 confirms bullish momentum, with increasing separation between the MACD and signal lines.
• Stochastic RSI: Elevated at 94.67, this indicator hints at the potential for short-term consolidation; however, in the context of strong trend support, such conditions often presage further upside after brief pauses.
• Volatility: The relatively subdued Average True Range (ATR: 20.95) compared to historic swings implies market participants are settling into higher price levels and that the trend is being digested with less volatility.

Key support levels—₹553.27 and ₹547.18—have recently held firm, providing a technical base for accumulation. The next resistance zones of ₹565.22 and ₹571.08 offer bullish breakout points, giving buyers clear upside targets.

Collectively, these indicators suggest that Kalyan Jewellers could be on the cusp of a new bullish phase, particularly if broader market sentiment remains constructive.

Fundamental Analysis

• Revenue and Profitability Growth: FY25 was an inflection year for Kalyan Jewellers, with consolidated revenue climbing 35% to ₹25,045 crore and net profit advancing 20% to ₹714 crore. These metrics not only outstripped analyst expectations but also demonstrated the company’s resilience and ability to compound earnings through scaling and efficient execution.
• Valuation: The P/E ratio of 80.87 reflects a premium for above-sector growth. While this level is elevated relative to the broader market, it mirrors investors’ willingness to price in sustained revenue gains, geographic expansion, and operating leverage. The Price-to-Book ratio (12.03) further suggests market confidence in the company’s asset base and brand equity. For investors focusing on high-growth stocks, such valuations can be justified by continued delivery on earnings and market share gains.
• Structural Strengths:
• Market Leadership: One of India’s largest jewelry retailers, serving a wide spectrum of demographic and geographic niches.
• Brand Power: Strong celebrity-backed marketing, a legacy of trust, and a diversified portfolio spanning gold, diamond, and precious stones.
• Distribution: 388 showrooms (India, Middle East, USA), supported by a rapidly scaling digital presence via Candere.
• Innovation and Expansion: Continuous network expansion—including entering the coveted US market—and enhanced digital integration, positioning Kalyan for the next phase of demographic and consumption tailwinds.
• Competitive Advantage: Kalyan’s vertically integrated operations, attunement to local tastes, and ongoing expansion in high-potential regions set it apart from traditional competitors such as Titan (Tanishq) and PC Jeweller. Its balanced approach across offline and online channels ensures participation in both established and emerging demand streams.

Volume and Liquidity

The trading volume in recent sessions has been robust, with an average daily volume of 2.8 million shares and a 20-day average in excess of 6.2 million shares. This magnitude of activity signals deep market liquidity and institutional engagement, both of which underpin the credibility of price action and establish a favorable environment for new entrants.

A relatively accessible float and investor-friendly market cap (₹57,827 crore) encourage healthy price discovery and reduce the risk of illiquidity in periods of heightened volatility. Sustained volume near support levels is typically interpreted as a clear sign of distributional strength and growing confidence among long-term investors.

Catalysts and Positive Outlook

Several forward-looking catalysts are converging to fortify Kalyan Jewellers’ bullish outlook:

• Geographic Expansion: The planned rollout of 70 new showrooms across India and overseas, especially in the fast-growing US and Middle East markets, signals further top-line acceleration.
• Tier-2/3 Penetration: Aggressive focus on smaller Indian cities is unlocking a customer base largely untapped by other formal retailers.
• Online Scale: The full integration and revitalization of Candere, despite near-term losses, lays the foundation for long-term digital leadership and incremental margin uplift.
• Secular Tailwinds: The continued structural migration from unorganized to organized jewellery retail translates into expanding market share for leading brands like Kalyan.
• ESG Initiatives: Commitment to responsible sourcing and ethical operations aligns well with evolving investor and customer priorities in premium branded jewellery.
• Macroeconomic Support: Buoyant wedding demand, rapid urbanization, and economic formalization in India provide a strong, secular backdrop for growth.
• Favorable Consumption Trends: Rising disposable incomes and a rising aspirational middle-class continue to drive premium and branded jewellery uptake.

Investment Strategies

Whether for short-, medium-, or long-term horizons, Kalyan Jewellers seems to represent an excellent opportunity to participate in India’s organized jewellery transformation:

• Short-term: Ideal for swing traders leveraging bullish technical momentum and watching for breakouts above immediate resistance at ₹565-₹571. Support levels at ₹553 and ₹547 can serve as reference points for disciplined entry or stop loss placement.
• Medium-term: Investors can position ahead of major catalysts, such as the upcoming US market launches and the seasonal strength associated with festivals and the wedding calendar, both of which are expected to fuel volume and sentiment.
• Long-term: The company’s ongoing expansion, digital transformation, and progression along the value chain set it up to be a compounding story, especially as the sector continues to formalize and as Kalyan extends its international ambitions.

A strategy focused on incremental accumulation during periods of consolidation, or post-breakout confirmation, may provide an optimal approach to risk-adjusted participation.

Is it the Right Time to Buy Kalyan Jewellers?

In summation, Kalyan Jewellers manifests a rare alignment of technical strength, compelling growth fundamentals, and sectoral catalysts. The company’s above-industry revenue and profit growth, visionary expansion into new domestic and international markets, and emerging digital capabilities all point toward a trajectory of accelerated value creation.

While the current P/E ratio suggests a market premium, such valuations can be warranted in the context of sectoral leadership, brand power, and sustainable structural growth. Favorable technical momentum, robust trading liquidity, and positive analyst sentiment (with nearly 9 out of 10 analysts rating it a “Buy”) further bolster the outlook.

For investors seeking exposure to India’s organized luxury retail transformation, especially on the cusp of increased wedding and festive consumption, Kalyan Jewellers seems to represent an excellent opportunity. Its fundamentals, ongoing strategic initiatives, and robust market context all justify renewed interest, and the stock may well be entering a new bullish phase. As ever, disciplined entry strategies and attention to evolving market signals will enhance the prospects of capturing outsized gains as this industry leader charts its next decade of growth.

In the rapidly evolving landscape of Indian retail, Kalyan Jewellers stands out as a compelling opportunity—offering investors the chance to participate in a story of scale, resilience, and innovation.

How to buy Kalyan Jewellers stock in India?

Purchasing Kalyan Jewellers stock online is remarkably straightforward and secure, thanks to advances in digital investing in India. Through a regulated broker, you can access the National Stock Exchange from your computer or smartphone, ensuring compliance and investor protection. There are two main ways to buy Kalyan Jewellers shares: you can purchase actual shares (“spot buying” or cash purchase) or trade share price fluctuations using Contracts for Difference (CFDs). Each method suits different investor styles. Read on for a detailed comparison—and don’t miss our broker comparison tool further down the page.

Spot Buying (Cash Purchase)

When you buy Kalyan Jewellers stock outright—typically called a “cash purchase”—you become a direct shareholder. This means you own the actual shares on the NSE (NSE: KALYANKJIL) and are entitled to dividends and voting rights. In India, buying shares through a reputable online broker usually involves a flat commission per trade, often between ₹20–₹25 per order.

Example: Spot Buying

Suppose the latest Kalyan Jewellers price is ₹559.35 per share. If you invest ₹83,000 (approx. $1,000), you can purchase 148 shares (₹559.35 × 148 = ₹82,570), factoring in a standard brokerage fee of ₹20 (about $0.25).

Gain scenario: If the share price rises by 10% to ₹615.29, your shares are now worth ₹90,063. Result: a +₹8,000 gross gain (about +10%) on your investment.

Trading via CFD

CFD (Contract for Difference) trading allows you to speculate on Kalyan Jewellers' stock price movements without owning the underlying shares. This method is popular with active traders since CFDs offer leverage—enabling you to control larger positions with less upfront capital. Typical costs include the “spread” (the broker’s markup between buy/sell prices) and overnight financing fees if you hold positions beyond the trading day.

Example: CFD Trading

Let’s say you open a CFD position on Kalyan Jewellers shares with ₹83,000 and apply 5x leverage—giving you market exposure of ₹415,000 (about $5,000).

Gain scenario: If the share price rises by 8%, your exposure grows by 8% × 5 = 40%. That's a ₹33,200 gain (about +40%) on your initial ₹83,000 (excluding fees).

Final Advice

Before investing, it is crucial to review and compare brokers’ fees, features, and account conditions, as these can vary significantly. Whether you choose to buy Kalyan Jewellers shares outright for long-term growth or trade CFDs for shorter-term opportunities, the most suitable method will depend on your investment goals and risk profile. For a detailed comparison of leading brokers available in India, be sure to check out the table further down the page. Happy investing!

Our 7 tips for buying Kalyan Jewellers stock

The latest news about Kalyan Jewellers

Kalyan Jewellers’ Q4 FY25 results show consolidated revenue growth of 37% and profit growth of 36% year-on-year. For the quarter ended March 31, 2025, the company reported consolidated revenue of ₹6,182 crore and net profit of ₹188 crore, demonstrating exceptionally strong operational momentum. The India operations were the primary contributor, with revenues rising 38% to ₹5,350 crore and net profit climbing 41% to ₹185 crore year-on-year, signaling robust demand and sustainable profitability in its largest market. These results surpassed analyst expectations and reinforce confidence in the firm’s fundamental strength within the Indian luxury retail jewelry sector.

The stock has climbed 3.94% over the last week, with technical indicators remaining strongly bullish. Despite a minor single-day dip of 0.19%, Kalyan Jewellers’ stock maintained a week-long uptrend, reflecting continued investor optimism. Multiple short-term momentum indicators—including SMA and EMA for 5, 20, 50, and 100 days—are firmly bullish, suggesting ongoing accumulation by market participants. The MACD value is positive, further supporting a bullish trend, while the RSI at 63.43 is neutral, though the Stochastic RSI at 94.67 hints that the stock may be approaching overbought territory. Trading volumes, while below their 20-day average, remain healthy, indicating sustained market interest with reduced short-term volatility.

Kalyan Jewellers has announced an aggressive expansion strategy, targeting 70 new showrooms globally, including significant growth in India and planned entry into the US market. The company’s expansion plans build on its strong domestic foundation—already spanning 388 showrooms—and focus on penetrating tier-2 and tier-3 cities across India, as well as extending its international footprint. This approach is poised to capture incremental market share from the ongoing shift of consumers from the unorganized to the organized jewelry sector. Full acquisition and integration of the Candere online platform is expected to enhance digital sales, supporting omnichannel growth. These strategic moves are viewed favorably by analysts, given India’s rising middle-class consumption and the traditionally resilient demand for gold and jewelry.

For the full year FY25, Kalyan Jewellers posted record results, with consolidated revenue up 35% and net profit up 20% versus FY24. Annual revenues reached ₹25,045 crore, and net profits stood at ₹714 crore, both figures exceeding analyst expectations and underlining the company’s effective execution amid competitive pressures. The performance was driven chiefly by solid growth in the Indian market, but also included supportive contributions from the Middle East operations. The results have further cemented Kalyan Jewellers’ leadership position in the organized jewelry retail space and underpin the company’s optimistic forward guidance of 30–35% projected annual revenue growth.

Analyst sentiment remains overwhelmingly positive, with 88% of coverage rating the stock a ‘Buy’, citing strong fundamentals and market catalysts. The bullish consensus is anchored on several factors: expanding organized retail share in the jewelry market, robust demand linked to wedding and festival seasons, increasing consumer incomes, and strategic diversification into newer markets. While some caution surrounds the premium valuation signaled by an elevated P/E ratio (80.87), the company’s strong growth trajectory, prudent execution, and expanding retail footprint continue to support positive outlooks among professional financial analysts focused on the Indian market.

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P. Laurore

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Co-founder of HelloSafe and holder of a Master's degree in finance, Pauline has recognised expertise in personal finance, which she uses to help users better understand and optimise their financial choices. At HelloSafe, Pauline plays a key role in designing clear, educational content on savings, investments and personal finance. Passionate about financial education, Pauline strives, with every piece of content she oversees, to provide reliable, transparent and unbiased information for independent and informed financial management. To this end, she has tested over 100 trading platforms to help internet users make the right choices.