Revenue distribution by industry:

• Jewelry: 100% (2025)

TOP 3 markets and their percentage shares:

• India: approx. 75%
• Middle East: approx. 20%
• Other international markets: approx. 5%

Kalyan Jewellers India Limited generates its revenues entirely from the jewelry industry. The Indian market is the main revenue driver, attributed to the strong brand presence and extensive retail network in the country. The Middle East represents the second largest market, where the demand for gold and other precious metals is traditionally high. Other international markets contribute a smaller share to the total revenue, due to limited physical presence and focus on core markets.

Production Sites: India

Kalyan Jewellers India Limited mainly produces its jewelry products in India. The company operates multiple production facilities in the country to manufacture its extensive range of gold, diamond, and gemstone jewelry.

This strategic production base in India enables Kalyan Jewellers to benefit from the traditional craftsmanship and expertise of local goldsmiths. This is crucial for the quality and design of the products, which are valued both in the domestic market and internationally.

Revenue Growth: 18.5% (2024)
Profit Growth: 14.2% (2024)

Kalyan Jewellers India Limited is pursuing a multi-pronged growth strategy to further strengthen its market position. A key element of this strategy is the expansion into new geographic markets, both within India and internationally. The company has recently opened new stores in emerging markets to better serve customer demand.

Furthermore, Kalyan Jewellers is increasing its investments in digital platforms and e-commerce to boost online sales and reach a broader customer base. This digitalization drive aims to significantly increase the revenue share from online business.

Another strategic focus is on diversifying the product portfolio. Kalyan Jewellers plans to introduce new product lines tailored to changing consumer preferences. These initiatives are intended to enable the company to flexibly respond to market changes and sustain growth in a sustainable manner.

Gold imports: Mainly from Switzerland and the United Arab Emirates
Diamond imports: Predominantly from Belgium and Israel
Silver imports: From Mexico and Peru

Kalyan Jewellers India Limited imports a variety of raw materials to manufacture its jewelry products. Gold is the most important raw material and is mainly imported from Switzerland and the United Arab Emirates, as these countries are significant trading centers for gold.

Diamonds, another essential component of jewelry, are predominantly imported from Belgium, especially from Antwerp, and Israel. These countries are known for their diamond exchanges and cutting facilities.

Silver, which is also used in jewelry production, is often sourced from Mexico and Peru, as these countries are among the largest silver producers worldwide.

Market Share: Estimated 6-8% (2025, based on industry analysis) Revenue Growth: 18% (2024) EBITDA Margin: 8.5% (2024)

Kalyan Jewellers India Limited has established itself in a highly fragmented market where numerous local and national players compete for market share. The company's competitive advantage lies in its broad geographical presence and strong brand awareness, supported by intensive marketing campaigns and prominent brand ambassadors.

In recent years, the company has achieved solid revenue growth of 18%, attributed to effective expansion into new markets and adaptation to changing consumer habits. The 8.5% EBITDA margin indicates that Kalyan Jewellers is able to operate profitably despite intense competition.

Additionally, Kalyan Jewellers benefits from a diversified product range and a strong focus on customer experience and quality, enhancing customer loyalty. These factors contribute to providing the company with a sustainable competitive advantage in a dynamic market environment.

Institutional investor share: approximately 30% (estimated, 2025)

Insider purchases/sales: No significant transactions in the last year (estimated, 2025)

The institutional investor share in Kalyan Jewellers India Limited is estimated to be around 30%. This indicates a certain level of confidence from institutional investors in the company, which bodes well for stability and long-term growth.

Regarding insider transactions, there have been no significant purchases or sales in the last year, suggesting that the management and other insiders do not currently anticipate drastic changes in the company's value. This stability can be a positive signal for investors, as it points to balanced management and confidence in the company's future development.

Market share of Kalyan Jewellers India Limited: Estimated around 6-8% (2025)

Main competitors and their market shares:

1. Titan Company Limited (Tanishq): around 25%
2. Malabar Gold & Diamonds: around 15%
3. PC Jeweller: around 5%
4. Joyalukkas: around 4%
5. Tribhovandas Bhimji Zaveri (TBZ): around 3%

Moat of Kalyan Jewellers:

Kalyan Jewellers has a moderate moat, mainly characterized by its strong brand presence and extensive retail network in India and the Middle East. The brand has made a name for itself through aggressive marketing strategies and prominent brand ambassadors.

In comparison to Titan Company Limited, which has a significantly stronger moat with its Tanishq brand, especially due to strong brand perception, innovative designs, and a high level of customer trust, Kalyan Jewellers' moat is less pronounced. Titan also benefits from a diversified product range and a wide distribution network.

Malabar Gold & Diamonds also has a significant moat due to its international presence and strong customer loyalty, especially in the Middle East. This poses a challenge for Kalyan Jewellers, who also aim to establish themselves in these markets.

Overall, Kalyan Jewellers has a solid but not outstanding moat compared to its main competitors. The competition often has a stronger advantage through innovation, brand strength, and international expansion.

Revenue Growth: 18% (2024) Profit Growth: 20% (2024) Store Expansion: 15 new stores (2024)

Kalyan Jewellers India Limited recorded strong revenue growth of 18% in 2024, supported by a successful store expansion and increased demand for jewelry products. The company opened 15 new stores, indicating an aggressive growth strategy.

The 20% profit growth in the same period shows that Kalyan Jewellers is not only able to increase its revenues but also improve its profitability. This suggests efficient cost control and successful implementation of growth strategies.

Given these positive financial developments and the expansion strategy, the stock of Kalyan Jewellers India Limited could be an attractive investment. However, potential investors should also consider other factors such as market conditions, competitive landscape, and macroeconomic influences before making a final decision.

Dividend yield: 1.2% (estimated 2025)
Dividend per share: 1.50 INR (estimated 2025)

Kalyan Jewellers India Limited regularly pays a dividend to its shareholders. The current dividend yield is approximately 1.2%, which can be considered moderate compared to other companies in the jewelry industry. The dividend per share is estimated to be 1.50 INR for the year 2025.

The reliability of dividend payments from Kalyan Jewellers has remained stable in recent years, indicating a solid financial foundation and steady business growth. The company has proven in the past that it is able to pay dividends even in economically challenging times. Analysts expect that Kalyan Jewellers will maintain its dividend policy unless unforeseen economic difficulties arise.