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Jewellery retail Historical case study · data as of 15 Jul 2026 · published 18 Oct 2026 (95 days later)

Kalyan Jewellers India — 100-point case study

How Kalyan Jewellers India looked on 50 technical and 50 fundamental measures on 15 Jul 2026 — and what happened over the next three months. Education only; not a current view.

Codes	NSE: KALYANKJIL · BSE: 543278
Close on 15 Jul 2026	₹548.10
Market cap then	₹56,606 crore
Valuation	P/E 41.9× · P/B 8.97×
Momentum	RSI (14) 82 · 1-year return -6.8%
Next 3 months	+1.8% vs Nifty 50 -3.9% (to 16 Oct 2026)

Scorecard

Technical — 50 points

22 bullish · 18 neutral · 6 caution · 3 bearish — the picture leaned positive.

Fundamental — 50 points

14 bullish · 29 neutral · 5 caution · 1 bearish — the picture leaned positive.

Price chart

Close (to snapshot) Close (after) 50-day avg 200-day avg Support Resistance

Data note: Daily prices from 10 Sep 2026 onward come from EquityPandit (NSE history) because that Yahoo Finance window could not be fetched; they matched Yahoo on overlapping dates.

Technical analysis — 50 points

Calculated by code from daily prices up to 15 Jul 2026. Standard formulas (RSI, MACD, ADX use Wilder smoothing).

How to read the tags. Each of the 50 points gets one tag. Bullish the reading was favourable. Bearish the reading was unfavourable. Neutral the reading was in a normal range, or gave no clear message. Caution a warning sign or an unusual reading that deserves a closer look. Point 50 counts the other 49 tags. The chart is called positive when bullish tags beat bearish ones by 5 or more, negative when bearish tags beat bullish ones by 5 or more, and mixed otherwise. Under each point you will see what reading earns which tag. Tags describe the data on the snapshot date. They are not signals to buy or sell. Full guide to all 100 points →

A. Trend

#	Point	Reading	Tag	Commentary
1	Short-term trend (20 days)	slope +1.72%/day	Bullish	Over the last 20 sessions the regression line of closing prices was rising about 1.72% a day — a short-term uptrend. Bullish slope above +0.10% a day (short-term uptrend) · Bearish slope below –0.10% a day (short-term downtrend) · Neutral between the two: a flat, sideways phase.
2	Medium-term trend (~5 months)	3M return +24.1%	Neutral	The 100-session trend line was down (-0.03%/day) and the stock was +24.1% over three months, so the medium-term picture was neutral. Bullish slope above +0.05% a day · Bearish slope below –0.05% a day · Neutral in between.
3	Long-term trend (1 year)	1Y return -6.8%	Neutral	Compared with a year earlier the price was -6.8%. Little net progress over twelve months. Bullish up more than 10% in a year · Bearish down more than 10% in a year · Neutral between –10% and +10%.
4	Weekly chart trend	10W 394.47 / 30W 410.10	Neutral	On the weekly chart the stock showed a weekly close tangled between the 10-week and 30-week averages. Bullish weekly close above the 10-week average, which is above the 30-week · Bearish weekly close below the 10-week average, which is below the 30-week · Neutral when they are tangled.
5	Swing structure (highs/lows)	last highs 428.80→374.25; lows 362.10→348.35	Bearish	The two most recent swing points showed lower swing highs and lower swing lows — classic downtrend structure. Bullish higher highs and higher lows (uptrend structure) · Bearish lower highs and lower lows (downtrend structure) · Neutral when one is higher and the other lower.
6	ADX (14) — trend strength	24.9	Bullish	ADX at 24.9 shows a trend of moderate strength. ADX measures strength only, not direction. Bullish ADX 20 or more with +DI above –DI (a real trend, pointing up) · Bearish ADX 20 or more with –DI above +DI (a real trend, pointing down) · Neutral below 20: no clear trend. 20–30 is a moderate trend, above 30 a strong one.
7	+DI vs –DI	+DI 48.8 / –DI 12.2	Bullish	+DI was above –DI: upward price pressure outweighed downward pressure. Bullish +DI above –DI · Bearish –DI above +DI · No neutral zone for this point.

B. Moving averages

#	Point	Reading	Tag	Commentary
8	Price vs 20-day SMA	409.56 (+33.8%)	Bullish	Close of 548.10 was 33.8% above the 20-day SMA — the short-term trend filter was positive. Bullish close above the average · Bearish close below the average · No neutral zone.
9	Price vs 50-day SMA	381.94 (+43.5%)	Bullish	Close of 548.10 was 43.5% above the 50-day SMA — the medium-term trend filter was positive. Bullish close above the average · Bearish close below the average · No neutral zone.
10	Price vs 200-day SMA	432.70 (+26.7%)	Bullish	Close of 548.10 was 26.7% above the 200-day SMA — the long-term trend filter was positive. Bullish close above the average · Bearish close below the average · No neutral zone.
11	9 / 21 EMA crossover	9E 467.75 / 21E 424.09	Bullish	The 9-day EMA was above the 21-day EMA; the last crossover happened on 17 Jun 2026. Bullish 9-day above 21-day · Bearish 9-day below 21-day · No neutral zone.
12	Golden / death cross (50 vs 200)	no cross in data window	Bearish	The 50-day average was 11.7% below the 200-day. No 50/200 crossover occurred in the data window. Bullish 50-day above 200-day (after a “golden cross”) · Bearish 50-day below 200-day (after a “death cross”) · No neutral zone.
13	50-day SMA slope	-1.3% in 20 sessions	Bearish	The 50-day average fell 1.3% over the past month — declining. Bullish rose more than 0.5% · Bearish fell more than 0.5% · Neutral in between: flattening.
14	MA ribbon alignment	410 / 382 / 394 / 433	Neutral	The 20/50/100/200-day averages were tangled — no clean order, typical of a transition or range. Bullish neatly stacked 20 > 50 > 100 > 200 · Bearish neatly stacked 20 < 50 < 100 < 200 · Neutral when tangled (a transition or range).
15	Monthly anchored VWAP	469.90 (+16.6%)	Bullish	Anchored to the start of July, the volume-weighted average price was 469.90; the close was above it — buyers that month were on average in profit. Bullish close above VWAP (that month’s buyers on average in profit) · Bearish close below VWAP · No neutral zone.

C. Momentum

#	Point	Reading	Tag	Commentary
16	RSI (14)	81.9	Caution	RSI at 81.9 was overbought (≥70) — strong momentum but stretched. Bullish RSI 55–70 (positive momentum, not stretched) · Bearish RSI 30–45 (soft momentum) · Neutral 45–55. Caution at 70 or above (overbought) or 30 or below (oversold).
17	RSI divergence (last 40 days)	none	Neutral	Comparing the last 20 sessions with the 20 before: no divergence — RSI moved in line with price. Bullish bullish divergence: price made a lower low but RSI a higher low · Caution for a bearish divergence (price higher high, RSI lower high). Neutral when RSI moved in line with price.
18	MACD line vs signal	MACD 35.88 / signal 17.27	Bullish	MACD was above its signal line — momentum turning or staying positive. Bullish MACD above signal · Bearish MACD below signal · No neutral zone.
19	MACD histogram (5-day change)	3.72 → 18.61	Bullish	The histogram rose over the last five sessions, meaning momentum was improving. Bullish histogram rising (momentum improving) · Bearish histogram falling (momentum weakening) · No neutral zone.
20	MACD vs zero line	35.88	Bullish	MACD above zero means the 12-day EMA was above the 26-day EMA — a positive momentum regime. Bullish MACD above zero · Bearish MACD below zero · No neutral zone.
21	Stochastic (14,3,3)	%K 94.7 / %D 93.6	Caution	Slow stochastic at 94.7 was in overbought territory (>80). Bullish between 20 and 80 with %K above %D · Bearish between 20 and 80 with %K below %D · Caution above 80 (overbought) or below 20 (oversold).
22	Williams %R (14)	-1.4	Caution	%R of -1.4 put the close near the top of its 14-day range. How to read: Caution above –20 (near the top) or below –80 (near the bottom). Neutral in the middle. This point is never tagged Bullish or Bearish.
23	CCI (20)	208	Bullish	CCI at 208 signalled an unusually strong upward deviation (>+100). Bullish above +100 (unusually strong upward move) · Bearish below –100 (unusually strong downward move) · Neutral within ±100.
24	Rate of change (10-day)	+43.8%	Bullish	Price changed +43.8% over ten sessions. Bullish up more than 2% · Bearish down more than 2% · Neutral between –2% and +2%.

D. Volatility

#	Point	Reading	Tag	Commentary
25	Bollinger Band position (%B)	%B 1.09 (bands 293.14–525.98)	Caution	%B of 1.09 — close above the upper band, an overextended move. How to read: Caution above 1 or below 0 (outside the bands — an overextended move). Neutral inside the bands.
26	Bollinger width / squeeze	width 56.9% (97th pct of 6M)	Neutral	Band width was at the 97th percentile of the last six months, so volatility was elevated. How to read: Caution when the width is in the lowest 15% of six months (a “squeeze” that often comes before a bigger move, direction unknown). Neutral otherwise.
27	ATR (14)	₹25.00 (4.6% of price)	Neutral	A typical day's range was about ₹25.00, or 4.6% of the price — useful for judging how much 'normal noise' to expect. How to read: Information only. A higher % means bigger normal daily swings.
28	Historical volatility (30-day)	74.7% vs 1Y 46.3%	Caution	Annualised 30-day volatility was 74.7%, well above the one-year level of 46.3%. How to read: Caution when 30-day volatility is more than 1.25× the one-year level. Neutral otherwise.
29	Keltner Channel (20, 2×ATR)	369.73–482.67	Bullish	The close was above the upper channel — a strong trending push. Bullish close above the upper channel (strong upward push) · Bearish close below the lower channel · Neutral inside the channel.
30	Beta vs Nifty 50 (1Y daily)	1.62	Neutral	A beta of 1.62 means the stock tended to move more than the Nifty 50 day to day. How to read: Information only. Above 1.1 moves more than the market, below 0.9 less, around 1 in line.

E. Volume & money flow

#	Point	Reading	Tag	Commentary
31	Volume vs 20-day average	last day 1.87× / 5-day 3.22×	Neutral	The final session traded 1.87× its 20-day average volume and the last five sessions averaged 3.22× — heavier than usual participation. How to read: Information only. Above 1.2× is heavier than usual participation, below 0.8× lighter.
32	Up-day vs down-day volume (20d)	ratio 7.69	Bullish	Average volume on up days was 7.69× that on down days — accumulation-leaning. Bullish ratio above 1.15 (accumulation-leaning) · Bearish ratio below 0.85 (distribution-leaning) · Neutral between 0.85 and 1.15.
33	On-Balance Volume (20d)	OBV rising	Bullish	OBV rose over the month while price rose — volume confirmed the price move. Bullish OBV rising · Bearish OBV falling · No neutral zone.
34	Accumulation/Distribution line	rising (20d)	Bullish	The A/D line rose, meaning closes tended to be in the upper part of daily ranges on meaningful volume. Bullish A/D line rising · Bearish A/D line falling · No neutral zone.
35	Chaikin Money Flow (20)	0.49	Bullish	CMF at +0.49 indicated net inflows. Bullish above +0.05 (net inflows) · Bearish below –0.05 (net outflows) · Neutral between –0.05 and +0.05.
36	Money Flow Index (14)	95.1	Caution	MFI, a volume-weighted RSI, was 95.1 — overbought. Bullish MFI 55–80 · Bearish MFI 20–45 · Neutral 45–55. Caution above 80 (overbought) or below 20 (oversold).
37	Liquidity (avg daily turnover)	₹1,605 cr/day	Neutral	About ₹1,605 crore changed hands per day on average over 20 sessions — highly liquid. How to read: Information only. Above ₹500 crore a day is highly liquid, above ₹50 crore liquid, below that moderately liquid.

F. Price levels

#	Point	Reading	Tag	Commentary
38	Support levels (S1/S2/S3)	489.64 / 467.15 / 459.05	Neutral	Nearest support (prior swing lows) sat at 489.64, 11.9% below the close, then 467.15, 459.05. How to read: Information only. Levels to watch, not good or bad.
39	Resistance levels (R1/R2/R3)	613.30	Neutral	Nearest resistance (prior swing highs) sat at 613.30, 11.9% above the close. How to read: Information only.
40	Monthly pivot points (for next month)	P 482.48 \| R1 616.62 \| S1 413.97	Neutral	Classic pivots from July's high/low/close gave a pivot of 482.48; the close was above it. How to read: Information only.
41	Fibonacci retracement (6M swing)	23.6% 498 \| 38.2% 465 \| 50.0% 439 \| 61.8% 413	Neutral	Measuring the 6-month rise from 327.05 to 551.00, the close was nearest the 23.6% retracement at 498.15. How to read: Information only.
42	52-week high / low	H 617.70 / L 327.05	Neutral	The close was 11.3% below the 52-week high and 67.6% above the 52-week low. Bullish within 5% of the 52-week high · Bearish within 5% of the 52-week low · Neutral in between.
43	Unfilled price gaps (6M)	1 open; latest gap-up 15 Jun at 345.75	Neutral	There was 1 unfilled gap(s). The latest, a gap-up on 15 Jun 2026, left an open level at 345.75 that price had not revisited. How to read: Information only.

G. Patterns

#	Point	Reading	Tag	Commentary
44	Price structure / chart pattern	broad sideways range	Neutral	Rule-based pattern scan: broad sideways range. (Classical patterns like head-and-shoulders are judgement calls; we report only what the rules detect.) Bullish rising channel (both trends up) · Bearish falling channel (both trends down) · Neutral for tight consolidation, a bounce in a downtrend, a pullback in an uptrend, or a sideways range.
45	Breakout / breakdown (20-day)	range 348.35–535.00	Bullish	The close was breakout above the prior 20-day range of 348.35–535.00 — a range break. Bullish close above the 20-day high (breakout) · Bearish close below the 20-day low (breakdown) · Neutral inside the range.
46	Latest candlestick	Ordinary green candle	Neutral	On 15 Jul the candle opened 534.00, ranged 518.30–551.00 and closed 548.10: Ordinary green candle. Single candles are weak signals on their own. Bullish hammer, bullish engulfing or bullish marubozu · Bearish shooting star, bearish engulfing or bearish marubozu · Neutral for a doji, inside bar or ordinary candle. Single candles are weak signals.
47	Ichimoku Cloud	cloud 369.54–394.80; Tenkan 449.68 / Kijun 439.02	Bullish	Price was above the cloud and the Tenkan line was above the Kijun line — a bullish Ichimoku setup. Bullish close above the cloud · Bearish close below the cloud · Neutral inside the cloud.

H. Relative strength & summary

#	Point	Reading	Tag	Commentary
48	Relative strength vs Nifty 50	1M +42.2% / 3M +23.1%	Bullish	The stock outperformed the Nifty 50 by 23.1 points over three months and outperformed by 42.2 points over one month. Bullish ahead of the Nifty 50 by more than 2 points · Bearish behind by more than 2 points · Neutral within ±2 points.
49	Relative strength vs Nifty 50 (6M)	6M +13.3%	Bullish	No sector index in today's data set, so we show the 6-month comparison instead: 13.3 points ahead of the Nifty 50. Bullish ahead by more than 2 points · Bearish behind by more than 2 points · Neutral within ±2 points.
50	Technical summary	22 bullish · 3 bearish · 18 neutral · 6 caution	Bullish	Across the 49 readings the technical picture leaned positive. Levels that mattered: support 489.64, resistance 613.30. This is a description of the chart on 15 Jul 2026, not a forecast. How to read the score: the strongest possible reading is 49 bullish · 0 bearish, and the weakest is 0 bullish · 49 bearish. Most companies land in between. The chart is called positive when bullish tags beat bearish ones by 5 or more, negative when bearish tags beat bullish ones by 5 or more, and mixed otherwise. Even a 49–0 score describes the past and is not a reason to buy, and a 0–49 score is not a reason to sell. Bullish bullish tags beat bearish ones by 5 or more (“positive”) · Bearish bearish tags beat bullish ones by 5 or more (“negative”) · Neutral (“mixed”) otherwise. Strongest possible: 49 bullish · 0 bearish.

Fundamental analysis — 50 points

Uses only results published by 15 Jul 2026: FY26 annual (Apr 2025–Mar 2026), the Jan–Mar 2026 quarter and the Mar 2026 shareholding. ₹ crore, consolidated unless stated. Valuation uses the 15 Jul 2026 close.

How to read the tags. Each of the 50 points gets one tag. Bullish the reading was favourable. Bearish the reading was unfavourable. Neutral the reading was in a normal range, or gave no clear message. Caution a warning sign or an unusual reading that deserves a closer look. Point 50 counts the other 49 tags. The numbers are called positive when bullish tags beat bearish ones by 4 or more and are at least 1.5 times as many, negative the other way round, and mixed otherwise. Under each point you will see what reading earns which tag. Tags describe the data on the snapshot date. They are not signals to buy or sell. Full guide to all 100 points →

A. Valuation

#	Point	Reading	Tag	Commentary
1	P/E (trailing 12 months)	41.9×	Neutral	At ₹548.10 the market valued the company at about ₹56,606 crore, or 41.9× the ₹1,351 crore profit of the four quarters to Mar 2026. That is a premium multiple — the market expected growth. How to read: Information only. Below 15 is a low multiple, 15–30 moderate, above 30 a premium (the market expects growth). Compare with peers and the company’s own history.
2	Price / Book	8.97×	Neutral	Market cap was 8.97× the Mar 2026 book value (equity + reserves) of ₹6,309 crore. How to read: Information only. Main yardstick for banks; asset-light businesses usually trade at high P/B.
3	Price / Sales	1.58×	Neutral	The company was valued at 1.58× its trailing-12-month sales of ₹35,742 crore. How to read: Information only.
4	EV / EBITDA (approx.)	25.2×	Neutral	Enterprise value (market cap + ₹6,117 cr borrowings; cash not netted) was 25.2× trailing operating profit of ₹2,491 crore. How to read: Information only. Lower means cheaper relative to operating profit.
5	Earnings yield	2.4%	Neutral	The inverse of P/E: each ₹100 invested bought about ₹2.4 of annual earnings. Investors often compare this with the ~6–7% yield on 10-year government bonds. How to read: Information only. Often compared with the ~6–7% yield on 10-year government bonds.
6	PEG (P/E ÷ 3-yr profit CAGR)	0.91	Caution	P/E of 41.9 divided by 3-year profit growth of 46.2% a year gives a PEG of 0.91. Below 1 is often read as growth being cheaply priced; above 2 as expensive. Note: revenue jumped more than 40% in Mar 2026, which usually signals a merger or acquisition — multi-year growth rates are inflated by it. Bullish below 1 (growth cheaply priced) · Bearish above 2 (growth expensively priced) · Neutral 1–2, or when profit did not grow (not meaningful).
7	Dividend yield (trailing 12M)	0.27%	Neutral	Dividends with ex-dates in the 12 months to the snapshot totalled ₹1.5 a share, a 0.27% yield on the ₹548.10 price. Bullish above 3% · Neutral at 3% or less. Never tagged Bearish.
8	Market capitalisation	₹56,606 cr	Neutral	At about ₹0.57 lakh crore the company was a mid-cap. How to read: Information only. Above ₹1 lakh crore large-cap, ₹30,000 crore–₹1 lakh crore mid-cap, below that small-cap (our rule of thumb).
9	Graham number vs price	₹134.09 vs ₹548.10	Neutral	Benjamin Graham's conservative fair-value yardstick √(22.5 × EPS × book value per share) came to ₹134.09; the price was 309% above it. Quality franchises usually trade above this number. Bullish price below the Graham number · Neutral when the price is above it (most quality companies are).

B. Growth

#	Point	Reading	Tag	Commentary
10	Revenue growth FY26 (YoY)	+42.7%	Bullish	Revenue for FY26 was ₹35,743 crore, +42.7% versus FY25. Bullish above 10% · Bearish below 0% (revenue fell) · Neutral 0–10%.
11	Q4 FY26 revenue growth (YoY)	+66.2%	Bullish	The Jan–Mar 2026 quarter brought ₹10,275 crore of revenue, +66.2% on the same quarter a year earlier. Bullish above 10% · Bearish below 0% · Neutral 0–10%.
12	Net profit growth FY26 (YoY)	+89.1%	Bullish	FY26 net profit was ₹1,350 crore, +89.1% on FY25's ₹714 crore. Bullish above 10% · Bearish below 0% · Neutral 0–10%. Caution if a one-off item distorted the figure.
13	Q4 FY26 profit growth (YoY)	+118.1%	Bullish	Quarterly profit was ₹410 crore versus ₹188 crore a year earlier (+118.1%). Bullish above 10% · Bearish below 0% · Neutral 0–10%.
14	Revenue CAGR (3 years)	36.4%	Caution	Revenue compounded at 36.4% a year from FY23 to FY26. Note: revenue jumped more than 40% in Mar 2026, which usually signals a merger or acquisition — multi-year growth rates are inflated by it. Bullish above 12% a year · Bearish below 5% a year · Neutral 5–12%. Caution if an acquisition inflated it.
15	Profit CAGR (3 years)	46.2%	Caution	Net profit compounded at 46.2% a year from FY23 to FY26. Note: revenue jumped more than 40% in Mar 2026, which usually signals a merger or acquisition — multi-year growth rates are inflated by it. Bullish above 12% a year · Bearish below 5% a year · Neutral 5–12%.
16	Revenue CAGR (5 years)	33.0%	Caution	Over five years (FY21–FY26) revenue compounded at 33.0% a year. Note: revenue jumped more than 40% in Mar 2026, which usually signals a merger or acquisition — multi-year growth rates are inflated by it. Bullish above 12% a year · Bearish below 5% a year · Neutral 5–12%.
17	EPS growth FY26 (reported)	+88.7%	Bullish	Reported EPS went from ₹6.93 to ₹13.08 (+88.7%). Differences from profit growth come from changes in share count (bonus, buyback, new issues). Bullish above 10% · Bearish below 0% · Neutral 0–10%.

C. Profitability

#	Point	Reading	Tag	Commentary
18	Operating margin FY26	7%	Neutral	Operating profit (EBITDA) was 7% of sales in FY26 versus 6% in FY25. How to read: Information only — normal margins differ a lot by industry.
19	Operating margin trend (4 quarters)	7% → 6% → 7% → 7%	Neutral	Quarterly margins moved from 7% to 7% over the last four quarters — broadly stable. Bullish up more than 1 percentage point · Bearish down more than 1 percentage point · Neutral when broadly stable.
20	Net profit margin FY26	3.8%	Neutral	₹3.8 of every ₹100 of revenue ended up as net profit in FY26. How to read: Information only.
21	Return on equity FY26	24.3%	Bullish	FY26 profit was 24.3% of average shareholders' equity. Above ~15% is generally considered good; below 10% weak. Bullish above 18% · Bearish below 10% · Neutral 10–18%. Around 15% or more is generally considered good.
22	ROCE FY26	21%	Bullish	Return on capital employed (debt + equity) was 21% in FY26. Bullish above 20% · Bearish below 10% · Neutral 10–20%.
23	Return on assets FY26	6.52%	Neutral	Net profit was 6.52% of total assets. Bullish banks only: 1.5% or more · Bearish banks only: below 1% · Information only for non-banks.
24	Effective tax rate FY26	25%	Neutral	The company paid about 25% of pre-tax profit as tax; India's base corporate rate is ~25%. How to read: Information only. India’s base corporate rate is about 25%.
25	Other income share of pre-tax profit	9%	Neutral	Non-operating 'other income' of ₹162 crore made up 9% of pre-tax profit. How to read: Caution above 25% (headline profit leans on non-core income). Neutral otherwise.

D. Balance sheet

#	Point	Reading	Tag	Commentary
26	Debt / equity	0.97	Neutral	Borrowings of ₹6,117 crore were 0.97× equity — moderate leverage. Bullish below 0.3 (very low leverage) · Bearish above 1 (high leverage) · Neutral 0.3–1.
27	Debt / EBITDA	2.39×	Neutral	Debt equalled 2.39 years of FY26 operating profit. Bullish below 1× · Bearish above 3× · Neutral 1–3×.
28	Interest coverage	4.6×	Neutral	Earnings before interest and tax covered interest cost 4.6 times. Bullish above 8× · Bearish below 3× · Neutral 3–8×, or not meaningful when interest is negligible.
29	Book value growth	+31.4%	Bullish	Shareholders' equity grew +31.4% from ₹4,803 crore to ₹6,309 crore in FY26. Bullish above 10% (banks: above 12%) · Bearish below 0% (non-banks only) · Neutral otherwise.
30	Capital work in progress	₹18 cr (1% of fixed assets)	Neutral	Projects under construction (CWIP) were 1% of fixed assets — a modest pipeline. How to read: Information only. Above 20% means a big expansion pipeline that is not yet earning.
31	Working capital days	30 days	Neutral	Working capital tied up equalled 30 days of sales (FY25: 23). Negative means suppliers/customers fund operations. How to read: Information only. Lower is generally more efficient; negative means suppliers or customers fund the business.
32	Cash conversion cycle	136 days	Neutral	It took 136 days to turn inventory and receivables into cash, net of supplier credit. How to read: Information only. Shorter is generally better.
33	Debtor days	9 (FY25 6)	Caution	Customers took 9 days on average to pay, versus 6 a year earlier — a notable stretch in collections. How to read: Caution when debtor days rose more than 20% in a year (collections stretching). Neutral otherwise.

E. Cash flow

#	Point	Reading	Tag	Commentary
34	Operating cash flow FY26	₹1,318 cr	Bullish	The business generated ₹1,318 crore of operating cash in FY26 versus ₹1,209 crore in FY25. Bullish positive and higher than the year before · Bearish negative · Neutral when positive but lower. Information only for banks.
35	Free cash flow FY26	₹939 cr	Bullish	After capital spending, free cash flow was ₹939 crore. Bullish positive · Bearish negative · Neutral when not available.
36	Cash conversion (CFO ÷ net profit)	0.98×	Neutral	Operating cash flow was 0.98× reported profit — reasonable cash backing. Bullish above 1× (profits well backed by cash) · Caution below 0.7×. Neutral 0.7–1×.
37	Free-cash-flow yield	1.7%	Neutral	FY26 free cash flow was 1.7% of the snapshot market cap. Bullish above 4% · Neutral at 4% or less.
38	Free cash flow — 3-year total	₹2,790 cr	Bullish	Free cash flow over FY24–FY26 added up to ₹2,790 crore. Bullish positive total · Bearish negative total · Neutral when not available.
39	Capex FY26 (CFO – FCF)	₹379 cr	Neutral	Implied capital expenditure was about ₹379 crore, 1.1% of sales. How to read: Information only.

F. Dividends & shareholder returns

#	Point	Reading	Tag	Commentary
40	Dividend payout ratio FY26	19%	Neutral	The company paid out about 19% of FY26 profit as dividends. How to read: Information only. High payout suits mature businesses; growing firms often keep more.
41	Dividend consistency (3 years)	21% / 22% / 19%	Bullish	Payout ratios for FY24 / FY25 / FY26 — dividends were paid every year. Bullish paid every year · Neutral when irregular. Never tagged Bearish.
42	Share capital change (FY25→FY26)	+0.2%	Neutral	Paid-up equity capital changed +0.2% (₹1,031 cr → ₹1,033 cr). Essentially unchanged — no dilution. Bullish fell 1% or more (a buyback) · Caution when it rose 1% or more (new shares issued). Neutral when unchanged, or for a bonus/split.

G. Ownership

#	Point	Reading	Tag	Commentary
43	Promoter holding	62.86% (+0.01 pts YoY)	Neutral	Promoters owned 62.86% at Mar 2026 versus 62.85% a year earlier. Bearish fell more than 1 percentage point in a year · Neutral otherwise. Never tagged Bullish.
44	Foreign institutional holding	14.55% (-2.34 pts YoY)	Bearish	FIIs held 14.55% at Mar 2026, down from 16.89% a year before. Bullish up more than 1 percentage point · Bearish down more than 1 percentage point · Neutral within ±1 point.
45	Domestic institutional holding	14.13% (+2.16 pts YoY)	Bullish	Mutual funds, insurers and other DIIs held 14.13%, up from 11.97%. Bullish up more than 1 percentage point · Bearish down more than 1 percentage point · Neutral within ±1 point.
46	Number of shareholders	6.9 lakh (-11.8% YoY)	Neutral	The shareholder count moved from 7.9 lakh to 6.9 lakh in a year — a rough gauge of retail interest. How to read: Information only — a rough gauge of retail interest.
47	Promoter pledge	none reported	Neutral	Our source showed no pledged promoter shares. How to read: Information only. Any sizeable pledge is a risk to note.

H. Quality & summary

#	Point	Reading	Tag	Commentary
48	Financial health checklist (Piotroski-style, 8 tests)	7/8	Bullish	Passed: positive profit, positive operating cash flow, leverage fell, operating margin improved, ROA improved, asset turnover improved, no meaningful dilution (<3%). Failed: CFO > net profit. Bullish all tests passed, or all but one · Bearish half the tests or fewer passed · Neutral in between.
49	Automated screen flags	3 strength(s) · 1 weakness(es)	Neutral	Strengths: Company is expected to give good quarter; Company has delivered good profit growth of 195% CAGR over last 5 years; Company has been maintaining a healthy dividend payout of 20.5%. Weaknesses: Stock is trading at 9.13 times its book value. (Flags generated by the data source’s rule screen.) How to read: Information only.
50	Fundamental summary	14 bullish · 1 bearish · 29 neutral · 5 caution	Bullish	On the numbers published by 15 Jul 2026 the fundamental picture leaned positive. Valuation: P/E 41.9×, P/B 8.97×. This describes the data, not a recommendation. How to read the score: the strongest possible reading is 49 bullish · 0 bearish, and the weakest is 0 bullish · 49 bearish. Most companies land in between. The numbers are called positive when bullish tags beat bearish ones by 4 or more and are at least 1.5 times as many, negative the other way round, and mixed otherwise. Even a 49–0 score describes the past and is not a reason to buy, and a 0–49 score is not a reason to sell. Bullish bullish tags beat bearish ones by 4 or more and are at least 1.5× as many (“positive”) · Bearish the same the other way round (“negative”) · Neutral (“mixed”) otherwise. Strongest possible: 49 bullish · 0 bearish.

News in the three months before the snapshot

Company news from 15 Apr 2026 – 15 Jul 2026 that an investor could have known on the snapshot date.

08 May 2026 Kalyan Jewellers Q4 FY26 profit more than doubles; Rs 2.50 final dividend recommended — Consolidated Q4 FY26 revenue was about Rs 10,275 crore (up roughly 66-67% YoY) and profit after tax Rs 409.5 crore (up about 118%). FY26 PAT was Rs 1,350 crore. The board recommended a Rs 2.50 final dividend; the stock closed up 3.26% at Rs 424.55. source
11 May 2026 Kalyan Jewellers falls over 9% to a one-month low after PM's gold-buying remarks — Shares dropped more than 9% on heavy volume after the Prime Minister urged citizens to hold back on gold purchases amid West Asia tensions; other jewellery stocks also fell, despite Kalyan's strong Q4 numbers. source
09 Jul 2026 Kalyan Jewellers shares jump about 25% in two days on Q1 FY27 business update — The company's June-quarter update showed consolidated revenue up about 38% YoY, India same-store sales growth near 28%, international revenue up about 35% and Candere up about 112%, with 524 showrooms at June 30. Shares rose about 18.75% on July 9. source
09 Jul 2026 Citi upgrades Kalyan Jewellers to Buy with Rs 750 target — Citi raised its rating to Buy with a Rs 750 target, citing franchise-led store expansion, gradual debt reduction and improving return on capital, as the stock rallied nearly 20% intraday. source
10 Jul 2026 Kalyan Jewellers extends rally for a third session, up over 9% intraday — The stock rose as much as 9.1% to Rs 483.40 on NSE after a previous close of Rs 443, extending gains following the strong June-quarter business update and broader buying in jewellery stocks. source

What happened next (15 Jul 2026 → 16 Oct 2026)

Price went from ₹548.10 to ₹558.00 by 16 Oct 2026 (+1.8%) while the Nifty 50 moved -3.9% — outperforming by 5.7 points.
Highest ₹648.95 on 30 Jul 2026; lowest ₹522.50 on 01 Oct 2026.
S1 489.64: held on a closing basis.
S2 467.15: held on a closing basis.
R1 613.30: cleared on a closing basis on 29 Jul 2026.
200-day SMA: price was above it at the snapshot and stayed on the same side through the period.
Apr–Jun 2026 results (reported 04 Aug 2026): revenue ₹10,589 crore (+45.7% YoY), net profit ₹349 crore (+32.2% YoY), operating margin 6% vs 7% a year earlier (Screener consolidated figures).

Later news

27 Jul 2026 Kalyan Jewellers dips on report of mutual fund block deal — A domestic mutual fund was reported to be looking to sell about 5 crore shares through a block deal at a likely 8-10% discount after the stock's 50%+ one-month rally; shares were down about 1.6% around midday. source
04 Aug 2026 Kalyan Jewellers Q1 FY27 revenue rises about 45%, net profit up about 32% — Consolidated revenue for the June quarter was about Rs 10,589 crore versus about Rs 7,300 crore a year earlier, and net profit about Rs 349 crore versus Rs 264 crore. source
05 Aug 2026 Brokerages raise Kalyan Jewellers targets after Q1 despite margin miss — Citi raised its target to Rs 800, ICICI Securities to Rs 680 and Motilal Oswal set Rs 700. Revenue beat estimates but EBITDA margin fell about 280 bps YoY to 5.1%, below expectations. source
17 Aug 2026 Kalyan Jewellers fixes September 12 record date for Rs 2.50 dividend; AGM on September 19 — The company set September 12, 2026 as the record date for its FY26 final dividend of Rs 2.50 per share and scheduled its 18th AGM for September 19 by video conference. source
07 Oct 2026 Kalyan Jewellers Q2 FY27 update: revenue up over 26%, same-store sales about 20% — The September-quarter update reported consolidated revenue growth above 26%, India growth near 27%, international about 18% and Candere about 64%. The company sold a non-core property for about Rs 86 crore and said non-GML debt fell to zero. Shares rose about 2-3%. source

Educational summary. On 15 Jul 2026 the technical picture leaned positive and the fundamental picture leaned positive. Over the next three months the stock moved +1.8% against -3.9% for the Nifty 50. Here the chart's message lined up with what followed. One case proves nothing on its own; the value is in seeing many cases over time. This page does not say whether to buy, sell or hold Kalyan Jewellers India today.

Method designed by Pawan Kumar Sharma, CPA · ACCA · CIA. Numbers are computed by our engine from the sources listed below.

Sources: daily prices — Yahoo Finance history pages; financials and shareholding — Screener.in (fetched 18 Oct 2026); index — Nifty 50 via Yahoo Finance; news — linked articles. Calculations by Manage Our Finance. Report a correction

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