Kalyan Jewellers India Limited Intrinsic Value
KALYANKJIL · Consumer Durables · Current price ₹558
Is Kalyan Jewellers India Limited undervalued?
We estimate the fair value of Kalyan Jewellers India Limited at ₹567 per share, against a market price of ₹601. That puts the share price about -5.7% above our estimate, at medium confidence. This is our view of what the business is worth, not a target price or a forecast of where the share price will go.
How this fair value is calculated
This estimate comes from 2 methods: Fair multiple (P/E) (₹610), PEG (growth-implied P/E) (₹417). Each is weighted by how well its inputs held up for this company. The full working, including the assumptions and what data was missing, is set out below.
The range around this estimate
Our estimate for Kalyan Jewellers India Limited spans ₹417 to ₹624. A margin of safety means buying meaningfully below the estimate: the wider the range, the more room the assumptions leave for error.
Margin of safety
Value investors look for a margin of safety: a discount to estimated value that absorbs being wrong. At ₹601 against an estimated value of ₹567, Kalyan Jewellers India Limited trades at -5.7%, i.e. a premium to our estimate. How much margin to demand depends on how much you trust the inputs, which is what the confidence band below is for.
How we got this fair value
Every number below is part of the same estimate for Kalyan Jewellers India Limited. Nothing here is a target price or a forecast of where the share price will go.
Workable, with real gaps. Weigh it alongside your own view rather than on its own.
Estimate range ₹417 – ₹624
Why this method for this business
Kalyan Jewellers is an asset-light, branded consumer franchise with durable demand and a strong moat. Relative P/E and PEG are the most appropriate models for valuing such a business, as they reflect earnings power and growth-adjusted multiples.
The models behind the number
Each method is weighted by how well its inputs held up for this company.
- dcf: Not suitable for a consumer discretionary business with high growth and uncertain cash flows
- peg: Used as a complementary model to capture growth-adjusted valuation
What was missing
- Lack of detailed information on capital allocation and long-term growth assumptions
What drives it
17 inputs, grouped by how strong each claim is
- Sector-median P/E
- 24.24×
- Peers used
- 8
- EPS (TTM)
- 13.9 ₹/share
- Own-history median P/E
- 28.74×
- Earnings growth
- 46.2% CAGR
peer-median
peer-median
computed
reconstructed (one feature, dampened — not a cap)
computed
- Term: quality
- -0.5%
- Term: growth
- +40.0%
- Term: capital_allocation
- +14.2%
- Term: financial_strength
- +6.5%
- Term: history
- +5.6%
- Term: sector_rerating
- +0.0%
- Term: rate_regime
- +1.2%
- Term: risk
- +0.0%
quality 54/100 (about average) → neutral
durable ~23% CAGR (ROCE 12% > hurdle) → premium
capital allocation: rising ROCE funded by strong FCF → premium
financial strength: low leverage (D/E 0.5) → mild premium
history: market paid +19% vs sector, dampened ×0.3 (one feature, not the anchor)
sector re-rating: no sector-norm history → not used
rates: risk-free 6.9% below ~7.1% normal → higher multiple
risk: no analyst-dispersion signal available → neutral (lowers confidence, not PE)
- Premium vs sector
- +80.9%
- Fair-multiple confidence
- 87%
- Fair P/E
- 43.85×
- Growth-implied P/E
- 30×
fundamentals + macro (not capped at own history)
data completeness + term agreement
sector median × ∏(1+term) — Dynamic Fair Multiple
min(growth, 30)
Who computed this
A language model (qwen3:8b) selects the valuation method and the judgement inputs for Kalyan Jewellers India Limited: which models suit the business, the moat, the growth and margin assumptions. It does not produce the number. The fair value itself is computed in Python by a deterministic engine (version 2026.08.1) from those inputs, so the same inputs always give the same result and every figure above can be traced to a source.
Estimated 14 Sept 2026. Re-run as new financials and news arrive.
How we value stocks
We estimate what a business is worth from its own economics: cash flows, returns on capital, and a multiple justified by its quality, rather than from where the share price has been. A fair value estimate is a view, not a verdict, and it is only as good as the inputs listed above.
Read the full fair-value methodologyMore on Kalyan Jewellers India Limited
DocStoX estimates are computed from reported financials, for informational purposes only, not investment advice. Consult a SEBI-registered advisor before investing.