Kalyan Jewellers Share Price: 22.0% CAGR in 3 Years as the Retailer Takes On Titan and Thangamayil

Kalyan Jewellers previous close Rs 611. 3-year CAGR 22.0%. Up 1.8x since 9 Nov 2023. ROE 21.41%. Market cap Rs 63,101 crore.

The Kalyan Jewellers share price is a useful window into how Indian jewellery retail has evolved. Kalyan Jewellers India, the Thrissur-born chain that listed in 2021, now runs a large showroom network across India and the Middle East, and its stock has put together a steady three-year run against much bigger rivals.

This article calculates the three-year CAGR for Kalyan Jewellers, Titan and Thangamayil Jewellery using split and bonus adjusted prices. It then places the returns beside market cap, valuation, return on equity and debt so that the comparison covers more than just the price chart.

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How Much Has the Kalyan Jewellers Share Price Returned in 3 Years?

The Kalyan Jewellers stock closed at Rs 336.10 on 9 November 2023 and at Rs 611.00 on 9 November 2026. Rs 1 lakh invested three years ago would have grown to about Rs 1.82 lakh, which is a CAGR of 22.0%. This is a price return and leaves out dividends.

CAGR condenses a bumpy three-year ride into one yearly number, which is why it is the fairest way to compare companies of different sizes. A stock such as Kalyan Jewellers can look spectacular on a chart and still have earned a modest yearly return, so the compounded figure keeps the comparison honest.

The Kalyan Jewellers share price has also moved with the pattern of festive and wedding demand in India, where jewellery buying is closely tied to the season, gold prices and household confidence.

Kalyan Jewellers vs Titan Company and Thangamayil Jewellery: 3-Year CAGR Compared

The table ranks the companies by three-year CAGR. Prices on 9 November 2023 are adjusted for splits and bonuses, and the latest figures are the previous close on 9 November 2026.

Company	Close on 9 Nov 2023	Previous close (9 Nov 2026)	Price multiple	3-year CAGR
Thangamayil Jewellery	Rs 1,308.22	Rs 4,233.40	3.2x	47.9%
Kalyan Jewellers India	Rs 336.10	Rs 611.00	1.8x	22.0%
Titan Company	Rs 3,283.75	Rs 5,005.00	1.5x	15.1%

The Kalyan Jewellers stock ranks second of the three at 22.0%. It sits ahead of Titan Company (15.1%). The company ahead is Thangamayil Jewellery (47.9%). Thangamayil leads the group on percentage return from a small base, with Kalyan Jewellers in the middle and Titan, the biggest of the three by far, compounding more slowly on a very large base of capital.

Look at the Kalyan Jewellers share price alongside the peers as a snapshot of the last three years. It describes what happened, and valuation and earnings will decide what happens next.

Valuation and Quality Compared

Company	Market cap	P/E	Industry P/E	ROE	Debt to equity
Titan Company	Rs 4,44,337 crore	63.18	44.59	38.51%	1.51
Kalyan Jewellers India	Rs 63,101 crore	43.99	44.59	21.41%	0.97
Thangamayil Jewellery	Rs 13,153 crore	33.56	49.02	26.04%	0.99

By market cap, Titan Company is the largest of the group at Rs 4,44,337 crore, while the Kalyan Jewellers stock stands at Rs 63,101 crore, about 14% of that size. On earnings, Kalyan Jewellers shares trade at a P/E of 43.99 against an industry P/E of 44.59, a discount of about 1% to the sector, which leaves room if earnings keep growing. Peer multiples are Titan Company at 63.18 and Thangamayil Jewellery at 33.56.

Return on equity is 21.41% for the Kalyan Jewellers stock, which ranks third among the three, and debt to equity stands at 0.97. Trailing EPS is Rs 13.89. Jewellery retailers work on thin margins and heavy inventory, so return on equity and debt to equity matter as much as the P/E when comparing one chain with another.

What Is Driving the Kalyan Jewellers Stock?

Kalyan Jewellers India sells gold, diamond and studded jewellery through company owned and franchise showrooms, and it also runs the Candere online brand. The business is built on trust in purity and pricing, which is central to jewellery buying in India.

The company has been widening its footprint into new cities and states, which lifts revenue per year as new showrooms mature. A growing share of sales from organised retail, compared with local jewellers, has helped chains of this kind.

Followers of the Kalyan Jewellers share price usually track same store sales growth, showroom additions, gold price movements and the working capital needed to stock inventory.

How the Established Players Stack Up

Titan Company is the Tata group company behind Tanishq, the largest jewellery brand in India, and it also sells watches and eyewear. It compounded at 15.1% a year, on a market cap of Rs 4,44,337 crore and an ROE of 38.51%.

Thangamayil Jewellery is a Madurai-based jewellery chain with a strong presence across Tamil Nadu. It compounded at 47.9% a year, on a market cap of Rs 13,153 crore and an ROE of 26.04%.

What Should Investors Track Next?

Three things are worth watching on the Kalyan Jewellers share price. First, same store sales growth through the festive and wedding seasons. Second, the pace of new showroom additions and how quickly they reach maturity. Third, the movement in gold prices, which affects both demand and inventory values.

At a P/E of 44, the market already expects healthy growth. Jewellery demand can soften when gold prices spike, so size any position with that in mind.

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How to Compare Jewellery Stocks Yourself

You can repeat this exercise for any pair of stocks, including the Kalyan Jewellers stock against its peers. Note the adjusted closing price on the base date, take the latest close, divide one by the other, raise the result to the power of one third and subtract one. Then place the CAGR next to market cap, P/E against the industry P/E, ROE and debt to equity. Benchmark the result against the Nifty 50 as well, so you know whether the stock beat the broader market.

A stock that scores well on growth but weakly on quality, or the reverse, deserves closer study before it enters a portfolio. When tracking the Kalyan Jewellers share price, the same four checks give a more complete picture than price alone.

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A Fast Growing Retailer With Healthy Returns

The Kalyan Jewellers share price compounded at 22.0% a year over three years, ahead of Titan at 15.1% and behind Thangamayil at 47.9%. Its ROE of 21.41% and a P/E of 43.99 reflect an established chain still in growth mode.

Titan brings scale and an ROE of 38.51%, Thangamayil brings regional depth, and Kalyan Jewellers sits between the two on size. The right fit depends on whether you prefer scale or a faster expansion story.

Frequently Asked Questions

What is the Kalyan Jewellers share price today?

Ans. Kalyan Jewellers India closed at Rs 611 on 9 November 2026, according to NSE data. It has a market cap of Rs 63,101 crore and a P/E of 43.99. Check live quotes before acting, as prices change every trading day.

What is the 3-year CAGR of the Kalyan Jewellers stock?

Ans. Kalyan Jewellers India delivered a price CAGR of 22.0% over three years, moving from Rs 336.10 on 9 November 2023 to Rs 611.00 on 9 November 2026. The figure excludes dividends and uses adjusted closing prices.

Is Kalyan Jewellers better than Titan?

Ans. The Kalyan Jewellers stock delivered a higher three-year CAGR at 22.0% than Titan at 15.1%. Titan is far larger by market cap at Rs 4,44,337 crore and has the higher ROE at 38.51% against 21.41%. The better choice depends on whether you prefer scale or faster recent growth.

What does Kalyan Jewellers India do?

Ans. Kalyan Jewellers India is a Thrissur-based jewellery retailer that sells gold, diamond and studded jewellery through showrooms across India and the Middle East.

Is the Kalyan Jewellers stock debt free?

Ans. The debt to equity ratio of the Kalyan Jewellers stock is 0.97 and its return on equity is 21.41%. Always check the latest balance sheet for current figures, as debt levels change with expansion plans.

Is Kalyan Jewellers expensive compared with the industry?

Ans. Kalyan Jewellers trades at a P/E of 43.99 against an industry P/E of 44.59. A higher multiple reflects expectations of faster growth, which the company must deliver through earnings.

Which jewellery stock gave the highest return in 3 years?

Ans. Among the companies compared here, Thangamayil Jewellery delivered the highest three-year CAGR at 47.9%, followed by Kalyan Jewellers India at 22.0%. Past returns do not guarantee future performance.

How do I calculate CAGR for a stock?

Ans. Divide the latest price by the starting price, raise the result to the power of one divided by the number of years, and subtract one. Multiply by 100 for a percentage. Use split and bonus adjusted prices for accurate results.