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PC Jeweller, Titan and Kalyan Jewellers should be compared with a like-for-like scorecard, not a single headline ratio. Start with three- to five-year jewellery sales growth, segment operating margins, inventory-funded leverage, returns on capital, store productivity, cash conversion and valuation calculated on the same date. The available figures do not form a matched FY2026 three-way ranking: Titan has official FY2025–26 results, Kalyan’s cited report is for FY2024–25, and PC Jeweller’s FY2025–26 numbers come from a third-party filing mirror that should be checked against the company’s official filing.
Titan also needs a segment adjustment because its consolidated accounts include watches, eyecare and other businesses. For operating comparison, use Titan’s jewellery segment, then assess the diversified portfolio separately. The right conclusion is a set of trade-offs and a repeatable measurement process, not an unsupported current stock-pick.
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| Name | Best for | Key spec | Checked |
|---|---|---|---|
| Titan | Analysing a large jewellery segment within a diversified company | FY2025–26 jewellery income ₹67,602 crore; jewellery EBIT ₹7,209 crore; EBIT margin 10.7% | November 2026 |
| Kalyan Jewellers | Studying disclosed leverage, returns and inventory metrics | FY2024–25 EBITDA margin 6.1%; inventory turnover 2.42x; net debt-to-equity 0.47; ROE 15.9%; ROCE 19.8% | November 2026 |
| PC Jeweller | Tracking a smaller listed jeweller’s reported growth and deleveraging | FY2025–26 reported revenue ₹3,352.88 crore and net profit ₹710.62 crore; figures surfaced through a secondary filing mirror | November 2026 |
What makes a fair PC Jeweller, Titan and Kalyan comparison difficult?
The companies report different periods, business mixes and ratio definitions. Titan’s official FY2025–26 release reports consolidated total income of ₹76,078 crore, EBIT of ₹8,082 crore and profit after tax of ₹5,073 crore, but those numbers cover more than jewellery. Its earnings presentation separately reports jewellery total income of ₹67,602 crore and jewellery EBIT of ₹7,209 crore, a 10.7% EBIT margin. Jewellery income excludes bullion and digital-gold sales, and Damas enters the segment from the fourth quarter after the acquisition. See Titan’s FY2025–26 results release and Q4FY26 earnings presentation.
Kalyan’s cited source is its official Annual Report 2024–25. It presents amounts in ₹ million: revenue from operations ₹250,451 million (₹25,045.1 crore), EBITDA ₹15,172 million (₹1,517.2 crore), and PAT ₹7,142 million (₹714.2 crore). Its 6.1% figure is a consolidated EBITDA margin, not Titan’s jewellery EBIT margin.
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PC Jeweller’s FY2025–26 annual-report information surfaced through a FinancialFilings mirror reports revenue from operations of ₹3,352.88 crore and net profit of ₹710.62 crore, versus ₹2,243.25 crore and ₹575.09 crore in FY2024–25. Treat the mirror as a secondary host and verify the numbers against the company’s official filing before using them in an investment model.
Which reporting period and business scope should you use?
Use the latest audited annual period available for all three companies, or label each period explicitly rather than presenting mismatched years as a ranking. A clean workbook should have separate columns for fiscal year, source publication date, consolidated or segment scope, currency unit and whether the number is before or after exceptional items.
- Align fiscal years. If one company has FY2025–26 data and another has FY2024–25 data, show both labels. Do not call the older number a current peer result.
- Separate Titan’s jewellery segment. Use jewellery income and EBIT for retail-jewellery operating comparisons. Keep consolidated Titan figures in a separate diversification analysis.
- Define revenue consistently. Note whether revenue excludes bullion, digital gold, inter-segment sales or other non-retail activities.
- Record acquisitions and new brands. Damas appears in Titan’s jewellery segment from Q4FY26, so separate reported growth from organic growth where disclosures permit.
- Keep units consistent. Convert Kalyan’s ₹ million presentation to ₹ crore only after recording the original unit, and never mix lakh, million and crore values in one formula.
For a multi-year chart, preserve each company’s reported definition in a footnote. A change in segment boundaries can make a growth rate look stronger or weaker without reflecting an equivalent change in underlying stores.
How should investors compare sales growth?
Compare three- to five-year revenue growth, jewellery-only growth where available, same-store sales growth, net store additions and the split between price, volume and product mix. Nominal jewellery sales can rise simply because gold prices rose; that is not the same as selling more units or gaining market share.
Calculate a compound annual growth rate as (ending revenue / starting revenue)^(1 / years) - 1, using the same revenue definition at both endpoints. Then read the result beside same-store sales. Same-store growth is useful only when the companies define the comparable-store base, age threshold, geography and currency consistently.
Store additions can create reported growth before they generate mature economics. Record company-operated and franchise openings separately, and note closures or conversions. Titan’s Damas acquisition is another reason to show reported and organic growth as separate lines rather than treating all FY2026 jewellery growth as like-for-like.
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Which profit margins are actually comparable?
Track gross margin, EBITDA margin, EBIT margin and PAT margin over several years, but compare the same level of the income statement. Titan’s 10.7% number is jewellery EBIT margin; Kalyan’s 6.1% number is consolidated EBITDA margin. Putting them in one league table would imply a precision the sources do not support.
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Use this sequence:
- Gross margin: assess merchandise mix, making charges, bullion treatment and price volatility.
- EBITDA margin: compare operating profit before depreciation, financing and tax, only when segment scope is matched.
- EBIT margin: capture store depreciation and other operating assets; this is the closest match to Titan’s cited jewellery figure.
- PAT margin: show the effect of interest, taxes, exceptional items and non-operating income.
Read margins with the notes to accounts. Finance costs, exceptional gains, acquisition accounting, bullion transactions and tax changes can move PAT without changing store-level economics. A single high-margin year should not outweigh a stable multi-year record.
Titan’s consolidated FY2025–26 EBIT of ₹8,082 crore and PAT of ₹5,073 crore are useful for the whole company, not as a direct jewellery peer. Kalyan’s FY2024–25 EBITDA of ₹15,172 million and PAT of ₹7,142 million are consolidated figures. Keep those measures in separate rows from Titan jewellery EBIT and PC Jeweller’s reported net profit.
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Jewellery retail ties substantial capital to inventory, so compare net debt, debt-to-equity, interest coverage, lease liabilities, inventory turnover and operating cash flow together. A low conventional debt ratio can look safer while inventory or gold-metal financing remains large.
Kalyan reports FY2024–25 inventory turnover of 2.42 times and net debt-to-equity of 0.47. Its definition includes gold-metal loans in net debt and divides that amount by total equity. Use the definition in the annual report when reconstructing the ratio; do not silently treat it as identical to another company’s debt-to-equity measure.
PC Jeweller’s FY2024–25 annual-report mirror reports a debt-equity ratio of 0.34, down from 1.41 in FY2023–24. This is not a matched FY2026 balance-sheet comparison with Kalyan’s 0.47, and the source is a secondary host. Confirm the numerator, denominator, lease treatment and gold-metal-loan treatment before drawing a conclusion.
Inventory turnover can be converted into approximate inventory days with 365 / turnover, but only if the turnover numerator and average-inventory denominator are comparable. Lower days are not automatically better: a premium jeweller may carry a wider assortment, while a franchise-heavy model can shift inventory funding outside the parent balance sheet.
Also inspect interest coverage, maturity schedules, pledged assets, lease liabilities and working-capital cash flow. Rising sales accompanied by a larger inventory build and weak operating cash conversion deserves more scrutiny than sales growth alone.
How should ROE and ROCE be interpreted?
Use ROE and ROCE as return measures, not as standalone quality scores. A higher ROE can result from a smaller equity base or more borrowing, while ROCE can change when lease liabilities, goodwill or non-current liabilities are classified differently.
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Kalyan reports FY2024–25 ROE of 15.9% and ROCE of 19.8%. It defines ROE as PAT divided by average equity and ROCE as EBIT divided by equity plus non-current liabilities. Preserve those definitions when comparing another company; do not substitute year-end equity for average equity without labeling the change.
For each company, place returns beside EBIT margin, asset turnover and leverage. A useful decomposition is ROE ≈ net margin × asset turnover × equity multiplier. This shows whether a return comes from profitable stores, efficient inventory and assets, or financial leverage. ROCE is particularly helpful for comparing company-operated expansion with franchise models, but only after lease and debt treatment is aligned.
What store-productivity metrics are useful?
Revenue per store, EBIT per store, sales density, payback period and new-store ramp can explain why two retailers with similar margins produce different returns. The denominator must include the same store types, geographies, brands and ownership structures.
PC Jeweller’s FY2024–25 annual-report mirror reports 52 showrooms at 31 March 2025, including three franchise showrooms. That count should not be divided into revenue unless the revenue scope and date match the store count and the franchise contribution is handled consistently.
An older BSE-hosted peer comparison illustrates the danger: its Kalyan scope uses India revenue and stores, including Candere, while its Titan scope uses jewellery-division revenue and domestic plus international stores. The comparison is useful as a methodology warning, not as a current ranking. Review the BSE-hosted operating-revenue-per-store discussion for those scope notes.
Build two views where data permit: company-operated stores and all stores including franchisees. Report mature-store productivity separately from the first-year ramp. A franchise-heavy network may show lower parent capital intensity but also a different revenue and profit capture than company-funded stores.
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Accounting profit is not cash available to shareholders when inventory and store expansion consume working capital. Compare operating cash flow with PAT, inventory changes, supplier financing, capital expenditure and lease payments.
Calculate operating-cash-flow conversion as cash flow from operations / PAT over several years, then investigate swings. A ratio below one can be temporary during inventory build for new stores or festive demand, but persistent weak conversion can indicate slow-moving stock, aggressive credit or earnings that do not turn into cash.
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Free cash flow should be defined consistently, for example operating cash flow less maintenance and expansion capital expenditure. Decide whether lease principal payments are treated as financing or operating cash flows under each company’s presentation. Do not compare one company’s post-lease free cash flow with another’s pre-lease number.
Which valuation metrics should be compared?
Use P/E, EV/EBITDA and free-cash-flow yield only after fixing a common market-data date and a common earnings period. The available figures do not establish same-date market capitalisation, enterprise value or matched earnings for all three companies, so they cannot support a current valuation ranking.
For a valid valuation sheet:
- Use the same closing-share-price date for all three stocks.
- Use diluted shares outstanding, including options or other dilutive instruments where applicable.
- Match trailing or forward earnings periods; do not mix FY2025 PAT with FY2026 prices without labeling the lag.
- Define enterprise value consistently, including cash, borrowings, lease liabilities and gold-metal loans where relevant.
- Use normalized earnings when exceptional items or acquisition effects materially distort one year.
- Show a range or sensitivity table rather than a single precise target multiple.
Dividend yield, share dilution, promoter ownership or pledging and governance disclosures are additional shareholder checks. They do not replace operating analysis, but they can explain why two companies with similar earnings multiples carry different risks.
What does a practical comparison worksheet look like?
Create one row per company and one column per metric, with period, source, definition and scope beside every value. Mark a cell “not disclosed” or “mismatched” instead of estimating it.
| Metric | Titan | PC Jeweller | Kalyan Jewellers | How to use it |
|---|---|---|---|---|
| Revenue scope | Use jewellery segment for peer operations; consolidated total income ₹76,078 crore in FY2025–26 | FY2025–26 revenue from operations ₹3,352.88 crore, secondary-hosted filing information | FY2024–25 revenue from operations ₹250,451 million | Align fiscal year and segment boundaries first |
| Operating profit | Jewellery EBIT ₹7,209 crore; margin 10.7% | Use reported EBITDA/EBIT only after confirming the official filing and definition | EBITDA ₹15,172 million; consolidated EBITDA margin 6.1% | Do not compare EBIT with EBITDA |
| Net profit | Consolidated PAT ₹5,073 crore in FY2025–26 | ₹710.62 crore in FY2025–26, secondary-hosted filing information | ₹7,142 million in FY2024–25 | Check exceptional items and period mismatch |
| Leverage | Collect debt, leases and gold-metal-loan treatment from the same annual period | FY2024–25 debt-equity 0.34 versus 1.41 in FY2023–24, subject to filing verification | FY2024–25 net debt-to-equity 0.47, including gold-metal loans | Reconcile definitions before ranking |
| Inventory and returns | Collect comparable turnover, ROCE and cash data | Collect comparable turnover, ROCE and cash data | Inventory turnover 2.42x; ROE 15.9%; ROCE 19.8% | Use multi-year trends, not one disclosed year |
What are the main investor mistakes in this comparison?
Mixing segment and consolidated numbers. Titan jewellery EBIT is not equivalent to Kalyan consolidated EBITDA or PC Jeweller PAT. Label every numerator and denominator.
Ranking mismatched fiscal years. FY2026 Titan, FY2026 PC Jeweller and FY2025 Kalyan are not a same-year contest. Present the dates prominently.
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Ignoring acquisition effects. Damas enters Titan’s jewellery segment in Q4FY26. Separate acquired revenue from organic performance where possible.
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Using debt-to-equity without reading the notes. Gold-metal loans and lease liabilities can materially change economic leverage.
Dividing revenue by an incompatible store count. Match geography, brand, ownership type and reporting date before calculating productivity.
Calling a low multiple a bargain. A low P/E can reflect cyclical earnings, weak cash conversion, governance concerns or balance-sheet risk. Valuation is meaningful only after normalizing earnings and defining net debt consistently.
How should an investor reach a conclusion?
Score each company on the same evidence rather than naming a winner from one ratio. A robust conclusion would state which business has the clearest multi-year growth, which has the strongest operating margin, whether inventory and leverage are improving, how much profit converts to cash, and what valuation the market assigns on the same date.
Titan offers the clearest disclosed jewellery-segment operating comparison in the supplied FY2026 material, but its consolidated stock thesis also depends on watches, eyecare and other businesses. Kalyan provides unusually explicit FY2025 leverage, inventory-turnover and return definitions, though its cited period is older than Titan’s. PC Jeweller’s reported FY2026 growth and lower FY2025 debt-equity ratio are relevant inputs, but the FY2026 figures require confirmation from an official filing and do not yet create a matched peer set.
Until periods, scopes, definitions and market dates are aligned, the defensible output is a comparison framework, not a current buy, sell or “best stock” verdict.
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How we picked the comparison metrics
The framework follows the risks and disclosures that matter most for listed jewellery retailers: multi-year sales growth, same-store performance, gross and operating margins, inventory funding, net debt including gold-metal loans, ROE, ROCE, store economics, operating-cash-flow conversion and same-date valuation. Metrics were included only when a definition was supplied or the measure’s necessity was shown; unavailable or mismatched values are identified rather than estimated.
Frequently Asked Questions
Should I compare Titan’s consolidated P/E with the jewellers’ P/E?
Only after recognizing that Titan’s earnings include non-jewellery businesses. Use a consolidated multiple for the whole-company investment case, and pair it with a jewellery-segment operating analysis; do not present the consolidated result as a pure-play jewellery multiple.
What is a gold-metal loan in a jeweller’s balance sheet?
It is financing in which the jeweller receives gold or metal and settles the obligation later, so the liability can behave economically like debt even if it is described separately. Check whether each company includes it in net debt before comparing leverage.
How often should these metrics be refreshed?
Refresh operating and balance-sheet measures at each annual report, then use quarterly results to flag changes in inventory, margins and store additions. Recalculate valuation whenever the share-price date or earnings period changes; otherwise the multiple is not comparable.
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Yes. ROE rises when the equity base is smaller or borrowing is higher, even if operating margins and asset productivity are unchanged. Read ROE with ROCE, net debt, interest coverage and cash conversion to separate operating strength from leverage.
