T. S. Kalyanaraman: Kalyan Jewellers Life Story

Key facts
Born	23 May 1947 (per company filings); raised in Thrissur, Kerala [2][12]
Family roots	A Tamil Brahmin family from the Thanjavur region that settled in Thrissur and ran textile mills and shops for more than a century [19][20]
Education	Bachelor of Commerce (University of Calicut), Sree Kerala Varma College, Thrissur [1][19]
Family	Sons Rajesh and Ramesh Kalyanaraman, both whole-time directors of Kalyan Jewellers [1][12]
Company	Kalyan Jewellers India Ltd (founder; Managing Director); also Kalyan Developers [6][1]
Wealth	Rs 40,900 crore with family, rank 64 on the M3M Hurun India Rich List 2026 (Sep 2026) [15]; about US$4 billion on Forbes’ real-time tracker (Nov 2026) [11]
Known for	Turning a single Thrissur showroom, opened in 1993 with Rs 75 lakh, into a national jewellery chain with more than 500 showrooms in India, the Gulf, the US and the UK [20][3]

In 1998, something odd happened at the only Kalyan Jewellers showroom in the world. After the bomb blasts in Coimbatore that February, families from Palakkad, who had always crossed the border to Coimbatore for their wedding gold, stopped going. They drove to Thrissur instead, and the showroom on Thrissur’s busy jewellery stretch filled with customers from a town 70 km away [24].

T. S. Kalyanaraman, then about 50, did what a careful shopkeeper does. He asked them why they had come. In his own account, about 90 per cent gave the same answer: “We have full faith in Swami” [24]. Swami is what Thrissur calls him [21]. That reply convinced him to open a second showroom, in Palakkad. It also taught him the lesson he would repeat for the next quarter-century: the jewellery Thrissur loved did not sell in Palakkad, and a jeweller had to be “hyper-local as much as you can” [24].

From that second store grew one of India’s largest jewellery chains. By 31 March 2026, Kalyan Jewellers had 507 showrooms across India, the Middle East, the United States and the United Kingdom, including its online-first brand Candere [3]. Revenue for 2025-26 was Rs 35,743 crore [45]. And the man who still goes to work in Thrissur at 79 sits on a family fortune that the M3M Hurun India Rich List 2026 put at Rs 40,900 crore [15].

This is how a textile trader’s son, who learned to count cash at his father’s counter, built it: the bets, the slow years, the near-misses, the controversies and the questions that still hang over the business.

Where it began

A family of cloth merchants

Thrikur Seetharama Kalyanaraman was born in 1947 into a Tamil Brahmin family whose roots lay in the Thanjavur region of Tamil Nadu, and he grew up in Thrissur, the temple town in central Kerala [19][20][12]. Company filings give his date of birth as 23 May 1947 [2][1]; some press profiles give 23 April, but the company’s own statutory documents are the more reliable record.

His family had come to Thrissur generations earlier and moved into textiles. A spinning and weaving mill, Sitaram Mills, was set up by the family and became one of the district’s first [19][20]. His father, Seetharama Iyer, was a working partner in the mill, which still stands next to the Kalyan headquarters on what is now Sitaram Mill Road [23][1]. After the mill passed to the state, the family moved fully into textile trading under the “Kalyan” name [23]. Kalyan Silks, the family textile house that his brother T.S. Pattabhiraman runs today, dates its foundation to 1909 [28].

Kalyanaraman was the eldest of seven children [12]. The 2021 IPO prospectus lists four brothers and two sisters, and names Pattabhiraman as his brother and Kalyan Silks Trichur Pvt Ltd as a “promoter group” company, which makes the link between India’s best-known Kalyan brands official [1]. They are separate businesses: Kalyan Silks is not part of Kalyan Jewellers.

Learning at the counter

From the age of 12, he spent most of his time outside school in his father’s textile shop, learning to cut cloth and handle money [20][12]. He studied commerce at Sree Kerala Varma College in Thrissur and took a B.Com from the University of Calicut [19][1].

He never doubted where he was headed. “My biggest role model is my father,” he told Business Standard. “He is the one who taught me to be systematic in my plans and disciplined in my life… He taught me not to indulge in unfair practices” [20].

“I entered the family textile business in 1972 after my graduation,” he said in 2015 [22]. At 25 he was running his own textile shop in Thrissur [12]. Kalyan Textile still exists as a partnership in which he is a partner [1].

That shop sat beside Thrissur’s jewellery lane. For two decades he watched how the gold trade worked next door: tiny shops, no price tags, no way for a customer to check purity, and orders that took weeks to deliver [22][27].

The first break

Rs 75 lakh and a 4,000 sq ft gamble

The push into jewellery, as he tells it, came from his customers. Families buying wedding silks wanted wedding gold from someone they trusted. “It was not my idea to diversify; it was our customers’ idea,” he said. “They wanted a trusted gold jewellery brand” [20]. There was a family reason too. “My elder son (Rajesh) was about to turn 18, and I thought I should open a store for him” [19].

In 1993, at 46, he opened the first Kalyan Jewellers showroom in Thrissur as a sole proprietorship [1]. The start-up capital was about Rs 75 lakh: Rs 25 lakh from his own and family savings and Rs 50 lakh borrowed from banks [20][21][12].

What he built was not a typical jewellery shop. It was a 4,000 sq ft store with ready-made jewellery displayed openly, parking, and staff to serve walk-in customers, at a time when most jewellers worked from small counters and made pieces to order [21][19]. “At that time, jewellery shops were very small. Jewellers used to take a month to deliver an order. Nobody was concerned about quality. We taught customers to buy gold of pure quality,” he said [22].

Kalyan put price tags on its ornaments, taught customers how to judge purity, and later became an early adopter of hallmarking [20][18]. Bloomberg reported in 2013 that he was the first jeweller in his town to price-tag gold [18]. Rivals were not pleased [19].

Slow, deliberate years

The early years were hard. His younger son Ramesh later recalled that “the initial two to three years were difficult”, because customers had to be taught to care about purity in a market built on habit and haggling [27]. Growth was slow by design. The second showroom, Palakkad, came only in 1998 [23][24]. By 2003 there were just five [21]. The prospectus calls 1993-2003 the “establishment phase”, built on “trust and transparency” [1].

The Palakkad lesson shaped everything that followed. Designs that sold in Thrissur sat unsold in Palakkad, and Ramesh spent about a year there learning local taste [24][23]. Kalyan’s later method of opening in a new state with region-specific designs, local film stars as ambassadors and local managers began there.

Building the empire

Out of Kerala (2004-2012)

The first showroom outside Kerala opened in Coimbatore in 2004. Telangana and Karnataka followed in 2010, along with small “My Kalyan” neighbourhood outreach centres meant to bring in customers through gold-savings schemes and local contact [1]. In 2012 Kalyan opened its first showroom outside south India, in Ahmedabad [1].

The business was also changing its legal form. The proprietorship became a registered partnership on 4 May 2006, was renamed Kalyan Jewellers TSK in 2008, and became a private limited company, Kalyan Jewellers TSK Pvt Ltd, on 29 January 2009, renamed Kalyan Jewellers India Pvt Ltd soon after [1].

A big part of the national push was star power. Kalyan signed Amitabh Bachchan in the early 2010s and paired him with regional stars such as Nagarjuna in Andhra Pradesh and Telangana, Prabhu in Tamil Nadu and Shivarajkumar in Karnataka [32][12]. By FY26 the company said it had spent more than Rs 1,700 crore on marketing over four years [3].

In January 2013, Bloomberg reported that soaring gold prices had made Kalyanaraman a billionaire [18]. Forbes also dates his first appearance as a billionaire to 2013 [11].

Into the Gulf (2013)

The Middle East, home to a large Malayali diaspora, was the obvious next market. In the last week of December 2013, Kalyan opened six showrooms in the UAE at once, investing more than Rs 250 crore [30]. Subsidiaries followed in Kuwait and Qatar (2014), Oman (2017) and Bahrain (2020) [1]. By May 2015, 12 of Kalyan’s 81 showrooms were in West Asia [20].

Warburg Pincus and the big money (2014-2017)

The expansion needed capital. In October 2014, US private equity firm Warburg Pincus, through its affiliate Highdell Investment, agreed to invest Rs 1,200 crore in Kalyan Jewellers [31][32]. Prospectus records show the deal combined new convertible preference shares worth Rs 700 crore with the purchase of shares from Kalyanaraman and his sons [1]. Business Today reported that the deal valued the company at about US$2 billion, and that it was carrying net debt of about Rs 2,000 crore [32].

With the money, Kalyan raced north and east: Delhi in 2014, Chennai and Odisha in 2015, West Bengal and Rajasthan in 2016 [1]. Its first Chennai showroom, opened in April 2015, was a 40,000 sq ft store [33]. In 2015 it claimed group revenue of about Rs 10,000 crore [33].

Warburg came back in 2017 with another Rs 500 crore, taking its total investment to Rs 1,700 crore [34][1]. That same April, Kalyan bought a majority stake in Candere, an online jewellery start-up founded in 2013, in a deal reported at about Rs 40 crore [35]. Assam, Chhattisgarh and Jharkhand followed in 2018, and Bihar in 2019 [1]. By 31 December 2020, Kalyan had 107 showrooms in India and 30 in the Middle East [1].

The IPO (2021)

Kalyan Jewellers went public in March 2021, in the middle of the pandemic. The issue raised Rs 1,175 crore at a price band of Rs 86-87 a share. Rs 800 crore was fresh capital; Kalyanaraman sold Rs 125 crore of shares and Highdell Rs 250 crore [36]. After the IPO, the promoter family held about 60.5% [1][36].

The debut was a disappointment. On 26 March 2021 the shares listed at about 15% below the issue price [37]. By May 2022 they had fallen to Rs 55.20 [58]. FY21 itself ended with a small net loss of Rs 6.3 crore [38].

The franchise turn (2022 onwards)

The biggest change in Kalyan’s model came after listing. Jewellery retail eats capital, because every showroom has to be filled with gold. In 2022 Kalyan began opening “FOCO” (franchise-owned, company-operated) showrooms: the franchise partner pays for the store and its gold, and Kalyan runs it under its brand [7][3]. In December 2022 it announced a plan to open “52 showrooms in 52 weeks” in 2023, mostly through franchisees and mostly outside south India [7].

The numbers show how fast it spread. Kalyan’s Indian showrooms grew from 147 (15 franchise-owned) in FY23 to 342 (222 franchise-owned) in FY26 [3]. Forbes reported that franchise stores produced 43% of revenue in one quarter of 2025 [12]. In the company’s own figures, debt other than gold metal loans fell sharply: Rs 1,007 crore was repaid between April 2023 and March 2026, and net debt to EBITDA fell from 3.8 times in FY20 to 1.3 times in FY26 [3].

New markets and new brands (2024-2026)

Kalyan opened its first US showroom in the October-December 2024 quarter [43]; Forbes reported two US stores, in New Jersey and Chicago, by late 2025 [12]. A franchise showroom on Belgrave Road in Leicester took the brand to the UK [44]. Candere opened physical stores and grew to 124 by March 2026 [3]. In August 2026, Kalyan launched a new regional jewellery brand, Akshaya Thanga Maligai, in Chennai [46].

The numbers

The growth since listing has been steep. In consolidated terms:

Year	Revenue (Rs crore)	Net profit (Rs crore)
FY20	10,101	142
FY21	8,573	-6
FY25	25,045	714
FY26	35,743	1,350

Sources: prospectus, results reports and company presentation [1][38][45][3].

In the September 2026 quarter, revenue was Rs 10,323 crore and net profit Rs 427 crore, which included a one-time gain [47][48]. The company reported about 546 showrooms at the end of that quarter [46].

Part of that growth reflects record gold prices rather than more grams sold. For context on how Indian gold buying is shifting, see CapitalVia’s look at India’s gold demand in Q3 2026.

How the wealth is held

Kalyanaraman’s fortune is almost entirely his family’s stake in the listed company. As of 31 March 2026, the promoter group owned 62.87% of Kalyan Jewellers. Kalyanaraman personally held 22.37%, with none of it pledged. His two sons held 18.02% each [4].

He increased his stake as Warburg Pincus left. Highdell sold down in stages through 2023 and early 2024 [39][40]. In August 2024, as Warburg sold its remaining 9.17%, Kalyanaraman agreed to buy 2.36% of the company himself at Rs 535 a share, a deal worth about Rs 1,300 crore [41][42]. Company management later said shares pledged by the sons had been used to finance that purchase [59].

Rich lists have tracked his fortune with the share price. The Hurun India Rich List put him and his family at Rs 37,500 crore (rank 61) in 2024 [17] and Rs 32,670 crore (rank 90) in 2025 [16]. The M3M Hurun India Rich List 2026, released in September 2026, put the family at Rs 40,900 crore, rank 64 [15]. Forbes India’s 2026 list ranked him 87th [13], and Forbes’ real-time tracker showed about US$4 billion in November 2026 [11]. Hurun counts the family together; Forbes counts him on his own, so the two figures differ.

The setbacks and failures

The Gulf did not always glitter. The Middle East business struggled with the region’s slowdown. By the time of the IPO, Kalyan had permanently shut seven Middle East showrooms, and Middle East revenue fell 55% to Rs 761 crore in the nine months to December 2020 [1][36].

Lean years. FY19 revenue fell to Rs 9,771 crore from Rs 10,548 crore the year before, and the company slipped to a small loss of Rs 4.9 crore [1].

Covid. In March 2020 every Kalyan showroom in India and the Middle East shut for about two months. The company used the RBI loan moratorium and took extra credit lines; revenue for the nine months to December 2020 fell about 31% [1]. FY21 ended in the red [38].

A weak IPO. The shares listed at a discount and spent more than a year below the issue price, touching Rs 55.20 in May 2022 [37][58].

Rumours and a crash. In January 2025, after a record high of Rs 794.60, the stock fell about 38% in 13 sessions amid social-media rumours the company called false (see Controversies below) [58]. More than Rs 21,000 crore of market value was wiped out within days [59].

Candere’s losses. The online brand was still loss-making in 2025, reporting a Rs 12 crore loss on Rs 28 crore of revenue in the January-March 2025 quarter [72].

Through all of it, Kalyanaraman’s line has been simple. “I consider business a pleasure. I don’t let it become a pressure,” he told Open magazine [19].

Controversies and allegations

Kalyan Jewellers has been involved in several public disputes, some as the target of false claims and some over its own advertising. Neither the company nor Kalyanaraman has been convicted of any offence in the matters below. This section is current as of 11 November 2026.

The fake “adulterated gold” campaign, 2017-2018

Allegation: From 2017, videos and WhatsApp messages circulated claiming that Kalyan sold fake or adulterated gold, that wax was mixed into its antique jewellery, and that its owners had been arrested in the Gulf. The videos actually showed a routine inspection by Kuwait’s commerce ministry [49][50].

Response: Kalyan said the claims were false and blamed unnamed competitors and “maleficent parties”. It complained to the Dubai Public Prosecution in November 2017 and to police in Kerala, and said the campaign had cost it about Rs 500 crore [49][50]. It asked the Kerala High Court to order a regulatory mechanism against fake news on YouTube, Facebook and WhatsApp [52].

What happened next:

• In March 2018, Dubai Police began criminal proceedings for cybercrime against five people over the posts [50][51].
• The Kerala High Court issued notice on Kalyan’s petition [52].
• The IPO prospectus lists criminal defamation complaints filed by the company in Thrissur over Facebook posts [1].
• In June 2019, on a complaint from Kalyan, Thrissur police registered an FIR against a YouTube journalist and a film director over a video that called Kalyan “the next Nirav Modi”; the director denied any role [53].

Status: No final court outcome in these cases has been publicly reported. No rival company has been named or charged.

The Aishwarya Rai “child servant” advertisement, 2015

Allegation: In April 2015, a full-page newspaper advertisement showed Aishwarya Rai Bachchan with a dark-skinned child holding an umbrella over her. Activists wrote an open letter calling it a glorification of child servitude and “insidiously racist” [54][55].

Response: Kalyan said the ad was meant to show royalty and elegance, apologised for any unintended hurt and withdrew it. The actor’s team said the child had not been part of her photo shoot [54][55].

Status: Withdrawn in April 2015. No regulatory action was reported.

The “Trust” ad and bank officers, 2018

Allegation: In July 2018 the All India Bank Officers’ Confederation objected to a Kalyan advertisement starring Amitabh Bachchan and his daughter Shweta, in which a bank manager suggests a pensioner keep a wrongly double-credited pension. The union said the ad was derogatory to bank staff and sent a legal notice [57][56].

Response: Ramesh Kalyanaraman said the ad was “a work of fiction and not a reflection of banking employees at large” and that the company “sincerely regret[s] the inadvertent hurt caused” [56].

Status: The ad was withdrawn from all media in July 2018. No case was reported.

Share crash, rumours and the SEBI complaint, 2025-2026

Allegation: In January 2025, social-media posts claimed that income tax officials had raided Kalyan and that the company had paid bribes to fund managers at Motilal Oswal Asset Management to support its share price. The stock fell from Rs 794.60 to about Rs 491 in 13 trading sessions, and exchanges barred fresh futures and options positions as open interest neared limits [58][60]. Separately, the market questioned the rise in shares pledged by the promoters [58].

Response: Ramesh Kalyanaraman told analysts on 14 January 2025: “There have been no raids at any of our premises. It was just a rumour,” and called the bribery claim “very absurd” [60]. Motilal Oswal AMC also denied the claims [58]. Management said the extra pledge had financed the purchase of Warburg Pincus’s shares [59].

What happened next:

• In February 2026 media reported that Kalyan had written to SEBI’s surveillance department alleging coordinated short-selling and planted rumours, and had asked for F&O trading in its shares to be suspended [61].
• Asked by the exchange to clarify, Kalyan said it was “not aware of any further information” not already disclosed [62].

Status: No income tax search on Kalyan has been documented. No SEBI order on either the rumours or the company’s complaint has been made public as of November 2026. At 31 March 2026, about 24.85% of promoter shares were pledged, all of them held by the two sons [4].

Litigation disclosed at the IPO

Allegation: Kalyan’s 2021 prospectus disclosed 55 cases against the company, including tax disputes involving about Rs 449 crore, labour and provident fund notices, and complaints to SEBI and the Registrar of Companies by a consumer group and an individual alleging that jewellers’ gold savings schemes broke deposit rules. Two criminal cases and one civil case named Kalyanaraman himself, including a 2016 complaint by a customer in Erode alleging cheating over an ear stud [1].

Response: The company denied the savings-scheme allegations and said it would contest the cases [1].

What happened next:

• On 31 March 2021, the Madras High Court quashed the Erode case against Kalyanaraman, calling it “a vexatious petition” and an abuse of process [9].
• A long-running suit between Kalyan and rival Lalithaa Jewellery Mart over disparaging advertisements was settled and dismissed as withdrawn in September 2021 [10].
• In January 2025, a GST order imposed about Rs 34.4 lakh of interest and penalty; Kalyan said it would appeal and expected no material impact [63].

Status: Routine tax and regulatory cases continue, as at most large retailers. No finding of wrongdoing against Kalyanaraman has been reported.

Giving back

Kalyan’s giving runs mainly through the company and the Kalyan Jewellers Foundation, of which Kalyanaraman and his sons are trustees [1]. He chairs the board’s CSR committee [2].

• Housing: In 2016 Kalyan committed Rs 20 crore to Habitat for Humanity India to build 2,000 homes in Odisha, Andhra Pradesh and Telangana [65][11].
• Disasters: Rs 1 crore to the Kerala Chief Minister’s relief fund after the 2019 floods [67]; Rs 10 crore earmarked for food and essentials at the start of the Covid lockdown in March 2020 [66]; and Rs 5 crore pledged after the Wayanad landslides in July 2024 (“Kerala is our home”) [68].
• Healthcare: In October 2025, Kerala Chief Minister Pinarayi Vijayan opened the Kalyan Jewellers Dialysis Centre in Thrissur, which offers free dialysis. It was built at a cost of about Rs 12.5 crore and is run with Amala Institute of Medical Sciences [64]. “I have witnessed firsthand the challenges that patients and their families face,” Kalyanaraman said [64].
• Thrissur: After a fireworks-unit explosion near Thrissur in April 2026, linked to preparations for the Thrissur Pooram, he announced Rs 5 lakh for each bereaved family and handed the money to the district collector in June [70][69].
• Budget: The company’s CSR plan for FY 2026-27 set a budget of Rs 20 crore [5].

The family has also given generously to the Sitarama temple near its Thrissur home, where it hosts an annual classical music festival [19].

Succession

Succession at Kalyan is less a future event than a long hand-over already under way. Both sons have worked in the business since its early years: the company dates the elder son’s association to 1998 and Ramesh’s to 2000 [1]. Kalyanaraman has said Rajesh was involved from the first store and Ramesh from the second [22]. Both studied at their father’s college, Sree Kerala Varma [29].

The roles are split. According to Forbes, Rajesh looks after inventory, technology, procurement and design, Ramesh handles marketing and operations, and their father sets strategy [12][14]. All three were reappointed as executive directors for five-year terms running to June 2029 [2].

The governance has also changed. Kalyanaraman, once chairman and managing director, is now managing director, and the board is chaired by Vinod Rai, the former Comptroller and Auditor General of India, as an independent director [6].

Kalyanaraman’s own rules for a family business are unusual. “We don’t ride in the same car, we don’t fly in the same aircraft,” he told Business Standard. “If something happens to one of us, others can carry forward the work” [20]. He has also said: “A proprietor must give one per cent more importance to the business than to his family” [19].

In November 2023 he published his autobiography, The Golden Touch: The Iconic Story of Building Kalyan Jewellers (Penguin Business), launched in Mumbai by Amitabh Bachchan [25][26]. His honours include a Hurun Industry Achievement Award in 2018 and a special award at the International Advertising Association’s World Congress in Kochi in 2019 [8][71].

What their journey teaches

Trust can be a product feature. In 1993, price tags, open displays and purity checks were not marketing slogans; they were what set a new jeweller apart from shops customers had used for generations [22][18]. Kalyanaraman sold transparency in a business that had little of it.

Your customers will tell you what to build next. Both the move from textiles to jewellery and the jump to a second city came from listening to buyers, first silk customers asking for trusted gold, then Palakkad families saying they trusted “Swami” [20][24].

Slow early growth can be a strength. Five showrooms in ten years looks timid next to today’s 500-plus. But those years built the systems and the reputation that made later rapid expansion possible [21][1].

Go local even when you go national. Kalyan entered each region with local designs, local stars and local managers rather than one national template [24][23].

Change the model when capital becomes the constraint. Private equity funded one phase of growth; franchising funded the next, letting Kalyan add hundreds of stores while cutting its own debt [3][7].

Reputation needs defending. The 2017-18 fake-gold campaign and the 2025 share crash showed how quickly rumours can hit a brand built on trust, and why companies need fast, documented responses [49][60].

Related reading: Kerala’s other retail billionaire, M. A. Yusuff Ali, and another family retailer who scaled across India, Radhakishan Damani.

A profile for general reading, based on public records and reporting as of 11 November 2026. Not investment, tax or legal advice.

Sources (71)

1. Prospectus, Kalyan Jewellers India Limited IPO - Kalyan Jewellers / SEBI, Mar 2021
2. Notice of the 16th Annual General Meeting (director profiles) - Kalyan Jewellers, Aug 2025
3. Investor Presentation Q4 FY26 - Kalyan Jewellers, May 2026
4. Shareholding Pattern, quarter ended 31 March 2026 - Kalyan Jewellers, Apr 2026
5. Board of Directors - Kalyan Jewellers, Nov 2026
6. Kalyan Jewellers targets to open 52 showrooms in 52 weeks in calendar year 2023 - Kalyan Jewellers, Dec 2022
7. Kalyan Jewellers honoured with Hurun Industry Achievement Award 2018 - Kalyan Jewellers, Dec 2018
8. T.S. Kalyanaraman vs Naveen @ Raman, Crl.O.P. 23019/2016 - Madras High Court via Indian Kanoon, Mar 2021
9. Kalyan Jewellers vs Lalitha Jewellery Mart - Madras High Court via Indian Kanoon, Sep 2021
10. T.S. Kalyanaraman profile - Forbes, Nov 2026
11. This billionaire made a fortune selling wedding jewelry in India - Forbes, Nov 2025
12. India's 100 Richest 2026 - Forbes India, Sep 2026
13. TS Kalyanaraman's golden touch - Forbes India, Dec 2025
14. Thrissur enters India's top 10 richest cities on Hurun India Rich List - Channel IAM, Sep 2026
15. Glitter and grit: India's jewellers shine on the 2025 Hurun Rich List - Indian Jeweller, Oct 2025
16. India's jewellery titans shine on the 2024 Hurun Rich List - Indian Jeweller, Aug 2024
17. Indian jeweler becomes billionaire as gold price surges - Bloomberg, Jan 2013
18. The Jewel in the Crown - Open Magazine, Dec 2014
19. The golden rule of Kalyan Jewellers - Business Standard, May 2015
20. Southern Might - Business Today, Sep 2020
21. Kalyan Jewellers: The crown jewel of the customer journey - Entrepreneur India, Oct 2015
22. Hyperlocal legacy: How Kalyan's nextgen plans to become the trusted jeweller of every Indian - The News Minute, Nov 2017
23. From the autobiography: the founder of Kalyan Jewellers reflects on the pros of going hyper-local - Scroll.in, Jan 2024
24. The Golden Touch: The Iconic Story of Building Kalyan Jewellers - Penguin India, Nov 2023
25. Amitabh Bachchan unveils T S Kalyanaraman's autobiography 'The Golden Touch' - Fashion Value Chain, Nov 2023
26. Kalyan Jewellers: a legacy built on trust - YourStory, Oct 2023
27. Kalyan and the journey of silk - Business India, Jul 2020
28. Fresh Designs - Business Today, Feb 2019
29. Kalyan Jewellers enters West Asia - Business Standard, Dec 2013
30. Warburg Pincus invests Rs 1,200 crore in Kalyan Jewellers - Madhyamam, Oct 2014
31. Kalyan Jewellers expansion: why Warburg Pincus invested in it - Business Today, Jan 2015
32. Kalyan Jewellers eyes Rs 13k cr revenue in FY16 - Business Standard / PTI, Apr 2015
33. Warburg Pincus to invest Rs 500 crore in Kalyan Jewellers - The News Minute, Apr 2017
34. Kalyan Jewellers buys online jewellery firm Candere for about Rs 40 crore - Business Today / PTI, Apr 2017
35. Kalyan Jewellers IPO opens on March 16; price band fixed at Rs 86-87 - Business Standard, Mar 2021
36. Kalyan Jewellers makes weak debut, lists at 15% discount on BSE - Business Today, Mar 2021
37. Kalyan Jewellers Q4 PAT up 54% YoY - Business Standard, May 2021
38. Highdell Investment sells 6.2% stake in Kalyan Jewellers for Rs 725 crore - Business Standard, Jun 2023
39. Warburg Pincus divests 8.4% stake in Kalyan Jewellers for Rs 2,937 crore - Business Standard, Feb 2024
40. Warburg Pincus to sell entire 9.17% stake in Kalyan Jewellers India - Business Standard, Aug 2024
41. Warburg Pincus sells stake in Kalyan Jewellers to promoters - Zee Business, Aug 2024
42. Kalyan Jewellers reports 39% revenue growth in Q3 FY2025 - Angel One, Jan 2025
43. Kalyan Jewellers opens new showroom in Leicester - Indian Retailer, Dec 2025
44. Kalyan Jewellers India Q4 profit jumps 118% to Rs 409 crore; revenue surges in FY26 - Free Press Journal, May 2026
45. Kalyan Jewellers share price in focus as Q2 revenue jumps 26% - Business Today, Oct 2026
46. Kalyan Jewellers Q2 net profit surges 63.9% YoY to Rs 427 crore - Business Upturn, Nov 2026
47. Kalyan Jewellers share price gains over 9% post Q2 FY27 results - Angel One, Nov 2026
48. Kalyan Jewellers claims Rs 5 bn hit due to a spate of fake messages, videos - Business Standard, Jul 2018
49. Dubai cops act on those spreading fake news on quality of Kalyan Jewellers gold - The News Minute, Mar 2018
50. Dubai Police take action against 5 people over fake social media posts - Khaleej Times, Apr 2018
51. Fake news created damages of Rs 500 crore: Kalyan Jewellers moves HC - The News Minute, Jul 2018
52. FIR filed against Shrikumar Menon - Deccan Chronicle, Jun 2019
53. Kalyan Jewellers forced to withdraw controversial 'child slave' ad after facing backlash - exchange4media, Apr 2015
54. Racist ad featuring Aishwarya Rai Bachchan withdrawn after backlash - The Express Tribune, Apr 2015
55. Kalyan Jewellers apologises to bankers, withdraws Amitabh Bachchan 'trust' ad - The News Minute, Jul 2018
56. Kalyan Jewellers withdraws ad after bank officers' protest - Deccan Herald, Jul 2018
57. Kalyan Jewellers slips 7%, hits 6-month low; tanks 38% in 13 days - Business Standard, Jan 2025
58. Kalyan Jewellers declines nearly 28% in January; over Rs 21k crore m-cap wiped out - Business Standard, Jan 2025
59. Kalyan Jewellers shares dive 37% from all-time highs: here's why - Business Today, Jan 2025
60. Kalyan Jewellers calls on SEBI to probe alleged manipulation, suspend F&O trading - BW Businessworld, Feb 2026
61. 'Not aware': Kalyan Jewellers clarifies on exchange query - Business Today, Feb 2026
62. Kalyan Jewellers shares fall after GST penalty over input tax credit - Business Today, Jan 2025
63. Kalyan Jewellers Dialysis Centre inaugurated in Thrissur - Indian Jeweller, Oct 2025
64. Kalyan Jewelers commits Rs 20 crore to build 2,000 homes with Habitat for Humanity India - EventFAQs, Jul 2016
65. Kalyan Jewellers earmarks Rs 10 crores to fight COVID-19 - afaqs!, Mar 2020
66. Kerala floods: Kalyan Jewellers to donate Rs 1 crore to CM's Distress Relief Fund - OneIndia, Aug 2019
67. Kalyan Jewellers MD T S Kalyanaraman pledges Rs 5 crore to Kerala CM's relief fund - India CSR, Jul 2024
68. Kalyan Jewellers extends helping hand to Mundathicode tragedy affected - Madhyamam, Jun 2026
69. Thrissur blast: compensation from Kalyanaraman and Yusuff Ali - Deshabhimani, Apr 2026
70. Kalyan Jewellers CMD honoured at 44th IAA World Congress - indiantelevision.com, Feb 2019
71. Kalyan Jewellers India recorded revenue in excess of Rs 25,000 crore and PAT of Rs 714 crore in FY25 - IndustrialPunch, May 2025