Kalyan Jewellers shares held up well on Friday, but only at ₹4.17 in the afternoon, a strong increase of 8.67 percent from the previous day to ₹4.08 as well. Its three-day rally has taken it up to 36.12% (see also). The stock was up by 8.67 percent at ₹4.20 on the day.
At 11:10 AM, Kalyan Jewellers was at ₹469.10, up 5.52% day-on-day. In the same period, the BSE Sensex was at 77,531, which was up around 1.05%, which means the share is performing so well against the overall stock market.
The Q1 Business Update Drives Rally. Strong Q1 Business Update Drives Rally
Investor confidence increased after Kalyan Jewellers gave a positive business update for the first quarter of FY2027. The company saw 38% year-on-year consolidated revenue growth, and India grew at over 38% as well.
One of the main reasons for this performance was the company's 28% same-store sales growth that demonstrated strong customer demand despite the 28-day Adhik Maas period, which traditionally affects jewellery purchases associated with weddings and celebrations.
The company also highlighted the success of its “Shine with India” gold recirculation campaign, launched in the second half of May. The initiative has seen recycled gold transactions significantly increase; recycled gold sales constitute over 46% of total revenue during the quarter and over 55% in June alone.
International Business Remains Strong
Kalyan Jewellers also experienced good growth in overseas businesses. International revenue increased by roughly 35% year-on-year, and its Middle East business grew around 30%, despite fewer customer footfalls in April due to geopolitical tensions in the region.
International markets accounted for around 14% of the consolidated revenue of the company, which is growing globally in terms of global presence and diverse business model.
Candere Records Exceptional Growth
The company’s digital-first jewellery brand Candere saw a 112% revenue growth during the quarter. Kalyan Jewellers expanded and opened 12 new Kalyan showrooms and five new Candere stores in India during Q1FY27.
As of June 30, 2026, the company operated 524 showrooms worldwide with 354 Kalyan Jewellers stores in India and 129 Candere outlets, further strengthening its retail footprint.
Citi Remains Bullish
Citi’s global brokerage remained optimistic on Kalyan Jewellers after the business update. The broker offered a target price of ₹750 per share, which is far from the stock’s previous share price.
According to Citi, the price is 40 times the planned consolidated earnings per share (EPS) in March 2028, but still trades at a discount to the market leader Titan.
The brokerage also said that some factors could drive future growth, including more consumer demand, quicker showroom expansion, higher operating margins (for smaller jewellery retailers), and continued market share gains.
But Citi also warned investors of risks such as lower consumer spending, intense competition, fluctuations in gold prices, tighter government regulations, delays in lowering debt, and changes in the company's expansion strategy.
Positive Outlook Ahead
Looking ahead, Kalyan Jewellers expressed confidence about the upcoming festive and wedding season. And with new jewellery collections, marketing programs, and new showroom launch plans to bring in new product collections and new showroom openings, we expect to drive growth, the company said.
With good quarterly numbers, aggressive expansion plans, strong digital performance, and optimistic brokerage recommendations, Kalyan Jewellers has emerged as one of the standout performers in the jewellery sector. Investors will now closely watch whether the company can maintain this momentum in the coming quarters.
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