Kalyan Jewellers shares were up another 25 percent on Monday and are up for the fifth consecutive session. With a record quarterly business performance, bullish brokerage advice, and investor interest in gold-related stocks in light of global geopolitical uncertainty, the stock of jewellery retailers has risen 40 percent in just five sessions.
The stock of Kalyan Jewellers shot up in the last trading day and rose to around ₹518.50 (and the BSE Sensex was down, as the company's shares were supported by buying interest).
Citi Turns Bullish, Sets ₹750 Target
A bright research report from global brokerage Citi has also supported the stock in the past 2 years, and the company has said it is confident in the company after the first quarter business update for FY27.
Citi has a target price of ₹750 per share, implying there is significant upside potential from current levels. And its valuation is based on 40 times the estimated consolidated earnings per share (EPS) for March 2028, but it is still a discount to industry leader Titan.
The optimism has inspired investors to buy, and they have bought a lot of stocks over the last week.
Strong Q1FY27 Business Performance
Kalyan Jewellers had a great start to the financial year with consolidated revenue growing approximately 38% year-on-year during the first quarter of FY27.
The company's India operations also experienced a growth of 38% revenue growth in the same store sales, with an average increase of 28%. The success of the company is in contrast to the Adhik Maas period, which is usually more important for wedding jewellery purchases in many countries.
Gold Recycling Campaign Boosts Growth
That ‘Shine with India’ gold recycling initiative, introduced in the second half of May, received a strong response from customers.
Recycled gold contributed to more than 46% of total revenue during the quarter and more than 55% in June. The campaign has also built customer engagement in the company and helped to improve efficiency.
International Business Remains Strong
Kalyan Jewellers also achieved good growth overseas.
International revenue increased by about 35% year-on-year, and its Middle East business expanded by nearly 30% in April, despite some regional geopolitical tensions that restricted customer footfall during April.
International operations made up about 14% of the total company's consolidated revenue in the quarter.
Candere Records Triple-Digit Growth
The company’s digital-first jewellery platform, Candere, is one of the strongest performers in the quarter.
Candere reported a remarkable 112% year-on-year increase in revenue, driven by increasing online jewellery purchase demand and continued investment in omnichannel retail strategy.
Aggressive Expansion Continues
Kalyan Jewellers maintained its expansion momentum by opening 12 new Kalyan showrooms and five Candere outlets across India during the quarter.
As of June 30, 2026, the company operated 524 showrooms worldwide. There were 354 Kalyan Jewellers stores in India and 129 Candere outlets, and it added more physical and digital retail stores to its network.
Gold Prices and Market Sentiment Add Support
Apart from company-specific reasons, investor sentiment has also been helped by higher gold prices, as the Middle East geopolitical tension has led to safe-haven assets being taken up by the market.
With the high business update, retail network, and good brokerage outlook, Kalyan Jewellers is one of the best-performing companies in the Indian stock market. Investors must understand that stock prices are subject to market risks and investment is best made based on market analysis and financial advice from a professional.
Comments
Please to leave a comment on this article.