Kalyan Jewellers shares continued their upward march on Wednesday, extending gains for a sixth consecutive trading session amid strong investor interest following a robust quarterly business update and positive brokerage commentary.
The stock climbed as much as 2.3% to an intraday high of Rs 542.10 on the BSE. Including Wednesday's gains, Kalyan Jewellers has rallied nearly 53% over the last six trading sessions, considerably outperforming the broader market.
At around 10:40 am, the stock was trading 1.5% higher at Rs 537.70, even as the benchmark Sensex fell 0.7%.
What's Driving The Rally?
The sharp rise in the stock comes after Kalyan Jewellers reported a strong operational performance for the June quarter, leading brokerages to maintain a bullish stance on the company.
Global brokerage Citi reiterated its positive view on the jewellery retailer after its first-quarter business update and assigned a target price of Rs 750 per share. The brokerage said its valuation is based on 40 times the company's estimated March 2028 consolidated earnings per share, reflecting a discount to sector leader Titan's valuation.
Investor sentiment has also been supported by the recent rise in gold prices. Escalating geopolitical tensions in parts of the Middle East have increased demand for gold as a safe-haven asset, benefiting jewellery companies with strong brand recognition and market presence.
Strong Revenue Growth In Q1
Kalyan Jewellers reported consolidated revenue growth of around 38% year-on-year during the June quarter, with its India operations recording a similar growth rate.
The company said demand remained healthy despite the impact of the 28-day Adhik Maas period, which traditionally weighs on wedding-related purchases in several regions.
Same-store sales growth stood at approximately 28%, indicating strong underlying demand across existing outlets.
A key contributor to the quarter's performance was the continued success of the company's "Shine with India" gold exchange programme. Recycled gold accounted for more than 46% of total revenue during the quarter, rising above 55% in June, highlighting increasing customer participation in the initiative.
International Business And Candere Shine
Kalyan Jewellers' overseas operations also delivered a strong performance, posting around 35% year-on-year growth.
The company's Middle East business grew roughly 30%, despite softer customer footfalls in April due to geopolitical uncertainties in the region. International operations contributed nearly 14% of consolidated revenue during the quarter.
Meanwhile, Candere, Kalyan's digital-first jewellery brand, emerged as a standout performer with 112% year-on-year revenue growth, underscoring the company's growing presence in the online jewellery segment.
Aggressive Expansion Continues
The jewellery retailer continued to expand its footprint during the quarter, opening 12 Kalyan showrooms and five Candere stores across India.
As of June 30, 2026, Kalyan Jewellers operated a global network of 524 showrooms, including 354 Kalyan stores in India, 129 Candere outlets, and its overseas stores.
The company said it has entered the current quarter on a strong footing and remains optimistic about future growth, supported by planned showroom additions, new product launches, and demand expected from the upcoming festive and wedding seasons.
The combination of strong business momentum, expansion-driven growth and favourable sector trends has helped fuel the stock's sharp rally in recent sessions.
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