Kalyan Jewellers shares extended their rally for a fifth straight session on Monday, July 13, 2026, rising as much as 4.53% to hit an intraday high of Rs 497.85, on BSE. The jewellery maker's stock has rallied 40.27% over the last five sessions, BSE data showed.
At 10:48 AM, Kalyan Jewellers shares continued to trade higher, up 9% at Rs 518.50 per share. By comparison, BSE Sensex was trading 0.41% lower at 77,249 levels.
The surge in Kalyan Jewellers stock comes after positive brokerage calls, especially Citi, following the company's Q1FY27 business update. The brokerage has set a target price of Rs 750.
Citi, in its note said, "Our target price of Rs 750 is based on 40x March'28E consolidated EPS, set at a ~25% discount to leading jewellery peer Titan's target P/E."
Moreover, sentiment has been further boosted amid escalating US-Iran tensions, which are driving investors toward safe-haven assets like gold.
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Kalyan Jewellers Q1FY27 Business Update
Kalyan Jewellers reported a strong start to FY27, with consolidated revenue rising about 38% year-on-year in Q1.
Revenue from India operations also grew over 38% YoY. The growth was driven by healthy same-store sales of around 28%, even as the 28-day Adhik Maas period weighed on wedding-related demand in key markets.
The company's 'Shine with India' gold recirculation campaign, launched in the second half of May, gained traction. Recycled gold contributed over 46% of revenue in Q1FY27, and crossed 55% in June.
International operations grew about 35% YoY. The Middle East business rose around 30% despite lower footfalls in April due to geopolitical tensions. International markets accounted for about 14% of consolidated revenue. Candere, the company's digital-first jewellery platform, saw revenue jump 112% during the quarter.
Kalyan Jewellers added 12 Kalyan showrooms and 5 Candere showrooms in India during Q1.
As of June 30, 2026, the company operated 524 showrooms across India and overseas, including 354 Kalyan stores in India and 129 Candere outlets.
"We have started the ongoing quarter well and are upbeat about new showroom launches. We are gearing up with fresh collections and campaigns for the upcoming festive and wedding season," the company said.
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