Kalyan Jewellers shares resumed their upward march on Friday, rising as much as 3.1% to Rs 564 apiece after a brief pullback in the previous session. The recovery comes after the stock corrected nearly 3% on Thursday, following a sharp 51% rally over the preceding six trading sessions.
The renewed buying interest was driven by a combination of factors, including the company's strong June-quarter business update, bullish commentary from brokerage firm Citi, and easing gold prices that are expected to support jewellery demand.
Lower gold prices typically improve affordability for consumers, encouraging higher purchase volumes and boosting sentiment across the jewellery sector.
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Citi Remains Bullish
Citi reiterated its positive view on Kalyan Jewellers and maintained a target price of Rs 750 per share following the company's first-quarter update. The brokerage said its valuation is based on 40 times the company's estimated FY28 consolidated earnings per share and still reflects a discount to sector leader Titan.
Strong Business Update
Kalyan Jewellers reported around 38% year-on-year (YoY) consolidated revenue growth for the June quarter, with its India business delivering a similar expansion. The company said demand remained resilient despite the Adhik Maas period, which generally impacts wedding-related purchases across several regions. Same-store sales growth came in at about 28%, highlighting robust traction across existing stores.
The company's 'Shine With India' gold exchange programme continued to be a key growth driver. Recycled gold contributed more than 46% of total revenue during the quarter and crossed 55% in June, reflecting rising customer participation.
Its international business also remained strong, registering nearly 35% year-on-year growth. The Middle East operations expanded roughly 30%, despite softer footfalls in April amid regional geopolitical uncertainties. Overseas markets accounted for nearly 14% of consolidated revenue during the quarter.
Candere, Kalyan's digital-first jewellery brand, was another standout performer, posting revenue growth of 112% from a year earlier as the company strengthened its presence in the online jewellery segment.
Expansion remained a core focus during the quarter, with Kalyan opening 12 new showrooms and five Candere stores across India. As of June 30, 2026, the company operated a global network of 524 showrooms.
Looking ahead, the retailer said it remains confident about growth prospects, supported by aggressive store additions, new product launches, and demand from the upcoming festive and wedding seasons.
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