Jewellery maker Kalyan Jewellers shares were in demand on Friday, extending gains for a third straight session. The stock rose as much as 8.67% to an intraday high of Rs 483.10, taking its three-day rally to 36.12%.
Around 11:10 am, Kalyan Jewellers share price was trading 5.52% higher at Rs 469.10 per share. In comparison, BSE Sensex was trading at 77,531 levels, up 1.05%.
Kalyan Jewellers currently has eight 'buy' calls, with an implied upside of up to 42%, as per Bloomberg data.
The rally follows Citi's bullish view after the company's June quarter of financial year 2027 (Q1FY27) business update. The brokerage has assigned a target price of Rs 750, based on the market price of Rs 381.25 on July 6.
"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," Citi said in a note dated July 6.
Citi said key downside risks include weaker consumer sentiment and footfalls affecting same-store sales, rising competitive intensity – particularly in South India, sharp movements in gold prices, inconsistency in gold hedging, tighter government or RBI regulations on gold procurement, imports or consumption, a further increase in promoter pledge, delay in balance-sheet deleveraging, deviation from the asset-light franchise expansion model, and deterioration in capital allocation.
On the upside, Citi said stronger consumer response to promotional campaigns, faster store expansion or franchising, better-than-expected margins due to moderation in advertising, staff and other costs, and continued pressure on smaller jewellery players could support further gains.
Kalyan Jewellers Q1 Business Update
In its Q1FY27 business update, Kalyan Jewellers said consolidated revenue grew about 38% year-on-year (YoY), while India operations also recorded revenue growth of over 38%, driven by healthy same-store sales growth across key markets despite the 28-day Adhik Maas period, which typically impacts wedding-related demand. Same-store sales growth stood at around 28 per cent during the quarter.
The company said its 'Shine with India' gold recirculation campaign, launched in the second half of May, helped increase recycled gold as a share of revenue to over 46% in Q1FY27, with the figure exceeding 55% in June.
International operations reported revenue growth of about 35% YoY, while the Middle East business grew around 30% despite lower footfalls in April due to geopolitical tensions. International markets contributed about 14% to consolidated revenue.
Digital-first jewellery platform Candere posted revenue growth of about 112% during the quarter. Kalyan Jewellers also opened 12 Kalyan showrooms and five Candere showrooms in India during Q1.
"The ongoing quarter has started off well and we are upbeat about the new showroom launches, gearing up with fresh collections and campaigns for the upcoming festive and wedding season," the company said.
As of June 30, 2026, Kalyan Jewellers operated 524 showrooms across India and overseas, including 354 Kalyan stores in India and 129 Candere outlets
Essential Business Intelligence, Sharp Market Insights, Practical Personal Finance Advice, Daily Fuel, Gold and Silver Prices and Latest Stories — On NDTV Profit.