- Kalyan Jewellers shares rose up to 4.72% on July 14, hitting Rs 535 intraday
- Shares surged nearly 50.74% over the last five trading sessions
- Strong Q1 revenue growth of around 38% and 28% same-store sales boost reported
Kalyan Jewellers shares extended their winning streak on Tuesday, July 14, with the stock rising as much as 4.72% to an intraday high of Rs 535 apiece.
Including Tuesday's gains, the jewellery retailer's shares have surged nearly 50.74% over the past five trading sessions.
At around 10:40 am, the stock was trading 3.68% higher at Rs 529.65, while the BSE Sensex was down 0.58% at 77,168.
What's Fueling The Rally?
The sharp upmove has been driven by a combination of strong quarterly business performance, upbeat brokerage commentary and favourable sector sentiment.
Citi reiterated its positive view on the stock after Kalyan Jewellers' Q1FY27 business update and assigned a target price of Rs 750. The brokerage said its valuation is based on 40 times the company's estimated March 2028 consolidated earnings per share, representing about a 25% discount to the valuation assigned to sector leader Titan.
Investor sentiment has also been aided by rising gold prices, with heightened geopolitical tensions in the Middle East boosting demand for the precious metal as a safe-haven asset.
Strong Q1 Business Update
Kalyan Jewellers reported consolidated revenue growth of around 38% year-on-year in the June quarter, with its India business also posting over 38% growth.
The company said the performance was supported by healthy same-store sales growth of about 28%, despite the impact of the 28-day Adhik Maas period, which affected wedding demand in several markets.
Its 'Shine with India' gold exchange initiative continued to gain traction during the quarter. Recycled gold contributed more than 46% of total revenue in Q1 and exceeded 55% in June.
International operations recorded around 35% year-on-year growth, while the Middle East business grew about 30% despite softer customer footfalls in April due to geopolitical uncertainty. Overseas operations accounted for roughly 14% of consolidated revenue.
Meanwhile, Candere, the company's digital-first jewellery brand, delivered 112% year-on-year revenue growth during the quarter.
Expansion Continues
During the quarter, Kalyan Jewellers opened 12 Kalyan showrooms and five Candere stores in India.
As of June 30, 2026, the company had a network of 524 showrooms globally, comprising 354 Kalyan stores in India, 129 Candere outlets and its overseas operations.
The company said it has begun the current quarter on a strong note and remains optimistic about showroom additions, supported by new product collections and upcoming festive and wedding season demand.
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