It has been a roller-coaster ride for shareholders of Kalyan Jewellers over the past few weeks. After witnessing sharp swings in recent sessions, the jewellery retailer was back in demand on Wednesday, with the stock climbing as much as 4.14% to an intraday high of Rs 600.85.
Despite the volatility, the stock has delivered an impressive 54% return over the past one month.
At 11:00 am, Kalyan Jewellers share price was trading at Rs 597, up 3.48%. By comparison, BSE Sensex was trading 76,890, down 0.76%.
The recent rally comes after a choppy trading pattern. Kalyan Jewellers had gained for six consecutive sessions before snapping its winning streak last Thursday. The stock recovered on Friday but turned lower again on Monday, extending losses on Tuesday before rebounding in Wednesday's trade.
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Strong Business Momentum
The rally has been supported by a robust business update for the June quarter. Kalyan Jewellers reported approximately 38% year-on-year growth in consolidated revenue, with its India business delivering a similar performance.
The company said consumer demand remained resilient despite the Adhik Maas period, which typically impacts wedding jewellery purchases across several regions. Same-store sales growth came in at around 28%, while its 'Shine With India' gold exchange programme continued to gain traction. Recycled gold accounted for more than 46% of total revenue during the quarter and crossed 55% in June.
Its international operations also posted healthy growth, with revenue rising nearly 35% year-on-year. The Middle East business expanded by around 30% despite softer customer footfalls in April due to geopolitical uncertainties, while overseas markets contributed close to 14% of consolidated revenue.
Last week, the company said, via an exchange filing, that it will consider and approve the un-audited standalone and consolidated financial results of the company for the quarter ended June 30, 2026 on August 4, 2026.
Meanwhile, digital-first jewellery brand Candere reported 112% year-on-year revenue growth. During the quarter, Kalyan Jewellers added 12 new showrooms and five Candere stores, taking its global showroom network to 524 as of June 30, 2026.
The company remains optimistic about growth, backed by its store expansion strategy, product launches and the upcoming festive and wedding season.
Citi Retains 'Buy'
Following the company's first-quarter business update, Citi maintained its 'Buy' rating on Kalyan Jewellers with a target price of Rs 750 per share.
The brokerage said its valuation is based on 40 times FY28 estimated consolidated earnings per share and noted that the stock continues to trade at a discount to sector leader Titan.
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