Kalyan Jewellers shares surged as much as 13.08% to ₹423.10 in Thursday's trading session, extending their winning streak for a second consecutive session and bringing the total two-day rally to over 19%. The stock had previously gained over 6% in the previous session after the company reported robust revenue growth. The sustained rally reflects strong investor confidence following the company's impressive first-quarter performance, with trading volume jumping 3.6 times to 14.69 lakh shares compared with an average of 4.09 lakh shares in the past two weeks. As per The Economic Times, the stock has now rallied more than 15% in two days, buoyed by the company's strong first-quarter business update.
Jewellery companies Titan Company, Senco Gold, and Kalyan Jewellers have delivered robust growth in Q1FY27, according to reports from The Economic Times. Kalyan Jewellers reported approximately 38% revenue growth in Q1 FY2027, driven by strong domestic and international business performance. The company attributed the performance to strong operating momentum and healthy same-store sales growth across its key markets in India, despite the entire 28-day Adhik Maas period falling in the recently concluded quarter. The sector's performance comes despite facing challenges from record gold prices during the quarter. The strong results reflect the resilience of organised jewellers and manufacturers in navigating market conditions.
The jewellery sector's solid growth trajectory is being supported by strong festive and wedding demand, as reported by The Economic Times. Kalyan Jewellers demonstrated this resilience with revenue from its India business rising over 38%, including same-store sales growth of around 28%, despite the quarter coinciding with the 28-day Adhik Maas period, a once-in-three-year phase that typically slows wedding-related jewellery purchases. The company stated that "the recently concluded quarter was a satisfying one with consolidated revenue growth of around 38% in the first quarter of current financial year compared with the same period last year." The company also reported encouraging progress from its 'Shine with India' gold recirculation campaign, launched in the second half of May to boost the use of recycled gold and reduce dependence on imports. Kalyan Jewellers reported recycled gold accounted for over 46% of revenue during the quarter, with contribution exceeding 55% in June alone. The campaign comes at a time when India's jewellery industry is increasingly looking to reduce dependence on imported bullion, with consumers increasingly opting to exchange idle jewellery for new purchases.
The sector's international expansion continues to show strong momentum, with Titan's international markets such as North America and the GCC recording impressive double-digit growth. Kalyan Jewellers' international business delivered around 35% YoY revenue growth, with Middle East operations growing nearly 30%, supported by strong same-store sales despite softer footfall in April amid geopolitical tensions. Within the Middle East specifically, Kalyan Jewellers witnessed a rise in revenue of approximately 30% year-on-year (YoY) driven predominantly by same-store sales growth despite the impact on footfall during the month of April due to geopolitical tensions in the region. Overseas markets contributed approximately 14% of consolidated revenue during the quarter. Senco Gold also reported strong international performance with retail revenue rising 48% and impressive 38% same-store sales growth. Titan's international business, led mainly by jewellery brands, grew 128% during the quarter, with Tanishq, Mia, and CaratLane gaining traction in North America and encouraging double-digit growth in GCC markets.
The retailer also strengthened its digital presence by opening 12 Kalyan Jewellers showrooms and five Candere stores across India during the quarter. Candere, Kalyan's digital-first jewellery platform, continued its rapid expansion, posting 112% YoY revenue growth compared with the same period last year. This digital expansion demonstrates the company's commitment to diversifying its retail channels and reaching younger, tech-savvy consumers. The company's total showroom count reached 524 as of 30 June 2026, with the addition of 17 Kalyan showrooms and 5 Candere stores during the quarter. As of June 30, 2026, the group operated 524 stores globally, including 354 Kalyan showrooms in India, 38 in the Middle East, two in the US, one in the UK and 129 Candere outlets. Global investment firm Citi noted that the company's asset-light model will aid deleveraging and improve return on capital employed (RoCE) going ahead, with franchise-led expansion supporting revenue growth.
From a technical perspective, Kalyan Jewellers currently commands a market capitalisation of ₹38,639 crore with its 52-week high standing at ₹617.70. The stock trades at a price-to-earnings (P/E) ratio of 28.61, with a price-to-sales (P/S) ratio of 1.09 and a price-to-book (P/B) ratio of 6.12. The 14-day Relative Strength Index (RSI) stands at 50.3, indicating neutral momentum. The trend remains mixed but is showing signs of improvement, with the stock trading above five of its eight key simple moving averages, reflecting positive near-term momentum. However, the stock is still below its 100-day and 200-day SMAs, indicating that it has yet to decisively reclaim its medium- and long-term bullish trend. Despite Wednesday's strong rally, Kalyan Jewellers shares remain down 23% so far in 2026, with the stock declining 35% over the past one year and 17% in the last three months. However, over a three-year period, the stock has delivered returns of about 130%. Looking ahead, the sector is positioned to benefit from continued formalisation within the jewellery industry and the launch of new initiatives like Kalyan's 'Shine with India' gold recirculation campaign. The company expressed confidence about demand during the upcoming festive and wedding season, supported by new showroom launches, fresh collections and marketing campaigns.
