Kalyan Jewellers shares experienced a dramatic turnaround on Wednesday, climbing as much as 4.14% to an intraday high of ₹600.85. At 11:00 am, the stock was trading 3.48% higher at ₹597, significantly outperforming the BSE Sensex which was down 0.76% at 76,890. This recovery comes after a volatile period that saw the stock drop 2.63% to an intraday low of ₹555 on Tuesday, following a 1.63% decline on Monday. The recent rally has delivered an impressive 54% return over the past one month, demonstrating the stock's resilience despite earlier volatility. The recovery pattern shows the stock had gained for six consecutive sessions before snapping its winning streak last Thursday, with the company now back in demand after a choppy trading pattern.
Despite the recent stock decline, Kalyan Jewellers delivered robust financial results for the June quarter of FY27. The company reported around 38% year-on-year consolidated revenue growth, with its India business posting a similar increase. Same-store sales growth came in at around 28%, while the company's 'Shine With India' gold exchange programme continued to gain traction. Recycled gold contributed more than 46% of total revenue during the quarter and crossed 55% in June. The strong performance reflects the company's ability to capitalize on favorable market conditions and operational efficiency improvements, with demand remaining resilient despite the Adhik Maas period which typically weighs on wedding-related jewellery purchases.
The international operations demonstrated strong performance with nearly 35% year-on-year growth, according to latest reports. The Middle East operations expanded around 30% despite softer footfalls in April amid regional geopolitical uncertainties. Overseas markets accounted for nearly 14% of consolidated revenue during the quarter. The company's digital-first jewellery brand, Candere, delivered exceptional 112% year-on-year revenue growth. This international expansion continues to be a key growth driver for the company's diversified revenue base.
As reported by NDTV Profit, Kalyan Jewellers expanded its retail footprint by opening 12 Kalyan showrooms and five Candere stores during the quarter. The company now operates 524 showrooms globally as of June 30, 2026. The company has announced 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. Despite the recent stock decline, the company remains confident about its growth outlook, supported by aggressive store expansion, new product launches, and demand from the upcoming festive and wedding seasons. The company's expansion strategy continues to focus on both domestic and international markets to capture growing consumer demand.
Despite the recent stock pullback, Citi has maintained its optimistic stance on Kalyan Jewellers. The brokerage reiterated its 'Buy' rating on the stock with a target price of ₹750 per share following the company's first-quarter business update. The brokerage's valuation is based on 40 times FY28 estimated consolidated earnings per share and continues to reflect a discount to sector leader Titan. The analyst outlook suggests that despite short-term market volatility, the company's strong fundamentals and growth prospects remain intact, supported by the company's strong financial performance and expansion strategy.
