Kalyan Jewellers shares have surged nearly 34% over three consecutive trading sessions, reaching an intraday high of ₹483.10 on Friday, July 10. The stock closed above both its 100-day and 200-day moving averages, marking its first close above the 100-DMA since April. Trading activity remained exceptionally high with around 8 crore equity shares changing hands on July 10, significantly higher than the one week average of 4 crore shares and one month average of 2 crore shares. About 13% of the traded quantity had been marked for delivery, while the stock emerged as the most traded stock in the Nifty 500 during Thursday's session. The momentum follows the company's first-quarter business update and a bullish note from Citi, which reiterated its 'Buy' rating with a target price of ₹750, implying a potential upside of more than 111% from Tuesday's closing level of ₹354.75 per share. As per Bloomberg data, Kalyan Jewellers currently has eight 'buy' calls, with an implied upside of up to 42%. The stock was trading 6.12% higher at ₹471.75 per share as of 12:35 PM on Friday, significantly outperforming the BSE Sensex which was up 1.05% at 77,531 levels.
According to CNBC TV18, Kalyan Jewellers reported nearly 38% consolidated revenue growth in the April-June quarter of FY27, despite the 28-day Adhik Maas period falling fully in the recently concluded quarter, when several customers typically avoid gold purchases. The company described the quarter as "very satisfying" and noted that the 38% revenue growth came despite the challenging period for gold purchases. The international business recorded revenue growth of approximately 35% year-on-year in Q1 FY27, with the Middle East operations expanding around 30% despite geopolitical tensions impacting footfall during April. Candere remained the fastest-growing segment, reporting a 112% jump in revenue from a year earlier, while the company opened 12 Kalyan showrooms and five Candere stores during the quarter. Management continued to see healthy demand across key markets despite the Adhik Maas impact, with the same-store sales growth standing at around 28% during the quarter. The company's '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.
According to CNBC TV18, Citi has reiterated its 'Buy' rating on Kalyan Jewellers India Ltd. with a price target of ₹750, implying a potential upside of more than 111% from Tuesday's closing level of ₹354.75 per share. The international brokerage expects the company's franchise-led expansion strategy to continue supporting profitable growth while improving return on capital employed (RoCE). Citi believes the strong momentum at Candere would be an additional growth driver for the company. The brokerage's target price of ₹750 is based on 40x March'28E consolidated EPS, set at a ~25% discount to leading jewellery peer Titan's target P/E. Citi noted that Kalyan's domestic jewellery business underperformed Titan for the first time in 13 quarters, which it flagged as a key risk alongside higher promoter share pledging, softer consumer demand, slower deleveraging and any deviation from the company's franchise-led expansion strategy. However, Citi also identified upside potential from 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.
According to CNBC TV18, during the quarter, the company added 12 Kalyan showrooms and five Candere showrooms, taking its total network to 524 stores as of June 30. As of June 30, 2026, Kalyan Jewellers operated 524 showrooms across India and overseas, including 354 Kalyan showrooms in India, 38 in the Middle East, two in the United States, one in the United Kingdom and 129 Candere outlets. The asset-light model requires lower capital investment than company-owned stores, making it more capital efficient. The company added five Candere stores during the period, further expanding its omnichannel presence. International markets contributed about 14% to consolidated revenue. Management noted that the ongoing quarter has started well and expressed optimism about the new showroom launches, gearing up with fresh collections and campaigns for the upcoming festive and wedding season across the country.
According to Share.Market by PhonePe, Nishchal Jain, Quant Researcher, noted that the stock has shown strong technical strength by rallying 34% over the last three trading sessions after rebounding from its 52-week low of ₹327. He said the stock has established a key support level at ₹373, while immediate resistance is seen around ₹530. According to him, strong trading volumes indicate institutional buying, which could support further upside if momentum continues. The rebound has helped the stock recover most of its losses for the year, with Kalyan Jewellers now down 1.62% in 2026 so far, compared with an 8.94% decline in the benchmark Sensex. Over the past one month, the stock has gained 40.59%. The latest rally marks a sharp reversal from earlier this week, when the stock had fallen nearly 7% after the company's business update, as investors reacted to revenue growth that fell short of expectations and lagged larger rival Titan. However, Citi's decision to maintain its bullish stance has improved investor sentiment, with the market shifting its focus to the company's expansion plans, improving operating performance and long-term growth prospects.
