Kalyan Jewellers shares have delivered exceptional returns of approximately 46% over the past three months, rising from around ₹355 to ₹556 per share. According to latest reports from Business Standard, the stock has gained nearly 15% in 2026 so far and surged 46% over the past three months, significantly outperforming the Nifty 50 index which declined 10.4% and 6% respectively over the same periods. On Friday, the stock traded largely flat, down 0.12% at ₹553.35 as of 11 AM, even as benchmark indices staged a sharp rebound after two-day fall.
Jefferies India has set a target price of ₹830 for Kalyan Jewellers shares, representing a potential 46% upside from current levels. The investment bank has now reiterated a Buy rating on Kalyan Jewellers and set a bull-case target of ₹1,000, implying a 76% upside potential. As reported by Jefferies, the brokerage values Kalyan at 38 times September 2028 estimated earnings to arrive at the ₹830 target, while under the bull-case scenario, the company is valued at 45 times September 2028 estimated earnings. In the bear-case scenario, Jefferies has assigned a target price of ₹500, representing a 12% downside.
Jefferies noted that Kalyan Jewellers is among India's largest organised jewellery retailers, with over 500 showrooms globally and 7% share of the organised jewellery market. According to Business Standard, the brokerage emphasized that despite its scale, the company remains a relatively small player in a $100 billion category that is still around 60% unorganised, providing a long runway for store expansion and share gains. Regulatory formalisation, mandatory hallmarking and improving consumer preference for trusted brands continue to support the shift towards organised retail, with the company's hyperlocal model, people-centric culture and measured expansion creating a differentiated and scalable retail franchise.
Kalyan Jewellers achieved consolidated revenue growth of over 26% in the second quarter of FY27, demonstrating robust operational performance. According to The Economic Times, India operations led this growth with a 27% increase and 20% rise in same-store sales, indicating strong same-store sales growth momentum. The lifestyle jewellery brand Candere also experienced significant growth, recording a 64% jump, highlighting the success of the company's diversification strategy. Additionally, Kalyan opened new showrooms and plans to expand its regional brand Akshaya Thanga Maligai during the festive season.
According to Jefferies analysts Vivek Maheshwari, Kedar Gattani and Rushabh Bhachawat, Kalyan remains a relatively small player in a jewellery market worth more than $100 billion, with around 60% of the category still unorganised. In the base case scenario, Jefferies estimates 23% annual growth in revenue for Kalyan Jewellers over FY26-29E, with some improvement in EBITDA margins and expects EPS to rise at 21% CAGR, supported by strong jewellery revenue growth. In the bull-case scenario, Jefferies forecasts 26% annual growth in revenue over FY26-29E with some improvement in EBITDA margins, expecting EPS to rise at 23% CAGR supported by strong jewellery revenue growth.
