Kalyan Jewellers India has sold approximately 783.25 cents of land in Coimbatore for ₹86.16 crore, with the sale deed executed on September 30, 2026. According to the company's regulatory filing, the property is located at SY No - 174/1,171/1B,171/1D,171/1C,172/1A3,174/1,172/1A1 Thudiyalur, Saravanampatty Road, Chinnavedampatty, Coimbatore District -641049. The buyer is Shivasakthi Real Estates, Chennai, which does not belong to Kalyan Jewellers' promoter, promoter group or group companies. As reported by CNBC TV18, no business operations are carried out on the property and the transaction is not a related party transaction, with the sale being outside a scheme of arrangement.
Kalyan Jewellers shares ended at ₹553.20, down by ₹16.80 or 2.95% on the BSE on Wednesday, September 30, despite the positive UBS rating and strong fundamentals. The stock's year-to-date gain remains around 19% despite broader market weakness, with the Sensex down 379 points at 72,392 and the Nifty 106 points lower at 22,675 as of 9:23 am. The latest decline comes after the company's shares had risen more than 2% in early trade on Tuesday following UBS's bullish view, with the stock taking its market capitalisation to around ₹59,600 crore and significantly outperforming the Nifty 50's 13.3% decline so far this year.
Gold prices experienced a significant decline across major jewellery brands on Monday, September 28, 2026, with 22k gold jewellery prices falling to ₹13,765 per gram at Malabar Gold & Diamonds, Kalyan Jewellers and Joyalukkas showrooms. According to RiddiSiddhi Bullions Ltd. Managing Director Prithviraj Kothari, spot gold declined about 2% and spot silver dropped nearly 3% during the week, with pressure coming from a firmer dollar, 10-year Treasury yields near 5.50% and hot flash PMI raising bets on another Fed hike in October. The decline was attributed to oil swings tied to the US-Iran standoff over Hormuz, which added to inflation worries rather than supporting bullion.
In September 2026, Kalyan Jewellers made a significant strategic investment of ₹350 crore in its wholly owned subsidiary Candere Lifestyle Jewellery Pvt Ltd through subscription to 17.5 lakh equity shares on a rights issue basis. According to the company's regulatory filing, Kalyan Jewellers subscribed to 17,50,000 equity shares with a face value of ₹10 each at a premium of ₹2,000 per share, taking the total investment to ₹350 crore. The allotment of the shares was completed on September 19, 2026. As reported by CNBC TV18, the capital infusion is entirely for repayment of the loan extended by Kalyan Jewellers to Candere, with the investment enabling Candere to repay or prepay certain outstanding borrowings. There will be no change in Kalyan Jewellers' shareholding in Candere, which will continue to be a 100% wholly owned subsidiary.
As reported by CNBC TV18 and Moneycontrol, brokerage firm UBS has maintained its 'buy' recommendation on Kalyan Jewellers with a price target of ₹900 per share, indicating an upside potential of 60% from Monday's closing price. According to NDTV Profit, UBS has also maintained a Buy rating on the jewellery stock with a target price of ₹900 per share, citing a stronger growth outlook for the second half despite a high base. The latest commentary reinforces UBS's investment thesis from earlier this month, when the brokerage initiated coverage with the same ₹900 target price. UBS highlighted that Kalyan Jewellers shares have grown six-fold between fiscal 2022 and fiscal 2026, but still trade at a 45% discount to rivals such as Titan while revenue has grown at one of the highest compound annual growth rates among organised jewellers. The brokerage believes there is room for further re-rating despite the stock's strong performance, with UBS estimating 23% revenue CAGR over the next five years.
According to CNBC TV18 and Moneycontrol, Kalyan Jewellers reported strong first quarter earnings last month, with profit increasing 32% to ₹348.7 crore from ₹264.1 crore in the previous year. The company's revenue grew 45.7% to ₹10,588.9 crore from ₹7,268.5 crore year-on-year. However, EBITDA margins contracted to 6% from 7% in the corresponding period, despite EBITDA rising 24.5% to ₹632.5 crore from ₹508 crore. The company's revenue recorded a compound annual growth rate of around 35% between FY22 and FY26, according to UBS, with the brokerage expecting revenue and earnings to compound at around 23% annually over the next five years.
As reported by CNBC TV18 and Moneycontrol, among the 10 analysts covering Kalyan Jewellers stock, nine have 'buy' recommendations while one maintains a 'hold' rating. The stock ended the previous session 1.8% lower at ₹563 per share and has declined 6.3% in the past month but has gained 16.3% in 2026 so far. According to NDTV Profit, UBS estimates 23% revenue CAGR over the next five years, with upside risk if the new value format brand in southern India also scales up significantly. The brokerage believes that Kalyan Jewellers' shares current valuation is very appealing and leaves more room for further re-rating in the future. UBS had argued that there was room for a further re-rating despite the stock rising six-fold between FY22 and FY26, with the brokerage estimating the stock was trading at around 30 times FY28 earnings at the time of initiation, a roughly 45% discount to Titan.
