The stock climbed to Rs 531 apiece, taking the jewellery retailer's market capitalisation to over Rs 54,800 crore. The sharp rally, which has added nearly one-third to the company's market value, was sparked by its stronger-than-expected Q1 business update released last week.
Kalyan Jewellers Q1 business update
Kalyan Jewellers last week said that the April-June quarter of the ongoing financial year 2027 was a "very satisfying one" as it recorded consolidated revenue growth of nearly 38% when compared to the same period in the previous financial year. The gold jewellery maker's 38% revenue growth came despite the 28-day Adhik Maas period falling fully in the recently concluded quarter, when several customers typically avoid gold purchases.Read More: From Kalyan Jewellers' 52-week high to Trent's reality check: LKP Securities' top trading ideas
The company also posted same-store sales growth of approximately 28%. The share of recycled gold as a percentage of revenue rose to over 46% during Q1 FY27. For June, the share of recycled gold as a percentage of revenue was in excess of 55%.
The international operations recorded revenue growth of approximately 35% year-on-year (YoY) in Q1 FY27. "Within the Middle East specifically, we witnessed revenue growth of approximately 30% for Q1 FY27 as compared to Q1 FY26, driven predominantly by same-store sales growth despite the impact on footfall during April due to the geopolitical tensions in the region," it added.
Kalyan launched 12 showrooms and 5 Candere showrooms in India during the quarter under review. "The ongoing quarter has started well, and we are upbeat about the new showroom launches, gearing up with fresh collections and campaigns for the upcoming festive and wedding season across the country," the company added further in a statement.
Should you buy Kalyan Jewellers shares now?
Kalyan Jewellers shares have broken out above a downward-sloping trendline, while continuing to trade above all its key short- and long-term moving averages on the weekly chart, reinforcing the strength of the prevailing uptrend, said Sudeep Shah, Head of Technical and Derivatives Research at SBI Securities.The RSI has also registered a breakout above its own downward-sloping trendline on the weekly timeframe, indicating a clear shift from bearish to bullish momentum, he said, adding that the widening gap between the DI+ and DI− lines reflects strengthening buying interest and confirms that bulls remain firmly in control.
Another encouraging sign is that the stock has closed above the upper Bollinger Band in each of the last four trading sessions, a characteristic often observed during the early stages of a strong trending move, Shah explained. “From a technical perspective, the 475–470 zone is expected to act as a strong support. As long as the stock sustains above this zone, the trend is likely to be bullish with the potential for further upside,” he added.
Also read: From Kalyan Jewellers' 52-week high to Trent's reality check: LKP Securities' top trading ideas
What lies ahead for Kalyan Jewellers shares?
After the Q1 business update, brokerages issued bullish calls for the shares of Kalyan Jewellers. Citi believes the stock has the potential to rise to Rs 750 apiece. This implies an upside potential of nearly 47% from the stock's previous closing price of Rs 510.65 apiece. The international brokerage expects the company's franchise-led expansion strategy to continue supporting revenue growth. It also believes the company's asset-light model will aid deleveraging and improve return on capital employed (ROCE).ICICI Securities, meanwhile, maintained a Buy rating on the stock with a target price of Rs 670, implying an upside of more than 31%. The brokerage said Kalyan Jewellers' strong Q1 FY27 performance despite multiple headwinds reflects resilient underlying jewellery demand.
It believes continued store expansion and the ongoing formalisation of the jewellery industry reinforce its positive outlook, although it cautioned that any structural decline in natural diamond prices remains a key risk.
Kalyan Jewellers share price
Kalyan Jewellers shares have jumped 50% in one week and 54% in one month. The stock is up nearly 10% in 2026 so far.In the longer term, the shares of the jewellery-maker have fallen more than 9% in one year, but delivered 191% returns over three years and 598% in five years.
Also read: Kalyan Jewellers stock to double from here? Why analysts are bullish
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)
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