Kalyan Jewellers jumps 9%, m-cap swells by Rs 13,280 crore in 3 days. What’s next?

The company’s shares jumped to Rs 483.40 apiece on the NSE on Friday morning, the highest level seen by the stock in nearly six months. The sharp gains over the three days added more than Rs 13,280 crore in investors’ wealth, pushing the company’s market capitalisation to Rs 49,896 crore.

Kalyan Jewellers on Tuesday said 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.

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 the month of 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.

Live Events

Also read: Jewellery companies put shine on D-St with strong biz updates

Citi remains bullish on the shares of Kalyan Jewellers and believes the stock has the potential to rise to Rs 750 apiece. This implies an upside potential of more than 69% from the stock’s previous closing price of Rs 443 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 51%. 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 shares have jumped 25% in one week and more than 40% in one month. The stock is, however, down around 2% in 2026 so far and 19% in one year. In the longer term, the stock has delivered 190% returns over three years and 514% 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)