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Mumbai: Kalyan Jewellers India Ltd. shares continued their strong upward momentum on Tuesday, July 14, with the stock rising nearly 5% in intraday trade, taking its five-session rally to almost 51%. The sharp surge has been fuelled by an impressive June-quarter business update, positive brokerage commentary and improving sentiment towards the jewellery sector amid rising gold prices.

The stock climbed as much as 4.72% to an intraday high of Rs 535 on the NSE. By around 10:40 am, the shares were trading 3.68% higher at Rs 529.65, even as the benchmark BSE Sensex declined 0.58% to 77,168.

The rally has attracted strong investor attention, with market participants betting on sustained earnings growth, expanding retail presence and healthy demand ahead of the festive and wedding seasons.

Strong quarterly update boosts investor confidence

A key reason behind the rally has been Kalyan Jewellers’ robust business performance during the first quarter of FY27.

The company reported consolidated revenue growth of approximately 38% year-on-year during the June quarter. Its India business also registered more than 38% revenue growth, reflecting strong consumer demand despite seasonal challenges.

According to the company, healthy same-store sales growth of around 28% supported the strong performance. This came even though the 28-day Adhik Maas period, traditionally considered less favourable for weddings and jewellery purchases in several parts of India, affected demand.

The company’s performance suggests that customer demand remained resilient despite temporary seasonal headwinds.

Gold exchange programme gains momentum

Kalyan Jewellers’ ‘Shine with India’ gold exchange initiative continued to contribute significantly to its sales.

The company said recycled gold accounted for more than 46% of total revenue during Q1FY27, with the contribution rising to over 55% in June alone.

The programme encourages customers to exchange old jewellery for new designs, helping improve customer engagement while supporting inventory management.

The increasing contribution from recycled gold also reflects growing consumer acceptance of organised jewellery retail.

International operations remain resilient

The company’s overseas business also delivered encouraging growth despite geopolitical uncertainty in some regions.

International operations reported approximately 35% year-on-year revenue growth, while the Middle East business recorded nearly 30% growth, despite lower customer footfalls during April due to tensions in the region.

International operations contributed around 14% of Kalyan Jewellers’ consolidated revenue during the quarter.

The diversified geographical presence has helped the company maintain steady growth across markets.

Candere delivers triple-digit growth

Kalyan Jewellers’ digital-first jewellery brand Candere emerged as one of the strongest growth drivers during the quarter.

Candere recorded 112% year-on-year revenue growth, highlighting increasing consumer preference for online jewellery shopping and omnichannel retail experiences.

The company has been expanding the brand’s physical footprint alongside its online presence to strengthen customer reach.

Aggressive showroom expansion continues

The jewellery retailer continued expanding its store network during the June quarter.

During Q1FY27, the company opened:

• 12 new Kalyan Jewellers showrooms
• Five new Candere stores

As of June 30, 2026, the company operated 524 showrooms globally, comprising:

• 354 Kalyan Jewellers outlets in India
• 129 Candere stores
• Multiple international showrooms across overseas markets

Management remains optimistic about further showroom additions in the coming quarters, supported by new product launches and festive season demand.

Brokerage turns bullish

Investor sentiment received another boost after global brokerage Citi reiterated its positive outlook on Kalyan Jewellers following the company’s quarterly business update.

The brokerage maintained a target price of Rs 750, valuing the stock at around 40 times its estimated March 2028 consolidated earnings per share.

Citi noted that this valuation still represents roughly a 25% discount compared with sector leader Titan, indicating potential room for further upside if earnings continue to improve.

The brokerage also cited the company’s consistent execution, expanding retail network and improving profitability as key positives.

Rising gold prices support the sector

The broader jewellery sector has also benefited from rising gold prices.

Escalating geopolitical tensions in the Middle East have increased investor demand for gold as a safe-haven asset. Higher gold prices often encourage consumers to exchange old jewellery for new purchases, benefiting organised jewellers through exchange programmes such as Kalyan’s “Shine with India” initiative.

The company also said it has entered the current quarter on a strong note and expects demand to remain healthy, supported by the upcoming festive season, wedding demand and continued showroom expansion.

With strong operational performance, aggressive retail expansion and favourable industry trends, investors will closely monitor whether Kalyan Jewellers can sustain its growth momentum over the coming quarters.