Kalyan Jewellers Shares Surge After Reporting 38% Revenue Growth

Shares of Kalyan Jewellers India rallied more than 35% over three trading sessions after the company reported an estimated 38% year-on-year increase in consolidated revenue for the first quarter of fiscal year 2027. The surge included a 10% upper circuit hit on July 9, 2026, reversing an initial dip where shares fell 7% to 9% as investors initially booked profits.

Growth was driven by a 38% revenue increase in Indian operations, which achieved 28% same-store-sales growth despite the demand-dampening Adhik Maas period. International markets grew by 35%, with Middle East revenue increasing approximately 30%. The company's digital platform, Candere, experienced a 112% revenue surge. Additionally, the Shine with India gold recirculation campaign pushed the contribution of recycled gold to over 46% of quarterly revenue, peaking at 55% in June.

By June 30, 2026, the company operated 524 showrooms globally, including 17 new openings in India. Financial analysts from Citigroup and ICICI Securities maintained bullish outlooks, citing the company's asset-light, franchise-led expansion. Target prices from these firms range from Rs 670 to Rs 750, suggesting significant upside potential despite the stock remaining down approximately 23% to 24% year-to-date.