Kalyan Jewellers shares surged nearly 34% in three sessions after the company reported robust Q1 FY27 business performance, with consolidated revenue rising 38% year-on-year and strong same-store sales growth. Investor optimism was further supported by rapid store expansion, strong growth in the Candere business, and healthy demand despite falling gold prices.
Shares of Kalyan Jewellers India continued their strong rally on Friday, gaining over 7% to become the top gainer on the BSE Midcap index. The stock jumped 7.2% to ₹475 during morning trade, extending its three-session rally to 33.9%. The sharp recovery added nearly ₹11,500 crore to the company’s market capitalisation, which stood at around ₹48,850 crore during the session.
The recent rally has helped Kalyan Jewellers erase most of its 2026 losses. The stock is now down just 2.1% so far this year, outperforming the Nifty 50, which has declined 7.5% during the same period.
Q1 FY27 Business Performance Remains Strong
Kalyan Jewellers reported a 38% year-on-year increase in consolidated revenue during the June quarter. The company described the quarter as satisfying despite the impact of the 28-day Adhik Maas period, which typically affects wedding-related jewellery purchases.
Kalyan Jewellers recorded revenue growth of more than 38%, supported by strong same-store sales growth (SSSG) of around 28%. The company’s gold recirculation campaign, “Shine with India”, also received strong customer response. Recycled gold contributed more than 46% of revenue during the quarter and crossed 55% in June.
The international business grew approximately 35% year-on-year, with West Asia operations increasing around 30%. International markets contributed nearly 14% of consolidated revenue.
Candere continued to be the fastest-growing segment, with revenue rising 112% year-on-year. During the quarter, Kalyan Jewellers opened 12 new Kalyan showrooms and five Candere stores, taking its total showroom network to 524 outlets as of June 30.
Rally Continues Despite Falling Gold Prices
The stock’s strong performance came even as gold and silver prices declined for the fourth consecutive session amid renewed US-Iran tensions, higher crude oil prices, and inflation concerns.
MCX gold futures declined ₹610 to ₹1,43,101 per 10 grams, while silver futures dropped 1% to ₹2,21,502 per kg. International spot gold prices fell 0.3% to $4,066.24 per ounce.
However, investors focused more on Kalyan Jewellers’ business growth rather than short-term gold price movements. The company’s higher contribution from recycled gold may reduce dependence on fresh gold purchases, though sustained weakness in gold prices could impact jewellery demand over the longer term.
Explore: Early Stage of Rally for Kalyan jewellers
Technical Outlook and Investor Focus
Kalyan Jewellers currently has a 52-week high of ₹617.70 and a 52-week low of ₹327.05. The stock trades at a P/E ratio of 28.61, P/S ratio of 1.09, and P/B ratio of 6.12. The 14-day RSI stands at 50.3, indicating neutral momentum.
The stock is trading above five of its eight key SMAs, showing improving short-term momentum, but remains below its 100-day and 200-day SMAs.
Strong Q1 FY27 execution, expansion plans, and festive-season demand ahead, Kalyan Jewellers remains in investor focus. However, future performance will depend on Q2 FY27 commentary, demand trends, and continued improvement in operating metrics.
