Kalyan Jewellers share price jumps 10%, stock rallies 48% in 4 days; here's why

Shares of Kalyan Jewellers India climbed 10 per cent in Monday's trade, extending their winning run to a fourth straight session. The stock has surged 48 per cent over the past four sessions after several brokerages retained their bullish stance following the jewellery retailer's June quarter business update.

Foreign brokerage Citi reiterated its 'Buy' rating on the stock with a target price of Rs 750. Axis Capital also maintained a 'Buy' call with a target of Rs 700, while ICICI Securities has a target price of Rs 670. MOFSL has set a target of Rs 525 on the stock, a level the scrip is on the verge of surpassing.

On Monday, the scrip surged 10 per cent to hit an upper circuit of Rs 523.85 on the BSE, marking a 47.66 per cent gain from its July 7 closing price of Rs 354.75.

Kalyan reported domestic jewellery revenue growth of 38 per cent YoY, supported by healthy SSSG of 28 per cent. Kalyan added 12 Kalyan and 5 Candere showrooms in India during Q1FY27. Its total showroom count now stands at 524. 

"Kalyan's digital-first platform, Candere, continued its strong momentum with revenue growth of 112 per cent YoY. The international business (Middle East, USA and UK) grew ~35 per cent YoY, contributing 14 per cent of consolidated revenue. Within the Middle East, revenue increased 30 per cent YoY despite lower footfalls in April 2026 due to geopolitical tensions," ICICI Securities said.

The brokerage has week increased its EPS estimates for Kalyan to reflect better revenue growth in Q1FY27. 

"We model revenue/EBITDA/PAT CAGR of 19/16/24 per cent over FY26-28E. Maintain BUY with a DCF-based unchanged target price of Rs 670. Key risks: Delay in showroom expansion and potentially higher competitive intensity in core South Indian markets," it said.

Kalyan Jewellers short-term target
Muthuselvaraj M, Research Analyst at Mirae Asset Sharekhan said Kalyan Jewellers has shown an upward trend, breaking out of its falling channel on the daily timeframe. This follows a strong bounce from the demand zone at Rs 325, after a 45 per cent correction since August 8, 2025. 

"The price is now trading above its 200-day exponential moving average, suggesting a potential rally toward Rs 530–554 in the short to medium term. Both daily and weekly momentum indicators exhibit strong positive sentiment; therefore, we expect the bullish trend to continue in the short to medium term," he said.