Kalyan Jewellers shares lose glitter in short term; price targets, outlook & more

Shares of Kalyan Jewellers Ltd are undergoing a short-term correction. The Kerala-based jewellery firm has tanked 37% this year and lost 31% in a year.  Amid a 17% loss in three months, the jewellery stock has recovered 6% in a week. However, the stock is still down 36% from the 52-week high reached of Rs 794.60 reached on January 2, 2025. 

In the current session, Kalyan Jewellers shares slipped 0.48% to Rs 482.10 against the previous close of Rs 485.30 on BSE. Market cap of the firm fell to Rs 49,779 crore. Total 0.63 lakh shares of the firm changed hands amounting to a turnover of Rs 3.05 crore.  

In terms of technicals, the relative strength index (RSI) of Kalyan Jewellers stock stands at 45.9, signaling it's neither trading in the overbought nor in the oversold zone. The stock has a beta of 1.5, indicating very HIGH volatility in a year. 

Motilal Oswal has a price target of Rs 650, a 34% upside on the Kalyan Jewellers stock. 

The brokerage attributed the likely upside in the stock to the ongoing weddings and festivities aid growth

"Kalyan’s 3QFY26 has started well, and the company is experiencing robust footfalls across all major markets. It is upbeat about the ongoing season and is fully prepared with fresh collections, campaigns, and the launch of 15 more Kalyan showrooms before Diwali," said the brokerage.

On similar lines, ICICI Securities has upgraded Kalyan Jewellers India to 'Buy' from 'Add'. It has a price target of Rs 670 on the stock.  

The stock’s more than 35 per cent correction over the past year provides a significant margin of safety. The brokerage maintained its earnings estimates and expects the jewellery firm to deliver robust same-store sales growth in FY26, led by strong festive and wedding-led demand.

According to the brokerage, Kalyan Jewellers is well-positioned to outperform its peers, supported by aggressive store expansion through its asset-light FOCO model, the addition of new growth levers from the omni-channel format Candere, and an improving balance sheet with planned debt reduction of Rs 350–400 crore in FY26. ICICI Securities expects steady demand trends, despite elevated gold prices, combined with an accelerating store rollout, to sustain the company’s revenue momentum.