Kalyan Jewellers shares zoom 25% in two days; is more steam left?

Shares of Kalyan Jewellers India Ltd extended their strong run for the second consecutive session on Thursday. The stock soared 18.75 per cent to settle at Rs 444.55. With this, it has rallied 25.26 per cent in the past two trading sessions.

The buying interest followed the Thrissur, Kerala-based jewellery retailer's healthy revenue growth in Q1 FY27.

"The recently concluded quarter has been a very satisfying one, recording consolidated revenue growth of approximately 38 per cent when compared to the same period in the previous financial year," the company stated.

Kalyan Jewellers said, "We saw revenue growth in excess of 38 per cent for our India operations during Q1 FY2027 as compared to Q1 FY2026, led by robust operating momentum on the ground with healthy same-store-sales-growth across all the key markets in the country despite the 28-day Adhik Maas period falling fully in the recently concluded quarter. Adhik Maas is a once in a 3-year phenomenon during which wedding related demand tends to take a pause in certain parts of the country. The recently concluded quarter recorded same-store-sales-growth of approximately 28 per cent."

The company also reported strong growth in overseas markets.

"Our international operations recorded revenue growth of approximately 35 per cent for the recently concluded quarter when compared to the same period during the previous financial year. Within the Middle East specifically, we witnessed revenue growth of approximately 30 per cent for Q1 FY2027 as compared to Q1 FY2026, driven predominantly by same-store-sales-growth despite the impact on footfall during the month of April due to the geopolitical tensions in the region," it stated.

International markets accounted for approximately 14 per cent of the company's consolidated revenue during the quarter.

Kalyan Jewellers' digital-first jewellery platform, Candere, also delivered a robust performance. "Our digital-first jewellery platform, Candere, recorded a revenue growth of approximately 112 per cent during the recently concluded quarter as compared to the same period during the last year. During the recently concluded quarter, we launched 12 Kalyan showrooms and 5 Candere showrooms in India," it said.

The company remained optimistic about the current quarter, stating, "The ongoing quarter has started off well and we are upbeat about the new showroom launches, gearing up with fresh collections and campaigns for the upcoming festive and wedding season across the country."

As of June 30, 2026, Kalyan Jewellers had 524 showrooms across India and international markets, comprising 354 Kalyan India stores, 38 Kalyan Middle East stores, two Kalyan USA stores, one Kalyan UK store and 129 Candere outlets.

What analysts say

Osho Krishan, Chief Manager - Technical & Derivative Research at Angel One, said, "The counter has showcased a potential bullish reversal and a sustained move above Rs 450 is likely to trigger a fresh leg of rally in the counter. For now, the Rs 415-400 zone is likely to cushion any short-term blips, while Rs 450 seems to be the potential resistance in the near period."

Ravi Singh, Chief Research Officer at Master Capital Services, noted that Kalyan Jewellers' stock appeared strong on charts and may hit Rs 470 in the near term. He advised placing a stop loss at Rs 400.