Business

Kalyan Jewellers Stock Performance and Growth Analysis

Friday, July 10, 2026
5 min read
Kalyan Jewellers Stock Performance and Growth Analysis

Kalyan Jewellers shares jumped up Friday, July 10th. It rallied hard, hitting 7.2% and trading near Rs 475 in the opening session. That’s a big move.

The stock has clawed back most of its losses for the year already. It's down just 2.1% this year, compared to that Nifty 50 dip which was a 7.5% slide. Things are definitely shifting.

What fueled this bounce? Mostly optimism about their long-term plan and some big upgrades from global players. Citi, for instance. They bumped the rating to ‘Buy’ and put a target price of Rs 750 on it. That implies nearly 57% upside potential from Friday's price. Almost a 97% gain from Thursday morning.

But you have to look at the numbers. Even though revenue growth for the quarter wasn't quite what Citi expected, the brokerage stayed bullish. They pointed to healthy demand and that franchise model they use for expansion.

Kalyan actually reported decent operational figures for the April-June period. Revenue grew about 38% year-on-year across the board. Strong jewellery demand kept things ticking over in India. Same-store sales also ticked up, around 28%. That suggests consumers are still spending, even with all the high bases they’re dealing with.

Meanwhile, the international side was also doing okay. Their overseas business grew about 35% yearly. The Middle East specifically saw revenue climb nearly 30%. That growth is happening despite some messy geopolitical stuff going on there. They didn't open any new stores internationally this quarter though.

And don't forget Candere, their digital platform. It’s been a real bright spot. Revenue there shot up 112% year-on-year in that first quarter alone. Online jewellery is clearly gaining serious traction. They also opened up twelve more physical showrooms and five new Candere spots across India during this period.

Management felt positive entering the second quarter, seeing healthy demand leading into the big festive season and weddings. They expect things to keep moving, network expansion continuing.

But there are shadows too. Citi did bring up some real concerns that stick with you. The India business revenue growth was slower than Titan’s for the first time in thirteen quarters now. That's something to watch. There’s a genuine worry about jewellery demand slowing down. And they flagged things like delays in cleaning up the balance sheet, and whether they can actually stick to that franchise-led expansion plan. Those are real risks hanging over the upside.

Written by Gree News Team — Senior Editorial Board

Gree News Team covers international news and global affairs at Gree News. Our collective of senior editors is dedicated to providing independent, accurate, and responsible journalism for a global audience.

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