Kalyan Jewellers India shares extended their rally for a second straight session on Thursday, climbing as much as 9% to Rs 407.75 and taking the two-day gain past 15%, even as gold and silver prices slipped for a fourth consecutive session on renewed US-Iran hostilities. The divergence points to investors rewarding the company’s Q1 FY27 business update over near-term commodity price swings.
Kalyan Jewellers Stock Extends Rally To Over 15% In Two Sessions
Shares of Kalyan Jewellers surged as much as 9% to Rs 407.75 on the NSE in Thursday’s trade, extending their winning streak to a second straight session. The stock has now rallied more than 15% over two sessions after climbing over 6% on Wednesday, when it snapped a three-day losing run triggered by a sharp dip earlier in the week following the Q1 FY27 update. Trading activity remained elevated as investors reacted to the Q1 update.
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Q1 FY27 Business Update: Revenue Jumps 38% YoY
The turnaround in sentiment was driven by Kalyan Jewellers’ business update for the June quarter, in which the company reported an estimated 38% year-on-year increase in consolidated revenue for Q1 FY27. The company called the quarter “satisfying,” noting the growth came despite the entire 28-day Adhik Maas period, a once-in-three-years phenomenon during which wedding-related jewellery purchases typically slow in several parts of the country, falling fully within the quarter.
India Business, International Growth And Candere Drive Performance
Kalyan Jewellers’ India operations recorded revenue growth of over 38%, supported by same-store sales growth of around 28% across key markets. Its Shine with India gold recirculation campaign, launched in the second half of May, gained strong customer traction, with recycled gold accounting for more than 46% of revenue during the quarter, crossing 55% in June alone.
International operations grew around 35% YoY, with the Middle East up approximately 30% despite softer April footfalls linked to regional tensions, contributing close to 14% of consolidated revenue. Candere continued to outperform, posting 112% YoY revenue growth.
The company opened 12 Kalyan showrooms and five Candere outlets during the quarter, taking its total network to 524 showrooms as of June 30. Motilal Oswal Financial Services maintained a Buy rating on the stock with a target price of Rs 525 following the update.
Gold And Silver Prices Fall For Fourth Straight Session
Gold and silver prices fell for a fourth consecutive session on Thursday, pressured by renewed US-Iran hostilities, higher oil prices, and inflation concerns.
MCX gold futures fell Rs 610 to Rs 1,43,101 per 10 grams, while silver futures declined 1% to Rs 2,21,502 per kg. Spot gold slipped 0.3% to $4,066.24 an ounce internationally, as fresh US strikes on Iran revived rate-hike worries.
Why Falling Gold Prices May Not Hurt Jewellery Stocks Right Now
The contrast between a falling gold market and a rallying jewellery stock may look counterintuitive, but the two moves are being driven by different forces.
Kalyan Jewellers’ rally came despite weakness in gold and silver prices, suggesting investors focused more on the company’s Q1 execution than on short-term commodity volatility.
The strong recycled-gold contribution may help reduce dependence on fresh gold purchases, although the company has not directly quantified the margin impact. A prolonged correction in gold prices could still weigh on jewellery demand value over time, making the coming quarters worth watching.
Also Check: KALYAN JEWELLERS INDIA Options Chart
Technical Snapshot: Key Levels To Watch
Kalyan Jewellers currently commands a market capitalisation of around Rs 38,639 crore, with a 52-week high of Rs 617.70 and a 52-week low of Rs 327.05. The stock trades at a P/E of 28.61, a P/S of 1.09 and a P/B of 6.12. The 14-day RSI stands at 50.3, indicating neutral momentum. It is trading above five of its eight key SMAs, reflecting improving near-term momentum, but remains below its 100-day and 200-day SMAs.
Should Investors Track Kalyan Jewellers After This Rally?
With a fresh Buy call and an Rs 525 target from Motilal Oswal, and a two-day rally of over 15% built on strong execution, Kalyan Jewellers has moved back into investor focus.
The stock, however, remains well below its 52-week high, and the mixed technical trend suggests the recovery is still a work in progress. Tracking Q2 FY27 commentary and festive-season demand will matter more than reacting to a single sharp move.
Key Takeaways
- Kalyan Jewellers shares jumped up to 9% to Rs 407.75 on Thursday, extending a two-day rally past 15%
- Q1 FY27 consolidated revenue rose an estimated 38% YoY despite the Adhik Maas headwind
- Candere revenue surged 112% YoY; recycled gold made up over 46% of Q1 revenue, crossing 55% in June
- Gold and silver prices fell for a fourth straight session amid fresh US-Iran hostilities
- Motilal Oswal Financial Services maintained a Buy rating with a Rs 525 target price after the update
Kalyan Jewellers: Key Numbers At A Glance
| Metric | Value |
|---|---|
| Current price move | Up to 9% to Rs 407.75 |
| 2-day rally | Over 15% |
| Q1 FY27 revenue growth | ~38% YoY |
| India SSSG | ~28% |
| Candere growth | 112% |
| Market cap | ~Rs 38,639 crore |
| 52-week high / low | Rs 617.70 / Rs 327.05 |
| MOFSL target | Rs 525 |
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FAQs
Q: Why did Kalyan Jewellers shares rally 15% in two days?
The rally followed a Q1 FY27 update showing an estimated 38% YoY revenue growth, driven by strong India same-store sales, Middle East growth, and a 112% jump in Candere’s revenue.
Q: Did falling gold prices cause the Kalyan Jewellers rally?
No. The two moves were driven by different factors. Kalyan’s rally reflects company-specific Q1 execution, while gold fell on renewed US-Iran tensions and inflation concerns.
Q: What is the target price for Kalyan Jewellers after the Q1 update?
Motilal Oswal Financial Services maintained a Buy rating with a target price of Rs 525.
Q: Is Kalyan Jewellers stock still below its 52-week high?
Yes. Despite the rally, the stock remains well below its 52-week high of Rs 617.70 and below its 100-day and 200-day moving averages.
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Disclaimer: This article is for informational and educational purposes only and should not be considered investment advice or a recommendation to buy, sell or hold any stock, commodity or financial instrument. Stock market and commodity investments are subject to market risks. Investors should consult a certified financial advisor before making any investment decision.
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