Shares of Kalyan Jewellers India Ltd. experienced a significant rally, jumping over 25% in just two trading sessions, closing at Rs 444.55 on Thursday, July 9, 2026. This surge was propelled by the Thrissur, Kerala-based jewellery retailer's strong revenue performance in the first quarter of the fiscal year 2027.
Strong Revenue Growth Across Segments
Kalyan Jewellers announced a consolidated revenue growth of approximately 38% for Q1 FY27 compared to the same period last year. This impressive growth was fueled by robust operational momentum in both domestic and international markets.
India Operations Lead the Way
The company's India operations saw revenue growth exceeding 38% during Q1 FY27. This was attributed to healthy same-store-sales growth of approximately 28% across all key markets, despite the entire 28-day 'Adhik Maas' period falling within the quarter, which typically sees a pause in wedding-related demand in certain regions.
International Markets Contribute Significantly
Kalyan Jewellers' international operations also recorded strong performance, with revenue growth of approximately 35% for the quarter. Specifically, the Middle East market witnessed about 30% revenue growth, predominantly driven by same-store-sales, even with an impact on footfall in April due to geopolitical tensions. International markets accounted for approximately 14% of the company's consolidated revenue.
Digital Platform 'Candere' Shows Exceptional Growth
The digital-first jewellery platform, Candere, delivered an outstanding performance, recording revenue growth of approximately 112% compared to the previous year's corresponding quarter. During Q1 FY27, Kalyan Jewellers expanded its retail footprint by launching 12 new Kalyan showrooms and 5 Candere showrooms in India.
Analyst Outlook and Future Prospects
The company remains optimistic about the current quarter, highlighting a positive start and plans for new showroom launches, fresh collections, and campaigns for the upcoming festive and wedding seasons. As of June 30, 2026, Kalyan Jewellers operated 524 showrooms globally, including 354 Kalyan India stores, 38 Kalyan Middle East stores, 2 Kalyan USA stores, 1 Kalyan UK store, and 129 Candere outlets.
Osho Krishan, Chief Manager - Technical & Derivative Research at Angel One, noted, "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, added that Kalyan Jewellers' stock appears strong on charts and may target Rs 470 in the near term, advising a stop loss at Rs 400.