Kalyan Jewellers shares jumped 18% on Thursday following a positive assessment from Citigroup. The stock recovery comes after a 38% year-on-year revenue growth in the June quarter, though some investors had previously reacted cautiously to the result. The company continues to focus on expanding its showroom network and digital segment growth.
Shares of Kalyan Jewellers India surged nearly 18% in intraday trading on Thursday, building on a two-day recovery trend that saw the stock gain approximately 24%. This movement follows a period of volatility earlier in the week when the stock dipped 7% on Tuesday, despite the company reporting a strong 38% year-on-year growth in consolidated revenue for the April-June quarter.
Impact of Citigroup Outlook
The sharp rebound in share price was largely driven by a report from Citigroup, which maintained its positive outlook on the stock with a price target of Rs 750. This endorsement helped restore investor confidence, pushing the stock to an intraday high of Rs 440 and triggering upper circuits during the session. The market appears to be balancing the company's robust operational growth against earlier concerns that the June quarter revenue, while high, may have fallen slightly short of some pre-earnings expectations.
Operational Performance and Segment Growth
Kalyan Jewellers reported a 38% year-on-year revenue increase for its India operations, supported by a 28% growth in same-store sales, which measures how much revenue existing showrooms generate compared to the same period last year. Internationally, the company saw a 35% revenue rise, with the Middle East segment contributing significantly. As of June 30, the company operated a total of 524 showrooms across all formats.
A key highlight for the quarter was Candere, the company's digital-first platform, which recorded a 112% revenue jump. Investors often monitor this segment closely as it represents the company's push to capture online demand in the jewellery retail space. The firm added 12 Kalyan showrooms and 5 Candere outlets during the quarter, indicating a continued focus on physical and digital expansion.
Competitive Context and Market Outlook
When evaluating the company's performance, investors often compare Kalyan Jewellers with industry giant Titan. While Kalyan Jewellers reported a 38% growth in its domestic business, Titan’s jewellery segment posted a 39% growth, with its total consumer business rising by 41% during the same quarter. Additionally, Titan’s international operations saw growth exceeding 100% year-on-year. As of July 9, 2026, Kalyan Jewellers holds a market capitalization of roughly Rs 44,850 crore. Year-to-date, the stock has declined by about 10.6%, slightly trailing the Nifty 50 index, which fell by 8.1% over the same period. The key monitorable for shareholders will be whether the company can maintain these growth levels during the upcoming festive and wedding seasons, which are traditionally strong periods for jewellery demand in India.