Shares of Kalyan Jewellers India surged as much as 9% to Rs 407.75 in Thursday's trade, extending their winning streak for a second straight session. The stock has now rallied more than 15% in two days, buoyed by the company's strong first-quarter business update. In the previous session, the shares had gained over 6% after the company reported robust revenue growth.
The jewellery retailer posted an estimated 38% year-on-year increase in consolidated revenue for Q1 FY27, driven by strong demand across its domestic and international markets.
The company said its India business recorded revenue growth of over 38%, supported by healthy same-store sales growth of around 28% across key markets. The performance came despite the quarter being impacted by the 28-day Adhik Maas period, a once-in-three-years occurrence during which wedding-related jewellery purchases typically slow in several parts of the country.
A key highlight during the quarter was the launch of Kalyan's 'Shine with India' gold recirculation campaign, aimed at increasing the use of recycled gold and reducing reliance on imports. The initiative gained strong customer traction, with recycled gold accounting for more than 46% of revenue during the quarter. In June alone, the share of recycled gold exceeded 55% of revenue.
The company's international business also delivered solid performance, with revenue rising around 35% year-on-year. In the Middle East, revenue grew approximately 30%, despite softer footfalls in April due to geopolitical tensions. International operations contributed about 14% of consolidated revenue during the quarter.
Meanwhile, Kalyan's digital-first jewellery platform, Candere, continued its strong momentum, registering an impressive 112% year-on-year revenue growth in Q1 FY27.
The company also expanded its retail footprint during the quarter by opening 12 Kalyan Jewellers showrooms and five Candere outlets across India, further strengthening its nationwide presence.
Share Price Trend & Technical Snapshot
Kalyan Jewellers currently commands a market capitalisation of Rs 38,639 crore. Its 52-week high stands at Rs 617.70.
On the valuation front, the stock trades at a price-to-earnings (P/E) ratio of 28.61, with a price-to-sales (P/S) ratio of 1.09 and a price-to-book (P/B) ratio of 6.12.
From a technical perspective, the 14-day Relative Strength Index (RSI) stands at 50.3, indicating neutral momentum. Typically, an RSI reading below 30 signals oversold conditions, while a level above 70 suggests the stock may be overbought.
The trend remains mixed but is showing signs of improvement. Kalyan Jewellers is trading above five of its eight key simple moving averages (SMAs), reflecting positive near-term momentum. However, the stock is still below its 100-day and 200-day SMAs, indicating that it has yet to decisively reclaim its medium- and long-term bullish trend.
