Kalyan Jewellers Share Price Surges 34% in 3 Days | What's driving the rally?

10 Jul 2026 , 11:48 AM

Kalyan Jewellers India shares continued their strong upward momentum on Friday, climbing more than 7% to emerge as one of the top gainers on the BSE Midcap index. The impressive rally has taken the stock’s gains to nearly 34% over the past three trading sessions, reflecting renewed investor confidence in the jewellery retailer’s long-term growth prospects.

The sharp rebound has significantly boosted the company’s market capitalization, adding approximately ₹11,500 crore and taking its overall valuation to nearly ₹48,850 crore. The rally has also helped Kalyan Jewellers recover most of its losses for the year, with the stock now down only 2.1% in 2026, outperforming the Nifty 50, which has declined around 7.5% during the same period.

Citi Reaffirms Buy Rating with ₹750 Target

The primary catalyst behind the recent rally was Citigroup’s decision to reaffirm its Buy rating on Kalyan Jewellers while maintaining a target price of ₹750 per share. Despite the stock’s recent gains, the brokerage believes there is still meaningful upside from current levels.

Although Citi acknowledged that the company’s June-quarter consolidated revenue growth of 38% year-on-year fell slightly below its estimates, it maintained a positive long-term outlook. The brokerage remains optimistic about Kalyan Jewellers’ expansion strategy, improving profitability, and ability to enhance Return on Capital Employed (RoCE).

Strong Revenue Growth Across Business Segments

Kalyan Jewellers reported consolidated revenue growth of 38% year-on-year during the June quarter.

The India business delivered robust performance with revenue increasing 38%, supported by an impressive 28% same-store sales growth (SSSG). Meanwhile, the international business recorded approximately 35% growth, with the company’s West Asia operations expanding around 30%. International markets contributed nearly 14% of the consolidated revenue during the quarter.

Candere Continues to Drive Growth

The company’s digital-first jewellery brand, Candere, remained the fastest-growing business segment, posting an impressive 112% year-on-year increase in revenue.

The exceptional performance highlights the growing demand for online jewellery purchases and strengthens Kalyan Jewellers’ omnichannel strategy, giving the company an additional avenue for long-term growth.

Aggressive Store Expansion Strengthens Market Presence

Kalyan Jewellers continued expanding its retail footprint during the quarter by opening 12 new Kalyan showrooms and five Candere stores.

With these additions, the company’s total showroom network reached 524 outlets as of June 30, reinforcing its leadership position in India’s organized jewellery retail market.

Positive Outlook Ahead of Festive and Wedding Season

Management stated that the company entered the second quarter on a positive note, supported by healthy customer demand ahead of the festive and wedding season.

The company expects strong consumer sentiment and continued expansion to support growth in the coming quarters.

Sharp Turnaround in Investor Sentiment

Interestingly, Kalyan Jewellers shares had declined nearly 7% earlier this week after investors reacted negatively to revenue growth that missed expectations and lagged larger industry peer Titan.

However, Citi’s reaffirmation of its bullish outlook has helped reverse market sentiment, with investors focusing on the company’s long-term expansion plans, improving operational metrics, and sustained earnings potential.

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