Kalyan Jewellers jumps 6% on strong Q1FY27; MOFSL sees 47% upside to ₹525
Kalyan Jewellers posted 38% consolidated revenue growth in Q1FY27, backed by 28% India same-store sales growth and 35% international expansion. Online arm Candere surged 112%. The company added 12 new showrooms plus 5 Candere stores. MOFSL maintains Buy with a ₹525 target.
What happened
Kalyan Jewellers shares rose ~6% after strong Q1FY27 update: 38% consolidated revenue growth, 28% India SSSG, 12 new showrooms, and Candere's 112% growth. MOFSL
Key facts
- shares up 6.5%
- target ₹525
- 47% upside
- 38% YoY revenue growth
- 28% SSSG India
- 35% intl growth
- 112% Candere growth
- 12 new showrooms
- 5 Candere showrooms
- 46% recycled gold
Why this matters
The 35% international growth plus Candere's 112% online jump signal Kalyan is building both geographic and digital optionality, making it a stronger platform partner or acquirer in the fragmented jewellery retail space.
What to watch
- Gold price trajectory and its impact on volume vs value growth
- Q2FY27 SSSG print — whether 28% India growth sustains or decelerates
- Showroom addition cadence and same-store cannibalization signals
- Candere GMV/profitability disclosures post-112% surge
- Working capital and net debt trends given expansion
- Promoter pledge/stake changes and institutional flow data
- Other brokerages revise targets upward, reinforcing the MOFSL Buy narrative
- Peer jewellers (Titan/Tanishq, Senco, PN Gadgil) see sympathy moves and comparative scrutiny
- Management guides on festive-season store rollout pace and Candere online scaling
- Possible profit-booking as short-term traders exit the 6% spike