Kalyan Jewellers surges 36% in three days on strong Q1FY27 update, Citi keeps Buy at ₹750
Kalyan Jewellers stock jumped 36% over three sessions and 41% in a month, touching a high of ₹483.10, after a strong Q1FY27 business update: India revenue up ~38%, SSSG near 28%, international sales up 35% and Candere growing 112%. The company added 17 showrooms, taking its network to 524 stores. Citi reiterates Buy with a ₹750 target.
What happened
Kalyan Jewellers shares jumped 36% in three sessions after strong Q1FY27 update: ~38% India revenue growth, 28% SSSG, Candere up 112%, 17 new showrooms. Citi
Key facts
- +36% 3-day
- +41% 1-month
- ₹483.10 high
- Q1FY27 revenue +38%
- SSSG ~28%
- international +35%
- Candere +112%
- 12 new showrooms
- 5 Candere showrooms
- 524 total stores
- TP ₹750
Why this matters
Candere's 112% growth and 35% international gains highlight two proven expansion vectors that could anchor M&A or partnership plays in digital jewellery and overseas markets while the core India franchise funds the runway.
What to watch
- Actual Q1FY27 results with margin and net-debt detail
- Gold price trajectory and studded-jewellery mix commentary
- Candere online scaling economics (112% growth vs profitability)
- Promoter/PE (Warburg) stake movement or block deals after the surge
- Same-store growth sustainability into festive Q2
- Watch for other brokerages (Motilal, Jefferies, Kotak) to revise targets after Citi's Buy reiteration
- Peer read-through to Titan, Senco, PC Jeweller, Thangamayil on festive/wedding demand
- Kalyan management likely to lean into showroom expansion guidance and franchise-led (FOCO) model narrative
- Options/derivatives activity spike; possible F&O position build-up given volatility