Kalyan Jewellers surges another 20% after Q1 update shows 38% India revenue growth
Kalyan Jewellers extended gains on a strong Q1 business update: 38% YoY India revenue growth, 28% same-store sales growth, and 12 net new stores taking India Kalyan count to 354. Citi reiterated 'Buy' at ₹750, but flagged India lagging Titan for the first time in 13 quarters. Candere revenue jumped 112%; international revenue up 35%.
What happened
Kalyan Jewellers shares surged again after Q1 business update showing 38% India revenue growth, 28% SSSG, and 12 new stores. Citi reiterated 'Buy' at ₹750,
Key facts
- shares up 16-20%
- 38% YoY India revenue growth
- 28% SSSG
- 12 net new Kalyan stores
- target price ₹750
- old gold exchanges 46% of sales
- international revenue up 35%
- Middle East up 30%
- Candere revenue up 112%
- 524 total outlets
- 354 India Kalyan stores
- down 14% in 2026
- 85% consensus upside
Why this matters
Candere's 112% revenue jump and 35% international growth point to omnichannel and cross-border expansion as the strategic levers for scaling beyond the core India store network.
What to watch
- Q1 PAT and EBITDA margin vs revenue growth divergence
- Titan's India jewellery SSSG for the same quarter
- Net store addition pace and Candere/international scaling profitability
- Gold price volatility and its hedging/inventory effect
- Promoter stake changes or block deals post-surge
- Positioning ahead of formal Q1 results release for margin and PAT confirmation
- Sell-side note updates from other brokers benchmarking Kalyan vs Titan
- Titan and other jewellery peers issue comparative Q1 updates
- Management commentary on franchise vs own-store mix and gold price impact