Kalyan Jewellers Jumps 47% In Four Days As Citi's Bullish Call Fuels Rally

Shares of Kalyan Jewellers India extended their rally for a fourth consecutive session on Monday, climbing nearly 10% as investors continued to buy into the jewellery retailer following Citigroup's bullish outlook and growing confidence in its long-term expansion strategy.

The stock rose as much as 9.8% to ₹523 in afternoon trade, taking its gains to 47.4% over the past four sessions. The rally added nearly ₹16,500 crore to the company's market capitalisation, which crossed ₹53,850 crore during the session.

The sharp rebound has also transformed the stock's performance for the year. After being down more than 26% last week, Kalyan Jewellers has now turned positive for 2026, gaining around 7.7%. In comparison, the Nifty 50 has declined 7.7% over the same period.

Citi's Bullish View Boosts Sentiment

The rally accelerated after Citigroup reiterated its 'Buy' rating on the stock and maintained a target price of ₹750 per share. Despite the recent surge, the brokerage's target still implies further upside from current levels.

Citi acknowledged that Kalyan Jewellers' June-quarter consolidated revenue growth of 38% year-on-year came in below its estimates but said the softer-than-expected quarter did not change its long-term investment thesis.

The brokerage expects the company's franchise-led expansion strategy to continue supporting profitable growth while improving return on capital employed (RoCE). It also highlighted Candere, Kalyan Jewellers' digital-first jewellery platform, as a key long-term growth driver.

Strong Business Update Supports Rally

In its June-quarter business update, Kalyan Jewellers reported 38% growth in India revenue, driven by robust same-store sales growth (SSSG) of 28%.

Its international business expanded around 35% year-on-year, with West Asia operations growing approximately 30%. Overseas markets contributed around 14% of consolidated revenue during the quarter.

Candere remained the fastest-growing business segment, with revenue jumping 112% year-on-year. During the quarter, the company opened 12 Kalyan showrooms and five Candere stores, taking its total network to 524 outlets as of June 30.

Management also said the second quarter had begun on a positive note ahead of the festive and wedding season.

The recent rally marks a sharp reversal in sentiment. Kalyan Jewellers shares had fallen nearly 7% immediately after the June-quarter business update as investors focused on revenue growth that fell short of some expectations and trailed larger rival Titan.

However, Citi's reaffirmed bullish stance, coupled with optimism around the company's expansion strategy, improving operating metrics and long-term growth prospects, has triggered sustained buying interest, making Kalyan Jewellers one of the best-performing mid-cap stocks over the past four trading sessions.