Kalyan Jewellers rallied over 50% in five sessions, adding around ₹18,500 crore in market value.
Citigroup's 'Buy' rating and ₹750 target continued to drive investor optimism.
Strong Q1 update, franchise expansion and Candere's 112% revenue growth supported the rally.
Shares of Kalyan Jewellers India extended their remarkable rally for a fifth consecutive session on Tuesday, climbing nearly 5% in morning trade as investors continued to accumulate the stock following Citigroup's bullish outlook and optimism over the company's long-term growth strategy.
The stock rose as much as 4.8% to ₹535, taking its gains to 50.8% over the past five trading sessions. The sharp rally has added around ₹18,500 crore to the company's market capitalisation, which climbed to about ₹55,000 crore during the session.
4 July 2026
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The rebound has also transformed the stock's performance for the year. After being down more than 26% just a week ago, Kalyan Jewellers has now gained around 10.3% in 2026, comfortably outperforming the Nifty 50, which has declined 7.5% over the same period.
Bullish View Fuels Buying
The rally gathered momentum after Citigroup reiterated its 'Buy' rating on the jewellery retailer and maintained a target price of ₹750 per share. Even after the stock's more than 50% surge, the brokerage's target still implies meaningful upside from current levels.
Citi acknowledged that Kalyan Jewellers' June-quarter consolidated revenue growth of 38% year-on-year fell short of its estimates but said the miss did not alter its constructive long-term investment thesis.
The brokerage believes the company's franchise-led expansion strategy will continue to drive profitable growth while improving return on capital employed (RoCE). It also identified Candere, Kalyan Jewellers' digital-first jewellery business, as a key long-term growth driver.
Strong Business Update Supports Outlook
In its June-quarter business update, Kalyan Jewellers reported 38% growth in India revenue, driven by same-store sales growth (SSSG) of 28%.
Its international business expanded around 35% year-on-year, while West Asia operations recorded about 30% growth. Overseas markets contributed roughly 14% of consolidated revenue during the quarter.
Candere remained the fastest-growing segment, with revenue jumping 112% year-on-year. During the quarter, the company opened 12 Kalyan showrooms and five Candere outlets, taking its total showroom network to 524 stores as of June 30.
Management also said the second quarter had begun on a positive note ahead of the festive and wedding season.
The latest rally marks a dramatic reversal in investor sentiment. Kalyan Jewellers shares had fallen nearly 7% immediately after the June-quarter business update as investors focused on revenue growth that missed some expectations and trailed larger rival Titan.
However, Citi's reaffirmed bullish stance, coupled with confidence in the company's expansion strategy, improving operating metrics and long-term growth prospects, has sparked sustained buying interest, making Kalyan Jewellers one of the best-performing mid-cap stocks over the past week.
