Kalyan Jewellers Stock Rallies Over 50% After This Citigroup Brokerage Report

Kalyan Jewellers Ltd: The shares of Kalyan Jewellers Ltd rose 4% in Tuesday's trading session, marking a continued uptick in its fifth consecutive trading session, while simultaneously becoming a top gainer in BSE Midcap index.

In trade on Tuesday, the shares of Kalyan Jewellers Ltd surged to Rs 535 apiece, taking its gains to 50.8% over the past five sessions.

The positive sentiment around this stock added nearly Rs 18,500 crore to the company's market capitalisation, which stood at about Rs 55,000 crore during the session. 

Citigroup reiterated its Buy rating on the jewellery stock and maintained a target price of Rs 750 per share. Although the shares have rallied more than 50 percent since then, Citi's target still implies further upside from current levels.

"The recently concluded quarter has been a very satisfying one, recording consolidated revenue growth of approximately 38% when compared to the same period in the previous financial year," the jewellery major noted.

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"We saw revenue growth in excess of 38% for our India operations during Q1 FY2027 as compared to Q1 FY2026, led by robust operating momentum on the ground with healthy same-store-sales-growth across all the key markets in the country despite the 28-day Adhik Maas period falling fully in the recently concluded quarter," the company noted. 

Further, the company noted that its international operations recorded revenue growth of approximately 35% for the recently concluded quarter as compared to the same period during the previous financial year.

"Within the Middle East specifically, we witnessed revenue growth of approximately 30% for Q1 FY2027 as compared to Q1 FY2026 driven predominantly by same-store-sales-growth despite the impact on footfall during the month of April due to the geopolitical tensions in the region," it said.