- What Happened
- Why the Stock Move
- What the June Quarter Showed
- What the Financials Say
- Who Owns the Stock
- The Price Over Time
- Things to Keep in Mind
- The Bottom Line
Kalyan Jewellers shares rose almost 20% on July 9, and the stock has now risen for two consecutive sessions. That is a notable move for a stock that is still down close to 22% over the past year. Here is a plain look at what caused it and what the numbers behind the company actually say.
What Happened
The stock hit its nearly 20% high at ₹445 on July 9. Over the two sessions together, it moved up about 25%. Later in the day, it traded slightly above that level.
The move followed two developments: the company's business update for the June quarter, and an upgrade from the brokerage Citi.
Why the Stock Move
Citi raised its rating on Kalyan Jewellers to 'Buy' and set a target price of ₹750. Compared with the stock's opening price of around ₹380, that target is about 97% higher.
Citi's view is based on three things: the company continuing to open stores through its franchise model, a gradual reduction in its debt (deleveraging), and better returns on the money the business uses (return on capital employed, or RoCE).
It is worth noting that the quarter's revenue growth was actually lower than Citi's own estimate of 45%. Citi kept its positive view anyway, based on the longer-term picture rather than this one quarter.
What the June Quarter Showed
For April to June, Kalyan reported revenue growth of around 38% compared with the same quarter last year. Its India business grew a little more than that.
One number helps explain the quality of this growth. Same-store sales growth, how much more the company's existing stores sold compared with a year ago, has been running around 20%, and it was closer to 28% in the June quarter. This matters because a company can grow just by opening new stores. Same-store growth shows the older stores are selling more, too.
This happened even though the 28-day Adhik Maas period fell fully within the quarter. Adhik Maas comes once in about three years, and wedding-related buying usually slows during it, so steady growth through this period is a reasonable sign.
A few other points from the quarter:
- International revenue grew about 35%, with the Middle East up around 30%
- International markets were about 14% of total revenue
- Candere, the company's online jewellery platform, grew by about 112%
- The company opened 12 Kalyan and 5 Candere stores, taking the total to 524
What the Financials Say
A single quarter only tells part of the story, so the longer record is useful.
Sales went up from ₹25,045 crore in FY25 to ₹35,743 crore in FY26. Net profit rose from ₹714 crore to ₹1,350 crore in the same period, and earnings per share (EPS) went from ₹6.93 to ₹13.08.
There is one point to keep in view. Even as sales have grown a lot, the operating profit margin has stayed low, between 6% and 8% for years, and 7% in FY26. Jewellery retail generally works on high sales but thin margins. The company also has a fair amount of debt, with interest costs of ₹433 crore in FY26. This is the reason Citi's case relies on deleveraging: less debt would leave more of the profit for the business.
| Metric | FY25 | FY26 |
| Sales (₹ crore) | 25,045 | 35,743 |
| Net profit (₹ crore) | 714 | 1,350 |
| Operating margin | 6% | 7% |
| EPS (₹) | 6.93 | 13.08 |
Who Owns the Stock
As of March 2026, promoters held about 62.86% of the company, up from around 60.55% in mid-2023. Promoters increasing their own stake is usually read as confidence in the business.
There is another side to this. Foreign institutional investors (FIIs) reduced their holding over the same period, from about 27% in June 2023 to roughly 14.6%. Domestic institutions (DIIs) went the other way, from about 5% to around 14%. So promoters and domestic funds have been adding, while foreign investors have been cutting back.
The Price Over Time
The recent move looks large on its own, but some context helps. The stock reached a 52-week high of ₹617.30 in July 2025 and a 52-week low of ₹327.15 in June 2026. It is still down about 22% over the past year. Over five years, it is up around 500%. So the current move is a recovery after a weak stretch, not a new high.
Things to Keep in Mind
The main risks worth watching:
- India's revenue growth is possibly slowing below Titan's for the first time in 13 quarters
- A general slowdown in jewellery demand
- A delay in bringing down debt
- Any shift away from the asset-light, franchise-led store model
The Bottom Line
The June quarter was good, promoters have been adding to their stake, and one brokerage sees room for the price to rise. On the other hand, margins are thin, debt is still sizeable, and foreign investors have been reducing their holdings. One quarter and one upgrade do not answer those questions on their own. For most people, the fuller picture is more useful than the size of a single day's move.