Kalyan Jewellers Surges 36% in Three Days After Q1 Revenue Jumps 38%

Kalyan Jewellers stock rallied 36% in just three trading sessions after reporting Q1 consolidated revenue growth of 38% year-on-year. The jump came despite a difficult operating environment: the 28-day Adhik Maas period (which occurs once every three years and dampens wedding jewellery demand) fell entirely within the quarter, while gold customs duties rose to 15% from 6%. Even after the sharp rebound, shares remain down 3% for 2026.

Why the stock jumped so hard

Kalyan Jewellers’ Q1 business update showed India revenue grew more than 38% year-on-year, with same-store sales up around 28%. The company achieved this growth despite the entire Adhik Maas period falling within the quarter, a time when wedding-related jewellery buying typically slows. On July 9, shares jumped 15.92% to touch Rs 440 on the NSE, then extended gains the following session.

International operations drive momentum

The company’s overseas business reported revenue growth of around 35% compared with the prior year. The Middle East, Kalyan’s largest international market, expanded 30% year-on-year despite lower customer footfall in April due to geopolitical tensions. Candere, the company’s digital jewellery platform, stood out with revenue more than doubling, up 112% from a year earlier.

Network expansion and market position

During Q1, Kalyan opened 12 new Kalyan showrooms and five Candere stores, bringing its total network to 524 outlets across India, the Middle East, the US and the UK. Trading activity was heavy, with over 3 crore shares changing hands in the first 45 minutes of the July 9 session. The stock had touched a 52-week low of Rs 327 in June and remains well below its 52-week high of Rs 617.30 from July 2025.

Headwinds that didn’t derail growth

The company navigated multiple challenges: soaring oil prices, inflation concerns, renewed interest rate expectations, Prime Minister Narendra Modi’s call to curb gold purchases to support the rupee, and the 15% customs duty on gold (up from 6%). Despite these pressures, Kalyan’s healthy same-store sales growth across key Indian markets and robust international performance flipped investor sentiment sharply.

Final Thoughts

Kalyan Jewellers’ 36% three-day rally reflects genuine operational momentum: 38% revenue growth and 28% same-store sales gains despite structural headwinds. The stock remains 35% below its 52-week high, suggesting room for further upside if the company sustains this pace.

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The content shared by Meyka AI PTY LTD is solely for research and informational purposes.  Meyka is not a financial advisory service, and the information provided should not be considered investment or trading advice.