Shares of Kalyan Jewellers India surged nearly 18% in intraday trade on Thursday, extending their gains over the previous two sessions to around 24%.
The sharp rally came after brokerage Citigroup reiterated its positive outlook on the jewellery retailer and maintained a Buy rating with a target price of Rs 750 per share.
The stock climbed as much as 17.6% to an intraday high of Rs 440, hitting multiple upper circuits during the session.
The gains followed a 5.5% rise on Wednesday after Citi’s bullish note, with the brokerage suggesting significant upside potential despite the recent rally.
The strong recovery in investor sentiment came after Kalyan Jewellers shares had declined nearly 7% on Tuesday following the company’s June quarter business update.
Investors had initially reacted cautiously as revenue growth was slightly below some market expectations, even though the company reported healthy expansion across key segments.
For the April-June quarter, Kalyan Jewellers reported consolidated revenue growth of around 38% year-on-year.
The company’s India operations also recorded 38% growth, supported by same-store sales growth of nearly 28%.
The retailer’s international business continued to perform well, growing approximately 35% during the quarter. Its Middle East operations registered around 30% growth, with overseas markets contributing nearly 14% to consolidated revenue.
Kalyan Jewellers’ digital-first platform Candere remained a major growth driver, with revenue rising 112% year-on-year.
During the quarter, the company added 12 Kalyan showrooms and five Candere stores, taking its overall network to 524 outlets as of June 30. Management also indicated that demand remained healthy ahead of the festive and wedding season.
Citigroup maintained its positive long-term view, highlighting the company’s franchise-led expansion strategy as a key growth driver.
The brokerage expects the model to support network expansion while improving return on capital employed due to lower capital requirements compared with traditional store-led growth.
Citi also identified Candere’s strong performance as an important factor supporting Kalyan Jewellers’ future growth.
The stock movement also reflected comparisons with larger rival Titan. While Kalyan reported 38% India revenue growth in the quarter, Titan’s consumer business grew 41%, led by strong jewellery segment performance.
At the intraday high of Rs 440, Kalyan Jewellers’ market capitalisation stood at around Rs 44,850 crore. Despite the recent recovery, the stock remains down nearly 10.6% in 2026, compared with an 8.1% decline in the Nifty 50.
