Kalyan Jewellers has emerged as a wealth creator for investors, with its stock rallying nearly 50 per cent since January 1, 2026. As the jewellery stock continues its upward run, investor interest remains high over its future growth prospects. Meanwhile, volatility in gold prices adds another layer of interest, keeping Kalyan Jewellers among the stocks to watch for potential returns.
Adding to the optimism, several global brokerage firms, including UBS, Citi and HSBC, remain bullish on Kalyan Jewellers. These brokerages see further upside potential in the stock, suggesting that investors could potentially benefit from additional gains on top of the multibagger returns it has already delivered.
Kalyan Jewellers Stock Performance: A Multibagger Stock
Shares of Kalyan Jewellers India Ltd. have delivered impressive returns to investors, reinforcing their status as a multibagger wealth creator. The stock has rallied nearly 27 per cent in the past week and over 38 per cent in two weeks, reflecting strong investor sentiment.
Over a six-month period, it has surged 96 per cent, while its three-year return stands at an impressive 110 per cent. The company’s long-term performance is even more remarkable, with the stock gaining over 810 per cent in the last five years.
This means an investment of Rs 1 lakh made five years ago would have grown to more than Rs 9 lakh today, highlighting Kalyan Jewellers’ exceptional wealth-creation potential.
| Duration | Return (%) |
|---|---|
| 1 Week | 26.98 |
| 2 Weeks | 37.83 |
| 1 Month | 25.07 |
| 3 Months | 18.88 |
| 6 Months | 96.10 |
| YTD | 46.62 |
| 1 Year | 39.52 |
| 2 Years | 0.78 |
| 3 Years | 110.22 |
| 5 Years | 810.58 |
Kalyan Jewellers Share Price Target: How much could the stock rise further?
With the November 11 closing price of Rs 662.55 as the reference, Kalyan Jewellers could potentially rise between 15 per cent and 43 per cent based on the share price targets issued by leading brokerages.
UBS has the highest target of Rs 950, followed by Jefferies at Rs 900 and Citi at Rs 880. All eight brokerages have maintained their BUY recommendations, with several revising their price targets upwards. If the stock reaches UBS’ target, it could deliver an additional 43.4 per cent gain from its November 11 closing price, adding to its gains already recorded this year.
| Brokerage | Rating | Share Price Target (Rs) | Previous Target (Rs) | Potential Upside |
| UBS | BUY | 950 | 900 | 43.4% |
| Jefferies | BUY | 900 | 830 | 35.8% |
| Citi | BUY | 880 | 800 | 32.8% |
| HSBC | BUY | 830 | 770 | 25.3% |
| Motilal Oswal | BUY | 800 | – | 20.7% |
| ICICI Securities | BUY | 800 | 700 | 20.7% |
| JM Financial | BUY | 796 | 772 | 20.1% |
| Axis Capital | BUY | 765 | 740 | 15.5% |
Kalyan Jewellers Outlook: Why do experts see a further upside?
Brokerage firms remain constructive on Kalyan Jewellers’ growth prospects, citing strong same-store sales growth (SSSG), resilient consumer demand and management’s confidence in sustaining revenue growth. Key takeaways from their latest assessments include:
- Citi: The brokerage noted that revenue, excluding bullion, increased 27 per cent year-on-year, while adjusted EBITDA and PAT grew 19 per cent and 28 per cent, respectively. India’s same-store sales growth stood at 20 per cent. Although adjusted EBITDA margin declined 40 basis points due to franchise mix and the base effect, management remains confident of delivering over 25 per cent revenue growth in H2. Citi has also raised its FY27-29 earnings estimates by 3-4 per cent.
- Jefferies: The brokerage described the Q2 performance as broadly in line with expectations despite the shift in the festive season. It highlighted management’s confidence in achieving growth despite a higher base in H2 FY27. Festive demand is reportedly strong and ahead of expectations, while medium-term double-digit SSSG aspirations remain intact. Jefferies also noted encouraging initial traction for the newly launched ATM brand.
- Motilal Oswal: The brokerage highlighted 31 per cent consolidated revenue growth, with India’s revenue increasing 32 per cent, supported by 20 per cent SSSG. Demand momentum remained healthy in Q3, with the first 40 days witnessing strong traction. Motilal Oswal expects Kalyan Jewellers to deliver revenue, EBITDA and PAT CAGRs of 21 per cent, 17 per cent and 22 per cent, respectively, over FY26-29.
Overall, strong festive demand, healthy same-store sales growth and management’s revenue growth outlook remain key factors supporting the investment outlook for Kalyan Jewellers.
Gold Price Volatility: Will the yellow metal’s wild ride impact Kalyan Jewellers’ shine?
However, given Kalyan Jewellers’ direct exposure to the bullion market, another key factor investors need to watch is the volatility in gold prices. This raises an important question: Can continued volatility in gold prices affect Kalyan Jewellers’ growth momentum and potentially limit the stock’s further upside?
Paresh Bhagat, Chairman, Mangal Keshav Financial Services, believes a moderation in gold prices could benefit organised jewellery retailers such as Kalyan Jewellers by improving consumer affordability, supporting volume growth and reducing working capital requirements. However, a sharp correction could result in inventory-related losses.
On the technical front, Bhagat said Kalyan Jewellers continues to exhibit a bullish structure after moving above its earlier consolidation range of Rs 650-690. He identified Rs 695 as an important breakout level, with further upside towards Rs 720 and Rs 760 if sustained. On the downside, Rs 645 and Rs 630 are key support levels, while Rs 595 is the next major support. He advised investors against chasing the stock after its sharp rally.
(Disclaimer: The above article is meant for informational purposes only, and should not be considered as any investment advice. ET NOW DIGITAL suggests its readers/audience to consult their financial advisors before making any money related decisions.)