Mumbai: Shares of Kalyan Jewellers extended their winning streak for a fifth consecutive trading session on Monday, surging over 40 per cent in just five days after the company reported a strong first-quarter business performance and received a bullish outlook from global brokerage Citi.

The stock touched an intraday high of ₹497.85 on the BSE before climbing further to ₹518.50, up nearly 9 per cent in morning trade, even as the benchmark Sensex traded lower.

Strong Q1 performance boosts investor confidence

Kalyan Jewellers reported a 38 per cent year-on-year growth in consolidated revenue for the first quarter of FY27.

Its India business also recorded more than 38 per cent revenue growth, supported by healthy same-store sales growth of around 28 per cent, despite the impact of the Adhik Maas period on wedding jewellery demand.

The company’s ‘Shine with India’ gold recirculation campaign also gained momentum, with recycled gold contributing over 46 per cent of total revenue during the quarter and exceeding 55 per cent in June.

Citi sets ₹750 target price

Investor sentiment received an additional boost after global brokerage Citi reiterated a positive outlook on the stock, assigning a target price of ₹750.

According to Citi, the valuation is based on 40 times March 2028 estimated consolidated earnings per share, while still trading at a discount to industry leader Titan.

The rally has also been supported by rising gold prices amid escalating geopolitical tensions between the United States and Iran, prompting investors to move towards safe-haven assets.

Expansion continues across India

Kalyan Jewellers also reported strong international growth, with overseas revenue rising around 35 per cent year-on-year. Its digital jewellery platform Candere recorded an impressive 112 per cent jump in revenue during the quarter.

The company opened 12 new Kalyan showrooms and five Candere outlets during Q1, taking its total network to 524 showrooms across India and international markets.

Looking ahead, the company said it remains optimistic about the festive and wedding season, supported by new store launches, fresh jewellery collections and marketing campaigns.