Jewellery stocks are in focus amid volatile gold prices. Motilal Oswal maintained its ‘Buy’ call on Kalyan Jewellers India. The company’s consolidated sales saw a steep rise, along with robust store additions, as per the provisional business update for Q4FY26.
After the strong Q4 update, the brokerage house retained the target price of Rs 550, implying an upside of over 33% from the current market price.
Going forward, FY27 has started well with strong footfalls across most of the markets. Kalyan is witnessing encouraging trends in the advance collections for both Akshaya Tritiya and wedding purchases.
Kalyan Jewellers reported consolidated sales growth of 64% YoY (42% in Q3 FY26 and 36.6% in Q4 FY25). For FY26, Kalyan recorded revenue growth of 42% on a consolidated basis. During Q4 FY26, the jeweller launched 24 net new Kalyan showrooms and 14 Candere showrooms in India.
As of FY26, the total number of stores stood at 507 (Kalyan India – 342, Kalyan Middle East – 38, Kalyan USA – 2, Kalyan UK – 1, Candere – 124).
However, Motilal Oswal said that the ongoing geopolitical challenges in West Asia have caused supply-side disruptions for building materials, impacting some of the showroom launches planned during March 2026.
| Valuations | 2026 | 2027 | 2028 |
| P/E | 32 | 25.6 | 21.6 |
| P/BV | 7.3 | 6.1 | 5.2 |
| EV/Sales | 1.3 | 1 | 0.8 |
| EV/EBITDA | 18.1 | 14.4 | 12.3 |
Kalyan Jewellers’ share price performance
The share price of Kalyan Jewellers has given a return of 14% in the last five trading sessions. The stock has risen 15.6% in the last one month. However, the stock has declined 7% in the past six months. Kalyan Jewellers’ stock price has erased 9% over the previous 12 months.
Kalyan Jewellers Q4FY26 provisional business update
The company of the gems and jewellery sector said that it saw a consolidated revenue growth of 64% in the March quarter (Q4FY26), as wedding and festive demand remained strong. The robust buying trend emerged during a period of volatility in gold prices. Kalyan Jewellers is the second-largest organised jeweller in the country, following its competitor Titan.
For FY26, Kalyan Jewellers reported around 42% growth in revenue on a consolidated level, driven by an increase in discretionary spending. The company also mentioned that the new fiscal year has begun positively, with a significant number of customers visiting most of the markets. It indicated that it is experiencing promising advance reservations for Akshaya Tritiya as well as the upcoming wedding and festive seasons.
Disclaimer: This article provides factual analysis only and is not, and should not be construed as, an offer, solicitation, or recommendation to buy or sell securities. Investors must conduct their own independent due diligence and seek advice from a SEBI-registered financial advisor.