Kalyan Jewellers reports 26% Q2 growth: Jefferies targets Kalyan Jewellers stock at INR 1,000

Published on 10/25/2026 at 00:52 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWS

India sales rose 27 percent in Q2 FY2027, with same-store sales at 20 percent. Jefferies set an INR 1,000 target on October 8, 2026.

Growth and scheduled review

On October 7, 2026, Kalyan reported more than 26 percent consolidated revenue growth for Q2 FY2027.
Jefferies set an INR 1,000 bull-case target on October 8, 2026.
Kalyan's next scheduled results review is November 10, 2026.

Kalyan, INE303R01014, Illustration mit AI erstellt.

Kalyan Jewellers (INE303R01014) reported more than 26 percent consolidated revenue growth in the second quarter of fiscal year 2027 on October 7, 2026. The update showed India revenue up 27 percent and same-store sales growth at 20 percent, according to NDTV Profit. The figures put store expansion and festive demand at the center of the investment case.

Q2 growth reaches several markets

The quarterly update showed international revenue growth of 18 percent, while Middle East revenue increased 12 percent. Candere, Kalyan's lifestyle jewelry brand, recorded 64 percent revenue growth during the quarter, according to Moneycontrol.

Kalyan added 11 stores on a net basis in India, opened nine Candere outlets and added one Kalyan showroom in the United Kingdom during the quarter. The network reached 546 showrooms as of September 30, 2026, while non-gold metal debt fell to zero.

What does the target mean for growth?

The Economic Times reported on October 8, 2026, that Jefferies retained a Buy rating and set a base-case target of INR 830 alongside a bull-case target of INR 1,000. The brokerage expects revenue growth of 23 percent annually from fiscal year 2026 through fiscal year 2029 in its base case, with estimated earnings per share growth of 21 percent.

Three dated signals for investors

On September 30, 2026, Kalyan completed the sale of a non-core property valued at INR 86 crore, according to Moneycontrol. On October 7, 2026, the company reported more than 26 percent consolidated revenue growth for the second quarter of fiscal year 2027. On October 8, 2026, Jefferies set its INR 1,000 bull-case target, making the analyst view the latest of the three signals.

Next reporting date

Kalyan's next scheduled board review of its second-quarter financial statements is November 10, 2026, as reported by WittyTrades. That date will give investors a fuller view of whether the Q2 sales momentum translated into earnings and margins.

Market value and listing context

Kalyan Jewellers had a market capitalization of INR 528.8 billion as of October 23, 2026, while its NSE 52-week range was INR 327.05 to INR 648.95. The company is listed on the National Stock Exchange of India under ticker KALYANKJIL and operates in the gems, jewelry and watches segment.